Baron Capital US Small Cap Fund

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global property and casualty (P&C) insurance industry.
Guidewire is a best-in-class core system of record for P&C insurers, managing policies, claims, premiums, and payments across highly regulated workflows. We see a long runway as carriers modernize legacy systems, with the core opportunity approaching $20B of annual recurring revenue (ARR). AI should expand this opportunity through automation and intelligence layered on top of InsuranceSuite, while also improving internal productivity. With the cloud migration largely complete, we expect accelerating revenue, margin expansion, and improving free cash flow.

Agilysys (AGYS) is a provider of POS (point of sale) and PMS (property management system) software for the hospitality industry (casinos/hotels/resorts/cruises/food service companies).
CEO Ramesh Srinivasan has significantly improved Agilysys by rebuilding and modernizing its core product in the cloud. The company is gaining traction in the marketplace and has substantial growth potential as it continues to win share from legacy incumbents, including homegrown systems and Oracle Micros solutions. Most notably, the company secured a major agreement with Marriott to deploy its PMS across a significant portion of its domestic hotel rooms—replacing a legacy in-house system.

Intapp, Inc. (INTA) provides cloud software for professional services industries like legal, private capital markets, accounting, consulting, and investment banking. Intapp uses AI to automate administrative workflows including deal origination, client onboarding, conflict clearance, and contract terms  
Intapp is a market leader in its key verticals: professional services and private equity software. These industries, which together spend $9 billion on application software a year, have been growing as more assets shift to private markets. Intapp has been serving the largest firms in the space for more than 20 years, has a specialized architecture designed to manage deal processes, and has been winning share from other vendors. The company has a long runway for growth with existing customers as it cross-sells new modules, increases cloud pricing, and expands its user base. 

Heartflow, Inc.

RadNet, Inc. (RDNT) is the leading U.S. provider of freestanding outpatient diagnostic imaging services and related IT solutions, as measured by location count and annual imaging revenue. It operates 366 centers across key states, including Arizona, California, Delaware, New Jersey, New York, and Texas.
RadNet’s growth is supported by an aging U.S. population, increased use of imaging in disease diagnosis and treatment, and the shift from inpatient imaging to lower-cost outpatient settings. The company builds leading positions in regional markets, using scale and relationships with payors, radiology groups, and referring physicians to drive operating efficiencies. Its multi-modality strategy diversifies revenue and reduces reimbursement risk, while AI capabilities enhance image interpretation, support earlier disease detection, and improve physician productivity.

Enpro Inc. (NPO) is a diverse industrial technology company whose proprietary, value-add products and solutions contribute key functionality to and/or safeguard a variety of critical environments across several end markets. Over half of revenue comes from sticky, aftermarket applications.
Enpro’s industrial businesses focus on high-margin, niche applications with recurring demand, supported by industry-leading brands. Its semiconductor businesses are similarly entrenched in specialized niches and are well-positioned to benefit from leading-edge investment and the reshoring of semiconductor production to the U.S. The company leverages strong free cash flow to acquire higher-growth businesses that can benefit from the Enpro platform, driving meaningful shareholder value creation over time.

ServiceTitan, Inc. (TTAN) is a leading cloud-based business management software platform designed for home and commercial contractors, including those specializing in plumbing, landscaping, electrical work, HVAC (heating, ventilation, and air conditioning), pest control, construction, and pool services.
We view ServiceTitan as a high-quality vertical software business with significant potential to lead its end market. The company operates in a large and expanding market that provides a long runway for durable growth. We believe ServiceTitan’s meaningful competitive advantages—including its comprehensive suite of tools, industry-specific focus, and scalable business model—position it to achieve substantial margin expansion in the coming years, making it an attractive long-term opportunity.

Novanta Inc. (NOVT) is a supplier of core technology solutions and subsystems to medical and advanced industrial Original Equipment Manufacturers (OEMs). Key products include lasers and beam-steering devices, precision motors and drives, sensors, and medical insufflators and pumps.
Novanta’s portfolio of proprietary, mission-critical components supports long-term relationships with OEM customers. It is positioned to deliver mid- to high-single-digit organic growth, driven by secular trends including surgical robotics, minimally invasive surgery, and automation. A strong operating culture supports consistent gross margin expansion, while acquisitions remain a core element of the strategy and a primary use of capital. The company recently announced the largest acquisition in its history, which we believe will drive meaningful cost and revenue synergies.

Liberty Media Corporation - Liberty Live (LLYVK) consists of Liberty Media Corporation's 30% interest in Live Nation Entertainment, Inc., the world's largest live entertainment company, producing, selling, and promoting concerts, and connecting brands to music.
Live Nation is the dominant player in an industry with solid long-term demand trends. The company has significant opportunities for capital reinvestment. Its investment in new owned and operated venues drives higher concert segment margins relative to shows held at third-party venues, largely due to Live Nation's control of the profitable food and beverage business. As Live Nation's mix shift to owned venues increases, we believe the resulting margin improvement will produce low double-digit growth in adjusted operating income over the long term.

Loar Holdings Inc. (LOAR) is a niche aerospace components manufacturer. Founded in 2012, the company has an 85% proprietary product portfolio, with more than half of its revenue coming from the high-margin aftermarket channel.
Loar’s proprietary, aftermarket-focused products represent one of the strongest business models in the aerospace and defense industry, exemplified by the success of peers such as TransDigm. Loar benefits from favorable industry growth trends and strong pricing power given the critical nature of its components. The company has executed a disciplined acquisition strategy, successfully integrating more than 17 acquisitions over the past 13 years. We believe Loar is well positioned to deliver strong double-digit growth for the foreseeable future.