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.

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.

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.

BillionToOne is a diagnostics company that is disrupting the market with more accurate prenatal and oncology genetic tests using its differentiated quantitative counting templates (QCT) technology. 
BillionToOne is capturing share with differentiated prenatal genetic tests, including a screening test for recessive single-gene disorders and for fetal antigen status, as well as a new diagnostic test that can replace amniocentesis to confirm a genetic diagnosis. Further, we think the company has differentiated oncology sequencing tests, including its SELECT therapy selection and RESPONSE therapy monitoring tests, as well as its upcoming tumor-naive MRD test. We think oncology will be an important future driver of growth. 

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. 

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.

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.

SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in North America. Through its large branch network, the company offers a broad selection of products across irrigation, agronomics, hardscapes, and nursery to landscaping professionals.
SITE is more than three times the size of its nearest competitor yet holds only a low-teens share of a highly fragmented market. We see meaningful runway for accretive M&A, supported by an experienced management team with a strong track record. Internal initiatives—including branch improvements, private-label growth, and transportation management—should accelerate margin expansion toward the 13% mid-term target and drive upside.

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.