Baron Fifth Avenue Growth Fund

NVIDIA Corporation (NVDA) is the world's dominant designer of graphics processing units and AI accelerators, supplying the compute infrastructure for large language model training and inference, autonomous vehicles, robotics, and scientific simulation through its CUDA software ecosystem.
NVIDIA Corporation (NVDA) benefits as computing demand doubles every one to two years, driven by electrification, digitization, and advancements in AI, yet supply growth has decelerated due to the slowdown in Moore's law. Its accelerated computing architecture enables continued growth in computing capacity through parallelization. We are at the tipping point of a new era in computing, with NVIDIA at its epicenter as generative AI adoption grows. With leading market share in gaming, data centers, and autonomous machines, we think it is well positioned for long-term growth.

Space Exploration Technologies Corp. (SpaceX, SPCX) is a vertically integrated space, connectivity, and AI company. It builds reusable rockets like Starship and runs Starlink and Starlink Mobile (over 12 million subscribers, over 160 markets). It is a leading AI vendor with xAI, Cursor, and dense datacenters.
Space Exploration Technologies Corp. (SpaceX, SPCX) is a vertically integrated leader in space, global connectivity, and AI. Rocket reusability drives industry-leading launch cadence and costs, fueling Starlink’s expansion across broadband, enterprise, and government, and a growing mobile push. Starship should lower costs further and carry next-gen satellites. With xAI and Cursor, SpaceX sells frontier models and AI coding tools backed by in-house compute and chips. Longer term, orbital AI could offer solar-powered compute at unprecedented scale, an edge few can replicate. 

Amazon.com, Inc. (AMZN) is the world's largest e-commerce marketplace and, through Amazon Web Services, the leading global cloud infrastructure provider, with additional businesses in digital advertising, subscription services, logistics, and artificial intelligence infrastructure.
Amazon.com, Inc. (AMZN) has around 45% of U.S. online retail sales, while its share of global retail sales is less than 5%. Amazon has many avenues for revenue growth, including consumer staples, international expansion, grocery, digital media offerings, private label, pharmacy and health care services, advertising, and a better shopping experience powered by generative AI. Amazon also represents an opportunity to invest in the secular growth of cloud computing and the adoption of enterprise AI through AWS—a large, fast-growing, and margin-accretive part of the business. 

Taiwan Semiconductor Manufacturing Company Limited (TSM) is the world’s largest dedicated chip foundry, producing leading-edge logic and advanced packaging for customers like NVIDIA, Apple, AMD, and Broadcom across AI accelerators, smartphones, PCs, and autos, with fabs in Taiwan, Japan, China, and Arizona.
Taiwan Semiconductor Manufacturing Company Limited (TSM) is the dominant force in leading-edge foundry manufacturing, benefiting from economies of scale and a superior cost structure. Its track record of deploying new technology faster than competitors helps it maintain market share and pricing power, with gross margins above 60%. We believe AI accelerators and advanced packaging will drive mid-20% revenue growth through 2029, and its lead at N2 and A14 keeps customers locked in. Falling capital intensity should lift free cash flow and sustain roughly 30% returns on equity.

Meta Platforms, Inc. (META) is the world's largest social media company, operating Facebook, Instagram, WhatsApp, and Threads with over 3.6 billion daily active people, monetizing primarily through digital advertising and investing heavily in artificial intelligence and augmented reality infrastructure.
Meta Platforms, Inc. (META) owns differentiated social platforms with large, highly engaged user bases. Advertisers follow user attention, and Meta’s ability to target ads and demonstrate attractive returns makes its platforms particularly valuable. We believe the company has substantial room to further monetize its global user base, especially outside the U.S. Meta could also emerge as a leader in consumer AI, with multiple paths to product integration and monetization.

Alphabet Inc. (GOOG) is the world's leading digital advertising company, operating Google Search, YouTube, and the Google Network, alongside a fast-growing cloud computing business and investments in artificial intelligence, autonomous vehicles, and other emerging technologies.
Alphabet Inc. (GOOG) should remain a major beneficiary of the shift in advertising from traditional media to online and mobile platforms. Its vast datasets improve products and support expansion into adjacent markets. Alphabet’s scale, distribution, and technical talent position it to benefit from AI across Search and Google Cloud. YouTube provides exposure to the shift toward connected TV, while Waymo remains a leader in autonomous driving.

Shopify Inc. (SHOP) is a leading commerce platform providing software, payments, fulfillment, and financial services to merchants of all sizes, enabling them to sell online, in-store, and across social and marketplace channels globally.
Shopify Inc. (SHOP) offers a scalable, end-to-end commerce platform that serves merchants of all sizes, including offline, international, and B2B businesses. Its aggregate scale, innovation, and ecosystem of partners allow merchants to run every part of their business on the Shopify platform. The company's access to real-time, transaction-level data across its merchants strengthens its competitive position, allowing it to share the benefits of scale directly with them. With less than 2% share of $25 trillion in global commerce (ex China), it has a long runway for growth.

Tesla, Inc. (TSLA) designs and manufactures electric vehicles and energy storage systems globally, operates a proprietary Supercharger network, and is developing autonomous ride-hailing via Cybercab, humanoid robots via Optimus, and full self-driving software underpinned by its proprietary AI platform.
Tesla, Inc. (TSLA) should continue growing its automotive business as it benefits from the secular adoption of electric vehicles, vertical integration, technological innovation, and cost advantages. It is also leveraging its core automotive technologies to address the rapidly growing energy storage segment. In addition, Tesla's software and AI expertise is broadening the industrial opportunity to large and profitable revenue avenues that were previously locked in the legacy vehicle architecture, such as autonomous driving, robotics, insurance, and other AI use cases.

Samsara Inc. (IOT) is a leading connected operations platform providing fleet management, video safety, equipment monitoring, and site visibility solutions to industrial, transportation, and logistics customers across North America and Europe.
Samsara Inc. (IOT) has been rapidly gaining market share in the $51 billion connected fleet software market, driven by its superior cloud-native architecture, ability to address both safety and telematics use cases, and its proprietary data moat (over 20 trillion data points collected annually across more than 1 million assets). The company has leveraged its strong position in commercial fleets to expand into adjacent areas such as construction equipment monitoring and driver workflow automation, increasing its value to customers.

Amphenol Corporation (APH) is one of the world's largest manufacturers of interconnect products—including connectors, cable assemblies, and fiber optic components—serving data center and artificial intelligence infrastructure, defense, commercial aerospace, automotive, and industrial customers globally.
Amphenol Corporation (APH) has a strong track record of shareholder value creation through organic growth and acquisitions. The company has historically benefited from diverse end-market exposure and a decentralized operating culture, supporting balanced performance across cycles, while today’s growth is largely led by Amphenol’s leading positions across key products used in AI infrastructure. We expect its agility, innovation, quality, and reliability to sustain a strong position in this rapidly growing market and drive outsized earnings growth for years to come.