Baron SMID Cap ETF

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.

Rubrik (RBRK) is a cyber resilience platform providing data protection, security, and recovery across enterprise, cloud, and SaaS environments, built security-first for ransomware recovery.
Rubrik is a category leader rapidly taking share in a ~$20Bn market via a superior security-first architecture, with win rates rising from 80% at IPO to over 90% in FY2026. Secular tailwinds from ransomware, data growth, and agentic AI expand the SAM, while new S-curves in identity resilience and Agent Rewind stack additional growth. Rubrik has tripled its market share in three years to ~7% in a ~$20Bn market, displacing legacy vendors like Dell, IBM, and Veritas.

Axon Enterprise, Inc. (AXON) provides public safety technology, including body-worn and in-car cameras, cloud-based digital evidence management and storage, and TASER energy devices.
With $2.8 billion in 2025 revenue, Axon has captured only a small share of its $159 billion addressable market. Building on its dominant TASER franchise, the company is expanding its higher-margin software business. We expect revenue growth above 20% through 2028 and adjusted EBITDA margins to approach 30% over time. Axon’s reputation, scale, and integration of sensors, TASER devices, and digital evidence software reinforce its winner-take-most position across key markets.

Samsara Inc. (IOT) provides a cloud-based software platform for vehicle telematics, video-based driver safety, workflow automation, equipment monitoring, and manufacturing site visibility. The platform analyzes data from millions of sensors and cameras to help companies reduce costs and improve safety. 
Samsara 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.

Dynatrace, Inc. (DT) is a leading provider of IT system observability, offering a full-stack solution spanning user monitoring, infrastructure, and log management. To meet the demands of the modern software stack, the company re-architected its platform and expanded into security monitoring.
With its new platform, Dynatrace is better equipped to address complex use cases across multi-cloud, containerized, and hybrid environments. Estimates suggest only about 20% of enterprise applications are currently monitored, a figure expected to rise to 50% in the coming years. The growing application economy should drive greater monitoring demand as existing apps expand and new ones are developed. Dynatrace is well positioned to capture this opportunity through its differentiated platform, enterprise-grade solutions, expanding salesforce, and ongoing product innovation.

Tempus AI, Inc. is an intelligent diagnostics company that provides next-gen sequencing cancer treatment selection tests. It combines this genomic data with multimodal clinical patient data, which it license to biopharma companies, who use it to design smarter clinical trials and identify new drug targets.
Within diagnostics, Tempus is a leader in the cancer treatment selection market, which is poised for rapid growth. Of the roughly 700,000 U.S. patients diagnosed with metastatic cancer each year, only a third receive next-gen sequencing tests. We see a potential $10 billion TAM in the U.S. alone. Tempus is the pioneer in its field, with a unique dataset with high barriers to entry, and has nine-figure deals with at least three firms. Tempus is expanding its platform beyond oncology to other areas such as cardiovascular disease, which should expand its market over time.

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.

Repligen Corporation (RGEN) is a tools supplier to the bioprocessing industry, offering a broad portfolio including upstream cell culture and downstream chromatography and filtration.
Repligen operates in attractive end markets, historically targeting monoclonal antibodies and now expanding into cell and gene therapies. It should benefit as more companies begin manufacturing biosimilar versions of biologic drugs once key patents expire, increasing demand for Repligen’s bioprocessing products. The company has also innovated within specialized niches, including by introducing novel filtration technologies and building out in-line process analytics capabilities, positioning it for sustained long-term growth.

Argenx SE (ARGX) is a biotechnology company launching Vyvgart (efgartigimod) in myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, while developing the drug for additional autoantibody-driven autoimmune conditions. 
Efgartigimod has potentially broad applicability in ameliorating overactive antibody-based diseases. Efgartigimod is a true "pipeline in a product," where the product itself is the platform, as it has the potential to be used against a diverse range of diseases—something that is rarely achieved in the biotechnology space. We expect the share price to increase as argenx proves its product’s effectiveness in multiple autoantibody disorders.

Liberty Media Corporation - Liberty Formula One (FWONK) is a tracking stock that consists primarily of Liberty Media Corporation's interest in Formula One Group.
Formula One is a unique sports property that benefits from the rising value of broadcasting rights, new sponsorship deals, and strong third-party interest to host races. The sport continues to gain popularity globally and has seen impressive growth in the U.S. The growth in fan interest has translated into attractive contract extensions with race promoters and a number of new relationships with global brands. Additionally, Liberty Media acquired Dorna Sports, the organization behind MotoGP, a fast-growing and emerging motorsport.