Baron WealthBuilder Fund

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. 

MSCI Inc. (MSCI) is the leading provider of investment decision-support tools, offering equity indexes widely used by active and passive funds, risk and portfolio analytics, private markets data and analytics, and ESG and climate tools to the investment ecosystem worldwide.
MSCI Inc. (MSCI), the de facto standard for measuring global market performance, is, we believe, positioned to benefit from the continuing development of emerging markets, passive investing, sustainability, and the growth of global financial assets. We believe the company's indexes remain the global standard for cross-border investing and will continue to be selected by institutions when issuing new mandates. MSCI’s index products, multi-asset portfolio tools, and risk analytics are mission-critical and deeply embedded in client workflows.

Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company that provides property and casualty insurance, reinsurance, and mortgage insurance around the world.
Arch Capital Group Ltd. (ACGL) is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines as market conditions change. With only 2% share of a $1 trillion global commercial insurance market, Arch has a long runway for growth. Management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility than peers.

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.

Kinsale Capital Group, Inc. (KNSL) is a property and casualty (P&C) insurer focused exclusively on the excess and surplus lines (E&S) market, which includes risks that are unique or difficult to place in the standard insurance market.
Kinsale Capital Group, Inc. (KNSL) is, we believe, a well-run insurer that should grow earnings and book value per share much faster than its peers. The company's focus on the attractive E&S market, underwriting discipline, and efficient technology platform enable it to rapidly grow premiums while delivering industry-leading underwriting margins. Management is highly regarded and has decades of experience in the E&S market. We believe Kinsale has a long runway for growth in an attractive segment of the P&C insurance market.

Guidewire Software, Inc. (GWRE) is the leading cloud-native software platform for the property and casualty insurance industry, providing core systems for policy, billing, and claims management to insurers globally, with accelerating cloud adoption among both regional and Tier 1 carriers.
Guidewire Software, Inc. (GWRE) 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 $20 billion of annual recurring revenue. AI should expand this opportunity through automation and intelligence layered on top of InsuranceSuite, while improving internal productivity. With the cloud migration largely complete, we expect accelerating revenue, margin expansion, and improving free cash flow.

Gartner, Inc. (IT) is the leading independent provider of research and advisory services for IT, HR, sales, finance, and marketing leaders.
Gartner, Inc. (IT) is, we believe, positioned to generate sustained high-single-digit revenue growth as rapid technology change increases demand for trusted third-party research and advisory services. The company’s syndicated research platform is highly scalable, creating a path for consistent margin expansion as the company grows. Gartner is highly cash generative and is aggressively returning capital to shareholders. It has reduced its share count by 14% over the LTM, and can buy back the entire business over the next five years just using projected FCF.

Choice Hotels International, Inc. (CHH) is a leading hotel franchisor operating brands across the midscale, extended stay, and upscale segments, generating royalty fees and services revenue from a global system of franchised hotels weighted toward the value and mid-market traveler.
Choice Hotels International, Inc. (CHH) has a strong franchise business with recurring revenue. The company has demonstrated consistent profitability across cycles by increasing room prices, improving occupancy and royalty rates, and driving new unit growth. Choice Hotels has a solid pipeline of new franchise contracts in revenue-intense segments and is actively expanding the number of upscale brands in its portfolio. The company recently increased its buyback program to 14% of its outstanding shares.

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.

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.