Baron Opportunity Fund Q1 2026 Portfolio Activity

Baron Opportunity Fund’s Q1 2026 letter says the fund fell 8.88% (Institutional) but outperformed the Russell 3000 Growth Index. During the quarter the fund initiated a new position in Alphabet (Google), citing its integrated AI stack, large user base and cloud momentum as drivers of durable growth. The firm favors semiconductor equipment leaders—naming ASML and Lam Research—for AI-driven chip complexity and margin expansion. It also highlighted growth prospects at Forgent and Rubrik and disclosed exits from positions including Microsoft, Arcellx and Nova. The portfolio shifts signal Baron’s emphasis on AI/cloud exposure and semiconductor supply-chain beneficiaries, which could support demand for related tech equities and equipment makers.