Ron Baron Q1 2026 Portfolio — TSLA Held at 13.4%, IT & GWRE Significantly Expanded

In his Q1 2026 13F filing, Ron Baron managed a $19.7B portfolio, holding TSLA at $4.4B (13.4%) as his largest position. During the same quarter, he increased his stake in IT by 40% and GWRE by 28%, while initiating five new positions: FPS, PSA, IRM, CZR, and VIST.

Top 5 Holdings — Q1 2026

• TSLA: $4.4B (13.4%)
• ACGL: $1.6B (4.8%)
• MSCI: $1.5B (4.4%)
• GWRE: $987M (3.0%)
• IT: $937M (2.8%)

Q1 2026 Key Trading Highlights

Baron's portfolio continues to reflect a concentrated growth equity strategy. With TSLA ($4.4B, 13.4%) at the top, followed by ACGL ($1.6B) and MSCI ($1.5B), the top three holdings account for approximately 22.6% of total assets. The most notable addition this quarter was IT (Gartner), where Baron increased his position by 40% to $937M — a preemptive bet on a recovery in enterprise IT spending cycles. GWRE (Guidewire) was also expanded by 28% to $987M, reaffirming his long-term conviction in the insurance software platform.

• IT: +40% increase ($937M) — Preemptive positioning for enterprise IT spending cycle recovery
• GWRE: +28% increase ($987M) — Renewed long-term conviction in insurance SaaS platform growth
• FPS: New position $137M — Initial entry into the real estate data and information services sector
• PSA: New position $72M — Self-storage REIT added to strengthen real asset diversification
• TEAM: Reduced -99% ($125,921 remaining) — Near-complete exit from the collaboration software sector
• GTLB: Full exit ($54M → 0) — Investment thesis for DevOps platform deemed concluded

Portfolio cleanup was equally decisive. TEAM was trimmed by nearly 99%, leaving a residual market value of just $125,921, while CWAN (-98%) and ODDITY TECH LTD (-95%) were reduced to near-liquidation levels. Full exits included silver and precious metals miner EXK ($97M), building products manufacturer LPX ($54M), DevOps platform GTLB ($54M), medical device maker MASI ($49M), and biotech ARCELLX ($40M). New initiations in real estate information platform FPS ($137M), self-storage REIT PSA ($72M), and data center REIT IRM ($54M) signal a modest rotation toward real assets and infrastructure.

Growth Concentration With Real Asset Diversification — Baron's Next Move

Ron Baron continues to anchor his portfolio in TSLA while increasing exposure to enterprise software and data platforms such as IT and GWRE. At the same time, the new positions in FPS, PSA, and IRM appear to reflect a deliberate effort to hedge a portion of risk into real asset infrastructure amid a prolonged high-rate environment. The aggressive unwinding of slowing-momentum tech names like TEAM and CWAN has sharpened overall portfolio concentration, and with holdings now compressed to approximately 20 names, individual position changes are poised to have an increasingly outsized impact on overall performance.