Baron SMID Cap ETF

Coherent Corp. (COHR) develops, manufactures, and markets advanced materials, lasers, and optical systems designed to generate, modulate, amplify, direct, and detect photons, the fundamental particles of light.
Coherent is positioned to benefit from secular communications tailwinds driven by AI data center buildouts, growing data center interconnect demand, increasing optical penetration within server racks, advances in optical switching, and the migration of traditional telecom networks to pluggable transceivers. In addition to these structural drivers, the company’s operational initiatives, including margin expansion, debt reduction, and diversification of its global supply chain, continue to support its improving financial profile.

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 recently announced its acquisition of Dorna Sports, the organization behind MotoGP, a fast-growing and emerging motorsport.

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.

Flutter Entertainment plc

Liberty Media Corporation - Liberty Live (LLYVK) consists of Liberty Media Corporation's 30% interest in Live Nation Entertainment, Inc., the world's largest live entertainment company, producing, selling, and promoting concerts, and connecting brands to music.
Live Nation is the dominant player in an industry with solid long-term demand trends. The company has significant opportunities for capital reinvestment. Its investment in new owned and operated venues drives higher concert segment margins relative to shows held at third-party venues, largely due to Live Nation's control of the profitable food and beverage business. As Live Nation's mix shift to owned venues increases, we believe the resulting margin improvement will produce low double-digit growth in adjusted operating income over the long term.

Insulet Corp. (PODD) is a medical device company that sells the OmniPod insulin pump for people with diabetes who require insulin.
The insulin pump market is large and under-penetrated.  Unlike conventional tubed pumps, the OmniPod eliminates the need for external tubing, is discreet and more comfortable to wear, does not have to be detached during swimming, bathing or exercise, and the needle insertion is activated wirelessly instead of manually.  New management has been making positive changes to the business.  The company’s business model is an attractive razor/blade model.  Competitive barriers include complex manufacturing, the arduous regulatory approval process and patents.

Booz Allen Hamilton Holding Corporation (BAH) provides information technology consulting services to the federal government and to commercial and foreign customers.
We consider Booz Allen’s consultants to be best in class at addressing sensitive and high-priority projects across cybersecurity, intelligence, defense, and government spending efficiency. Given the company's unique expertise, we believe Booz Allen will continue to benefit from growing demand for its services.

Dynatrace, Inc. (DT) is a leading provider of application performance monitoring, 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.

Natera, Inc. (NTRA) offers tests in women’s health, cancer recurrence monitoring, and transplant rejection diagnostics.
Natera is the leader in non-invasive prenatal testing (NIPT) which has been seeing improved reimbursement as the value of the tests are increasingly recognized. The company has also been a leader in developing the liquid biopsy market for cancer recurrence monitoring, generating robust clinical data and securing favorable reimbursement coverage. We estimate the recurrence monitoring TAM at $15-$20 bn and believe Natera has a long runway there, with testing for transplant rejection as further optionality. 

Mercury Systems, Inc. (MRCY) designs, manufactures, and markets high-performance, embedded, real-time digital signal and image processing systems, mission systems, and software. The company's customers are Tier-1 defense contractors worldwide.
We believe Mercury is uniquely positioned to sell high-speed computing and storage subsystems to nearly all large U.S. defense contractors. Its products, which let customers more rapidly and cheaply develop their own solutions, are used for mission management, communications, sensors, electronic warfare, and other systems. Mercury serves an available market of over $40 billion, including $24 billion for C4I (command, control, communications, computers, and intelligence) systems and $18 billion for sensor and mission systems (electronic warfare, radar, and weapons).

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