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Baron Focused Growth Fund highlights Birkenstock as shares jump in Q2
Birkenstock Holding shares closed at $36.13 on Aug. 19, and the stock rose 19.6% in the second quarter as full-price sell-through stayed above 90%.
Baron Focused Growth Fund’s Q2 2026 investor letter highlighted Birkenstock Holding plc as a contributor, pointing to strong sales momentum for the global footwear retailer.
According to the letter, Birkenstock helped performance by 75 basis points as the company’s sales continued to grow at a mid-teens rate, while its Q2 share price rose 19.6%.
The fund noted that despite concerns including the war in the Middle East, a depreciating dollar, and tariffs, full-price sell-through remained above 90%, and closed toe shoes continued to gain penetration.
The letter also reported that Birkenstock closed at $36.13 per share on Aug. 19, with a $5.97 billion market capitalization, and that the stock was down 28.65% over the past 52 weeks.