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Baron Small Cap Fund adds to Wingstop position in Q2
In its Q2 2026 investor letter, Baron Capital cited Wingstop as a discounted opportunity, noting the stock closed at $115.72 on Aug. 17, 2026.
Baron Capital, the investment manager behind the Baron Small Cap Fund, highlighted Wingstop Inc. as a key holding in its Q2 2026 investor letter, detailing why it is investing again in the fast-casual restaurant franchisor. The fund said the Baron Small Cap Fund gained 12.57% in the second quarter for institutional shares, though it trailed the Russell 2000 Growth Index's 25.71% return. Yahoo Finance noted that the broader rebound in U.S. equities followed a March selloff tied to the U.S.-Iran conflict, with AI infrastructure, semiconductors, and other technology stocks helping drive market gains. In the letter, Baron Capital described Wingstop as a previously successful investment and characterized the company as a best-in-class franchisor with what it called stellar unit economics and a long growth runway. The firm said it is buying again in what it views as a “fallen angel” at a meaningfully discounted valuation. Wingstop, which operates restaurants under the Wingstop brand in the United States and internationally, closed at $115.72 per share on Aug. 17, 2026. The article also cited that the stock was down 13.55% over one month and down 64.74% over the prior 52 weeks, with a market capitalization of $3.15 billion.
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