On Holding (ONON) Fell on Macro Economic Uncertainty and Rising Competition

Core Insights - Baron Focused Growth Fund reported a 4.83% appreciation in Q3 2025, underperforming the Russell 2500 Growth Index's 10.73% gain due to economic growth slowdown concerns affecting Consumer Discretionary stocks [1] - Competitive pressures have negatively impacted the valuations of some holdings within the fund [1] Company Analysis: On Holding AG (NYSE:ONON) - On Holding AG experienced a one-month return of -16.67% and a 52-week loss of 28.38%, closing at $36.08 with a market capitalization of $11.782 billion on November 5, 2025 [2] - Despite macroeconomic uncertainties and rising competition, On Holding AG reported a 38% revenue increase and raised its revenue and profitability expectations for the year, indicating strong quarterly results [3] - The company is expected to gain market share in the global sportswear segment due to its premium brand positioning and innovative products, with shares considered undervalued at current levels [3] Hedge Fund Interest - On Holding AG was held by 42 hedge fund portfolios at the end of Q2 2025, a decrease from 53 in the previous quarter, indicating a decline in popularity among hedge funds [4] - While On Holding AG shows potential, certain AI stocks are viewed as offering greater upside potential and lower downside risk [4]