Reviewed by Gotrade Internal Analyst
Gotrade News - The Baron First Principles ETF (RONB) just hit a record for private market exposure. This fund is aggressively loading up on Elon Musk’s private ventures like SpaceX.
Recent filings show the fund allocates nearly 27% of its assets to private firms. This strategy offers retail investors rare access to high-profile companies before they IPO.
Key Takeaways:
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RONB holds 21.5% in SpaceX and 5.4% in xAI
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Total exposure to the Musk ecosystem including TSLA nears 40%
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The aggressive strategy sparks a heated debate over private asset liquidity
The portfolio currently holds 21.5% in SpaceX and 5.4% in xAI assets. According to a report from Bloomberg, total private exposure in the fund reached 27%.
This setup places almost 40% of the portfolio in firms linked to Elon Musk. This figure includes a 12% stake in TSLA which trades on public exchanges.
The classification of SpaceX as a liquid asset is causing a stir among experts. Baron claims the shares are liquid due to a healthy secondary market for stock.
Investors should stay sharp regarding the lack of transparency in private asset pricing. Fair value estimates for private firms often lag behind real world price changes.
This move highlights a trend where managers bring private deals to retail investors. Success will likely depend on future regulations and the rumored SpaceX IPO hype.
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Reference:
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ETF, SpaceX Stake Propels Baron ETF to Record Private Market Exposure. Accessed on January 26, 2026
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