Here’s What Impacted Tradeweb Markets (TW) in Q3
Baron Funds, an investment management company, released its “Baron FinTech Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund fell 4.29% (Institutional Shares) compared to a 1.90% decline for the FactSet Global FinTech Index (Benchmark). Since its inception, the fund has appreciated at an annualized rate of 11.10%, compared to a 4.00% return for the Benchmark. The market strength in the quarter was primarily driven by the resumption of Federal Reserve (the Fed) rate cuts and AI optimism. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Baron FinTech Fund highlighted stocks such as Tradeweb Markets Inc. (NASDAQ:TW). Tradeweb Markets Inc. (NASDAQ:TW) is a global financial technology company that builds and operates electronic marketplaces. The one-month return of Tradeweb Markets Inc. (NASDAQ:TW) was 0.59%, and its shares lost 16.13% of their value over the last 52 weeks. On November 14, 2025, Tradeweb Markets Inc. (NASDAQ:TW) stock closed at $109.52 per share, with a market capitalization of $24.039 billion.
Baron FinTech Fund stated the following regarding Tradeweb Markets Inc. (NASDAQ:TW) in its third quarter 2025 investor letter:
"Tradeweb Markets Inc. (NASDAQ:TW) operates electronic marketplaces for trading fixed income securities. Shares declined due to a slowdown in trading activity amid lower market volatility and challenging comparisons against last year’s elevated growth. Nevertheless, business trends remain solid, with trading volumes up 12% in the third quarter, which we anticipate will drive double-digit revenue growth. We continue to own the stock due to Tradeweb’s strong network effects, long track record of innovation, and significant growth opportunities tied to the ongoing electronification of capital markets."
Tradeweb Markets Inc. (NASDAQ:TW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Tradeweb Markets Inc. (NASDAQ:TW) at the end of the second quarter, which was 35 in the previous quarter. In the third quarter of 2025, Tradeweb Markets Inc. (NASDAQ:TW) reported record revenues of $509 million that were up 13% year-on-year on a reported basis and 11% on a constant currency basis. While we acknowledge the potential of Tradeweb Markets Inc. (NASDAQ:TW) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on thebest short-term AI stock.
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