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The ultra-popular Invesco QQQ QQQ has surged more than 40% so far this year, thanks to the "Magnificent Seven" — Alphabet GOOG, Amazon AMZN, Apple AAPL, Meta META, Microsoft MSFT, Nvidia NVDA, and Tesla TSLA, which account for almost 45% of the portfolio.

QQQ is also one of the best-performing ETFs of the past decade. From March 10, 1999, to June 30, 2023, the Nasdaq-100 Index, synonymous with growth and innovation, returned over 780%, according to Invesco.

Bloomberg recently reported that only one equity mutual fund, the Baron Partners Fund, has outperformed QQQ over the past 5, 10, and 15 years, mainly due to its outsized exposure to Tesla.

Ron Baron, a longtime Elon Musk supporter and Tesla bull, told CNBC that he expects shares to hit $500 in 2025 and $1,500 by 2030. He purchased most of their Tesla shares from 2014 to 2016 and has seen their value increase by 20 times since then.

The billionaire investor has also become one of SpaceX’s largest investors. The privately-owned space company currently accounts for about 9% of the mutual fund's holdings, whereas Tesla enjoys more than a 40% weighting.

To learn more about the Baron Partners Fund, QQQ and its cheaper version, the Invesco NASDAQ 100 ETF QQQM, please watch the short video above.

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