Baron Durable Advantage Fund’s Q4 2025 Investor Letter

Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Durable Advantage Fund”. The Fund returned 2.6% in the fourth quarter, which mirrored the S&P 500 Index’s 2.7% return. The Fund returned 16.6% in 2025, compared to 17.9% for the Index and 16.1% gain for the Peer Group, Morningstar Large Growth Category average. Moving to 2026, in an environment dominated by geopolitics, changing regulatory trends, and artificial intelligence, the Fund focuses on investing in high-quality, large-cap companies with solid competitive advantages, proven track record, and consistent shareholder returns. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Baron Durable Advantage Fund’s Q4 2025 Investor Letter can be downloaded here.