Baron Global Opportunity Fund’s Q4 2025 Investor Letter

Baron Capital, an investment management company, released its Q4 2025 letter for its “Baron Global Opportunity Fund”. Baron Global Opportunity Fund showcased a strong fourth quarter and an outstanding year. The Fund rose 6.5% (Institutional Shares) in Q4 compared to 3.3% return for the MSCI ACWI Index (the Index) and the 2.8% gain for the MSCI ACWI Growth Index, the Fund’s benchmarks. For 2025, the Fund was up 27.5%, exceeding 22.3% and 22.4% returns for benchmarks, respectively. For the Fund, the year has been defined by the challenges of de-globalization and the support from easing Federal Reserve policies, the beginnings of the AI investment cycle, and its investment in SpaceX. The Fund concluded the year with 42 investments, up from 38 the previous year, with 35 stocks accounting for 99.3% of its net assets. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Baron Global Opportunity Fund’s Q4 2025 investor letter can be downloaded here.