Baron Opportunity Fund Sold Its Stake in The Trade Desk (TTD) Due to Competitive Pressure

Baron Capital, an investment Management Company, released its fourth quarter 2025 investor letter for its “Baron Opportunity Fund”. A copy of the letter can be downloaded here. The Fund returned 4.63% (Institutional Shares) in Q4 2025, outperforming the Russell 3000 Growth Index’s (the Benchmark) 1.14% gain and the S&P 500 Index’s 2.66% return. The Fund appreciated 19.73% for the full year, surpassing the benchmark’s 18.15% and the S&P’s 17.88% returns.  A turbulent year ended...