Baron Partners Fund Trimmed Tesla (TSLA) Despite Increased Confidence

Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Partners Fund”. A copy of the letter can be downloaded here. The Fund increased considerably in the fourth quarter, returning 19.07% (Institutional Shares). It outperformed both the Russell Midcap Growth Index (the Benchmark), which returned -3.70%, and the broader Russell 3000 Index, which returned 2.40% in the quarter. The Fund returned 24.86% in the calendar year, significantly outperforming the Russell Midcap Growth Index, which posted a return of 8.66%, and the Russell 3000 Index, which returned...