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Is Red Rock Resorts (RRR) Trading at a Discount?

Baron Funds, an investment management company, released its “Baron Growth Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund rose 0.86% in the quarter (Institutional Shares), trailing the Russell 2000 Growth Index’s (the Benchmark) 11.97% gain.  The Russell 3000 Index returned 10.99% for the same period. The firm's strategy of owning a high-conviction portfolio of highly advantaged businesses was out of favor in the quarter as investors bid up relatively riskier stocks. In addition, please check the fund’s top five holdings to know its...