Here are Baron Fifth Avenue Growth Fund’s Thoughts on KKR (KKR)

Fund Performance - Baron Fifth Avenue Growth Fund gained 5.7% in Q3 2025, underperforming the Russell 1000 Growth Index's 10.5% gain and the S&P 500 Index's 8.1% return [1] - Year-to-date, the fund is up 14.4%, compared to 17.2% for the Russell 1000 Growth Index and 14.8% for the S&P 500 Index [1] KKR & Co. Inc. Overview - KKR & Co. Inc. is an equity and real estate investment firm with a market capitalization of $113.138 billion and a share price of $122.19 as of December 01, 2025 [2] - The one-month return for KKR & Co. Inc. was 3.30%, while it experienced a 22.62% decline over the last 52 weeks [2] Investment Strategy in KKR - The fund increased its position in KKR & Co. Inc. to capitalize on price volatility towards the end of Q3 2025 [3] - KKR manages $686 billion in assets across Private Equity, Private Credit, and Real Assets, and is in a three-year fundraising super-cycle expecting to raise over $300 billion [3] - KKR has diversified its business beyond traditional buyout private equity into alternative asset classes, maintaining over $150 billion in assets under management in each of its three scaled businesses [3] - KKR's asset management business generates highly recurring fees, and it also owns Global Atlantic, an insurance company involved in the retirement assets market [3]