Here’s Why Baron Discovery Fund Betted on Waystar Holding Corp. (WAY)

Group 1 - Baron Discovery Fund focuses on long-term, competitively positioned companies with significant potential in untapped markets [1] - In Q4 2025, the Fund generated a return of 0.19%, underperforming the Russell 2000 Growth Index by 1.03 percentage points [1] - For the entire year, the Fund posted a return of 10.96%, while the Index returned 13.01% [1] - The top 10 holdings comprised 26.7% of the Fund's net assets, with cash making up 3.3% [1] - The Fund maintains optimism for a high-growth, low-inflation environment in 2026 [1] Group 2 - Waystar Holding Corp. provides software solutions for healthcare payments and has a market capitalization of $4.687 billion [2] - Waystar's stock closed at $24.50 per share on February 3, 2026, with a -27.26% return in the past month and a -41.61% return over the past twelve months [2] - The company services 30,000 clients, representing over 1 million distinct providers, and processes 6 billion transactions per year [3] - Waystar's estimated 2025 revenues are over $1 billion, with a 50/50 combination of subscription and volume-based revenue [3]