Fund Performance - Baron Discovery Fund generated a return of 0.19% in Q4 2025, 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] Market Outlook - The Fund maintains strong optimism and expects a high-growth, low-inflation environment in 2026 [1] Company Focus: Liberty Live Holdings, Inc. - Liberty Live Holdings, Inc. was highlighted as a leading detractor in the Fund's performance [2] - The company has a market capitalization of $7.444 billion, with shares closing at $81.00 on February 3, 2026 [2] - Over the past month, Liberty Live Holdings, Inc. delivered a 0.55% return, and its shares are up 6.52% over the past twelve months [2] Earnings and Management Outlook - Liberty Live Holdings, Inc. shares traded sharply lower following Live Nation's Q3 earnings release, which fell short of investor expectations [3] - Management lowered its outlook for ticketing in 2026 due to regulatory actions and costs associated with the FTC lawsuit [3] - Despite near-term challenges, Live Nation is executing well on developing owned venues, and the long-term growth opportunity remains attractive [3]
Liberty Live Holdings (LLYVK) Traded Lower as the Concert Segment Earnings Fell Short of Expectations