IT Datacom Segment Supported Amphenol Corporation’s (APH) Better-Than-Expected Earnings

Group 1: Fund Performance - Baron Asset Fund achieved a return of 7.89% in Q4 2025, outperforming the Russell Midcap Growth Index by 11.59 percentage points, which ended the quarter down 3.70% [1] - The Fund held a total of 53 positions as of December 31, 2025, with the 10 largest holdings representing 52.8% of net assets and the 20 largest holdings representing 73.3% of net assets [1] Group 2: Amphenol Corporation Highlights - Amphenol Corporation (NYSE:APH) is recognized as a leading contributor to the Baron Asset Fund, with a market capitalization of $176.509 billion [2] - The stock closed at $144.20 per share on February 9, 2026, with a one-month return of -3.20% and a twelve-month increase of 106.15% [2] - Amphenol operates a decentralized model with over 140 general managers and has completed more than 50 acquisitions in the past decade [3] - The company reported better-than-expected earnings driven by its IT Datacom segment, which supports AI applications, and solid growth in other markets [3] - Amphenol holds significant market share in interconnect solutions for NVIDIA's AI server racks, with expectations for increased content as system complexity rises [3] - The pending acquisition of CommScope's Connectivity and Cable Solutions business, expected to close in early 2026, is anticipated to drive strong revenue and earnings growth [3]