MSCI (MSCI) Held Steady Amid Challenges

Fund Performance - Baron Durable Advantage Fund returned 2.6% in Q4 2025, closely matching the S&P 500 Index's return of 2.7% [1] - For the full year 2025, the Fund achieved a return of 16.6%, compared to 17.9% for the S&P 500 Index and 16.1% for the Morningstar Large Growth Category average [1] Investment Strategy - The Fund is focusing on high-quality, large-cap companies with solid competitive advantages, proven track records, and consistent shareholder returns in the context of geopolitical factors, regulatory changes, and advancements in artificial intelligence [1] MSCI Inc. Overview - MSCI Inc. is highlighted as a key investment, providing indexes and investment decision support tools, with a market capitalization of $38.459 billion [2] - As of February 11, 2026, MSCI Inc. shares closed at $511.84, with a one-month return of -14.31% and a twelve-month decline of 10.56% [2] MSCI Inc. Performance Insights - The Fund made significant additions to its position in MSCI Inc. during Q4 2025, despite the stock lagging behind broader market performance due to perceptions of information services companies as potential AI losers [3] - MSCI reported steady financial results throughout 2025 but noted ongoing pressure in the asset manager end market, which constitutes about half of its total business [3]