Baron Global Opportunity Fund’s Biggest Addition: Amazon.com (AMZN)

Fund Performance - Baron Global Opportunity Fund achieved a 6.5% return in Q4 2025, outperforming the MSCI ACWI Index which returned 3.3% and the MSCI ACWI Growth Index which gained 2.8% [1] - For the entire year of 2025, the Fund rose 27.5%, exceeding the benchmarks' returns of 22.3% and 22.4% [1] - The Fund concluded the year with 42 investments, an increase from 38 the previous year, with 35 stocks making up 99.3% of its net assets [1] Key Investments - Amazon.com, Inc. (NASDAQ:AMZN) was highlighted as the Fund's largest purchase in Q4 2025, with the belief that AI will enhance Amazon's growth profile and create margin tailwinds [3] - As of January 16, 2026, Amazon's stock closed at $216.82 per share, with a one-month return of 5.28% and a 52-week gain of 3.57% [2] - Amazon.com, Inc. has a market capitalization of $2.328 trillion [2]