Core Insights - Baron Opportunity Fund achieved a return of 4.63% in Q4 2025, outperforming the Russell 3000 Growth Index's gain of 1.14% and the S&P 500 Index's return of 2.66% [1] - For the full year, the Fund appreciated 19.73%, surpassing the benchmark's 18.15% and the S&P's 17.88% returns [1] - The Fund's performance was supported by moderating tariff impacts, robust corporate earnings, and continued monetary easing [1] Investment Focus - The Fund management emphasizes significant secular growth trends such as AI, space exploration, autonomous transportation, robotics, digital commerce, media, finance, advanced therapeutics, and minimally invasive surgery [1] - This focus on disruptive technologies has contributed to the Fund's outperformance in 2025 [1] The Trade Desk, Inc. (NASDAQ:TTD) - The Trade Desk, Inc. is a leading technology company in digital advertising, with a market capitalization of $11.933 billion [2] - The stock closed at $25.07 per share on March 17, 2026, with a one-month return of -1.69% and a 52-week loss of 54.68% [2] - The Fund decided to exit its long-term investment in The Trade Desk due to competitive pressures from Amazon's ad-tech initiatives and substantial executive turnover [3] - Despite exiting the position, the Fund continues to monitor The Trade Desk for potential future investment opportunities [3]