Group 1: Fund Performance - Baron Health Care Fund rose 5.39% in Q3 2025, compared to a 5.05% gain for the Russell 3000 Health Care Index and an 8.18% gain for the Russell 3000 Index, indicating similar performance to the benchmark [1] - The fund's solid stock selection was offset by negative impacts from active sub-industry allocations and cash holdings during a rising market [1] Group 2: Eli Lilly and Company Overview - Eli Lilly and Company (NYSE: LLY) is a global pharmaceutical company known for its GLP-1 treatments for diabetes and obesity, with a one-month return of 6.27% and a 52-week gain of 11.22% [2][3] - As of November 3, 2025, Eli Lilly's stock closed at $896.53 per share, with a market capitalization of $802.411 billion [2] Group 3: Eli Lilly's Market Position and Risks - Eli Lilly's shares declined after Phase 3 data for its oral orforglipron in obesity fell short of investor expectations, showing an 11.5% placebo-adjusted weight loss compared to the anticipated 13% to 14% [3] - Broader regulatory uncertainties related to potential sector tariffs and drug pricing risks have also pressured the stock, although these risks are viewed as manageable [3] - The GLP-1 drug class is expected to become a standard treatment for diabetes and obesity, representing a market exceeding $150 billion, with Eli Lilly possessing a leading portfolio in this category [3] Group 4: Financial Performance - Eli Lilly's revenue grew 54% in Q3 2025 compared to the same period last year, indicating strong financial performance [4]