Fund Performance - Baron Discovery Fund generated a return of 0.19% in Q4 2025, underperforming the Russell 2000 Growth Index by 1.03 percentage points [1] - For the entire year, the Fund posted a return of 10.96%, while the Index returned 13.01% [1] - The top 10 holdings comprised 26.7% of the Fund's net assets, with cash making up 3.3% [1] JFrog Ltd. Overview - JFrog Ltd. (NASDAQ:FROG) is a technology company that provides a software supply chain platform, incorporated in 2008 [2] - The one-month return of JFrog Ltd. was -6.18%, while its shares gained 52.78% over the last 52 weeks [2] - As of February 2, 2026, JFrog Ltd. stock closed at $55.52 per share, with a market capitalization of $6.569 billion [2] JFrog Ltd. Positioning - Baron Discovery Fund established a position in JFrog Ltd., a leading provider of software supply chain management tools [3] - JFrog's core offering, Artifactory, serves as a universal hub for software binaries, essential for modern application development [3] - The platform addresses the critical operational requirement of managing binaries, facilitating faster development cycles and consistent deployments [3] - JFrog also includes security modules like JFrog Xray and Advanced Security, which scan binaries to ensure compliance and vulnerability-free software [3]