Group 1 - Baron Discovery Fund focuses on long-term, competitively positioned companies with significant potential in untapped markets [1] - In Q4 2025, the Fund generated a return of 0.19%, 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] - The Fund maintains strong optimism for a high-growth, low-inflation environment in 2026 [1] Group 2 - GCI Liberty, Inc. is highlighted as a key investment, providing a range of communication services [2] - GCI Liberty, Inc. had a one-month return of 1.92% and a three-month return of 9.50% [2] - As of January 3, 2026, GCI Liberty, Inc. stock closed at $38.17 per share, with a market capitalization of $1.519 billion [2] - GCI is the leading broadband cable provider in Alaska, with an estimated 70% to 80% market share of high-speed broadband [3] - Approximately 97% of Alaskans live within GCI's network footprint, and about 80% have access to high-speed tiers [3] - GCI operates its own mobile network, competing with AT&T and Verizon, with revenues evenly split between residential and business customers [3]