Core Viewpoint - The Baron WealthBuilder Fund has shown strong performance, recovering losses from the previous quarter and appreciating 10.45% in the June quarter, closely aligning with the S&P 500 Index and slightly lagging the MSCI ACWI Index [3][4]. Performance Summary - The Fund's annualized return since inception (December 29, 2017) is 12.91%, which is comparable to the S&P 500 Index's 13.76% and significantly ahead of the MSCI ACWI Index's 9.96% [5][6]. - For the June quarter, the Fund's performance was 10.45% for Institutional Shares, 10.31% for Retail Shares, and 10.39% for TA Shares, while the S&P 500 Index and MSCI ACWI Index returned 10.94% and 11.53%, respectively [6][9]. - The Fund's performance over the past year was 18.29% for Institutional Shares, outperforming the S&P 500 Index's 15.16% and the MSCI ACWI Index's 16.17% [6][9]. Sector and Holdings Analysis - The Fund's performance was driven by underlying Baron Funds with significant exposure to large-cap technology-oriented businesses, including Meta Platforms, NVIDIA, and Microsoft, which performed well due to strong financial results [9][10]. - Shopify reported a 27% year-over-year revenue growth, contributing positively to the Fund's performance, driven by its expansion into offline retail and international markets [9]. - Tesla's shares rebounded following the rollout of its robotaxi business, indicating a transformative shift in the automotive industry, while Spotify's share price was supported by solid results and growth in user subscriptions [10][11]. Economic and Market Context - The Fund has navigated a challenging economic environment characterized by political uncertainty and macroeconomic volatility, with investor concerns about tariffs and government spending cuts subsiding in the recent quarter [8][12]. - The Fund's strategy focuses on investing in growth quality businesses that are expected to thrive in less competitive environments, which has been beneficial during transitional economic periods [7][12]. Investment Strategy - The Fund employs a strategy that invests in companies across various market capitalizations, primarily focusing on U.S. securities but allowing up to 35% in non-U.S. securities [17][18]. - The Fund's investment philosophy emphasizes long-term business fundamentals rather than short-term market fluctuations, aiming for durable growth through technology advancements [18][19].

Core Viewpoint - Upbeat BidCo has successfully completed a public buyout offer for Believe, acquiring 98.67% of the share capital and 97.40% of the voting rights, leading to an imminent mandatory squeeze-out procedure for remaining shares [2][3]. Group 1: Buyout Offer Results - The public buyout offer closed on July 21, 2025, with Upbeat BidCo holding 99,361,755 shares of Believe [2]. - Upbeat BidCo will request the AMF to implement a mandatory withdrawal procedure for all Believe shares not tendered to the Offer [3]. - The compulsory withdrawal will occur at the same price as the offer, which is €17.20 per Believe share [4]. Group 2: Company Overview - Believe is a leading digital music company focused on developing independent artists and labels by providing necessary solutions for audience growth [5]. - The company operates globally with 2,037 employees across more than 50 countries, offering services through various brands including Believe, TuneCore, and Nuclear Blast [5]. - Believe is listed on compartment A of the regulated market of Euronext Paris under the ticker BLV [5].

Core Viewpoint - Upbeat BidCo has increased its public buyout offer for Believe to 17.20 euros per share, which reflects significant premiums over the average share prices in recent months, and the Board of Directors has issued a favorable opinion on this offer [2][4][9]. Group 1: Offer Details - The initial public buyout offer was filed at a price of 15.30 euros per share, which has now been increased to 17.20 euros per share [2]. - The new offer price represents premiums of +12.6%, +13.1%, +17.5%, and +17.6% compared to the volume-weighted average prices over the last 30, 60, 120, and 180 days as of June 2, 2025 [2][9]. - The independent expert concluded that the increased offer price of 17.20 euros per share is fair from a financial perspective [3][9]. Group 2: Board of Directors' Opinion - The Board of Directors of Believe unanimously issued a favorable reasoned opinion on the proposed offer, recommending that shareholders tender their shares [4][9]. - The Board considered the increased offer to be in the interests of minority shareholders, providing them with immediate liquidity at the new price [5][9]. - The Board also noted that the offer would benefit the company and its employees by allowing it to continue its development plan without altering its business model or human resources policies [5]. Group 3: Documentation and Compliance - Draft documents reflecting the increased offer price and the Board's opinion will be filed with the AMF and made available on Believe's website [6]. - The main elements of the draft offer document will be communicated through a press release in accordance with AMF regulations [7].

Core Points - Believe has received authorization from the Paris Economic Activities Court to extend the legal deadline for the approval of its financial statements for the fiscal year ending December 31, 2024, due to a public tender offer by Upbeat BidCo [2] - The Annual General Meeting originally scheduled for June 26, 2025, has been postponed to a later date, which will be determined after the completion of the squeeze-out [3] - Believe is a leading digital music company focused on developing independent artists and labels, providing them with necessary solutions to grow their audience [4] Company Overview - Believe operates globally with a team of 2,037 employees across more than 50 countries, offering a range of services through various brands including Believe, TuneCore, and Nuclear Blast [4] - The company is listed on compartment A of the regulated market of Euronext Paris under the ticker BLV [4]