Core Insights - The Baron Asset Fund underperformed for the second consecutive quarter, declining 4.23% in Q3 2025, while the Index gained 2.78% [3] - The underperformance was primarily due to the Fund's underexposure to Momentum, Beta, and Residual Volatility factors, which led the market higher [3] - The Fund's overexposure to Earnings Quality negatively impacted performance as lower quality stocks rallied during the quarter [3] Sector Performance - Stock selection in IT and Communication Services accounted for about three-quarters of the underperformance, with significant declines from Gartner, Inc. and StubHub Holdings, Inc. [4] - Weakness in Consumer Discretionary was broad-based, with notable declines from Choice Hotels International, Inc. and On Holding AG [5] - Financials were hindered by FactSet Research Systems Inc. and Morningstar, Inc., affected by industry-wide concerns regarding AI and a shift in investor focus [7] - Health Care showed solid stock selection, driven by strong performance from IDEXX Laboratories, Inc. [8] Key Contributors - IDEXX Laboratories, Inc. contributed 1.13% to returns, benefiting from improved foot traffic and revenue growth in its Companion Animal segment [9] - Amphenol Corporation gained 1.01% as expectations for data center spending rose, bolstered by a significant acquisition [10] - SpaceX reported substantial growth in its Starlink service and continued advancements in rocket technology [11][12] Key Detractors - Gartner, Inc. detracted 2.31% from performance due to disappointing earnings and decelerating contract value growth [13] - StubHub Holdings, Inc. faced challenges post-IPO, with investments impacting near-term results [16] - Verisk Analytics, Inc. was affected by a conservative outlook and concerns about the property and casualty insurance market [17]

Core Insights - The ticket marketplace is experiencing a significant transformation, leading to one of the hottest IPO markets in recent years [1] Group 1: Market Dynamics - The ticket marketplace has navigated a complex path to reach its current state, indicating a volatile yet promising environment for potential investors [1] Group 2: IPO Landscape - The current IPO market is characterized by heightened interest and activity, suggesting a favorable climate for companies within the ticketing industry [1]

Core Insights - The ticket marketplace is experiencing a significant transformation, leading to one of the hottest IPO markets in recent years [1] Group 1 - The ticket marketplace has navigated a complex path to reach its current state [1] - The current IPO market is characterized by heightened interest and activity [1]

Core Insights - Vivid Seats Inc. released its 2025 NFL Fan Loyalty Report, analyzing fan behavior across travel, crowd presence, and year-over-year price increases to identify the most dedicated fanbases ahead of the 2025-26 season [1] Group 1: Fan Loyalty Rankings - The Philadelphia Eagles ranked No. 1 in road game presence, increasing from 40% to 47% in 2024, coinciding with their Super Bowl LIX victory [2] - The San Francisco 49ers followed closely with a 45% presence, while the Buffalo Bills, Pittsburgh Steelers, and Las Vegas Raiders rounded out the top five [6] Group 2: Travel Distances - Las Vegas Raiders fans traveled the farthest, averaging 575 miles per game during the 2024 season, marking their second consecutive year at the top [3] - San Francisco 49ers fans averaged 529 miles, and Seattle Seahawks fans averaged 462 miles per game [7] Group 3: Ticket Price Increases - The Detroit Lions experienced a 29% increase in average ticket prices for home and away games year-over-year, while the Washington Commanders and Chicago Bears saw increases of 24% and 21%, respectively [4][8] - NFC teams overall are driving demand with an average sold price of $331, compared to $297 for AFC teams [4] Group 4: Fan Footprint - The Dallas Cowboys dominated the fan footprint, holding strong support in 290 counties across Texas, Oklahoma, Arkansas, and parts of New Mexico [11]