Group 1 - Baron Real Estate Fund delivered a strong performance in Q3 2025, appreciating 10.25% compared to the MSCI US REIT Index's 4.49% and the MSCI USA IMI Extended Real Estate Index's 5.65% [1] - The fund's investor letter highlighted Airbnb, Inc. as a significant holding, despite its recent stock performance showing a one-month return of -1.39% and a 52-week decline of 7.71% [2] - As of November 11, 2025, Airbnb, Inc. had a market capitalization of $74.296 billion, with shares closing at $122.53 [2] Group 2 - Airbnb, Inc. is the largest technology-enabled hospitality platform globally, with 8 million listings and 5 million hosts across 220 countries and 100,000 cities [3] - Despite reporting strong Q2 results, Airbnb's shares detracted from the fund's performance due to market concerns over expected growth deceleration in Q3, influenced by tougher year-over-year comparisons and broader leisure travel trends [3] - Upcoming guidance from Airbnb regarding potential incremental investments raised concerns about their possible negative impact on cash flow margins in 2026 [3]