Group 1 - Baron Discovery Fund reported a year-to-date return of 10.75% for its Institutional Shares, underperforming the Russell 2000 Growth Index which returned 11.65% [1] - In the third quarter of 2025, the fund gained 2.85%, while the Index achieved a return of 12.19% [1] - The fund's top five holdings were highlighted as key investment picks for 2025 [1] Group 2 - Birkenstock Holding plc (NYSE:BIRK) is a footwear manufacturer with a one-month return of -6.45% and a 52-week loss of 14.95% [2] - As of November 19, 2025, Birkenstock's stock closed at $40.32 per share, with a market capitalization of $7.415 billion [2] - The company has transformed under outside management since 2009, achieving a revenue growth rate of 20% CAGR from fiscal 2014 to fiscal 2025, with revenues of €2.1 billion in 2025 and profitability margins in the mid-30% range [3]