Fund Performance - Baron Discovery Fund reported a year-to-date return of 10.75% for Institutional Shares, underperforming the Russell 2000 Growth Index which returned 11.65% [1] - In the third quarter, the fund gained 2.85%, significantly lagging behind the Index's return of 12.19% [1] Company Highlight: Primo Brands Corporation - Baron Discovery Fund established a new position in Primo Brands Corporation, a branded beverage company known for its leading bottled spring water brands and the largest home and office water delivery service in the U.S. [3] - Primo Brands Corporation's stock experienced a one-month return of -2.41% and a 52-week decline of 18.03%, closing at $21.50 per share with a market capitalization of $8.031 billion on October 29, 2025 [2][3] - The company was formed through the combination of Primo Water and Blue Triton Brands in November 2024 and is fully vertically integrated, managing the entire process from water supply to distribution [3] - Primo Brands markets 13 different brands, including 7 that are over 100 years old and 4 dating back to the 1800s, along with high-growth premium brands like Saratoga and Mountain Valley Springs [3]