Core Insights - Baron Partners Fund achieved a significant return of 19.07% in Q4 2025, outperforming both the Russell Midcap Growth Index (-3.70%) and the Russell 3000 Index (2.40%) [1] - For the entire calendar year of 2025, the Fund returned 24.86%, again outperforming the Russell Midcap Growth Index (8.66%) and the Russell 3000 Index (17.15%) [1] - The Fund focuses on long-term investments in a non-diversified portfolio of well-managed growth businesses across various market caps [1] Company Highlights: IDEXX Laboratories, Inc. - IDEXX Laboratories, Inc. is a US-based healthcare company with a market capitalization of $51.73 billion, specializing in products for veterinary diagnostics and testing in various industries [2] - As of February 10, 2026, IDEXX's stock closed at $646.53 per share, with a 41.36% increase over the past twelve months, despite a recent decline of -9.00% in the past month [2] - The company has introduced new tests in 2025, with another expected in 2026, and has reported better-than-expected financial results, contributing positively to the Fund's performance [3] - IDEXX's competitive trends are viewed as outstanding, with expectations for proprietary innovations to drive future growth, supported by increasing trends in pet ownership and spending [3] - The stock appreciated 63.6% in 2025, indicating strong market performance [3]