Fund Performance - Baron Partners Fund achieved a return of 19.07% in Q4 2025, significantly outperforming the Russell Midcap Growth Index, which returned -3.70%, and the Russell 3000 Index, which returned 2.40% [1] - For the calendar year 2025, the Fund returned 24.86%, compared to 8.66% for the Russell Midcap Growth Index and 17.15% for the Russell 3000 Index [1] - The Fund focuses on long-term investments in a non-diversified portfolio of well-managed growth businesses at attractive prices across various market caps [1] Red Rock Resorts, Inc. Overview - Red Rock Resorts, Inc. operates casino and entertainment properties, with a one-month return of 7.95% and a 52-week return of 29.51% [2] - As of February 10, 2026, Red Rock Resorts, Inc. stock closed at $66.79 per share, with a market capitalization of $6.874 billion [2] Investment Insights on Red Rock Resorts, Inc. - Red Rock Resorts invested over $800 million in developing the Durango property, which is generating robust returns and strengthening performance across its six core Las Vegas Locals casinos [3] - The company reports strong visitation and robust gaming activity, with improving engagement from uncarded and non-rewards customers [3] - Management is increasing capital investment in response to market strength, which is expected to support ongoing revenue and EBITDA growth in the coming years [3] - The stock appreciated 39.4% in 2025 [3]