Group 1 - Baron Durable Advantage Fund returned 2.6% in Q4 2025, closely matching the S&P 500 Index's return of 2.7% [1] - The Fund achieved a total return of 16.6% for the year 2025, compared to 17.9% for the S&P 500 Index and 16.1% for the Morningstar Large Growth Category average [1] - The Fund's investment strategy for 2026 focuses on high-quality, large-cap companies with strong competitive advantages and consistent shareholder returns, amid geopolitical and regulatory changes and advancements in artificial intelligence [1] Group 2 - Danaher Corporation (NYSE:DHR) is highlighted as a key stock in the Fund's Q4 2025 investor letter, operating in healthcare and life sciences [2] - As of February 11, 2026, Danaher Corporation's stock closed at $219.98 per share, with a one-month return of -8.30% and a twelve-month increase of 8.05% [2] - Danaher Corporation has a market capitalization of $155.504 billion and provides life science tools for lab research, genomics, and drug manufacturing [3]