Core Insights - Baron Discovery Fund's year-to-date performance is up 10.75%, slightly trailing the Russell 2000 Growth Index's return of 11.65% [1] - In Q3 2025, the fund gained 2.85%, while the Index rose by 12.19% [1] Company Overview: Montrose Environmental Group, Inc. (NYSE:MEG) - Montrose Environmental Group, Inc. is an environmental services company with a market capitalization of $940.032 million, closing at $26.64 per share on October 29, 2025 [2] - The stock experienced a one-month return of -5.40% and a 52-week decline of 3.65% [2] Performance and Outlook - Montrose Environmental Group's shares have shown a significant rebound since Q2 2025, with diminishing fears regarding adverse policy changes from the Environmental Protection Agency [3] - Baron Discovery Fund has trimmed its investment in Montrose to manage position size but maintains a positive long-term outlook, particularly regarding its PFAS cleanup technology [3] Hedge Fund Interest - Montrose Environmental Group is held by 11 hedge fund portfolios at the end of Q2 2025, down from 14 in the previous quarter [4] - While the company has potential, other AI stocks are considered to offer greater upside with less downside risk [4] Contribution to Fund Performance - Montrose Environmental Group contributed positively to Baron Discovery Fund's performance in the previous quarter [5]