Fund Performance - Baron Global Opportunity Fund achieved a 6.5% return in Q4 2025, outperforming the MSCI ACWI Index which returned 3.3% and the MSCI ACWI Growth Index which gained 2.8% [1] - For the entire year of 2025, the Fund rose 27.5%, exceeding the benchmarks' returns of 22.3% and 22.4% [1] - The Fund concluded the year with 42 investments, an increase from 38 the previous year, with 35 stocks making up 99.3% of its net assets [1] Coupang, Inc. Overview - Coupang, Inc. is identified as Korea's largest e-commerce platform, operating through Product Commerce and Developing Offerings segments [2] - As of March 04, 2026, Coupang's stock closed at $19.10 per share, with a one-month return of 13.76% and a 52-week decline of 17.57% [2] - The company has a market capitalization of $34.89 billion [2] Coupang, Inc. Q4 2025 Performance Analysis - Coupang's shares declined by 26.7% in Q4 2025, despite a 7.3% increase for the year [3] - The decline was attributed to significant upfront investments in Taiwan, impacting near-term profitability, alongside a recent customer data breach that raised concerns about compliance and reputational risks [3] - A softer domestic consumption environment in Korea also contributed to cautious market positioning, leading to a material contraction in multiples [3] - Despite these challenges, the company maintains a positive long-term outlook, believing it will continue to gain market share and leverage its fulfillment infrastructure and technology for expansion [3]