Group 1: Fund Performance - Baron Asset Fund achieved a return of 7.89% in Q4 2025, outperforming the Russell Midcap Growth Index by 11.59 percentage points, which ended the quarter down 3.70% [1] - The Fund held a total of 53 positions as of December 31, 2025, with the 10 largest holdings representing 52.8% of net assets and the 20 largest holdings representing 73.3% of net assets [1] Group 2: Amphenol Corporation Highlights - Amphenol Corporation (NYSE:APH) is recognized as a leading contributor to the Baron Asset Fund, with a market capitalization of $176.509 billion [2] - The stock closed at $144.20 per share on February 9, 2026, with a one-month return of -3.20% and a twelve-month increase of 106.15% [2] - Amphenol operates a decentralized model with over 140 general managers and has completed more than 50 acquisitions in the past decade [3] - The company reported better-than-expected earnings driven by its IT Datacom segment, which supports AI applications, and solid growth in other markets [3] - Amphenol holds significant market share in interconnect solutions for NVIDIA's AI server racks, with expectations for increased content as system complexity rises [3] - The pending acquisition of CommScope's Connectivity and Cable Solutions business, expected to close in early 2026, is anticipated to drive strong revenue and earnings growth [3]

Core Insights - Bristol Gate Capital Partners' Q3 2025 investor letter indicates that the US Equity Strategy underperformed the S&P 500® Total Return Index this quarter, primarily due to limited exposure to the AI/TMT and Value sectors, which benefited from the Federal Reserve's rate cut [1] - Despite underperformance, the portfolio achieved a 15% dividend growth over the past 12 months, supported by strong underlying fundamentals [1] Company Highlights - Amphenol Corporation (NYSE:APH) is highlighted as a key stock in the investor letter, with a one-month return of -3.74% and a 52-week gain of 96.11% [2] - As of December 30, 2025, Amphenol's stock closed at $136.20 per share, with a market capitalization of $166.716 billion [2] - Bristol Gate built a position in Amphenol while exiting Marsh & McLennan, citing its high-quality franchise, proprietary technology, and strong demand in the Information and Datacom segment [3] Financial Performance - Amphenol's Q3 sales increased by 53% in US dollars and 52% in local currencies, reaching $6.194 billion [4] - The company has achieved a 10% CAGR in sales and a 13% CAGR in EPS over the last decade, indicating robust growth and consistent dividend increases [3]

Core Insights - Amphenol Corporation is a leading global provider of high-tech interconnect, sensor, and antenna solutions, serving various industries such as automotive, broadband communications, and aerospace [1] - The company faces competition from TE Connectivity and Molex in the electronic components sector [1] Institutional Interest - William J. Doherty, President of the CS Division at Amphenol, sold 80,000 shares of Class A Common Stock at approximately $142.00 each, indicating a disposition of securities [2] - Despite the sale, institutional interest in Amphenol remains strong, with BLI Banque de Luxembourg Investments acquiring 32,200 shares valued at around $3.1 million [3] - Norges Bank acquired a new stake in Amphenol valued at over $2.1 billion, while T. Rowe Price Investment Management Inc. increased its holdings by 196.3%, now owning over 16.7 million shares valued at approximately $1.1 billion [4] - UBS Asset Management Americas LLC increased its stake by 639% during the same period [4] Stock Performance - Amphenol's stock is currently priced at $141.49, reflecting a 1.63% increase, with fluctuations between $140.90 and $143.48 during the day [5] - Over the past year, the stock reached a high of $144.37 and a low of $56.45 [5] - The company has a market capitalization of approximately $173.19 billion, maintaining its status as a significant player in the electronic components industry [5]

Core Insights - Windjammer Capital Investors has completed the sale of Paragon Energy Solutions to Mirion Technologies, indicating a strategic move in the nuclear power solutions sector [1][3]. Company Overview - Paragon Energy Solutions, based in Fort Worth, Texas, specializes in engineered solutions for large-scale nuclear power plants and small modular reactors (SMRs), providing essential products for safe operations in compliance with regulatory standards [2]. Investment Strategy - Since acquiring Paragon in November 2021, Windjammer has focused on strategic priorities such as enhancing sales channels, expanding product offerings, and developing new products for SMRs, which has contributed to significant growth and positioned Paragon for long-term success in the nuclear sector [3][4]. Management Perspective - Windjammer's Managing Director emphasized the partnership-driven investment approach, aligning with Paragon's management to expand its market reach and advance technologies for SMRs, showcasing Paragon's engineering capabilities and commitment to innovation [4][5]. Market Position - Paragon is recognized as a mission-critical and highly technical business, well-positioned to lead in the evolving nuclear solutions industry, capitalizing on the increasing demand for next-generation nuclear technologies [5].

Core Insights - Amphenol is set to announce its earnings on October 22, 2025, with strong financials indicating a market capitalization of $153 billion and $19 billion in revenue for the previous year [2][3] Financial Performance - The company reported an operating profit of $4.3 billion and a net income of $3.2 billion in the last fiscal year [3] - Analysts project earnings of $0.80 per share and sales of $5.56 billion for the upcoming quarter, reflecting a significant increase from the previous year's $0.50 per share and $4.04 billion in sales [3] Historical Trading Bias - Over the past five years, Amphenol's stock has shown a positive one-day return 65% of the time following earnings releases, with a median gain of 2.3% and a peak return of 8.2% [4][9] - The percentage of positive one-day returns increases to 67% when considering the last three years [9] Trading Strategy - Event-driven traders may find the historical trend beneficial, although actual performance relative to consensus will be crucial [5] - Two primary trading strategies are identified: a proactive strategy leveraging historical probabilities before earnings announcements and a reactive strategy analyzing immediate post-earnings moves for longer-term positions [6]

Technology & Product - The company's sensor technology utilizes sonar and echoes to enhance robots' environmental awareness [1]