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Baron Fund, an investment management firm, published its Q4 2025 letter for “Baron Partners Fund”. A copy of the letter can be downloaded here. The fund increased considerably in the fourth quarter, with a return of 19.07% (institutional shares). It outperformed both the Russell Midcap Growth Index (the Benchmark), which returned -3.70%, and the broader Russell 3000 Index, which returned 2.40% during the quarter. The fund returned 24.86% for the calendar year, significantly outperforming the Russell Midcap Growth Index, which returned 8.66%, and the Russell 3000 Index, which returned 17.15%. The Fund focuses on long-term investments in a non-diversified portfolio of well-managed, attractively priced growth companies with market caps. It has consistently delivered strong absolute and relative returns over the long term. The fund has experienced substantial appreciation during good times and retained value during difficult periods. Please review the fund’s top five holdings for information on its key picks for 2025.
In its Q4 2025 letter to investors, Baron Partners Fund highlighted stocks like IDEXX Laboratories, Inc. (NASDAQ:IDXX). IDEXX Laboratories, Inc. (NASDAQ:IDXX) is a US-based healthcare company that manufactures products for the veterinary, livestock and poultry, pet, dairy and water testing industries. On February 10, 2026, shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) closed at $646.53 per share. IDEXX Laboratories, Inc. (NASDAQ:IDXX) returned -9.00% last month and its stock has increased 41.36% over the past twelve months. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market cap of $51.73 billion.
Baron Partners Fund stated the following about IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its Q4 2025 investor letter:
“Leader in veterinary diagnostics IDEXX Laboratories, Inc. (NASDAQ:IDXX) spent years developing new tests. One launched in 2025 and another is expected to hit the market in 2026. Uptake of new tests has exceeded expectations. The company contributed to performance after again reporting better-than-expected financial results. We believe IDEXX’s competitive trends are exceptional and expect new proprietary innovations such as InVue, MultiCue and CancerDX to contribute significantly to growth in the coming years. We also see growing evidence that long-term secular trends in pet ownership and pet care spending have structurally accelerated, which should help support IDEXX’s long-term growth rate. Shares appreciated 63.6% in 2025.”
