Baron Capital, an investment management company, released its Q4 2025 letter for its “Baron Global Opportunity Fund”. A copy of the letter can be downloaded here. Baron Global Opportunity Fund showcased a strong fourth quarter and an outstanding year. The Fund rose 6.5% (Institutional Shares) in Q4 compared to 3.3% return for the MSCI ACWI Index (the Index) and the 2.8% gain for the MSCI ACWI Growth Index, the Fund’s benchmarks. For 2025, the Fund was up 27.5%, exceeding 22.3% and 22.4% returns for benchmarks, respectively. For the Fund, the year has been defined by the challenges of de-globalization and the support from easing Federal Reserve policies, the beginnings of the AI investment cycle, and its investment in SpaceX. The Fund concluded the year with 42 investments, up from 38 the previous year, with 35 stocks accounting for 99.3% of its net assets. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Baron Global Opportunity Fund highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a multinational technology and retail company known for its leading online marketplace and cloud platform. On January 16, 2026, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $216.82 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 5.28%, and its shares gained 3.57% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $2.328 trillion.
Baron Global Opportunity Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2025 investor letter:
“Our biggest purchase during the fourth quarter was Amazon.com, Inc. (NASDAQ:AMZN). We have owned the stock in the past and bought it back as we believe that AI is likely to improve Amazon’s growth profile, create margin tailwinds over time, and increase the likelihood of the stock becoming a Big Idea once again. CEO Andy Jassy has emphasized that we are at a key inflection point with AI7: “Generative AI is going to reinvent virtually every customer experience we know, and enable altogether new ones about which we’ve only fantasized… It’s moving faster than almost anything technology has ever seen.”
