Baron Discovery Fund

Exact Sciences Corporation (EXAS) is a molecular diagnostics company focused on cancer detection. Its flagship product is Cologuard Plus, a stool-based DNA colon cancer screening test.
Exact Sciences is targeting an $18 billion annual revenue opportunity in its core Cologuard business. With over 120 million Americans at risk for colon cancer, the market is vast. Cologuard is better at detecting pre-cancerous growths than blood-based screenings. Its long-term objective is to capture 40% market share with 40% adjusted EBITDA margins, or $7 billion in revenue and $2.8 billion of adjusted EBITDA. The company is developing tests for minimal residual disease and multi-cancer early detection with the goal of becoming a leader in cancer screening and diagnostics.

Liberty Media Corporation - Liberty Live (LLYVK) consists of Liberty Media Corporation's 30% interest in Live Nation Entertainment, Inc., the world's largest live entertainment company, producing, selling, and promoting concerts, and connecting brands to music.
Live Nation is the dominant player in an industry with solid long-term demand trends. The company has significant opportunities for capital reinvestment. Its investment in new owned and operated venues drives higher concert segment margins relative to shows held at third-party venues, largely due to Live Nation's control of the profitable food and beverage business. As Live Nation's mix shift to owned venues increases, we believe the resulting margin improvement will produce low double-digit growth in adjusted operating income over the long term.

DraftKings Inc. (DKNG) is the leading mobile sportsbook and gaming operator in the U.S. Its products include daily fantasy sports, regulated internet casino gaming, and regulated online sports betting. DraftKings offers sports betting in 26 states and online gaming in five states.
As the market leader in internet gaming, DraftKings is well positioned to capitalize on the rapid growth of regulated sports betting and iGaming in the U.S. The company is demonstrating healthy profit margins in its most mature markets and remains focused on driving strong customer lifetime value. We believe DraftKings’ product and scale advantages will enable the company to maintain its leadership position in the years ahead.

Loar Holdings Inc. (LOAR) is a niche aerospace components manufacturer. Founded in 2012, the company has an 85% proprietary product portfolio, with more than half of its revenue coming from the high-margin aftermarket channel.
Loar’s proprietary, aftermarket-focused products represent one of the strongest business models in the aerospace and defense industry, exemplified by the success of peers such as TransDigm. Loar benefits from favorable industry growth trends and strong pricing power given the critical nature of its components. The company has executed a disciplined acquisition strategy, successfully integrating more than 17 acquisitions over the past 13 years. We believe Loar is well positioned to deliver strong double-digit growth for the foreseeable future.

Establishment Labs Holdings Inc.

Dynatrace, Inc. (DT) is a leading provider of application performance monitoring, offering a full-stack solution spanning user monitoring, infrastructure, and log management. To meet the demands of the modern software stack, the company re-architected its platform and expanded into security monitoring.
With its new platform, Dynatrace is better equipped to address complex use cases across multi-cloud, containerized, and hybrid environments. Estimates suggest only about 20% of enterprise applications are currently monitored, a figure expected to rise to 50% in the coming years. The growing application economy should drive greater monitoring demand as existing apps expand and new ones are developed. Dynatrace is well positioned to capture this opportunity through its differentiated platform, enterprise-grade solutions, expanding salesforce, and ongoing product innovation.

Repligen Corporation (RGEN) is a tools supplier to the bioprocessing industry, offering a broad portfolio including upstream cell culture and downstream chromatography and filtration.
Repligen operates in attractive end markets, historically targeting monoclonal antibodies (10% to 12% market growth) and moving into cell and gene therapies (more than 25% market growth). It is well positioned to benefit from the biosimilar wave that should follow patent expirations of key biologic patents. The company continues to innovate, introducing novel filters and building out in-line process analytics.

Alkami Technology Inc. (ALKT) is a cloud-based digital banking platform. Its multi-tenant software-as-a-service solution enables financial institutions to onboard and engage users, accelerate revenue growth, and improve operational efficiency.
We believe Alkami is well positioned to benefit from secular trends driving financial institutions to invest in and upgrade their technology, supported by its differentiated solution, highly rated user experience, and platform flexibility. The company operates in a large addressable market, and we see a multi-year runway for strong growth ahead.

Wynn Resorts, Limited (WYNN) is a leading casino company, with assets in Macau and Las Vegas, two of the largest gaming markets in the world. The company also owns the Encore Boston Harbor casino and is developing a new casino in the UAE, which it will manage while owning 40% of the resort.
In the short to medium term, we think several catalysts could drive the stock higher, including improving trends in Macau as the region recovers from the pandemic, continued strength in Las Vegas supported by Wynn's new convention space, and operational improvements at Encore Boston Harbor. Longer term, we think improved infrastructure and easing visa requirements should boost growth in Macau. All of these catalysts combined with the UAE development should lead to enhanced cash flow that Wynn can use to pay down debt and improve its financial position.

GitLab Inc. (GTLB) provides a software development and IT operations (DevOps) platform that developers, product managers, IT teams, and security professionals use to collaborate throughout the development lifecycle.
The $43 billion app development market is expanding as the number of projects and pace of development increase. GitLab is the only DevOps platform addressing all stages of the app lifecycle, using a single codebase and unified data model, which gives it a competitive advantage over point solutions. Its open-source model taps into 4,000 external developers, enabling GitLab to release upgrades faster than competitors. GitLab is in the early innings of monetizing its 40 million users. Its strong product velocity and return on investment drive good net expansion.