Baron Discovery Fund

Dynatrace, Inc. (DT) is a leading cloud-native observability and application security platform, providing full-stack monitoring, artificial intelligence–powered analytics, and automated problem resolution to help enterprises manage the performance of complex hybrid and multicloud environments.
Dynatrace, Inc. (DT), with its new platform, 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 emerge. It is well positioned to capture this opportunity through its differentiated platform, enterprise-grade solutions, expanding salesforce, and ongoing product innovation.

Samsara Inc. (IOT) is a leading connected operations platform providing fleet management, video safety, equipment monitoring, and site visibility solutions to industrial, transportation, and logistics customers across North America and Europe.
Samsara Inc. (IOT) has been rapidly gaining market share in the $51 billion connected fleet software market, driven by its superior cloud-native architecture, ability to address both safety and telematics use cases, and its proprietary data moat (over 20 trillion data points collected annually across more than 1 million assets). The company has leveraged its strong position in commercial fleets to expand into adjacent areas such as construction equipment monitoring and driver workflow automation, increasing its value to customers.

Loar Holdings Inc. (LOAR) is a fast-growing diversified manufacturer of proprietary aerospace and defense components, supplying highly engineered, sole-source parts for commercial aviation aftermarket, original equipment, and defense platforms, with a proven acquisition-driven growth model.
Loar Holdings Inc. (LOAR) has proprietary, aftermarket-focused products that 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.

Repligen Corporation (RGEN) is a leading bioprocessing technologies company, supplying filtration, chromatography, proteins, and analytics products used in the manufacture of biologics including monoclonal antibodies, gene therapies, and cell therapies for biopharmaceutical customers globally.
Repligen Corporation (RGEN) operates in attractive end markets, historically targeting monoclonal antibodies (8% to 10% market growth) and moving into cell and gene therapies (over 30% market growth). Because drug production is highly regulated, bioprocessing suppliers are embedded into workflows and their products have high stickiness. We also believe Repligen is one of the select life science tools companies able to leverage AI. Biologic drug production is still quite manual today, and Repligen is leading the charge on incorporating systems with real-time data collection.

Liberty Live Holdings, Inc. (LLIVE) is a media holding company whose primary asset is a majority stake in Live Nation Entertainment, the world's largest live entertainment company, operating concert venues, ticketing through Ticketmaster, and artist management globally.
Liberty Live Holdings, Inc. (LLIVE) has an ownership stake in Live Nation, 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 versus third-party venues, largely due to Live Nation’s control of the profitable food and beverage business. As its mix shift to owned venues increases, we believe the resulting margin improvement will produce low double-digit growth in adjusted operating income over time.

CareDx, Inc. (CDNA) is the leading provider of transplant diagnostics and digital health solutions, offering genomic surveillance testing for heart, kidney, and lung transplant recipients to detect rejection, alongside software tools and laboratory products for transplant centers.
CareDx, Inc. (CDNA) is the leader in transplant diagnostics, with a presence in nearly all U.S. and EU centers. Its current growth is driven by AlloSure Kidney, which tests for signs of transplant rejection, and an increasing number of centers that are adopting surveillance protocols. Overall, CareDx addresses a $7 billion market and has the potential to reach $12 billion with new products.

Netskope, Inc. (NTSK) is a leading cloud-native secure access service edge (SASE) provider. Its Netskope One platform runs on a privately owned global network and unifies web, cloud, data, and AI security with zero-trust access and SD-WAN, protecting how large enterprises’ users, apps, and AI agents connect.
Netskope, Inc. (NTSK) is a founder-led, next-generation share gainer in SASE, a market expected to double to over $30 billion by 2029 as enterprises replace firewalls and VPNs and adopt AI. Its owned network and ability to inspect cloud and AI traffic at the data layer drive technical win rates over 80% and gross retention over 96%, while cross-selling from over 25 modules sustains mid-teens net expansion. We believe agentic AI will multiply its network traffic, and that as growth investments and billing headwinds lap, margins can expand toward peers’ FCF levels over 25%.

Guidewire Software, Inc. (GWRE) is the leading cloud-native software platform for the property and casualty insurance industry, providing core systems for policy, billing, and claims management to insurers globally, with accelerating cloud adoption among both regional and Tier 1 carriers.
Guidewire Software, Inc. (GWRE) is a best-in-class core system of record for P&C insurers, managing policies, claims, premiums, and payments across highly regulated workflows. We see a long runway as carriers modernize legacy systems, with the core opportunity approaching $20 billion of annual recurring revenue. AI should expand this opportunity through automation and intelligence layered on top of InsuranceSuite, while improving internal productivity. With the cloud migration largely complete, we expect accelerating revenue, margin expansion, and improving free cash flow.

Karman Holdings Inc. (KRMN) designs and manufactures proprietary, mission-critical systems for space and defense applications. Formed by Trive Capital from four legacy businesses, it holds significant sole- or single-source positions across hypersonics, missile defense, and space launch.
Karman Holdings Inc. (KRMN) has highly complex, mission-critical products and an ability to support customers from design through production that foster deep integration and long-term relationships. As a differentiated, full-lifecycle outsourced solutions partner to defense original equipment manufacturers, Karman is well positioned to benefit from rising investment in hypersonics, missile defense, and space launch.

Rubrik, Inc. (RBRK) is a leading cloud data security company offering a single platform for data protection, ransomware recovery, and data threat analytics across enterprise, cloud, and software-as-a-service environments, enabling organizations to secure and recover data at scale.
Rubrik, Inc. (RBRK) is a category leader rapidly taking share in an estimated $20 billion market via a superior security-first architecture, with win rates rising from 80% at IPO to over 90% in FY2026. Secular tailwinds from ransomware, data growth, and agentic AI expand the SAM, while new S-curves in identity resilience and Agent Rewind stack additional growth. Rubrik has tripled its market share in three years to roughly 7% of an approximately $20 billion market, displacing legacy vendors like Dell, IBM, and Veritas.