Baron Discovery Fund

CareDx, Inc. (CDNA) develops and provides diagnostic tests for the organ transplant community to monitor for rejection and optimize post-transplant immunosuppression drug regimens.
CareDx is the leader in transplant diagnostics, with 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.

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.

Dynatrace, Inc. (DT) is a leading provider of IT system observability, 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.

Samsara Inc. (IOT) provides a cloud-based software platform for vehicle telematics, video-based driver safety, workflow automation, equipment monitoring, and manufacturing site visibility. The platform analyzes data from millions of sensors and cameras to help companies reduce costs and improve safety. 
Samsara 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.

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.

BillionToOne, Inc.

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 and now expanding into cell and gene therapies. It should benefit as more companies begin manufacturing biosimilar versions of biologic drugs once key patents expire, increasing demand for Repligen’s bioprocessing products. The company has also innovated within specialized niches, including by introducing novel filtration technologies and building out in-line process analytics capabilities, positioning it for sustained long-term growth.

Mercury Systems, Inc. (MRCY) designs, manufactures, and markets high-performance, embedded, real-time digital signal and image processing systems, mission systems, and software. The company's customers are Tier-1 defense contractors worldwide.
We believe Mercury is uniquely positioned to sell high-speed computing and storage subsystems to nearly all large U.S. defense contractors. Its products, which let customers more rapidly and cheaply develop their own solutions, are used for mission management, communications, sensors, electronic warfare, and other systems. Mercury serves an available market of over $40 billion, including $24 billion for C4I (command, control, communications, computers, and intelligence) systems and $18 billion for sensor and mission systems (electronic warfare, radar, and weapons).

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global property and casualty (P&C) insurance industry.
Guidewire 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 $20B of annual recurring revenue (ARR). AI should expand this opportunity through automation and intelligence layered on top of InsuranceSuite, while also improving internal productivity. With the cloud migration largely complete, we expect accelerating revenue, margin expansion, and improving free cash flow.

Rubrik (RBRK) is a cyber resilience platform providing data protection, security, and recovery across enterprise, cloud, and SaaS environments, built security-first for ransomware recovery.
Rubrik is a category leader rapidly taking share in a ~$20Bn 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 ~7% in a ~$20Bn market, displacing legacy vendors like Dell, IBM, and Veritas.