During the first quarter, we initiated a position in Alphabet Inc., the parent company of Google and one of the world’s most valuable technology franchises.
ASML’s pricing power and increasing scale support significant gross margin expansion and strong double-digit earnings growth.
We believe the combination of accelerating market share capture, new product momentum, and improving profitability positions Rubrik well for long-term growth.
We exited successful investments in Microsoft Corporation, Arcellx, Inc., and Nova Ltd. as described above.
During the first quarter, Baron Opportunity Fund (the Fund)(BIOIX) declined 8.88% (Institutional Shares), outperforming the Russell 3000 Growth Index (the Benchmark), which fell
