Richard Drury/DigitalVision via Getty Images Dear Baron Real Estate Fund Shareholder, In 2025, Baron Real Estate Fund® (the Fund) increased 5.19% (Institutional Shares), outperforming the MSCI US REIT Index (the REIT Index), which increased 1.68%, and marginally outperforming the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index), which increased 4.88%. In the fourth quarter of 2...
Richard Drury/DigitalVision via Getty Images Dear Baron Real Estate Fund Shareholder, In 2025, Baron Real Estate Fund® (the Fund) increased 5.19% (Institutional Shares), outperforming the MSCI US REIT Index (the REIT Index), which increased 1.68%, and marginally outperforming the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index), which increased 4.88%. In the fourth quarter of 2025, the Fund declined 1.32%, outperforming both the REIT Index, which declined 1.99%, and the MSCI Real Estate Index which declined 3.45%. Annualized performance (%) for period ended December 31, 2025 Fund Retail Shares 1,2 Fund Institutional Shares 1,2 MSCI USA IMI Extended Real Estate Index 1 MSCI US REIT Index 1 S&P 500 Index 1 QTD 3 (1.40) (1.32) (3.45) (1.99) 2.66 1 Year 4.92 5.19 4.88 1.68 17.88 3 Years 13.64 13.94 13.32 7.06 23.01 5 Years 5.38 5.65 8.64 5.35 14.42 10 Years 10.40 10.69 8.88 4.42 14.82 15 Years 11.98 12.26 9.90 6.44 14.06 Since Inception (12/31/2009) 12.84 13.13 10.77 7.62 14.13 Since Inception (12/31/2009) (Cumulative) 3 590.92 619.57 414.06 223.76 728.32 Click to enlarge Performance listed in the above table is net of annual operating expenses. Annual expense ratio for the Retail Shares and Institutional Shares as of April 30, 2025 was 1.31% and 1.05%, respectively. The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current t...
There were 63 minutes on the Emirates Stadium clock and the Arsenal crowd were in a state of extreme agitation. William Saliba had the ball at the back and he was taking his time – largely because there was nothing on for him. The fans screamed at him to hurry up. To do something. Anything. It was all going wrong because Chelsea were not just level at 1-1, they had dominated the second half up to ...
There were 63 minutes on the Emirates Stadium clock and the Arsenal crowd were in a state of extreme agitation. William Saliba had the ball at the back and he was taking his time – largely because there was nothing on for him. The fans screamed at him to hurry up. To do something. Anything. It was all going wrong because Chelsea were not just level at 1-1, they had dominated the second half up to this point. Out on the right flank, Jurriën Timber held his arms out and gestured for everybody to calm down. There was still time. Arsenal would be fine if they could keep their focus and do their stuff. It took Timber precisely three minutes to practise what he preached. When Declan Rice arched over a corner, it was Timber who wriggled free to head home what would prove to be a priceless winning goal. Continue reading...
Saksit Sangtong The Jefferies AI Risk Basket used to identify potential decliners from the impact of AI, is down 24% this year. "Ironically, we use an AI-assisted search algorithm to identify our AI-risk basket," Desh Peramunetilleke, head of quant strategy, wrote. "The starting point is the sub-industries that could be impacted by various disruption vectors. We then combine this with stock-level ...
Saksit Sangtong The Jefferies AI Risk Basket used to identify potential decliners from the impact of AI, is down 24% this year. "Ironically, we use an AI-assisted search algorithm to identify our AI-risk basket," Desh Peramunetilleke, head of quant strategy, wrote. "The starting point is the sub-industries that could be impacted by various disruption vectors. We then combine this with stock-level returns and run it through a series of pre-trained prompts to obtain the stock-specific potential risk and disruption vector." The stocks in the basket, with their % return since Jan. 29 (negative in parentheses) and potential risk, are below: Jefferies AI Risk Basket Name (Ticker) Return Since Jan. 29 Potential Risk Unity Software ( U ) (53.7%) Al content lowers switching costs 1 Atlassian A ( TEAM ) (45.7%) Al copilots commoditize ticketing 2 EPAM Systems ( EPAM ) (40.0%) Al automates delivery labor 3 StepStone Group A ( STEP ) (36.4%) Al fears compress allocator fees 4 Gartner ( IT ) (33.9%) Al summaries reduce research value 5 Snap A ( SNAP ) (33.9%) Al reallocates performance ad spend 6 Klaviyo A ( KVYO ) (33.0%) Al commoditizes email personalization 7 Zillow Group C ( Z ) (31.3%) Al agents bypass listings 8 CoStar Group ( CSGP ) (31.3%) Al replicates data, cuts pricing 9 Workday A ( WDAY ) (29.6%) Al copilots reduce seat pricing 10 UiPath A ( PATH ) (29.6%) LLM agents replace RPA 11 Intuit ( INTU ) (29.2%) Al automates tax preparation 12 Accenture A ( ACN ) (29.2%) Al automates delivery labor 13 Hamilton Lane A ( HLNE ) (28.5%) Al fears compress private fees 14 Zscaler ( ZS ) (27.2%) Al commoditizes security policy enforcement 15 Compass A ( COMP ) (27.1%) Al compresses agent take-rates 16 Affirm Hldg A ( AFRM ) (26.6%) Al optimizes credit, compresses spreads 17 Cognizant Tech A ( CTSH ) (26.4%) Al automates delivery labor 18 Robinhood Markets A ( HOOD ) (25.0%) Al agents disintermediates retail trading 19 TPG A ( TPG ) (24.7%) Al fears compress PE multiples 20 AppFol...
According to a SEC filing dated February 9, 2026, South Street Advisors LLC sold 27,651 shares of Stride (NYSE:LRN) during the fourth quarter. The estimated transaction value was $2.51 million based on the average share price across the quarter. The quarter-end value of the firm’s Stride position declined by $8.80 million, driven by both share sales and market price movements. After the sale, Stri...
According to a SEC filing dated February 9, 2026, South Street Advisors LLC sold 27,651 shares of Stride (NYSE:LRN) during the fourth quarter. The estimated transaction value was $2.51 million based on the average share price across the quarter. The quarter-end value of the firm’s Stride position declined by $8.80 million, driven by both share sales and market price movements. After the sale, Stride comprised 0.51% of South Street Advisors' $712.19 million 13F reportable assets. As of February 27, 2026, Stride shares were trading at $84.38, down 38.32% over the past year and underperforming the S&P 500 by 44 percentage points. Continue reading
Devon Energy (NYSE: DVN) shareholders will end up owning 54% of the overall company after its merger with Coterra Energy (NYSE: CTRA) is completed. While this is being billed as a merger, it is really more of an acquisition, with Coterra shareholders receiving 0.7 Devon shares for every Coterra share they own. That said, this pairing looks like a very attractive growth opportunity for Devon. Devon...
Devon Energy (NYSE: DVN) shareholders will end up owning 54% of the overall company after its merger with Coterra Energy (NYSE: CTRA) is completed. While this is being billed as a merger, it is really more of an acquisition, with Coterra shareholders receiving 0.7 Devon shares for every Coterra share they own. That said, this pairing looks like a very attractive growth opportunity for Devon. Devon Energy doesn't actually need to buy another company to grow its business. The U.S. onshore energy company can simply drill more wells. That, however, is a slow and tedious process, and it has to be juxtaposed against depletion. Every barrel of oil Devon pulls from the ground is one less barrel it has to produce in the future. A quicker way to grow is to buy another company, which also adds more developable land to support future growth. Image source: Getty Images. Continue reading
When Netflix Inc. dropped out of the bidding for Warner Bros. Discovery Inc. on Feb. 26, the news came as a surprise to many in Hollywood. Netflix had agreed to buy Warner Bros.’ studios and HBO Max streaming business in December and co-Chief Executive Officer Ted Sarandos had done a string of press appearances and meetings talking about the deal, including at the White House. In his first intervi...
When Netflix Inc. dropped out of the bidding for Warner Bros. Discovery Inc. on Feb. 26, the news came as a surprise to many in Hollywood. Netflix had agreed to buy Warner Bros.’ studios and HBO Max streaming business in December and co-Chief Executive Officer Ted Sarandos had done a string of press appearances and meetings talking about the deal, including at the White House. In his first interview since abandoning the pursuit, Sarandos told Bloomberg News the decision to drop out had actually been made earlier, based on various bidding scenarios Netflix had worked out in advance. “We knew right away, when we got the notice on Thursday that they had a superior offer and the details of that deal,” Sarandos said. “We knew exactly what we were going to do.” Rival bidder Paramount Skydance Corp. is borrowing tens of billions of dollars to swallow a much larger company — debt that will force CEO David Ellison to cut $16 billion in costs and eliminate thousands of jobs, according to Sarandos. “It would be less production, less people working,” he said. Netflix’s proposed acquisition drew a lot of pushback from Hollywood labor unions, politicians and entertainment industry luminaries like director James Cameron , in part due to the company’s historical lack of support for movie theaters. But Sarandos said the conversations he’s had with film distributors over the past few months will likely lead to more Netflix pictures in cinemas. “I think we’re going to find a bunch of cool things to do together going forward,” he said. While Bloomberg News and other outlets have reported that the US Justice Department is conducting a broad review of Netflix’s business practices, Sarandos said that investigation is done. “We’re in the clear,” he said. Below, a transcript of the interview, which has been edited for clarity. When did you decide not to match the offer and what went into that decision? Sarandos: We had a very tight range that we’d be willing to pay and made that offer back ...
OPEC+ Agrees To Boost Oil Output As US War On Iran Disrupts Shipments On Sunday, OPEC+ agreed to boost oil output by 206,000 barrels per day for April just as the U.S.-Israeli war on Iran and Tehran's retaliation disrupted oil flows from key members of the producer group in the Middle East. It had debated options ranging from 137,000 bpd to 548,000 bpd, according to five sources. The agreed increa...
OPEC+ Agrees To Boost Oil Output As US War On Iran Disrupts Shipments On Sunday, OPEC+ agreed to boost oil output by 206,000 barrels per day for April just as the U.S.-Israeli war on Iran and Tehran's retaliation disrupted oil flows from key members of the producer group in the Middle East. It had debated options ranging from 137,000 bpd to 548,000 bpd, according to five sources. The agreed increase, which brings an end to a three-month pause in production hikes, represents less than 0.2% of global supply. The meeting on Sunday involved only eight members of OPEC+ - Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman. OPEC+ groups the Organization of the Petroleum Exporting Countries and allies like Russia but most production changes in the past years have been done by the eight members. Iran, perhaps understandably, was missing. The eight members raised production quotas by about 2.9 million bpd from April through December 2025, roughly 3% of global demand, before pausing increases for January to March 2026 due to seasonal weakness. OPEC+ has traditionally raised oil output to cushion disruptions but analysts quoted by Reuters , said the group currently has little spare capacity to add to supply, except for its leader Saudi Arabia and the United Arab Emirates, which will also struggle to export oil until navigation in the Gulf returns to normal. Riyadh has been increasing oil production and exports in recent weeks by around 500,000 bpd in preparation for US strikes on OPEC+ member Iran, sources also told Reuters. The near-term impact on oil prices remains unclear: oil, gas and other shipments from the Middle East via the Strait of Hormuz have come to a halt since Saturday after shipowners received a warning from Iran saying the area was effectively closed for navigation. There was confusion later in the day, when Iran’s Foreign Minister Abbas Araghchi told Al Jazeera TV his country has no intention to close the Strait of Hormuz and has kept it...
According to an SEC filing dated February 17, 2026, Lightspeed Management Company, L.L.C. initiated a new position in Navan (NASDAQ:NAVN) , acquiring 49,921,454 shares. The quarter-end value of the NAVN position stood at $852.66 million. Navan, Inc. is a technology company specializing in AI-driven travel and expense management solutions for businesses. With a strong presence in the enterprise sof...
According to an SEC filing dated February 17, 2026, Lightspeed Management Company, L.L.C. initiated a new position in Navan (NASDAQ:NAVN) , acquiring 49,921,454 shares. The quarter-end value of the NAVN position stood at $852.66 million. Navan, Inc. is a technology company specializing in AI-driven travel and expense management solutions for businesses. With a strong presence in the enterprise software sector, the company leverages automation to improve efficiency and compliance in corporate travel and expense workflows. Its scalable platform and focus on user experience provide a competitive edge in the growing business travel technology market. Lightspeed’s big bet on Navan and its AI-driven travel and expense management business haven’t worked out well for the firm’s portfolio. The stock has fallen by 43% since the end of 2025. Continue reading
2-1 defeat at Fulham was Spurs’ fourth league loss in a row ‘We are always late on everything. That’s the problem.’ Igor Tudor described the situation Tottenham find themselves in as “amazing” and suggested they have just three major problems as they fight relegation: the attack, the midfield and the defence. Spurs’ 2-1 defeat at Fulham was their fourth in a row in the league and leaves them just ...
2-1 defeat at Fulham was Spurs’ fourth league loss in a row ‘We are always late on everything. That’s the problem.’ Igor Tudor described the situation Tottenham find themselves in as “amazing” and suggested they have just three major problems as they fight relegation: the attack, the midfield and the defence. Spurs’ 2-1 defeat at Fulham was their fourth in a row in the league and leaves them just four points above the relegation zone. “I cannot tell you anything new,” said a downbeat Tudor. “We need to find the forces inside each of us. I said to the players: ‘It’s always what you’re going to do, what you want to do with yourself,’ you know? More personality, more wish to do before reacting, plenty of things … We are lacking when we attack, we lack the quality to score the goal. We are lacking in the middle to run and we are lacking behind to stay there to suffer and not concede the goal. So, an amazing situation. Amazing.” Continue reading...
Key PointsJames S. Mahan III sold 20,000 shares indirectly over two days, for a transaction value of approximately $804,000, at a weighted-average price of approximately $40.18 per share as of Feb. 19, 2026.
Key PointsJames S. Mahan III sold 20,000 shares indirectly over two days, for a transaction value of approximately $804,000, at a weighted-average price of approximately $40.18 per share as of Feb. 19, 2026.
James P. Zallie, President and CEO of Ingredion (NYSE:INGR) , reported the sale of 9,958 shares of common stock in an open-market transaction on Feb. 18, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 reported price ($116.55); post-transaction value based on Feb. 18, 2026 market close ($116.42). Continue reading
James P. Zallie, President and CEO of Ingredion (NYSE:INGR) , reported the sale of 9,958 shares of common stock in an open-market transaction on Feb. 18, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 reported price ($116.55); post-transaction value based on Feb. 18, 2026 market close ($116.42). Continue reading
The news doesn’t stop when markets close. Hosts David Gura, Christina Ruffini and Lisa Mateo bring clarity and context to this weekend's biggest news, US and Israel's attack on Iran, LIVE from New York. Joined by The Atlantic National Security Writer Nancy Youseff, National Nuclear Security Administration Former Acting Deputy Administrator Corey Hinderstein, Former US Security of Defense Under Fir...
The news doesn’t stop when markets close. Hosts David Gura, Christina Ruffini and Lisa Mateo bring clarity and context to this weekend's biggest news, US and Israel's attack on Iran, LIVE from New York. Joined by The Atlantic National Security Writer Nancy Youseff, National Nuclear Security Administration Former Acting Deputy Administrator Corey Hinderstein, Former US Security of Defense Under First Trump Administration Mark Esper, Former Israeli Defense Minister Gen. Yoav Gallant, State Department Bureau of Near Eastern Affairs Former Deputy Assistant Secretary Jen Gavito, State Department Deputy Assistant Secretary Bureau Near Eastern Affairs Andrew Peek, US Representative Jason Crow, US Representative Michael McCaul, Greenwich Media Strategies Hagar Chemari, Minority Leader Hakeem Jeffies and US Representative Mark Warner. (Source: Bloomberg)
This morning a "Potential Dividend Run Alert" went out for ARMOUR Residential REIT Inc. (NYSE: ARR), at our DividendChannel.com Dividend Alerts service (a free email alerts feature). Let's look at the situation in greater detail, shall we? First of all, what is a "Dividend Run"
This morning a "Potential Dividend Run Alert" went out for ARMOUR Residential REIT Inc. (NYSE: ARR), at our DividendChannel.com Dividend Alerts service (a free email alerts feature). Let's look at the situation in greater detail, shall we? First of all, what is a "Dividend Run"