Baron Funds released its Baron Real Estate Fund third-quarter 2025 investor letter, showing strong results. The fund appreciated 10.25% compared to the MSCI US REIT Index’s 4.49% and the MSCI USA IMI Extended Real Estate Index’s 5.65%. Check out the fund’s top five holdings for 2025.

Iron Mountain Incorporated (NYSE:IRM) was highlighted in the investor letter as a REIT providing storage and information management solutions. The stock had a one-month return of -4.36% and lost 12.79% over the last 52 weeks. On November 11, 2025, Iron Mountain Incorporated (NYSE:IRM) closed at $101.15 per share with a market cap of $29.899 billion.

Baron Real Estate Fund initiated a new REIT position in Iron Mountain Incorporated (NYSE:IRM) in the third quarter due to its compelling valuation and growth prospects. The company offers record storage management and a fast-growing data center segment.

In the third quarter of 2025, Iron Mountain Incorporated’s (NYSE:IRM) revenue increased by 13% to $1.8 billion. While the company shows investment potential, Baron Funds believes certain AI stocks offer greater upside potential with less downside risk. Check out their free report on the best short-term AI stock.

Read more at Yahoo Finance: What Makes Iron Mountain Incorporated (IRM) an Attractive Long-Term Bet?