Baron Fund released its Q4 2025 investor letter for Baron Small Cap Fund, reporting a 1.56% loss in the quarter compared to a 1.22% gain for the Russell 2000 Growth Index. The fund returned (0.66)% for the year, trailing the index by 13.67 percentage points. Large-cap growth stocks led the market.

In the Q4 2025 letter, Baron Small Cap Fund highlighted Neptune Insurance Holdings Inc. (NYSE: NP), added as a new holding during the quarter. Neptune Insurance Holdings Inc. (NYSE: NP) stock closed at $23.56 per share on February 6, 2026, with a one-month return of -9.42% and shares down 19.20% over the past twelve months, and a market cap of $3.252 billion.

Baron Small Cap Fund added Neptune Insurance Holdings Inc. (NYSE: NP) in Q4 2025, selling out of three other names. The market’s factorization and short-term mentality led to significant stock swings in the quarter. The fund invested in 12 new ideas during the year, with half being new to the public markets, benefiting from the return of IPOs.

Read more at Yahoo Finance: What Makes Neptune Insurance Holdings (NP) an Investment Choice?