Baron Discovery Fund Purchased a Fresh Stake in GCI Liberty (GLIBK)

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Soumya Eswaran

Wed, February 4, 2026 astatine 6:27 AM CST 3 min read

Baron Funds, an concern absorption company, released its “Baron Discovery Fund” fourth-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. The Fund focuses connected long-term, competitively positioned companies that are well-managed and person important imaginable successful untapped markets. The missive besides addressed the advancements successful AI and however humans specify themselves successful the changing landscape. In Q4, the money generated a instrumentality of 0.19% (Institutional Shares), underperforming the Russell 2000 Growth Index by 1.03 percent points. Over the full year, the money posted a instrumentality of 10.96%, portion the Index returned 13.01%. The outperformance of low-quality and short-term terms momentum-oriented stocks affected the Fund’s absorption connected semipermanent valuation metrics. The apical 10 holdings comprised 26.7% of the Fund’s nett assets, with currency making up 3.3%. The Fund maintains beardown optimism and expects a high-growth, low-inflation situation successful 2026. Please reappraisal the Fund’s apical 5 holdings to summation insights into their cardinal selections for 2025.

In its fourth-quarter 2025 capitalist letter, Baron Discovery Fund highlighted GCI Liberty, Inc. (NASDAQ:GLIBK). GCI Liberty, Inc. (NASDAQ:GLIBK) is simply a connection services institution that provides a scope of data, wireless, video, voice, and managed services. The one-month instrumentality of GCI Liberty, Inc. (NASDAQ:GLIBK) was 1.92%, and successful 3 months its shares gained 9.50% of their value. On January 3, 2026, GCI Liberty, Inc. (NASDAQ:GLIBK) banal closed astatine $38.17 per share, with a marketplace capitalization of $1.519 billion.

Baron Discovery Fund stated the pursuing regarding GCI Liberty, Inc. (NASDAQ:GLIBK) successful its 4th fourth 2025 capitalist letter:

During the quarter, we initiated a presumption successful GCI Liberty, Inc. (NASDAQ:GLIBK). GCI is the starring broadband cablegram supplier successful Alaska. GCI generates gross from broadband and wireless services. Roughly 97% of Alaskans unrecorded wrong GCI's web footprint and astir 80% person entree to high-speed tiers (2.5 Gbps+). We estimation that GCI has 70% to 80% marketplace stock of high-speed broadband successful Alaska. For mobile services, GCI operates its ain mobile web competing successful an oligopoly with AT&T and Verizon. Revenues are evenly divided betwixt residential and concern customers.