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The fund appreciated 5.6% (Institutional Shares) in the quarter compared to an 8.1% increase for the S&P 500 Index (the Index). YTD, the fund is up 13.6% compared to a 14.8% gain for the index. Three-quarters into 2025, U.S. large-cap equity investors are enjoying gains. The rally from the start of 2023 still looks strong in this quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.In its third-quarter 2025 investor letter, Baron Durable Advantage Fund highlighted stocks such as S&P Global Inc. (NYSE:SPGI). S&P Global Inc. (NYSE:SPGI) provides credit ratings, benchmarks, analytics, and workflow solutions. The one-month return of S&P Global Inc. (NYSE:SPGI) was 1.07%, and its shares lost 2.66% of their value over the last 52 weeks. On November 17, 2025, S&P Global Inc. (NYSE:SPGI) stock closed at $488.95 per share, with a market capitalization of $149.276 billion.Baron Durable Advantage Fund stated the following regarding S&P Global Inc. (NYSE:SPGI) in its third quarter 2025 investor letter:"Shares of rating agency and data provider,S&P Global Inc. (NYSE:SPGI), declined 7.5% in the quarter due to cautious commentary from a competitor about market demand and margins, leading to a broader pullback across information services stocks after industry bellwether FactSet mentioned “tight client budgets” and a “challenging environment” on its quarterly earnings call. However, these headwinds were previously discussed by the company, and management later clarified that these trends remain stable. FactSet also noted margin headwinds from a step-up in growth investments, which investors viewed as an indication of an AI spending cycle that could pressure margins across the broader information services sector. We view these concerns as overblown and expect S&P Global to report good results, driven by elevated debt issuance and tailwinds from the capital market recovery. We continue to own the stock due to the company’s long runway for growth and significant competitive advantages."S&P Global Inc. (NYSE:SPGI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 106 hedge fund portfolios held S&P Global Inc. (NYSE:SPGI) at the end of the second quarter, which was 108 in the previous quarter. In the third quarter, S&P Global Inc.’s (NYSE:SPGI) revenue increased 9% year-over-year, with subscription revenue increasing 6%. While we acknowledge the potential of S&P Global Inc. (NYSE:SPGI) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. 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