Baron Discovery Fund appreciated by 19.08% (Institutional Shares) in the quarter, underperforming the Russell 2000 Growth Index, which gained 25.71%. In its Q2 2026 investor letter, Baron Discovery Fund highlighted Advanced Drainage Systems, Inc. (NYSE:WMS). On August 11, 2026, Advanced Drainage Systems, Inc. (NYSE:WMS) closed at $143.65 per share, reflecting a market capitalization of $10.83 billion. Advanced Drainage Systems, Inc. (NYSE:WMS) posted a one‑month return of ‑5.03%, while its shares gained 0.76% over the past 52 weeks." Baron Discovery Fund stated the following regarding Advanced Drainage Systems, Inc. (NYSE:WMS) in its Q2 2026 investor letter: