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 Karman Holdings Inc. (NYSE:KRMN). On August 11, 2026, Karman Holdings Inc. (NYSE:KRMN) closed at $61.94 per share, reflecting a market capitalization of $8.21 billion. Karman Holdings Inc. (NYSE:KRMN) posted a one-month return of 26.98%, while its shares gained 19.51% over the past 52 weeks. Baron Discovery Fund stated the following regarding Karman Holdings Inc. (NYSE:KRMN) in its Q2 2026 investor letter: