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aron Funds, a leading investment management company, recently released its second-quarter 2025 investor letter for the Baron Real Estate Fund. The fund outperformed the market with a 3.61% gain (Institutional Shares), while the MSCI US REIT Index declined by 1.46% and the MSCI USA IMI Extended Real Estate Index rose by 6.13%. To see the fund's top picks, check its holdings here. In its latest investor letter, Baron Real Estate Fund highlighted Equinix, Inc. (NASDAQ:EQIX), a digital infrastructure company with operations in 36 countries across six continents. Despite a one-month return of -1.94% and a 4.33% loss over the last 52 weeks, the fund purchased additional shares at what it considered compelling valuation levels. However, Equinix's stock price declined due to its announcement of incremental capital investments that will impact near-term growth but benefit the company in the long term.