Baron Global Advantage Fund Q1 2025 Shareholder Letter

2025-05-02 22:20:00 ET

Summary

• Baron Global Advantage Fund declined during the first quarter of 2025, underperforming its benchmark, the MSCI ACWI Index.
• Bajaj Finance Limited, MercadoLibre, Inc., and Cloudflare, Inc. were the top contributors to performance.
• NVIDIA Corporation, Datadog, Inc., and Shopify Inc. were the top detractors.
• We participated in the February 2025 IPO of SailPoint, Inc., a leading identity governance and administration software security vendor.

Dear Baron Global Advantage Fund Shareholder:

Baron Global Advantage Fund® (the Fund) declined 9.4% (Institutional Shares) during the first quarter, compared to the 1.3% decline for the MSCI ACWI Index (the Index), and the 6.8% decline for the MSCI ACWI Growth Index, the Fund’s benchmarks....

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