Baron Partners Fund Q1 2025 Shareholder Letter

2025-04-29 08:10:00 ET

Summary

• Baron Partners Fund declined in the first quarter of 2025, underperforming its benchmark, the Russell Midcap Growth Index.
• Top contributors were CoStar Group, Inc., X.AI Holdings Corp., and Arch Capital Group Ltd.
• Top detractors were Tesla, Inc., Hyatt Hotels Corporation, and Gartner, Inc.

Dear Baron Partners Fund Shareholder:

Baron Partners Fund® (the Fund) endured a tough start to the year, relinquishing a portion of the excess appreciation achieved at the end of 2024.

Over the past three months, the Fund declined 17.37% (Institutional Shares). This result was meaningfully below its primary benchmark, the Russell Midcap Growth Index (the Index), and the large-cap dominated Russell 3000 Index (the Market Index). Those two benchmarks fell 7.12% and 4.72%, respectively. Its peer group, the Morningstar Large Growth Category, declined 8.49%.*...

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