Baron Health Care Fund Q4 2024 Shareholder Letter
2025-01-22 10:55:00 ET
Summary
- Baron Health Care Fund retreated in the fourth quarter of 2024, in line with its benchmark, the Russell 3000 Health Care Index.
- It was another challenging quarter for Health Care, which was pressured by political headwinds, including Trump’s nomination of Robert F. Kennedy Jr. to head the Department of Health and Human Services.
- Top contributors included argenx SE, Natera, Inc., and Boston Scientific Corporation.
- Top detractors were UnitedHealth Group Incorporated, Eli Lilly and Company, and Thermo Fisher Scientific Inc.
- We re-established a position in HealthEquity, Inc. a leading provider of health savings accounts; and initiated a position in Edgewise Therapeutics, Inc., a biotechnology company developing drugs that target muscle physiology.
Dear Baron Health Care Fund Shareholder:
In the quarter ended December 31, 2024, Baron Health Care Fund® (the Fund) declined 9.58% (Institutional Shares), compared with the 9.75% decline for the Russell 3000 Health Care Index (the Benchmark) and the 2.63% gain for the Russell 3000 Index (the Index). For the full year 2024, the Fund increased 1.55% compared with the 3.48% gain for the Benchmark and the 23.81% gain for the Index. Since inception (April 30, 2018), the Fund increased 10.82% on an annualized basis compared with the 9.32% gain for the Benchmark and the 13.91% gain for the Index.
Table I.
Performance
Annualized for periods ended December 31, 2024
| Baron Health Care Fund Retail Shares 1,2 | Baron Health Care Fund Institutional Shares 1,2 | Russell 3000 HealthCare Index 1 | Russell 3000 Index 1 | |
|---|---|---|---|---|
| Three Months 3 | (9.61)% | (9.58)% | (9.75)% | 2.63% |
| One Year | 1.31% | 1.55% | 3.48% | 23.81% |
| Three Years | (3.75)% | (3.52)% | (0.02)% | 8.01% |
| Five Years | 8.70% | 8.95% | 7.18% | 13.86% |
| Since Inception (April 30, 2018) | 10.55% | 10.82% | 9.32% | 13.91% |
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Baron Health Care Fund Q4 2024 Shareholder Letter
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