Baron Asset Fund’s Q1 2023 Investor Letter

Baron Funds, an investment management company, released its “Baron Asset Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund appreciated 5.34% in the first quarter, trailing the Russell Midcap Growth Index, which returned 9.14%. Stock selection drove the fund to underperform in the quarter. IT, Communication Services, and Consumer Discretionary were the strongest performing sectors, while Energy and Financials were the principal laggards. Furthermore, defensive-oriented sectors, Health Care, Utilities, and Consumer Staples also struggled in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.