Baron Asset Fund’s Q4 2025 Investor Letter

Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Asset Fund”. Equities experienced a strong fourth quarter, capping off a volatile year. However, the Russell Midcap Growth Index (the Index) ended the quarter down 3.70%. In this environment, the Baron Asset Fund returned 7.89% (Institutional Shares), surpassing the Index by 11.59 percentage points. Favorable stock selection led to the outperformance of the Fund in the quarter. As of December 31, 2025, the Fund held a total of 53 positions, and the 10 largest holdings represented 52.8% of net assets, and the 20 largest holdings represented 73.3% of net assets. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Baron Asset Fund’s Q4 2025 investor letter can be downloaded here.