Baron FinTech Fund’s Q3 2025 Investor Letter

Baron Funds, an investment management company, released its “Baron FinTech Fund” third-quarter 2025 investor letter. In the third quarter, the fund fell 4.29% (Institutional Shares) compared to a 1.90% decline for the FactSet Global FinTech Index (Benchmark). Since its inception, the fund has appreciated at an annualized rate of 11.10%, compared to a 4.00% return for the Benchmark. The market strength in the quarter was primarily driven by the resumption of Federal Reserve (the Fed) rate cuts and AI optimism. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Baron FinTech Fund’s Q3 2025 investor letter can be downloaded here.