Baron Growth Fund’s Q2 2025 Investor Letter

Baron Funds, an investment management company, released its “Baron Growth Fund” second-quarter 2025 investor letter. The fund rose 0.86% in the quarter (Institutional Shares), trailing the Russell 2000 Growth Index’s (the Benchmark) 11.97% gain.  The Russell 3000 Index returned 10.99% for the same period. The firm’s strategy of owning a high-conviction portfolio of highly advantaged businesses was out of favor in the quarter as investors bid up relatively riskier stocks. In addition,...