Baron Health Care Fund’s Q3 2025 Investor Letter

Baron Funds, an investment management company, released its “Baron Health Care Fund” third-quarter 2025 investor letter. The fund rose 5.39% (Institutional Shares) in the quarter, compared to a 5.05% gain for the Russell 3000 Health Care Index (benchmark) and an 8.18% gain for the Russell 3000 Index (the Index). The Fund performed similarly to the Benchmark this quarter. Solid stock selection was primarily offset by negative effects from active sub-industry allocations and cash holdings during a rising market. In addition, please check the fund’s top five holdings to know its best picks in 2025.

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