Baron Small Cap Fund’s Q1 2025 Investor Letter

Baron Funds, an investment management company, released its “Baron Small Cap Fund” first-quarter 2025 investor letter. In the first quarter of 2025, the fund was down 9.07% (Institutional Shares) compared to the Russell 2000 Growth Index’s (the Index) -11.12% return. Small-cap stocks continued to underperform larger market caps meaningfully, so the Fund lagged the Russell 3000 Index, which fell 4.72% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Baron Small Cap Fund’s Q1 2025 investor letter can be downloaded here.