Baron Small Cap Fund’s Q2 2023 Investor Letter

Baron Funds, an investment management company, released its “Baron Small Cap Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was 6.49% (Institutional Shares) up in the second quarter and 16.54% up for the first half of the year. This quarter, the Fund underperformed the broader S&P 500 Index, as larger stocks beat smaller ones while, year-to-date the fund’s performance is comparable to the S&P 500 Index. The fund performed similarly to the Russell 2000 Growth Index (the Benchmark) during the quarter, and year-to-date the fund returned nearly 300 points ahead of the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.