Baron Small Cap Fund’s Q3 2025 Investor Letter

Baron Funds, an investment management company, released its “Baron Small Cap Fund” third-quarter 2025 investor letter. In the third quarter of 2025, the fund was up 0.54% (Institutional Shares) compared to the Russell 2000 Growth Index’s (the Index) 12.19% return. Year to date, the Fund is up 0.91% compared to the index’s 11.65% return. 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 Q3 2025 investor letter can be downloaded here.