Baron Capital, an investment management company, released its Q1 2026 investor letter for the “Baron Durable Advantage Fund”. A copy of the letter can be downloaded here. In Q1 2026, Baron Durable Advantage Fund (the Fund) declined 9.0% (Institutional Shares) compared to the 4.3% decline for the S&P 500 Index (the Index), the Fund’s benchmark. The Fund started 2026 with optimism, having posted three consecutive years of strong market returns. However, heightened geopolitical tensions and the subsequent war with Iran drove up oil prices, adversely affecting market dynamics....
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