Baron Funds, an investment management company, released its “Baron Asset Fund” first quarter 2025 investor letter. A copy of the letter can be downloaded here. After a strong start to 2025, U.S. equities dropped sharply in late February, with most broad market indexes finishing the quarter down mid- to high single digits. Initially, investors were optimistic about the economy during President Trump’s second term. However, market sentiment shifted due to Trump’s plans for sweeping tariffs on key U.S. trade partners. Additionally, investors tempered their enthusiasm for AI...
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