Baron Capital, an investment management company, released its first quarter 2026 investor letter for its “Baron Financials EFT”. A copy of the letter can be downloaded here. The Fund fell 15.97% (NAV) compared with a 9.89% decline for the MSCI USA Financials Index (the Financials Index) and a 20.15% decline for the FactSet Global FinTech Index (the FinTech Index). U.S. equities fell in Q1 due to AI-driven disruption and geopolitical shocks, prompting a rotation from software and growth stocks to defensive, commodity, and value segments. Small caps outperformed large caps, with value...
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