Baron Capital, an investment management company, released its Q3 2026 investor letter for the “Baron Discovery Fund”. The letter can be downloaded here. In the quarter, the fund declined 4.16% (institutional shares), outperforming the Russell 2000 Growth Index’s -9.39% return, as investors rotated away from the momentum “AI winner” stocks into software and healthcare. The Fund returned 1.96% YTD, underperforming the benchmark’s 10.71% return despite strong stock selection. The...





