FRNWF - Baron Discovery Fund Q1 2022 Shareholder Letter

• Baron is an asset management firm focused on delivering growth equity investment solutions known for a long-term, fundamental, active approach to growth investing.
• In what turned out to be a challenging first quarter, Baron Discovery Fund (the “Fund”) decreased 16.30% (Institutional Shares).
• Some of the strongest performing sectors during the quarter were sectors the Fund generally avoids.
• The Health Care and Information Technology sectors, two sectors that in combination typically represent abouthalf of the Fund’s net assets, were two of the worst performing sectorsin the first quarter.

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