SITM - Baron Discovery Fund Q1 2024 Shareholder Letter

2024-05-03 07:15:00 ET

Summary

• Baron is an asset management firm focused on delivering growth equity investment solutions known for a long-term, fundamental, active approach to growth investing.
• During the first quarter of 2024, Baron Discovery Fund® (the Fund) was up 4.57% (Institutional Shares), which was 3.01% lower than the 7.58% increase for the Russell 2000 Growth Index (the Benchmark).
• The tailwinds for small-cap outperformance that we have been writing about in the last handful of quarterly letters remain firmly in place.
• We remain bullish on the Fund’s prospects for 2024.

De ar Ba ron Di scovery Fu nd Sh areholder

Performance

During the first quarter of 2024, Baron Discovery Fund ^® ( BDFIX , the Fund) was up 4.57% (Institutional Shares), which was 3.01% lower than the 7.58% increase for the Russell 2000 Growth Index (the Benchmark). While we were not satisfied with the underperformance this quarter, we think there were some unique circumstances that make the underlying reality of our performance better than it appears on the surface....

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