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KRMN - Baron Discovery Fund Q3 2025 Shareholder Letter
Karman Holdings Inc.
2025-11-04 07:00:00 ET
Dear Baron Discovery Fund Shareholder,
Baron Discovery Fund® (the Fund) ended the third quarter up 10.75% (Institutional Shares) year-to-date, which was 0.90% below the Russell 2000 Growth Index (the Benchmark). After outperforming the Benchmark in the first half of the year, the Fund underperformed during the third quarter, increasing 2.85% compared to the Benchmark’s gain of 12.19%....