TTAN - Baron Discovery Fund Q4 2024 Shareholder Letter

2025-01-20 05:06:00 ET

Summary

• Baron Discovery Fund was up in the fourth quarter of 2024, outperforming its benchmark, the Russell 2000 Growth Index.
• Axon Enterprise, Inc., Chart Industries, Inc. and PAR Technology Corporation were the top contributors in the quarter.
• CareDx, Inc., Montrose Environmental Group, Inc., and Floor & Decor Holdings, Inc. were the top detractors.
• New holdings included mall REIT The Macerich Company, multi-family REIT Independence Realty Trust, Inc., luxury brand Brunello Cucinelli S.p.A., and ServiceTitan, Inc., a software platform for “the trades.”.

Dear Baron Discovery Fund Shareholder:

"[B]etween the vagaries of fate and our uncertain state of knowledge about the world, getting things even somewhat right is hard enough. Probabilities are usually the best you can do.” Nate Silver, On the Edge , p. 16

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