BCDRF - Baron Fintech 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 the quarter ended March 31, 2022, Baron FinTech Fund (the “Fund”) fell 16.67% (Institutional Shares).
• As the cost of capital has been rising, we’ve reduced exposure to companies that rely on external capital for growth, including lenders and highly acquisitive companies.
• We believe our Fund’s investmentsin service providers, technologycompanies, and other fintech businesses will benefit from the digitalarm’s race.

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