AVLR - Baron Funds Q1 2021 Andrew Peck Letter

• Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to growth investing.
• Baron Asset Fund fell 1.03% (Institutional Shares), while the Russell Midcap Growth Index fell 0.57%, and the S&P 500 Index gained 6.17%.
• Outperformance of the Fund’s investments in Communication Services, Health Care, and Financials added the most value.
• Baron Asset Fund held 67 positions. The Fund’s 10 largest holdings represented 36.1% of assets, and the 20 largest represented 57.7% of assets. The Fund’s largest weighting was in the IT sector at 29.5% of assets.

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