BCAP - Baron Funds Q2 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 increased 10.03% (Institutional Shares), while the Russell Midcap Growth Index increased 11.07%, and the S&P 500 Index gained 8.55%.
• During the past quarter, the Fund added to 3 positions. The Fund eliminated 3 positions and reduced its holdings in 17 others.
• We reduced our stakes in successful longtime holdings IDEXX Laboratories and Gartner to raise capital to allocate elsewhere in the Fund.
• This quarter we meaningfully added to our position in Avalara, aleading cloud-based provider of transactional tax automation software.Avalara operates in a large (roughly $15 billion) and relatively untappedmarket.

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