PENN - Baron Growth Fund Q3 2021 Letter

• Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to growth investing.
• The Fund gained 3.63% during the quarter ended Sept. 30, 2021. This exceeded the Fund’s primary benchmark, the Russell 2000 Growth Index, which declined 5.65%.
• As of Sept. 30, 2021, the Fund had 51 investments. The top 10 holdings represented 55.9% of the Fund’s net assets. All were small-cap businesses at the time of purchase and have become top 10 positions mostly through stock appreciation.
• We believe all our positions offer significant further appreciation potential individually, and that the Fund’s diversification offers potentially better-than-market returns with less risk than the market as measured by beta.

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