BROE - Baron Opportunity Fund Q4 2023 Shareholder Letter

2024-02-18 03:05:00 ET

Summary

• Baron is an asset management firm focused on delivering growth equity investment solutions known for a long-term, fundamental, active approach to growth investing.
• During Q4 2023, Baron Opportunity Fund rose 15.10% (inst.) and for the full-year 2023, increased nearly 50%.
• For the full-year 2023, we had 21 stocks that delivered total returns over 50% each, driving the Fund’s return of nearly 50%.
• As we start the new year, it appears the market is trying to find its 2024footing, and I caution those trying to time the market or bet on short-term leadershipchanges.

D EAR B ARON O PPORTUNITY F UND S HAREHOLDER :

PERFORMANCE

During the fourth quarter, Baron Opportunity Fund ( BIOIX , the Fund) rose 15.10% (Institutional Shares), outperforming the broader market, including the Russell 3000 Growth Index, which gained 14.09%, and the S&P 500 Index ( SP500 , SPX ) , which advanced 11.69%. For the full-year 2023, the Fund increased nearly 50%, materially ahead of both indexes, and a solid rebound after a challenging 2022....

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