ARGX - Baron Opportunity Fund Q4 2024 Shareholder Letter
2025-02-04 07:50:00 ET
Summary
- Baron Opportunity Fund increased in the fourth quarter of 2024, outperforming its benchmark, the Russell 3000 Growth Index.
- Top contributors were Tesla, Inc., NVIDIA Corporation, and Space Exploration Technologies Corp.
- Top detractors were Viking Therapeutics, Inc., Rocket Pharmaceuticals, Inc., and Microsoft Corporation. We exited our position in Rocket Pharmaceuticals.
- We added several new holdings, including networking solutions company Arista Networks, Inc., independent broker-dealer LPL Financial Holdings Inc., and medical device company Inari Medical, Inc.
Dear Baron Opportunity Fund Shareholder:
During the fourth quarter, Baron Opportunity Fund® (the Fund) rose 11.92% (Institutional Shares), significantly outperforming the Russell 3000 Growth Index (the Benchmark), which advanced 6.82%, and the S&P 500 Index, which gained 2.41%. For the full year 2024, the Fund posted solid returns, climbing 40.25%, beating the Benchmark, which rose 32.46%, and the S&P 500 Index, which improved 25.02%.
Table I. Performance† - Annualized for periods ended December 31, 2024
| Baron Opportunity Fund Retail Shares1,2 | Baron Opportunity Fund Institutional Shares1,2,3 | |
|---|---|---|
| Russell 3000 Growth Index 1 | ||
| S&P 500 Index 1 | ||
| Three Months 4 | ||
| 11.86% | ||
| 11.92% | ||
| 6.82% | ||
| 2.41% | ||
| One Year | ||
| 39.89% | ||
| 40.25% | ||
| 32.46% | ||
| 25.02% | ||
| Three Years | ||
| 6.07% | ||
| 6.34% | ||
| 9.93% | ||
| 8.94% | ||
| Five Years | ||
| 20.33% | ||
| 20.65% | ||
| 18.25% | ||
| 14.53% | ||
| Ten Years | ||
| 17.87% | ||
| 18.17% | ||
| 16.22% | ||
| 13.10% | ||
| Fifteen Years | ||
| 16.08% | ||
| 16.39% | ||
| 16.11% | ||
| 13.88% | ||
| Since Inception(February 29, 2000) | ||
| 10.07% | ||
| 10.25% | ||
| 7.69% | ||
| 8.06% |