WRBY - Baron Partners Fund Q1 2022 Shareholder Letter

• Baron is an asset management firm focused on delivering growth equity investment solutions known for a long-term, fundamental, active approach to growth investing.
• Baron Partners Fund (the “Fund”) declined 5.84% (Institutional Shares) in the first quarter of 2022.
• Unlike the last (brief) downturn at the start of the COVID-19 pandemic, when investments declined significantly but largely in unison, this market retreat has been more focused.
• Baron Partners Fund has remained consistent in its low turnover, focused, growth investing approach in high quality competitively advantaged businesses.

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