IDXX - Baron Partners Fund Q1 2024 Shareholder Letter
2024-05-11 04:10:00 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.
- Baron Partners Fund's performance in the first quarter of 2024 was disappointing, with a decline of 9.01%.
- Over the past three years, the Fund's annualized return was negative 0.20% compared to the benchmark's positive return of 4.62%.
- The Fund's long-term performance remains strong, with annualized returns of 25.16%, 17.37%, and 20.45% over the past 5, 10, and 15 years, respectively.
Dear Baron Partners Fund Shareholder:
Performance
The performance of Baron Partners Fund® ( BPTIX, the Fund) in the first three months of 2024 was disappointing. The Fund declined 9.01% (Institutional Shares), trailing both its primary benchmark, the Russell Midcap Growth Index (the Index), and the large cap S&P 500 Index ( SP500 , SPX ), which were up 9.50% and 10.56%, respectively. The Morningstar Large Growth Category average (the Peer Group) increased 11.92% in the quarter.*
Table I. Performance Annualized for periods ended March 31, 2024
| Baron Partners Fund Retail Shares 1,2,3 |
| Baron Partners Fund Institutional Shares 1,2,3,4 |
| Russell Midcap Growth Index 2 |
| S&P 500 Index 2 |
| Three Months 5 |
| (9.06)% |
| (9.01)% |
| 9.50% |
| 10.56% |
| One Year |
| 5.52% |
| 5.78% |
| 26.28% |
| 29.88% |
| Three Years |
| (0.45)% |
| (0.20)% |
| 4.62% |
| 11.49% |
| Five Years |
| 24.84% |
| 25.16% |
| 11.82% |
| 15.05% |
| Ten Years |
| 17.06% |
| 17.37% |
| 11.35% |
| 12.96% |
| Fifteen Years |
| 20.13% |
| 20.45% |
| 15.64% |
| 15.63% |
| Since Conversion (April 30, 2003) |
| 15.97% |
| 16.18% |
| 11.72% |
| 10.86% |
| Since Inception (January 31,1992) |
| 14.56% |
| 14.70% |
| 10.14% |
| 10.42% |