VNORP - Baron Real Estate Income 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 Real Estate Income Fund (the “Fund”) declined 2.89% (Institutional Shares) in the first quarter of 2022.
• We believe 2022 will continue to be arduous to navigate in part due to the prospects of a more hawkish Federal Reserve, higher interest rates, and the possibility of moderating growth and valuation compression in some segments of real estate.
• We remain optimistic about the prospects for REITs and other income-oriented real estate companies–in some cases, more so today than three months ago given the correction in certain share prices since the start of the year.

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