LLYVB - Baron Small Cap Fund Q4 2024 Shareholder Letter
2025-01-24 10:30:00 ET
Summary
- Baron Small Cap Fund declined in the fourth quarter of 2024, trailing its benchmark, the Russell 2000 Growth Index.
- Top contributors were Vertiv Holdings Co, Chart Industries, Inc., and Intapp, Inc.
- Top detractors were ICON Plc, The Baldwin Insurance Group, Inc., and Installed Building Products, Inc.
- We initiated investments in industrial technology company EnPro Industries Inc. and enterprise cloud software provider JFrog Ltd.
Dear Baron Small Cap Fund Shareholder:
Baron Small Cap Fund® (the Fund) was down 0.99% (Institutional Shares) in the fourth quarter of 2024. For the year, the Fund was up 13.61%. The Fund modestly trailed the Russell 2000 Growth Index (the Benchmark) for the quarter and the year, with the Benchmark being up 1.70% in the quarter and 15.15% for the year. As small-cap stocks underperformed larger market caps, the Fund lagged the Russell 3000 Index, which rose 2.63% in the quarter and 23.81% for the year. Though this year we did not beat the Benchmark, our long-term performance is well ahead, as shown in the table.
Table I. - Performance† - Annualized for periods ended December 31, 2024
| Baron Small CapFund Retail Shares 1,2 | Baron Small CapFund Institutional Shares 1,2,3 | |
|---|---|---|
| Russell 2000Growth Index 1 | ||
| Russell 3000Index 1 | ||
| Three Months 4 | ||
| (1.07)% | ||
| (0.99)% | ||
| 1.70% | ||
| 2.63% | ||
| One Year | ||
| 13.28% | ||
| 13.61% | ||
| 15.15% | ||
| 23.81% | ||
| Three Years | ||
| (0.39)% | ||
| (0.12)% | ||
| 0.21% | ||
| 8.01% | ||
| Five Years | ||
| 9.89% | ||
| 10.18% | ||
| 6.86% | ||
| 13.86% | ||
| Ten Years | ||
| 10.21% | ||
| 10.50% | ||
| 8.09% | ||
| 12.55% | ||
| Fifteen Years | ||
| 11.77% | ||
| 12.06% | ||
| 10.92% | ||
| 13.56% | ||
| Since Inception(September 30, 1997) | ||
| 10.14% | ||
| 10.30% | ||
| 6.44% | ||
| 8.87% |