Baron Asset Fund Q2 2025 Shareholder Letter

2025-07-30 03:05:00 ET

Dear Baron Asset Fund Shareholder,

Performance

U.S. equity markets rose against the backdrop of heightened volatility stemming from U.S. tariff policies and war in the Middle East. Risk-off sentiment in early April was driven by President Trump's "Liberation Day" tariff announcement, which was viewed as more severe than expected. The S&P 500 (SP500), (SPX) Index fell more than 12% over the next four trading days. After bottoming on April 8, U.S. equities rebounded largely in response to favorable trade developments. Other positive market catalysts included generally strong corporate earnings, dovish signals from the Federal Reserve, and ongoing momentum around the "Al trade." By the quarter's end, many market indexes were at or near record highs....

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