Baron Opportunity Fund Q4 2024 Shareholder Letter

February 04, 2025 07:50:00 am

Source: SeekingAlpha

2025-02-04 07:50:00 ET

Summary

Baron Opportunity Fund increased in the fourth quarter of 2024, outperforming its benchmark, the Russell 3000 Growth Index.
Top contributors were Tesla, Inc., NVIDIA Corporation, and Space Exploration Technologies Corp.
Top detractors were Viking Therapeutics, Inc., Rocket Pharmaceuticals, Inc., and Microsoft Corporation. We exited our position in Rocket Pharmaceuticals.
We added several new holdings, including networking solutions company Arista Networks, Inc., independent broker-dealer LPL Financial Holdings Inc., and medical device company Inari Medical, Inc.

Dear Baron Opportunity Fund Shareholder:

During the fourth quarter, Baron Opportunity Fund® (the Fund) rose 11.92% (Institutional Shares), significantly outperforming the Russell 3000 Growth Index (the Benchmark), which advanced 6.82%, and the S&P 500 Index, which gained 2.41%. For the full year 2024, the Fund posted solid returns, climbing 40.25%, beating the Benchmark, which rose 32.46%, and the S&P 500 Index, which improved 25.02%.

Table I. Performance† - Annualized for periods ended December 31, 2024

	Baron Opportunity Fund Retail Shares1,2	Baron Opportunity Fund Institutional Shares1,2,3	Russell 3000 Growth Index ¹	S&P 500 Index ¹
Three Months ⁴	11.86%	11.92%	6.82%	2.41%
One Year	39.89%	40.25%	32.46%	25.02%
Three Years	6.07%	6.34%	9.93%	8.94%
Five Years	20.33%	20.65%	18.25%	14.53%
Ten Years	17.87%	18.17%	16.22%	13.10%
Fifteen Years	16.08%	16.39%	16.11%	13.88%
Since Inception(February 29, 2000)	10.07%	10.25%	7.69%	8.06%