Baron Small Cap Fund Q2 2025 Shareholder Letter

2025-08-06 04:00:00 ET

Dear Baron Small Cap Fund Shareholder:

Baron Small Cap Fund® (the Fund) was up 10.38% (Institutional Shares) in the second quarter. Year to date, the Fund is up 0.36%. The Fund trailed the Russell 2000 Growth Index (the Index) this quarter (by 1.59%) but is modestly ahead for the year (by 0.84%). Small-cap stocks rebounded nicely in the quarter and performed roughly in line with the broader market, but are still meaningfully trailing larger caps this year....

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