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% |
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Baron Small Cap Fund Q4 2024 Shareholder Letter
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