Baron Asset Fund Q3 2025 Shareholder Letter

2025-11-13 02:20:00 ET

Dear Baron Asset Fund Shareholder,

U.S. equities were broadly higher in the third quarter, building on last quarter’s gains. The primary driver behind the market strength was the increased likelihood that the Federal Reserve (the Fed) would cut interest rates. The Fed resumed its rate-cutting cycle at its September meeting, lowering its policy rate by 25 basis points. Generally, healthy corporate earnings, reduced trade tensions, resilient consumer spending, increased M&A and IPO activity, and continued optimism about AI also contributed to market strength....

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