Baron Fifth Avenue Growth Fund Q4 2024 Shareholder Letter

2025-02-04 08:20:00 ET

Summary

• Baron Fifth Avenue Growth Fund increased during the fourth quarter of 2024, outperforming its benchmark, the Russell 1000 Growth Index.
• Shopify, Inc., Tesla, Inc., and NVIDIA Corporation were the top contributors to performance.
• MercadoLibre, Inc., ASML Holding N.V., and Coupang, Inc. were the top detractors.
• New holdings included private AI company X.AI Corp. and autonomous and assisted driving solutions provider Mobileye Global Inc.

Dear Baron Fifth Avenue Growth Fund Shareholder:

We had an excellent quarter to close out another strong year.

Baron Fifth Avenue Growth Fund® (the Fund) was up 11.7% (Institutional Shares) in the fourth quarter, which compared favorably to the 7.1% gain for the Russell 1000 Growth Index (R1KG), and the 2.4% gain for the S&P 500 Index (SPX), the Fund's benchmarks.

For the year, the Fund finished up 37.8% compared to gains of 33.4% and 25.0% for the benchmarks, respectively....

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