Baron WealthBuilder Fund Q4 2024 Shareholder Letter

2025-02-21 05:30:00 ET

Summary

• Baron WealthBuilder Fund, a compilation of Baron Funds, increased in the fourth quarter of 2024, outperforming its benchmark, the S&P 500 Index.
• The Fund’s two largest underlying holdings, Tesla, Inc. and Space Exploration Technologies Corp., each appreciated more than 50%.
• The largest underlying detractors were specialty insurer Arch Capital Group Ltd. and veterinary diagnostics platform IDEXX Laboratories, Inc.

Dear Baron WealthBuilder Fund Shareholder:

Baron WealthBuilder Fund® (the Fund) performed well in the final quarter of 2024, gaining 5.53% (Institutional Shares). This result was ahead of returns for its mega-cap dominated benchmark, the S&P 500 Index (the Index), and the globally-oriented MSCI ACWI Index (the Global Index), which returned 2.41% and -0.99%, respectively....

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