Baron Health Care Fund Q3 2025 Shareholder Letter

PhanuwatNandee/iStock via Getty Images Dear Baron Health Care Fund Shareholder: In the quarter ended September 30, 2025, Baron Health Care Fund® (the Fund) increased 5.39% (Institutional Shares), compared with the 5.05% gain for the Russell 3000 Health Care Index (the Benchmark) and the 8.18% gain for the Russell 3000 Index (the Index). Since inception (April 30, 2018), the Fund increased 9.30% on an annualized basis compared with the 8.68% gain for the Benchmark and the 14.48% gain for the Index. The F ...