Baron Fifth Avenue Growth Fund Q3 2025 Shareholder Letter

We Are/DigitalVision via Getty Images Dear Baron Fifth Avenue Growth Fund Shareholder, Baron Fifth Avenue Growth Fund® (the Fund) gained 5.7% (Institutional Shares) during the third quarter, lagging the 10.5% gain for the Russell 1000 Growth Index (R1KG) and the 8.1% gain for the S&P 500 Index (SPX), the Fund’s benchmarks. Year to date, the Fund is up 14.4% compared to gains of 17.2% and 14.8% for the Fund’s benchmarks, respectively. Annualized performance (%) for period ended September 30, 2025     Fun ...