How can time become an investor’s edge? Our Co-President Michael Baron recently joined the @excessreturnpod to discuss why looking beyond near-term uncertainty can help investors better understand what a business may become. Michael also explained how curiosity shapes that perspective. By speaking directly with management teams and conducting primary research, we seek to understand where a business is headed, not only where it stands today. That approach is especially relevant as AI reshapes industries, and helps us assess which companies may be vulnerable to disruption and which may be positioned to benefit. Watch the full episode: -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © 2026 Baron Capital. All rights reserved.

.@RonBaronAnalyst joined @SquawkCNBC to discuss his outlook for @Tesla and @SpaceX, including the growing capabilities of Full Self-Driving and Starlink. Chapters: 00:00 Baron Capital’s Long-Term Track Record 02:15 Ron’s Experience with Tesla FSD 05:43 A Potential Tesla and SpaceX Combination 06:47 Tesla Market Share and FSD Growth 08:46 Tesla Robots, Batteries, and Energy 10:04 Elon Musk Curiosity and Hiring Culture 12:39 SpaceX and Declining Launch Costs 14:29 Starlink’s Global Growth Opportunity 16:31 AI Agents and Connectivity Demand 17:32 Starlink and Traditional Telecom 20:16 Spectrum and Direct to Phone Service 24:30 Inflation and Preserving Purchasing Power 25:04 Space-Based Data Centers 27:01 Chips and the Compute Opportunity 29:09 Closing Thoughts -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Space Exploration Technologies Corp. - Baron Asset Fund (34.3%), Baron Emerging Markets Fund (0.6%), Baron Fifth Avenue Growth Fund (10.2%), Baron Focused Growth Fund (28.6%), Baron Global Opportunity Fund (20.2%), Baron International Growth Fund (0.6%), Baron Opportunity Fund (19.0%), Baron Partners Fund (32.9%*), Baron Technology ETF (8.6%), Baron First Principles ETF (32.2%), Baron Risk Optimized Large Cap ETF (4.8%); Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.9%), Baron Focused Growth Fund (6.4%), Baron Global Opportunity Fund (1.5%), Baron Opportunity Fund (4.7%), Baron Partners Fund (14.1%*), Baron Technology ETF (3.2%), Baron First Principles ETF (12.4%), Baron Risk Optimized Large Cap ETF (2.1%). * % of Long Positions. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Watch @RonBaronAnalyst on @SquawkCNBC ] tomorrow (Wednesday, September 16) at 7:30 a.m. ET. During the 30-minute segment, Ron will share his latest perspectives on Elon Musk’s businesses, why we believe they offer compelling long-term growth opportunities, and why we view SpaceX as a lifetime investment. He will also explain why recent AI-driven market volatility has been fueled by misunderstanding and fear, and why he remains extremely optimistic. Make sure to tune in live! -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Space Exploration Technologies Corp. - Baron Asset Fund (34.3%), Baron Emerging Markets Fund (0.6%), Baron Fifth Avenue Growth Fund (10.2%), Baron Focused Growth Fund (28.6%), Baron Global Opportunity Fund (20.2%), Baron International Growth Fund (0.6%), Baron Opportunity Fund (19.0%), Baron Partners Fund (32.9%*), Baron Technology ETF (8.6%), Baron First Principles ETF (32.2%), Baron Risk Optimized Large Cap ETF (4.8%). *of Long Positions Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Last week we joined the Authors Academy in the Bronx for our annual back-to-school drive. It was a pleasure spending time with the students and their families as they prepared for their first day of the school year. Baron Capital is proud to support a school that provides encouragement, education, and stability for young minds across its community.

While much of the market focuses on a company’s next quarter, Baron Capital seeks to understand what that company could become over the next decade and beyond. On The Brain Surgeon’s Take podcast, Founder and CEO @RonBaronAnalyst explains how asking the right questions can help us understand what differentiates a business, what drives its founder’s vision, and whether it has the potential to become a generational company. Listen to the full episode here: -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.

I asked AI for advice about the theme for our 33rd Annual Baron Investment Conference. My idea: “I think you should…” It is a phrase encouraging you to take a chance. To have a consequential impact on the lives of others, we believe you need to take risk.  I asked Claude whether we should keep the ellipsis or end with a period, Claude suggested we employ the ellipsis as an invitation, not an instruction.   After 56 years of investing, I can say this clearly: My biggest regrets are the things I didn’t try. My Q2 2026 “Letter from Ron” explores that idea…why taking risks matters and why something that seems improbable today can look visionary in hindsight. “I think you should…” Read it—and decide how you’d finish the sentence. — Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. As of June 30, 2026, the Funds did not own shares of Anthropic, PBC. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. 
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

As AI use accelerates, its physical footprint is expanding—driving investment in electrical infrastructure, industrial equipment, raw materials, and power generation. Our In Depth research explores AI’s impact on Industrials and examines potential “AI winners” and “AI losers” across Financials, Health Care, Real Estate, Technology, and more. Access the insights: -- Risks: All investments are subject to risk and may lose value. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

The infrastructure stack required to sustain AI scaling — semiconductors, memory, networking, hardware, and power — is deepening in complexity and capital intensity with each successive generation of compute. In order to capture the full breadth of what is shaping up to be the largest infrastructure buildout of the 21st century, Portfolio Managers Ashim Mehra and Michael Lippert believe opportunity lies in owning AI’s critical infrastructure enablers. Access the full Baron Technology ETF letter for more insights on the impact of AI’s secular growth narrative: -- On December 12, 2025, Baron Technology Fund® was converted from a mutual fund into an exchange-traded fund, Baron Technology ETF™. The ETF has an identical investment goal and substantially similar investment strategy as its predecessor mutual fund. For additional information please refer to the prospectus. Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc, by calling 1-800-99-BARON or visiting Please read carefully before investing. Risks: In addition to general market conditions, technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

We would like to extend a special note of gratitude to our 2026 summer intern class. Thank you for joining us in our mission to change lives. We appreciate your contributions, your questions, and the energy you brought to our teams. Wishing you the best on the next parts of your professional and educational journeys!

The first half of 2026 offered early evidence that a multi-year recovery in real estate — a long out-of-favor asset class — is beginning to take shape. What could drive the next phase? Portfolio manager Jeff Kolitch points to several potential drivers, including attractive relative valuations, accelerating acquisition activity, favorable supply-demand dynamics, healthy balance sheets and the possibility of a more supportive interest-rate environment. Read the Q2 2026 Baron Real Estate Fund quarterly letter for Jeff’s perspective on these potential catalysts and the opportunities he sees across public real estate: -- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc, by calling 1-800-99-BARON or visiting Please read carefully before investing. Risks: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Registration is now open for the 33rd Annual Baron Investment Conference! Join us on November 6, 2026, at Lincoln Center for one of the most anticipated investment conferences of the year, featuring candid conversations with Baron Capital’s investment team and business leaders from companies in which we invest. This year’s theme, “I Think You Should…”, is about taking chances, stepping outside one’s comfort zone, and embracing the risks that can lead to meaningful, consequential impact on the lives of others. We look forward to seeing you there. View eligibility requirements and register to attend here: -- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

The Q2 2026 Letter from Ron is here. Our Founder and CEO @RonBaronAnalyst shares his thoughts on: · @MSCI_Inc and the case for investing in long-term opportunity over near-term profits · @Tesla's robotaxi economics · @elonmusk's discussion with Jamie Dimon about leadership · A conversation with Claude on this year's Conference theme: "I think you should..." Read the full letter here: -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.9%), Baron Focused Growth Fund (6.4%), Baron Global Opportunity Fund (1.5%), Baron Opportunity Fund (4.7%), Baron Partners Fund (14.1%*), Baron Technology ETF (3.2%), Baron First Principles ETF (12.4%), Baron Risk Optimized Large Cap ETF (2.1%); MSCI Inc. - Baron Asset Fund (1.0%), Baron Durable Advantage Fund (3.0%), Baron Focused Growth Fund (5.0%), Baron Generational Growth Fund (19.5%), Baron Partners Fund (3.9%*), Baron Financials ETF (3.6%), Baron First Principles ETF (4.5%), Baron SMID Cap ETF (1.9%), Baron Global Durable Advantage ETF (2.3%), Baron Risk Optimized Large Cap ETF (0.9%). *% of Long Positions Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this email reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.

In the Q2 2026 Baron Small Cap Fund quarterly letter, Portfolio Manager Cliff Greenberg explores how our research-intensive process helps us identify high-quality, well-managed businesses. Our work ahead of the IPO of Blackstone Digital Infrastructure Trust offers one example. The research team spent considerable time with management, examining the depth of its team, the quality of the identified pipeline, and the clarity of its long-term vision. This research gave us a deeper understanding of what we believe makes for a compelling opportunity. As Cliff explains in the letter, the lack of large-scale capital dedicated to acquiring stabilized data center assets has left a significant volume of institutional-quality assets available at attractive prices with limited competition. Learn more about this investment and other recent activity here: -- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc, by calling 1-800-99-BARON or visiting Please read carefully before investing. Historical performance was impacted by gains from IPOs. There is no guarantee that these results can be repeated or the level of IPO participation will be the same in the future. Risks: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund’s returns. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Blackstone Digital Infrastructure Trust Inc. - Baron Small Cap Fund (1.2%). The Top 10 Holdings for Baron Small Cap Fund: Vertiv Holdings Co (7.6%), Red Rock Resorts, Inc. (5.1%), Kinsale Capital Group, Inc. (4.1%), SiteOne Landscape Supply, Inc. (3.7%), JBT Marel Corporation (3.4%), TransDigm Group Incorporated (3.3%), Cognex Corporation (3.2%), Guidewire Software, Inc. (3.0%), Liberty Media Corporation - Liberty Formula One (2.7%), The Baldwin Insurance Group, Inc. (2.5%). Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

The growth of active ETFs reflects a broader shift as investors look beyond passive and index-based products toward actively managed sector strategies grounded in bottom-up research. Bryan Moore, our Head of Capital Markets, joined @Nasdaq’s Just for Funds to share what is fueling that demand and where he sees opportunity for active managers. Watch his full appearance here: -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.

As AI momentum continued to build in Q2 2026, Portfolio Managers Randy Gwirtzman and Laird Bieger believe the market has carried market valuations too far and too fast. As stated in their latest quarterly letter: “the combination of momentum and fear of missing out pulled investors off the sidelines and into the market anxious not to be left behind by the next great technological revolution.” Read the full letter as Laird and Randy explain how they balance portfolio exposure between potentially over-valued investments and opportunities trading at significant discounts. -- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc, by calling 1-800-99-BARON or visiting Please read carefully before investing. Risks: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund’s returns. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

What does meaningful innovation look like in a disease where progress has been scarce for decades? In Baron Health Care Fund®’s latest quarterly letter, Portfolio Manager Neal Kaufman discusses why we added to our position in Revolution Medicines, Inc., whose medicine Daraxonrasib produced clinical trial results that he believes marks the first major advance in pancreatic cancer in more than 30 years. Our conviction in Revolution Medicines reflects the businesses we focus on for the Fund: differentiated companies that solve problems in health care, whether by reducing costs, enhancing efficiency, or improving patient outcomes. Read the full letter here: -- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc, by calling 1-800-99-BARON or visiting Please read carefully before investing. Risks: In addition to general market conditions, the value of the Fund will be affected by investments in health care companies which are subject to a number of risks, including the adverse impact of legislative actions and government regulations. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Revolution Medicines, Inc. - Baron Health Care Fund (2.1%). The Top 10 Holdings for Baron Health Care Fund: Eli Lilly and Company (13.7%), Mettler-Toledo International Inc. (5.6%), Johnson & Johnson (5.6%), argenx SE (4.2%), Thermo Fisher Scientific Inc. (3.9%), Roivant Sciences Ltd. (3.9%), Teva Pharmaceutical Industries Limited (3.9%), UnitedHealth Group Incorporated (3.6%), Welltower Inc. (3.4%), RadNet, Inc. (3.2%). Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

We were thrilled to welcome students from The Bronx High School of Science Summer Institute to learn more about careers in asset management. Throughout the day, students heard from @RonBaronAnalyst, Michael Baron, and employees about their specialties and professional journeys. We were grateful for the students’ thoughtful questions and enthusiastic participation.

In a new episode of @etf_central’s Inside the House podcast, our Head of ETF Solutions, Matt Camuso, discusses how we create solutions that address client needs while preserving our disciplined approach to active, long-term investing. An example Matt highlights is the Baron Emerging Markets Select ETF® (BCEM), launched in response to clients asking for access to our emerging markets strategy through an ETF. Watch the full episode, filmed at @NYSE here: -- 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐨𝐧 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞𝐬 𝐚𝐫𝐞 𝐧𝐨𝐭 𝐫𝐞𝐯𝐢𝐞𝐰𝐞𝐝, 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐛𝐲 𝐨𝐫 𝐞𝐧𝐝𝐨𝐫𝐬𝐞𝐝 𝐛𝐲 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐨𝐫 𝐢𝐭𝐬 𝐚𝐟𝐟𝐢𝐥𝐢𝐚𝐭𝐞𝐬. 𝐏𝐥𝐞𝐚𝐬𝐞 𝐛𝐞 𝐚𝐰𝐚𝐫𝐞 𝐭𝐡𝐚𝐭 𝐭𝐡𝐢𝐬 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞’𝐬 𝐭𝐞𝐫𝐦𝐬 𝐚𝐧𝐝 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐨𝐭𝐡𝐞𝐫 𝐥𝐞𝐠𝐚𝐥 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐦𝐚𝐲 𝐛𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐭𝐡𝐚𝐧 𝐭𝐡𝐨𝐬𝐞 𝐨𝐟 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥’𝐬 𝐰𝐞𝐛𝐬𝐢𝐭𝐞. 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐢𝐬 𝐧𝐨𝐭 𝐥𝐢𝐚𝐛𝐥𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐚𝐩𝐩𝐞𝐚𝐫𝐢𝐧𝐠 𝐨𝐧 𝐢𝐭, 𝐨𝐫 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐚𝐩𝐩𝐞𝐚𝐫𝐢𝐧𝐠 𝐨𝐧 𝐢𝐭, 𝐨𝐫 𝐟𝐨𝐫 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐨𝐫 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐢𝐬𝐬𝐮𝐞𝐬 𝐚𝐫𝐢𝐬𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐮𝐬𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞. 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳 𝘵𝘩𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘳𝘪𝘴𝘬𝘴, 𝘤𝘩𝘢𝘳𝘨𝘦𝘴, 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘯𝘴𝘦𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘢𝘯𝘥 𝘴𝘶𝘮𝘮𝘢𝘳𝘺 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘤𝘰𝘯𝘵𝘢𝘪𝘯 𝘵𝘩𝘪𝘴 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘣𝘰𝘶𝘵 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥 𝘢𝘯𝘥 𝘤𝘢𝘯 𝘣𝘦 𝘰𝘣𝘵𝘢𝘪𝘯𝘦𝘥 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥'𝘴 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘰𝘳, 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭, 𝘐𝘯𝘤., 𝘣𝘺 𝘤𝘢𝘭𝘭𝘪𝘯𝘨 1-800-99-𝘉𝘈𝘙𝘖𝘕 𝘰𝘳 𝘷𝘪𝘴𝘪𝘵𝘪𝘯𝘨 𝘉𝘢𝘳𝘰𝘯𝘊𝘢𝘱𝘪𝘵𝘢𝘭𝘎𝘳𝘰𝘶𝘱.𝘤𝘰𝘮. 𝘗𝘭𝘦𝘢𝘴𝘦 𝘳𝘦𝘢𝘥 𝘵𝘩𝘦𝘮 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝐑𝐢𝐬𝐤𝐬: In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased risks due to a greater possibility of: settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Fund invests in companies of all sizes, including small and medium-sized companies whose securities may be thinly traded and more difficult to sell during market downturns. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.

Emerging markets delivered strong returns in the second quarter of 2026, but the rally was far narrower than the headline suggests. The IT sector, largely concentrated in a few mega-cap semiconductor stocks, contributed roughly 90% of the second quarter return. In the Baron Emerging Markets Fund® quarterly letter, Portfolio Manager Michael Kass examines what drove this divergence and where the market’s increasingly one-dimensional focus may be creating opportunities in overlooked businesses and countries. Read the full letter for more insights: -- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc, by calling 1-800-99-BARON or visiting Please read carefully before investing. Performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Risks: In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased risks due to a greater possibility of: settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Fund invests in companies of all sizes, including small and medium-sized companies whose securities may be thinly traded and more difficult to sell during market downturns. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Mark your calendars for the 33rd Annual Baron Investment Conference on Friday, November 6, 2026. Join us at Lincoln Center for a packed agenda full of investment insights, CEO guest speakers, live entertainment, and more. Registration opens on August 17, 2026. Stay tuned to our page for more announcements and details to follow! Learn more about the event: -- Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.