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.

Market volatility in much of 2026 has been driven by uncertainty over AI-driven disruption. Whole industries have been sold off over fears AI tools will replace their business model, leading to a sharp divide between perceived “AI Winners” and “AI Losers”. We believe this short-term perspective overlooks long-term investment opportunities in both groups. Our latest In Depth research examines the industries being reshaped by AI. We explain why AI winners may offer more growth potential than widely perceived and why select AI losers may possess overlooked competitive strengths that could support long-term outperformance. -- 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 financials sector is not just a rate cycle story. Banking, payments, insurance, and investing are evolving with new innovations in technology. For active managers, the opportunity is to identify which companies can turn that change into durable growth. Access our research into the sector: -- 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.

Our interns are sliding into the final weeks of their summer at Baron Capital with great energy and strong momentum. Last week, we hosted our 2026 Summer Internship Outing with an evening of digital shuffleboard. It was a well-earned chance to connect, compete, and celebrate a summer of strong contributions.

On latest episode of @TheCompoundNews, our Founder @RonBaronAnalyst and Co-President Michael Baron discuss long-term investing, @SpaceX, artificial intelligence, and the conviction behind owning exceptional businesses through cycles of doubt, growth, and reinvention. Listen 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. 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). © Baron Capital 2026. All rights reserved.

Baron Capital Supports Elon Musk’s 2025 CEO Performance Award Baron Capital is in support of the proposed 2025 CEO Performance Award. We believe it reflects the same principles of accountability, performance and alignment with shareholder interests that drove Tesla’s past success. The plan ensures that shareholders win first, and that Elon Musk continues to lead Tesla for many years to come. We commend the Board for recognizing this and for working to retain Tesla’s most valuable asset. We believe the 2025 CEO Performance Award is right for the company, right for shareholders and right for the future. Baron Capital has been investing in @Tesla since 2014. Our shareholders and clients have benefited enormously from @elonmusk’s vision, determination and execution. Tesla’s success and its future are inseparable from Elon. Elon is the ultimate “key man” of key man risk. Without his relentless drive and uncompromising standards, there would be no Tesla. He has built one of the most important companies in the world. He’s redefining transportation, energy and humanoid robotics and creating lasting value for shareholders while doing it. His interests are completely aligned with investors. He owns 13% of the company. We will be voting FOR. Supplemental Information When my analyst team met with Elon Musk for two hours in our New York City office in 2010 during Tesla’s IPO roadshow, we thought his plans were more hopeful than plausible. Only one of our Funds made a small investment in Tesla at that time. But because Elon is a very impressive executive, we monitored Tesla closely for the next few years. Our research included several visits to Tesla's factories in Fremont, California and Reno, Nevada and frequent phone calls with Tesla executives including Elon. In 2014 when sales of Model S began to increase significantly, I concluded we had been wrong thinking that Elon would not succeed. From 2014 to 2016 Baron Capital purchased approximately $400 million Tesla shares at prices that were about 13X higher than Tesla's IPO price! Tesla's shares have since increased more than 30X our purchase price in 2014. Baron Capital has earned about $8 billion profits realized and unrealized from our Tesla shares for our clients and proprietary accounts. We began to purchase shares in another Musk business, @SpaceX, in 2017. We have invested about $1.3 billion to date in SpaceX. We have since earned about $4 billion profits realized and unrealized on those SpaceX purchases. Our recent $338 million investment in Elon's @xAI data center, social network and Grok AI, has produced about $340 million profits realized and unrealized to date. Profits earned from Musk-controlled businesses represent about 24% of the $52 billion profits we have earned for clients and proprietary accounts since 1992 when we managed $100 million in assets. Musk entities, due to their significant capital appreciation, now represent about 26% of our Firm's $44 billion AUM. We believe that Baron Capital could earn at least 5X the profits we have generated to date from the Musk ecosystem by 2035. If we are right, the beneficiaries of this success will be the estimated 1 million-plus working class and mass affluent, Baron mutual fund shareholders...their IRAs and 401(k) retirement accounts...as well as our institutional clients including endowments, foundations and sovereigns...and, looking through those entities, millions of additional individuals. Further, we think the impact of our investments in Tesla is far greater than the amounts we manage directly. This belief is based on the fact that virtually every day when I am walking on the streets of New York City or in restaurants or traveling...people approach me to say, "Thank you, Ron. You have changed my life!" That is since, for the past twelve years, I have appeared on CNBC’s Squawk Box three or four times a year and have spoken about Tesla...and lately SpaceX, too...and investors have obviously been watching and listening. Tesla's bonus contract with Elon has been written to achieve an objective to get Robotaxi and Optimus robots to scale. If successful, Tesla could earn $400 billion per year in adjusted EBITDA for an extended period by 2035. That could produce a market capitalization for Tesla of over $8 trillion. We believe by 2045 Tesla value could quadruple its 2035 levels. Tesla’s current market cap is $1.5 trillion. Elon will only achieve his full bonus payout if those objectives are met. Tesla shareholders benefit before he does by reaching aggressive market cap objectives that few believe can be attained. We think it is unlikely at this time anyone, but Elon could accomplish those objectives. We believe Elon is not only perhaps the most extraordinary engineer on our planet but an unusually competent businessperson. If he did not live in this country, we think it improbable there would be electric cars...reusable space rockets...Starlink broadband satellites...self-driving cars...giant storage batteries that can be added to America's electric utility grid quickly to provide required energy for AI data centers’ growth in our country...a satellite system protecting our homeland...super-fast manufacturing lines...AI digitizing physical processes...and who knows what else... We also deem it important that another element in Elon's bonus contract is succession. Tesla has 124,000 employees. The company hires only a small fraction of the millions of applicants from top engineering schools for Tesla engineering jobs. I found the comment of one Tesla Board member to me recently especially memorable: "Other AI businesses hire mercenary engineers. Tesla hires brilliant young engineers and trains them. Why would they ever want to leave?" Elon meets regularly with 30 to 40 engineers at a time in a room to discuss their work in various disciplines. And help solve problems they may be facing. Another Board member noted that when those employees leave the room, most are shaking their heads. The common refrain is that solutions to tasks they had thought unsolvable were outlined by Elon. On the fly. "I can't believe what we are learning," was heard most often from the best and brightest. It is rare that a senior executive challenges his prior assumptions recursively. Elon does. In my opinion, culture and people at Musk companies are unmatched at any publicly owned business I have visited in my 55-year career. That's because of him. From the large pool of awesome, talented engineers Elon is assembling, it should be possible to create an executive team to succeed Elon at some distant future point...if he ever decides he's done... If Elon ever leaves Tesla, we believe it's certainly not to sit on a beach somewhere drinking Mai Tai cocktails! On Mars, maybe. But a beach in the Caribbean? No way. Ron Baron (@RonBaronAnalyst) Founder CEO Baron Capital November 3, 2025 ______________________ You should consider the investment objectives, risk, charges, and expense of any of the Baron Funds carefully before investing. The prospectus contains this and other information about Baron Funds. You may obtain one from its distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read it carefully before investing. The performance data quoted represents past performance. Past performance can be no guarantee of future results. 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 reflect our best judgment at the time and are subject to change at any time based on market and other conditions and Baron Capital has no obligation to update them. Portfolio Holdings as a Percentage of Net Assets as of September 30, 2025: Tesla, Inc. - Baron Fifth Avenue Growth Fund (4.3%), Baron Focused Growth Fund (9.7%), Baron Global Opportunity Fund (1.9%), Baron Opportunity Fund (6.0%), Baron Partners Fund (33.2%*), Baron Technology Fund (5.2%); Space Exploration Technologies Corporation - Baron Asset Fund (6.3%), Baron Fifth Avenue Growth Fund (1.5%), Baron Focused Growth Fund (11.6%), Baron Global Opportunity Fund (10.4%), Baron Opportunity Fund (4.5%), Baron Partners Fund (18.1%*); Holdings Corp. - Baron Asset Fund (3.2%), Baron Fifth Avenue Growth Fund (0.8%), Baron Focused Growth Fund (2.2%), Baron Opportunity Fund (1.2%), Baron Partners Fund (0.7%*). *% 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).