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.