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.