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Past performance is not a guarantee of future performance. Investment results and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Investors should be aware of the additional risks associated with investments in non-diversification, undervalued or overlooked companies and investments in specific industries. Additional risks may include those associated with investing in foreign securities, emerging markets, and companies with relatively small market capitalizations.
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as of 03/31/19
In the first quarter of 2019, domestic markets recovered almost all the decline suffered late last year, with the S&P 500 Index posting its best quarter since 2009. Investors fretted about interest rates and trade during the fourth quarter of 2018, and found relief on both fronts to start the year. Subdued inflation and softer global economic growth motivated the Fed to reverse course on interest rates and the magnitude of its balance sheet roll-off. The status of ongoing trade negotiations between the U.S. and China continues to resemble a game of “telephone” where each participant strains to perceive and relay the true state of affairs without being privy to the actual discussions. The message currently being received by the market is more upbeat, with an agreement and the elimination of most tariffs perhaps coming as soon as this spring. While the details remain to be seen, any improvement in trade relations between the world’s two largest economies is favorable.
Against this backdrop, Baron Discovery Fund advanced in the first quarter. All sectors contributed to performance, led by Information Technology (IT), Health Care, and Industrials investments. All holdings but one within IT advanced. Trade Desk, Inc. and Yext, Inc., respectively the top and third largest contributors, led performance within the sector. ForeScout Technologies, Inc. was another noteworthy contributor after its stock price increased more than 60% on strong earnings and guidance. ForeScout has developed agentless technology that discovers devices in real time as they connect to an IT network and continuously monitors and assesses their security posture. The solution provides security customers with visibility to 30% more devices on their network after installation. As penetration is low relative to the market opportunity, we continue to hold the stock. TherapeuticsMD, Inc. added the most to performance of the Health Care sector after one of the company’s drugs demonstrated strong prescription growth. Second largest contributor Mercury Systems, Inc. led gains within the Industrials sector.
We believe we have a significant number of stock specific catalysts that we expect to take place through the remainder of the year. We are also excited by the number of small, fast growing companies in our new idea funnel. We continue to work to process these ideas to discover the next great small growth companies.
as of 03/31/19
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 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
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 on this page 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 are subject to change. Current and future portfolio holdings are subject to risk.
The index performance is not fund performance; one cannot invest directly into an index.