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Baron Funds® December 31, 2018 Quarterly Report “‘They don’t allow Jews? I’m a Muslim and significantly since our purchases…and, we think, to the comments from the portfolio managers, they allow me! I will never run there again, will continue to grow substantially. The and of course, the spectacular entertainment that little brother, I promise you.’ And he didn’t. executives’ presentations were streamed live and ends the conference. We plan on attending these That was the Muhammad Ali I will never can still be viewed on our website, annual conferences as long as we are physically forget.” Billy Crystal. Headline entertainer. www.baronfunds.com. Just click on the 2018 able. 27th Annual Baron Investment Conference. Baron Investment Conference. I am a third-generation Polish-German-Irish November 9th, 2018. Metropolitan Opera Before lunch, we raffled a 2019 Tesla Model 3 to American and my wife is a first generation Iranian House, NYC. a lucky Baron Funds’ shareholder. Michael Hebel, American, of this we are very proud. Thank you. Billy’s storytelling about his close friendship with a retired San Francisco police captain and Mike & Gity Hebel, San Francisco Muhammad Ali was remarkably on point with current attorney for that city’s police officers’ the “Values” part of the “Growth + Values” association, was this year’s winner. I thought theme of this year’s Annual Baron Congratulations, Michael and Gity. One Investment Conference. Once again, more more thing. Tesla wants to be sure you than 5,000 Baron Funds’ shareholders, know that the Tesla M3 was a prize given institutional clients of Baron, service and paid for by our privately-owned providers to our Firm, and executives of investment management company, Baron businesses in which Baron has invested Capital Group, not by Tesla. We also want participated in our annual meeting. you to know that this gift, the lunchtime and end of day entertainment, and all “Growth + Values” was depicted by a other expenses incurred for our annual colorful, Warhol style series of the Statue meeting, were paid for by us, not by you or of Liberty on our 2018 Conference T-shirts. Baron Funds. We chose the theme to remind us that 125 years ago the United States opened Our special end of the day entertainment Ellis Island in New York Harbor to welcome draws Baron shareholders from virtually the immigrant parents and grandparents of every state…as well as from other many of us reading this letter. We believe countries. The conversations with Baron that legal immigrants who have come to “It was a ‘mahvelous’ day at the Met, when Billy met Ron at the executives and leaders of businesses in th America and the values they hold dear are November 9 2018 Baron Investment Conference!” the secret growth engine of our nation’s TABLE OF CONTENTS economy. This year we celebrated those values Michael’s “thank you” email perfectly embodied Letter from Ron 1 Letter from Linda 10 that we believe have played a critical role in the ideas underlying this year’s conference. With Baron Funds Performance 15 America’s dynamic growth. his permission, we’ve reprinted it below. Baron Asset Fund 21 Baron Growth Fund 25 When choosing investments, we focus on Baron Small Cap Fund 30 management “values” and corporate culture…in Dear Mr. Baron: Baron Opportunity Fund 35 addition to financial analysis. We believe this At about 11:15 a.m. on November 9th, while Baron Partners Fund 40 Baron Fifth Avenue Growth Fund 44 enables us to better judge whether management attending the Baron Investment Conference in Baron Focused Growth Fund 49 is likely to take short cuts that could put their New York City, I heard Ron Baron announce Baron International Growth Fund 54 entire enterprise at risk or whether a company “Michael Hebel from San Francisco” as winner of Baron Real Estate Fund 59 will realize its long-term growth opportunity. the “electrifying” prize. My wife was sitting next Baron Emerging Markets Fund 68 Baron Energy and Resources Fund 73 to me and pushed my leg saying that my name For two hours beginning at 6 a.m. before our Baron Global Advantage Fund 77 had been called as the winner of the prize. I still Baron Discovery Fund 83 conference, Andrew Ross Sorkin, co-anchor of am in amazement that this actually happened! Baron Durable Advantage Fund 89 CNBC’s Squawk Box, interviewed me and several Baron Real Estate Income Fund 93 CEOs of businesses in which Baron has invested. I am a retired San Francisco police captain and Baron WealthBuilder Fund 99 Afterwards, Baron shareholders heard from Matt now an attorney for the San Francisco Police Baron Health Care Fund 104 Portfolio Holdings 121 Desch, CEO of Iridium Communications Inc., Officers’ Association. My wife Gity is self- Chip Paucek, CEO of 2U, Inc., Pat Pacious, CEO employed as a property manager. of Choice Hotels International, Inc., and Ken Moelis, CEO of Moelis & Company. All spoke We thoroughly enjoy the annual investment candidly and answered questions, no holds conferences and are grateful that you sponsor and barred. These companies are important holdings host them. We especially like listening to CEOs of Baron Funds and most have appreciated from companies held by the Baron funds, listening “Growth + Values” which we invest keep them coming back…even “Hallelujah.” Kelli then concluded with Irving “Growth + Values” theme. Born in Long Island to though our entertainment is not exactly chopped Berlin’s “God Bless America,” our traditional Russian-Austrian parents, our headliner grew up liver…as they say… opening for the conference afternoon session. to become a “Yankee-loving City Slicker.” He started out in TV as a “Soap” star, but this “Mr. This year was no exception. During lunch, Baron A Baron portfolio manager panel moderated by Saturday Night” was destined for SNL and the Funds’ shareholders were entertained in three Amy Chasen, Baron’s Director of Research, bright lights of New York City. He performed at Lincoln Center campus venues. We switched followed. We then debuted a new program, the our conference 12 years ago and was so things up from rock and roll and Broadway to Baron Executive Women’s Panel, featuring five “mahvelous,” we just had to invite him back. 100% comedy this year because we thought we distinguished female executives of Baron, With hints like these, it became “crystal” clear to could all use some laughs. representative of the significant female Baron shareholders we’re talking about the In two lunchtime venues, we produced “FAL,” “Live composition of our Firm. As Linda Martinson, our “Harry” who met Sally, the one and only, Billy From New York, It’s…Friday Afternoon!” – our Firm’s President and COO, pointed out, 41% of Crystal! version of SNL using current SNL stars and alumni. In our Firm’s employees are female and a majority David Geffen Hall, the hilarious trio of SNL female (53%) of Baron’s group heads are women. This If you didn’t have a chance to join us at our 27th comics Tina Fey, Amy Poehler and Kate McKinnon year’s panel was moderated by Linda and annual conference, we hope you will visit us next had shareholders in stitches. In the Vivian Beaumont featured Peggy Wong, Chief Financial Officer; fall at our 28th on October 25, 2019. Theater, SNL men of comedy entertained with an Emmanuelle St. Louis, Director of Human Registration begins on August 5th. Thank you for anything goes panel of Seth Meyers, Kenan Resources; Claudia Pagazani, Director of Portfolio joining us as fellow shareholders in Baron Funds. Thompson, Michael Che and Darrell Hammond. and Risk Analytics; and Stephanie Gisriel, We will continue to work hard to justify your confidence in us. In Alice Tully Hall, the legendary comedian who Director, National Accounts. inspired them all, a man who didn’t look a day My speech, which highlighted “Growth + Respectfully, over 2,000, the incomparable producer of more Values,” was next and is reprinted here following great laughs than anyone can possibly count, the this “Letter from Ron.” You can also watch my one and only, Mel Brooks! 22-minute presentation as well as our portfolio …after lunch, our afternoon at The Met was even manager panel and Linda’s Executive Women’s cooler than usual…if that is possible… Panel at www.baronfunds.com. We are pretty sure you will not find them boring. Six-time Tony Award winning actress and singer Ronald Baron Kelli O’Hara opened our afternoon program with Finally, the time came for real comic relief. Our CEO and Chief Investment Officer a spectacular rendition of Leonard Cohen’s surprise entertainer this year exemplified our January 31, 2019 P.S. While they last…if you’re a shareholder and would like a complimentary Baron Fund’s “Growth + Values” 2018 conference T-shirt, please call us at 1-800-992-2766 ext 3. Please specify sizes S-2XL. They are great for working out…sleeping…or for a fancy evening out on the town! They look great beltedas a dress! It is amazing to me how often I see them in gyms when I am traveling! Not as often as I see Under Armour tee’s, but more often than you’d expect for an investment manager. We also have been getting lots of compliments about our tee-shirt designs. They’re a team effort with lots of input from lots of people. But, the two people most responsible for their creation and design are Jazmin Jourdain, Director of Shareholder Services, Corporate Projects & Events, and Matt Weiss, research analyst…with me, of course.
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