Content Detail

• Content META

  Title	Baron WealthBuilder Fund Q3 2025 Shareholder Letter
  ID	27849605
  External ID	d3375506747f98852404e5e9944d7cd4
  Author	Baron Capital
  Published Date	Nov. 18, 2025, 8:30 p.m.
  Summary	Explore Baron WealthBuilder Fund's Q3 2025 performance, key holdings like Tesla and NVIDIA, and market insights amidst political shifts and AI trends. Discover more.
  Tags	None
  URL	https://seekingalpha.com/article/4845381-baron-wealthbuilder-fund-q3-2025-shareholder-letter
  Sentiment	Negative: 0.03075    Neutral: 0.33581    Positive: 0.63344
  Relevance	0.02358

• Content Details

  Content ID	35528226
  Key	a4fe22d7-749e-4168-a1c5-308df763a4e9
  Content	MarkgrafAve/iStock via Getty Images Dear Baron WealthBuilder Fund ( BWBIX Baron WealthBuilder Fund® (the Fund) is an allocation strategy that invests exclusively in Baron Funds. Its investments span market caps, sectors, and geographies to provide growth equity diversification. The Fund appreciated 3.20% (Institutional Shares) during the third quarter, trailing its primary benchmark, the S&P 500 Index (the Index), as well as the globally oriented MSCI ACWI Index (the Global Index), which were up 8.12% and 7.62%, respectively. The Fund also trailed peers in the Morningstar Aggressive Allocation Category (the Peers), which were up 5.67%.* Despite experiencing intermittent bouts of underperformance in recent years, the Fund's long-term track record remains solid. The Fund's annualized return of 12.93% since inception is modestly below the Index (+14.44%) and ahead of the Global Index (+10.67%) and Peers (+8.08%). As a result, the Fund ranked in the top percentile of its Peer group since inception. While disappointed with recent relative returns compared to its indexes, we are proud of the Fund's long-term absolute and relative performance compared to its Peers. Annualized performance (%) for period ended September 30, 2025 Fund Retail Shares1,2 Fund Institutional Shares1,2 Fund TAShares1,2 S&P 500 Index1 MSCI ACWI Index1 QTD3 3.17 3.20 3.20 8.12 7.62 YTD3 4.80 5.00 5.01 14.83 18.44 1 Year 10.53 10.81 10.81 17.60 17.27 3 Years 16.30 16.60 16.58 24.94 23.12 5 Years 8.43 8.71 8.69 16.47 13.54 Since Inception (12/29/2017) 12.66 12.93 12.92 14.44 10.67 Click to enlarge As of September 30, 2025, the Morningstar Aggressive Allocation Category consisted of 94, 94, 90, and 92 share classes for the 1-, 3-, 5-year, and since inception (12/29/2017) time periods. Morningstar ranked Baron WealthBuilder Fund Institutional Share Class in the 57th, 64th, 96th, and 1st percentiles, respectively. * As of September 30, 2025, the annualized returns of the Morningstar Aggressive Allocation Category Average were 10.74%, 17.31%, 11.31%, and 8.08% for the 1-, 3-, 5-year, and since inception (12/29/2017) periods, respectively. Morningstar calculates the Morningstar Aggressive Allocation Category Average performance and rankings using its Fractional Weighting methodology. Morningstar rankings are based on total returns and do not include sales charges. Total returns do account for management, administrative, and 12b-1fees and other costs automatically deducted from fund assets. Performance listed in the above table is net of annual operating expenses. The gross annual expense ratio for the Retail Shares, Institutional Shares, and TA Shares as of April 30, 2025 was 1.46%, 1.21%, and 1.21%, respectively, but the net annual expense ratio was 1.43%, 1.18%, and 1.18% (includes acquired fund fees of 1.13%, net of expense reimbursements), respectively. 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. BAMCO, Inc. ('BAMCO' or the 'Adviser') has agreed that, pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term, it will waive and/or reimburse certain expenses of the Fund, limiting net annual operating expenses (portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses are not subject to the operating expense limitation) to 0.30% of average daily nest assets of Retail Shares, 0.05% of average daily net assets of Institutional Shares and 0.05% of average daily net assets of TA Shares, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit BaronCapitalGroup.com or call 1-800-99-BARON. Click to enlarge The recent quarter should not be viewed in isolation and should remind investors how the Fund has performed over the course of a full cycle. Results in 2025 follow a period of a surprise and drastic change in the U.S. political landscape. The business and investor euphoria experienced because of the Presidential election at the end of 2024 was met with the realities of policies enacted (and in some cases, enacted, paused, and/or withdrawn) at the start of 2025. Investors had believed that President Trump would usher in a pro-business era of less regulatory burdens, falling interest rates, and lower taxes. However, these same investors remain concerned about tariffs hindering international trade, inflation harming discretionary spending, and federal spending cuts, and the ongoing government shutdown impacting economic growth. It has been a whipsaw of forecasts. We did not attempt to predict the 2024 election outcome, nor investor reaction to it. And we likewise are not attempting to predict current policy. We believe that our investments should achieve their goals regardless of political outcomes. Reduced regulatory burdens should enable our disruptive growth businesses to meet their objectives more quickly. And we find that more challenging economic environments tend to favor our core growth quality, competitively-advantaged businesses, which are well represented in the Fund. These businesses should face less competition from new entrants in such economies. And the executive teams should position their business to thrive. The portfolio turnover of most Baron Funds remained low throughout this period. A transitional period is often volatile, and that has once again been the case. Against this backdrop, the Fund's third quarter performance was bolstered by the high-conviction, non-diversified Baron Partners and Baron Focused Growth Funds, with most of the gains coming from electric vehicle (EV) manufacture r Tesla, Inc. (TSLA) and private rocket, satellite, and spacecraft manufacturer Space Exploration Technologies Corp. (SpaceX). Tesla's share price increased 40% due to multiple factors. First, Tesla's core automotive business is showing renewed strength, with expectations for rising third quarter delivery volumes across major markets following an enthusiastic consumer response to a new Model Y variant in China. Second, investor confidence in the company's long-term vision and in Elon Musk's leadership was reinforced by a newly proposed CEO compensation package and nearly $1 billion in personal share purchases by Musk. Finally, Tesla's AI initiatives continue to advance rapidly, highlighted by the Austin robotaxi network's expansion from 20 to over 170 square miles since its June 2025 launch and plans for rollouts to additional cities. The upcoming Full Self-Driving version 14 release is also expected to deliver a major leap in capability for the company's consumer-owned fleet, while humanoid robot production is anticipated next year as Tesla finalizes its latest Optimus design. SpaceX is a high-profile private company founded by Elon Musk. The company's primary focus is on developing and launching advanced rockets, satellites, and spacecrafts, with the ambitious long-term goal of making life multi-planetary. SpaceX is generating significant value with the rapid expansion of its Starlink broadband service. The company is successfully deploying a vast constellation of Starlink satellites in Earth's orbit, reporting substantial growth in active users, and regularly deploying new and more efficient hardware technology. Furthermore, SpaceX has established itself as a leading launch provider by offering highly reliable and cost-effective launches, leveraging the company's reusable launch technology. SpaceX capabilities extend to strategic services such as human space flight missions. Moreover, SpaceX is making tremendous progress on its newest rocket, Starship, which is the largest, most powerful rocket ever flown. This next-generation vehicle represents a significant leap forward in reusability and space exploration capabilities. We value SpaceX using prices of recent stock transactions. Double-digit gains from the sector-focused Baron Real Estate Fund (BREFX) and the non-U.S./global Baron Emerging Markets Fund (BEMIX) also aided performance. Baron Real Estate Fund benefited from its unique exposure to non-REIT real estate-related companies, which were up 13.9% in the period owing mostly to strength in the casinos & gaming operators (Wynn Resorts, Limited (WYNN) and Red Rock Resorts, Inc. (RRR)), homebuilders & land developers (Toll Brothers, Inc. (TOL) and D.R. Horton, Inc. (DHI)), and building products/services (CRH public limited company (CRH) and Advanced Drainage Systems, Inc. (WMS)) categories. Baron Emerging Markets Fund performed well in a period when emerging market (EM) equities outperformed their developed market counterparts. The rally in Chinese equities was largely responsible for EM (and Baron Emerging Markets Fund's) outperformance, with gains being driven by investor optimism about AI innovation, which bolstered Chinese technology and internet companies. Targeted government initiatives, easing trade tensions with the U.S., and significant domestic capital inflows also contributed to strength in China. In our view, global investors have started to appreciate the country's AI potential as well as leadership in new age technologies such as EVs/batteries, autonomous mobility, humanoid robotics, and renewable energy. Taiwanese and Korean equities also performed well in the period, overshadowing weakness in India, where equity markets were pressured by underwhelming corporate earnings and concerns about the impact of new U.S. trade and visa policy announcements. The higher growth portfolios Baron Global Opportunity, Baron Fifth Avenue Growth, and Baron Opportunity Funds also produced solid gains in the quarter, benefitting from exposure to strong-performing semiconductor (NVIDIA Corporation (NVDA), Taiwan Semiconductor Manufacturing Company Limited (TSM), and Broadcom Inc. (AVGO)) stocks, which were up sharply in the period due to robust earnings results and intensifying investor enthusiasm around the AI secular growth theme. Conversely, Baron Growth Fund (BGRFX) and Baron Asset Fund (BARIX) were the largest detractors from performance as losses from perceived 'AI losers' generally hampered performance . Syndicated research provider Gartner, Inc. (IT) was the largest detractor in both funds after reporting disappointing quarterly earnings. Contract value growth, a leading indicator of future revenue, decelerated by approximately 2%. We attribute most of the slowdown to ongoing cost cutting in the U.S. public sector, which represents about 5% of revenue, as well as more challenging business conditions in industries dependent on public sector funding. In addition, companies with meaningful exposure to tariffs appear to be reducing costs, resulting in longer sales cycles and slightly higher client attrition. While the market expressed concern about the impact of AI on Gartner's insights business, we see no evidence that this is negatively impacting its value proposition. The company continues to benefit from a vast and expanding set of proprietary data generated through hundreds of thousands of interactions with buyers, sellers, and technology consumers. Gartner bought back approximately $800 million worth of stock in July and August and authorized an additional $1 billion in September, and we expect the company to continue repurchasing shares aggressively to capitalize on the discounted valuation. Financial exchanges & data holdings FactSet Research Systems Inc. (FDS), Morningstar, Inc. (MORN), and MSCI Inc. (MSCI) were other perceived AI losers that hurt performance in these funds. From a relative standpoint, the Fund underperformed the Index due to a combination of stock selection, style biases, and active industry exposures. Stock-specific weakness was largely driven by lower or lack of exposure to certain Magnificent Seven names that performed well in the period, namely Alphabet Inc. (GOOGL), Apple Inc. (AAPL), Microsoft Corporation (MSFT), and NVIDIA. The Magnificent Seven complex dominated market returns for a second consecutive quarter, accounting for nearly two-thirds of the Index's third quarter gains. The group appreciated 15.5% in the period, outperforming all other securities in the Index, which were up 4.6%, by a double-digit margin. Outside of the Magnificent Seven, the Fund's higher exposure to perceived AI losers Gartner and FactSet also detracted from relative performance. In terms of styles, the Fund's significant exposure to small-, smid-, and mid-cap stocks proved costly, as evidenced by underexposure to the strong performing Size (large caps) factor and overexposure to the weak performing Mid Capitalization factor weighing heavily on performance in the period. The Fund was also penalized for its underexposure to Momentum, which was one of the top performing factors for the quarter. Lastly, active industry exposures were a drag on performance owing mostly to the Fund's lower exposure to the better performing Computer Electronics and Semiconductors industries. The Fund's overexposure to the lagging Hotels Leisure and Consumer Services, Diversified Financials, and Insurance Brokers and Reinsurance industries also hampered performance. Baron Funds Performance: Institutional share class data Percent of Net Assets of Fund (%) Return for Third Quarter of 2025* (%) Annualized Return 12/29/2017 to 9/30/2025 (%) Primary Benchmark Return for Third Quarter of 2025* (%) Annualized Return 12/29/2017 to 9/30/2025 (%) 30.3 Small Cap 5.0% Baron Discovery Fund (BDSIX) 2.85 11.21 Russell 2000 Growth Index 12.19 7.98 12.8% Baron Growth Fund (8.69) 7.93 12.5% Baron Small Cap Fund (BSCIX) 0.54 9.72 7.1 Small/Mid Cap 7.1% Baron Focused Growth Fund (BFGIX) 4.83 22.01 Russell 2500 Growth Index 10.73 9.29 9.4 Mid Cap 9.4% Baron Asset Fund (4.23) 9.59 Russell Midcap Growth Index 2.78 12.59 8.9 Large Cap 4.3% Baron Durable Advantage Fund (BDAIX) 5.62 16.13† S&P 500 Index 8.12 14.28† 4.6% Baron Fifth Avenue Growth Fund (BFTIX) 5.72 14.24 Russell 1000 Growth Index 10.51 18.61 20.1 All Cap 4.6% Baron Opportunity Fund (BOPIX) 5.44 21.26 Russell 3000 Growth Index 10.41 17.93 15.5% Baron Partners Fund (BPTIX) 13.17 24.33 Russell Midcap Growth Index 2.78 12.59 10.7 Non-U.S./Global 3.2% Baron Emerging Markets Fund 10.89 3.88 MSCI Emerging Markets Index 10.64 4.47 4.3% Baron Global Opportunity Fund (BGOIX) 7.71 10.94† MSCI ACWI Index 7.62 10.29† 3.2% Baron International Growth Fund (BIGIX) 6.04 5.91 MSCI ACWI ex USA Index 6.89 6.31 13.6 Sector 2.4% Baron FinTech Fund (BTFIX) (4.29) 11.28† FactSet Global FinTech Index (1.90) 5.14† 2.6% Baron Health Care Fund (BHCIX) 5.39 8.86† Russell 3000 Health Care Index 5.05 7.35† 6.2% Baron Real Estate Fund 10.25 10.49 MSCI USA IMI Extended Real Estate Index 5.65 8.62 2.4% Baron Real Estate Income Fund (BREIX) 5.43 4.01† MSCI US REIT Index 4.49 3.25† Click to enlarge * Not annualized.† Performance is calculated from the time the Fund was added to Baron WealthBuilder Fund: Baron Durable Advantage Fund – 3/13/2018; Baron Global Advantage Fund - 1/9/2018; Baron FinTech Fund – 2/27/2020; Baron Health Care Fund – 10/18/2018; and Baron Real Estate Income Fund – 5/17/2021.Performance data quoted represents past performance. Past performance is no guarantee of future results. The indexes are unmanaged. Index performance is not Fund performance. Investors cannot invest directly in an index. Click to enlarge Fund of Funds Structure and Investment Strategy The Fund is a compilation of our Baron Funds and provides broad equity exposure. All underlying Baron Funds follow a consistent investment philosophy and process. We do not try to mimic the indexes, and we do not alter our strategy to coincide with short-term macro events that we regard as unpredictable. We remain focused on underlying business fundamentals. We believe small- and mid-cap growth stocks offer attractive return potential relative to their risk over the long term. Small- and mid-cap businesses represent 61.3% of the Fund (compared to only 19.2% for the Index). While our small- and mid-cap growth investments have been successful over our Firm's 43-year history, these styles are occasionally out of favor. The past few years have been one of these environments. Large-cap growth companies are outperforming small-cap growth companies this year and in many instances over the last decade. Since the Fund's inception almost eight years ago, the one-year rolling monthly returns of the Russell 1000 Growth Index have outperformed the Russell 2000 Growth Index 80% of the time including six out of the past seven calendar years. Rather than only examining the Fund's performance over a quarter or a year, we believe it is equally important to understand how the Fund has performed over the course of an economic cycle. The COVID-19 Pandemic and subsequent Macro-Induced Market Rotation has been very difficult for small- and mid-sized growth companies. Investors have favored larger-cap, value-oriented businesses that are deemed safer during a time of uncertainty. We believe this offers a great opportunity for long-term investors to invest in small- and mid-cap growth businesses at attractive prices. Markets first peaked in late February 2020 before rapidly dropping as the economy braced for the COVID-19 Pandemic. It recovered quickly, followed by another sizable drop based on macroeconomic factors. Over the three years of the COVID-19 Pandemic ended December 31, 2022, the Russell 2000 Growth Index, a small-cap growth index, gained only 1.96% on a cumulative basis. The Russell Midcap Growth Index fared better with a cumulative three-year return of 12.00%. With that backdrop, the Fund performed better and appreciated 28.11%. We believe protecting and growing clients' assets during this challenging period positions long-term investors well for meaningful appreciation once the macro landscape changes. The table below provides a more complete look at how the Fund and various indexes performed during the pandemic and its aftermath. Since the end of the COVID-19 Pandemic, volatility has remained high and new challenges have emerged. Global conflict has increased, geopolitics remains uncertain, and a global trade war is threatened. Given our weightings, the Fund's performance has trailed the large-cap Index since the start of this cycle. However, the Fund's return has continued to exceed the small-cap growth index. Cumulative performance throughout the pandemic and its aftermath (%) Pre-COVID COVIDPanic COVID New Normal Macro-InducedMarket Rotation COVID PandemicCycle Conclusion of COVID Pandemic Cycle to Present 12/31/2019to2/19/2020 2/19/2020to3/23/2020 3/23/2020to11/18/2021 11/18/2021to12/31/2022 12/31/2019to12/31/2022 12/31/2022to9/30/2025 Baron WealthBuilder Fund (Institutional Shares) 13.84 (38.48) 179.85 (34.64) 28.11 17.76 S&P 500 Index 5.08 (33.79) 115.86 (16.91) 24.79 24.15 MSCI ACWI Index 2.74 (33.64) 102.32 (18.44) 12.50 21.29 Russell 2000 Growth Index 5.09 (38.46) 129.58 (31.34) 1.96 16.60 Russell Midcap Growth Index 6.97 (35.71) 134.05 (30.42) 12.00 22.16 Click to enlarge Performance data quoted represents past performance. Past performance is no guarantee of future results. The indexes are unmanaged. Index performance is not Fund performance. Investors cannot invest directly in an index. Click to enlarge Performance characteristics since inception Baron WealthBuilder Fund (Institutional Shares) S&P 500Index Morningstar Aggressive Allocation Category Alpha (%) - Annualized (3.12) 0.00 (4.57) Beta 1.18 1.00 0.92 Sharpe Ratio 0.48 0.71 0.35 Standard Deviation (%) - Annualized 21.65 16.74 15.76 Upside Capture (%) 106.14 100.00 81.03 Downside Capture (%) 117.56 100.00 99.31 Click to enlarge Source: FactSet SPAR.Except for Standard Deviation and Sharpe Ratio, the performance based characteristics above were calculated relative to the S&P 500 Index. Click to enlarge Sector exposures Percent of Total Net Assets (%) S&P 500 Index Weight (%) MSCI ACWI Index Weight (%) Consumer Discretionary 21.5 10.5 10.7 Financials 19.5 13.5 17.4 Information Technology 19.2 34.8 27.2 Industrials 14.2 8.3 10.7 Health Care 9.7 8.9 8.5 Real Estate 8.5 1.9 1.9 Communication Services 4.9 10.1 8.8 Materials 1.2 1.8 3.6 Consumer Staples 0.6 4.9 5.3 Energy 0.2 2.9 3.5 Unclassified 0.0 Utilities 0.0 2.3 2.6 * Represents less than 0.1%. Click to enlarge Fund of fund holdings Percent of Total Investments (%) Baron Partners Fund 15.5 Baron Growth Fund 12.8 Baron Small Cap Fund 12.5 Baron Asset Fund 9.4 Baron Focused Growth Fund 7.1 Baron Real Estate Fund 6.2 Baron Discovery Fund 5.0 Baron Fifth Avenue Growth Fund 4.6 Baron Opportunity Fund 4.6 Baron Durable Advantage Fund 4.3 Baron Global Opportunity Fund 4.3 Baron International Growth Fund 3.2 Baron Emerging Markets Fund 3.2 Baron Health Care Fund 2.6 Baron Real Estate Income Fund 2.4 Baron FinTech Fund 2.4 Click to enlarge Thank you for joining us as fellow shareholders in Baron WealthBuilder Fund®. We continue to work hard to justify your confidence and trust in our stewardship of your hard-earned savings. We remain dedicated to giving you the information we would want if our roles were reversed. We hope this letter enables you to make an informed decision about whether this Fund remains an appropriate investment. Respectfully, Ronald Baron, CEO and Portfolio Manager Michael Baron, Co-President and Portfolio Manager Baron WealthBuilder Fund Share Class: Institutional BWBIX NAV $21.02 As of 11/18/2025 Daily change- 0.24% As of 11/18/2025 Managed by Ron Baron, Michael Baron 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 Adviser waives and/or reimburses or may waive or reimburse certain Funds expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Funds' 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. For performance information current to the most recent month end, visit BaronCapitalGroup.com or call 1-800-99-BARON. 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 BaronCapitalGroup.com. Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. 1 The S&P 500 Index measures the performance of 500 widely held large cap U.S. companies. The MSCI ACWI Index Net (USD) is an unmanaged, free float-adjusted market capitalization weighted index reflected in U.S. dollars that measures the equity market performance of large- and mid-cap securities across developed and emerging markets. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The MSCI ACWI Index and the Fund include reinvestment of dividends, net of foreign withholding taxes, while the S&P 500 Index includes reinvestment of dividends before taxes. Reinvestment of dividends positively impacts performance results. The indexes are unmanaged Index performance is not Fund performance. Investors cannot invest directly in an index.2 The performance data in the table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.3 Not annualized. Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectus 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 BaronCapitalGroup.com. Please read them carefully before investing. For information pertaining to competitor funds, please refer to that firm's website. Risks: The Fund is a non-diversified fund because it invests, at any given time, in the securities of a select number of Baron mutual funds (the 'Underlying Funds'), representing specific investment strategies. The Fund can invest in funds holding U.S. and international stocks; small-cap, small to mid-cap, large-cap, all-cap stocks; and specialty stocks. Each of the Underlying Funds has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, it will have greater exposure to the risks of that Underlying Fund. For further information regarding the investment risks of the Underlying Funds, please refer to the Underlying Funds' prospectus. The Fund may not achieve its objectives. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. The discussions of the companies herein are not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this report reflect those of the respective portfolio managers only through the end of the period stated in this report. The portfolio manager's views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. This report does not constitute an offer to sell or a solicitation of any offer to buy securities of Baron WealthBuilder Fund ® by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation. 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 2025. All rights reserved. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED Form CRS - Baron Capital, Inc. | Form CRS - Baron Capital Management, Inc. 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). Click to enlarge Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
  Content Reference URL	None

• Publisher

  Publisher Name	Seeking Alpha (#3101)
  Publisher URL	https://seekingalpha.com
  Description	None
  Trust Flow Score	33
  Citation Flow Score	48

• Data Source

  Data Source Name	NewsCatcher (#303)
  Data Source Type	news
  Data Source URL	https://www.newscatcherapi.com/
  Description
  Weight	1