Institutional, Intermediary and Individual Investors convened to discuss “Changing Lives” and investing for the future at the 32^nd Annual Baron Investment Conference

Baron Capital, a growth equity investment Firm with a 43-year track record of long-term, fundamental, research-driven investing, hosted a record-setting 32^nd Annual Baron Capital Investment Conference at Lincoln Center’s Metropolitan Opera House. More than 5,000 investors, financial advisors, and institutional clients from across the U.S. and abroad convened to explore this year’s theme, “Changing Lives,” hear from leaders including Starman Elon Musk, and discuss opportunities shaping the future of investing.

Attendees heard from an array of visionary leaders behind many of Baron Capital’s portfolio companies, including Joe Mansueto, Founder, Former Chief Executive Officer, and Chairman of Morningstar; Eugene Hall, Chief Executive Officer of Gartner; Martin Hoffmann, Chief Executive Officer of On Holding AG; Harley Finkelstein, President of Shopify; and Adam Sabban, Associate Director of Equity Strategies at Morningstar Research Services LLC.

“Our industry is evolving rapidly, and Baron Capital is evolving with it – expanding our offerings while staying true to our DNA,” said Michael Baron, Co-President and Portfolio Manager. “We’re excited about the future as we continue to broaden access to our investment research and portfolio management through new vehicles like active ETFs. Our philosophy, process, and mission to change lives remain constant.”

Baron Capital conducted its Investor Survey at the event, capturing insights from shareholders and clients about their outlook for 2026 and beyond on the ground, including:

• Tech Takes the Lead: Respondents plan to increase allocations to technology (53%), followed by large caps (36%) and small caps (33%) in 2026. More than 25% intend to grow exposure to emerging markets, global equities, and healthcare sectors in the year ahead.
• AI Dominates the Future: Nearly two-thirds (61%) believe artificial intelligence and automation will have the greatest positive impact on portfolios through 2030 – outpacing all other market forces.
• Geopolitics Remain Top of Mind: Over a third of respondents (34%) expect political or geopolitical developments to pose the biggest challenge to portfolios in 2026.
• Performance Is Paramount: Forty-two percent of attendees said a proven performance track record is the top factor in choosing an investment manager.

“We believe humanity is entering its most extraordinary epoch – the intelligence revolution – and we look forward to helping our clients benefit from it,” said Ron Baron, Founder, Chief Executive Officer, and Portfolio Manager. “AI alone will create more $6 trillion companies ($200 billion in 2025 dollars) in the next 50 years than any other advancement has ever created. AI is impacting every industry and company and is already accelerating our own research capabilities. Our mission remains clear: identify great businesses early, invest for the long term, and deliver performance that truly changes lives.”

Guests also enjoyed world-class entertainment from Shania Twain, Kelli O'Hara, Sutton Foster, Sebastian Maniscalco, and a surprise closing performance by P!NK. Tesla showcased its Optimus robot, and attendees participated in exclusive giveaways, including Tesla door prizes. All expenses associated with the Baron Investment Conference are paid for by Baron Capital. No Conference expenses are paid by Baron Funds’ shareholders.

To view recordings of the sessions, visit: https://www.baroncapitalgroup.com/conference-2025 or follow Baron Capital on X (@BaronCapital) and LinkedIn (Baron Capital) for updates.

Methodology

Baron Capital’s Investor Survey collected data from 207 Baron Capital shareholders and clients on-site during the 32^nd Annual Baron Capital Investment Conference. The conference was held in New York City on November 14, 2025. The survey aimed to better understand attendees’ perspectives on investments heading into 2026 and beyond.

About Baron Capital

Baron Capital is a research and asset management Firm focused exclusively on delivering growth equity investment solutions to institutions, financial advisors, and individual investors. Since its founding in 1982, Baron Capital has been united under one style of investing with a single objective–to be long-term investors in secular growth businesses with durable competitive advantages, run by great management teams. With $45 billion in assets under management (as of 9/30/2025) across 19 strategies, Baron Capital prides itself on delivering top performance with 96.1% of Baron Funds AUM outperforming their respective benchmarks since inception.

Investors should consider the investment objectives, risks, charges, and expenses of the Baron Funds carefully before investing. The prospectus and summary prospectus contain this and other information about Baron Funds. You may obtain them from its distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting baroncapitalgroup.com. Please read it 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 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.

As of 9/30/2025

⁽¹⁾ Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the predecessor partnership charged a performance fee, returns would be higher. The Fund's shareholders will not be charged a performance fee. The predecessor partnership's performance is only for periods before the Fund's registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely impacted its performance. ⁽²⁾ The since inception date for Russell Midcap Growth Index is 6/30/1987. ⁽³⁾ Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the predecessor partnership charged a performance fee, returns would be higher. The Fund's shareholders will not be charged a performance fee. The predecessor partnership's performance is only for periods before the Fund's registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely impacted its performance. ⁽⁴⁾ While the Fund may invest in securities of any market capitalization, 45.8% of the Fund’s long holdings were invested in SMID, Mid and Mid/Large-Cap securities (as defined by Russell, Inc.) as of 9/30/2025 (SMID represents 10.5% of the portfolio and has market capitalizations between $5.4 – $16.8 billion; Mid represents 28.0% and has market capitalizations between $16.8 – $58.2 billion; Mid /Large represents 7.4% and has market capitalizations between $58.2 – $202.7 billion). ⁽⁵⁾ The Broad-Based Benchmark for Baron Discovery Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Focused Growth Fund, Baron Asset Fund, Baron Partners Fund, and Baron Health Care Fund is Russell 3000 Index. The Broad-Based Benchmark for Baron Durable Advantage Fund, Baron Fifth Avenue Growth Fund, Baron Opportunity Fund, Baron FinTech Fund, Baron Real Estate Fund, Baron Real Estate Income Fund, Baron Technology Fund, and Baron WealthBuilder Fund is S&P 500 Index. The Broad- Based Benchmark for Baron Emerging Markets Fund is MSCI Emerging Markets Index. The Broad-Based Benchmark for Baron International Growth Fund is MSCI ACWI ex USA Index. The Broad-Based Benchmark for Baron Global Opportunity Fund, Baron FinTech Fund, Baron Technology Fund, and Baron WealthBuilder Fund is MSCI ACWI Index. ⁽⁶⁾ As of 1/28/2025. ⁽⁷⁾ Comprised of operating expenses of 1.03% and interest expense of 0.05%. ⁽⁸⁾ As of 4/30/2025. ⁽⁹⁾ Gross annual expense ratio was 0.77%, but the net annual expense ratio was 0.70% (net of Adviser’s fee waivers). ⁽¹⁰⁾ Gross annual expense ratio was 0.76%, but the net annual expense ratio was 0.75% (net of Adviser’s fee waivers). ⁽¹¹⁾ Comprised of operating expenses of 1.05% and interest expense of 0.94%. ⁽¹²⁾ Gross annual expense ratio was 0.96%, but the net annual expense ratio was 0.91% (net of Adviser’s fee waivers, including interest expense of 0.01%). ⁽¹³⁾ Gross annual expense ratio was 6.86%, but the net annual expense ratio was 1.20% (net of Adviser’s fee waivers and expense reimbursements). ⁽¹⁴⁾ Gross annual expense ratio was 1.04%, but the net annual expense ratio was 0.96% (net of Adviser’s fee waivers). ⁽¹⁵⁾ Gross annual expense ratio was 1.13%, but the net annual expense ratio was 0.95% (net of Adviser’s fee waivers). ⁽¹⁶⁾ Gross annual expense ratio was 0.87%, but the net annual expense ratio was 0.85% (net of Adviser’s fee waivers). ⁽¹⁷⁾ Gross annual expense ratio was 0.90%, but the net annual expense ratio was 0.80% (net of Adviser’s fee waivers). ⁽¹⁸⁾ Gross annual expense ratio was 1.35%, but the net annual expense ratio was 0.95% (net of Adviser’s fee waivers and expense reimbursements). ⁽¹⁹⁾ Gross annual expense ratio was 1.21%, but the net annual expense ratio was 1.18% (includes acquired fund fees and expenses, net of the expense reimbursements).

If a Fund’s historical performance was impacted by gains from IPOs there is no guarantee that these results can be repeated or that the Funds' level of participation in IPOs will be the same in the future.

† As stated within the Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information dated April 30, 2025, effective October 1, 2025, Baron Global Advantage Fund^® has changed its name to Baron Global Opportunity Fund™. For additional information please refer to the Supplement.

Risks: All investments are subject to risk and may lose value.

Portfolio holdings as a percentage of net assets as of September 30, 2025 for securities mentioned are as follows: Shopify Inc. - Baron Fifth Avenue Growth Fund (5.2%), Baron FinTech Fund (2.5%), Baron Focused Growth Fund (3.6%), Baron Opportunity Fund (1.7%), Baron Technology Fund (1.3%), Morningstar, Inc. - Baron Asset Fund (1.0%), Baron FinTech Fund (1.7%), Baron Growth Fund (4.3%), Gartner, Inc. - Baron Asset Fund (4.7%), Baron Growth Fund (6.4%), Baron Opportunity Fund (1.6%), Baron Partners Fund (3.7%*), Baron Small Cap Fund (3.0%), Baron Technology Fund (1.1%), On Holding Ag - Baron Asset Fund (1.3%), Baron Discovery Fund (0.8%), Baron Focused Growth Fund (4.4%), Baron International Growth Fund (0.7%).

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 document 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 reflect our best judgment at the time and are subject to change at any time based on market and other conditions and Baron Capital 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).

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