| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.12% | -6.99% | -6.99% |
Baron Health Care Fund declined 6.97% in Q1 2026, underperforming the Russell 3000 Health Care Index's 4.88% decline due to disappointing stock selection in pharmaceuticals and biotechnology. The fund's underperformance was primarily driven by limited exposure to large-cap pharmaceutical companies like Johnson & Johnson and Merck, which posted solid gains. Key detractors included Eli Lilly amid GLP-1 competition concerns, Thermo Fisher on life sciences weakness, and RadNet on AI disruption fears. However, the manager maintains conviction in long-term themes including biopharma M&A activity, which saw $33 billion in Q1 deals, and the $150+ billion GLP-1 market opportunity. The fund added positions in diagnostics leaders Guardant Health and Natera, capitalizing on liquid biopsy and genetic testing growth. With 41 holdings focused on secular healthcare trends, the manager believes many stocks are attractively valued and expects continued M&A activity driven by upcoming patent cliffs. The regulatory environment remains favorable with FDA accelerating drug development pathways.
Focus on competitively advantaged growth companies in health care that solve problems by reducing costs, enhancing efficiency, and improving patient outcomes, with particular emphasis on secular growth themes including diagnostics, biotechnology innovation, and AI-enhanced medical solutions.
Manager continues to believe long-term outlook for health care is positive given favorable secular growth drivers including aging population, rising incidence of chronic diseases, advances in biotechnology and medical technology, and increased health care spending. Many health care stocks look cheaper now than at any time since fund launch. Expects continued M&A activity and regulatory support for biopharmaceutical industry.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | ACLX, ARGX, AZN, GH, JNJ, LLY, MRK, NTRA, RDNT, ROIV, TMO, WELL | AI, Biotechnology, Diagnostics, GLP1, healthcare, M&A, Pharmaceuticals | - | Healthcare fund underperformed on limited large-cap pharma exposure but maintains conviction in secular growth themes. Strong M&A activity with $33 billion Q1 deals supports biopharma thesis. Added diagnostic leaders Guardant Health and Natera while reducing risk in argenx. Manager sees attractive valuations and expects continued consolidation driven by patent cliff pressures and favorable regulatory environment. |
| Jan 23 2026 | 2025 Q4 | ABBV, ACLX, ARGX, ARQT, AZN, BSX, DHR, DSXY, EHC, ELAN, INSM, ISRG, LLY, MASI, MTD, PEN, RDNT, RGEN, SYK, TEVA, TMO, WELL | Biotechnology, GLP1, healthcare, Life Sciences, M&A, Medical Devices, Pharmaceuticals |
LLY ARGX TEVA ARQQ DOCS EHC TMO ARQT WELL ELAN RGEN |
Baron Health Care Fund outperformed in Q4 2025 with strong biotechnology stock selection, led by Cidara Therapeutics M&A and Eli Lilly's GLP-1 success. Biotechnology funding surged 94% year-over-year while M&A accelerates due to pharmaceutical patent cliffs. The Fund maintains overweight positions in biotech and life sciences tools, targeting secular growth opportunities in an improving sector environment. |
| Sep 30 2025 | 2025 Q3 | ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, IMVT, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE | AI, Biotechnology, GLP1, growth, healthcare, Medical Devices, Pharmaceuticals | - | Baron Health Care Fund delivered 5.39% returns in Q3 2025, driven by strong biotechnology stock selection, particularly argenx and Insmed benefiting from clinical successes. AI-enabled healthcare services like RadNet also contributed. Equipment and pharma holdings weighed on performance amid competitive pressures and regulatory concerns. The manager remains optimistic on healthcare's secular growth drivers including aging demographics and technological innovation. |
| Mar 31 2025 | 2025 Q1 | NVDA | AI, Bonds, Buybacks, emerging markets, Europe, gold, inflation, technology | - | Global markets are in an inflationary boom with AI driving technology valuations to extreme levels while government debt spirals out of control. Corporate buybacks and limited investment alternatives force capital into equities despite overvaluation risks. The falling dollar benefits emerging markets, but any AI disappointment or sovereign debt crisis could trigger significant corrections. |
| Dec 31 2024 | 2024 Q4 | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, large cap, Portfolio Management, semiconductors, technology | - | Alpine Capital executed successful portfolio rotations in Q3, selling Micron for semiconductor ETF exposure while adding Lam Research. The firm maintains strong conviction in AI infrastructure spending by mega-caps, viewing Fed rate cuts as supportive for risk assets. Their concentrated, low-turnover approach targets long-term outperformance despite higher volatility, positioning for continued AI-driven technological transformation. |
| Sep 30 2024 | 2024 Q3 | - | - | - | |
| Jun 30 2024 | 2024 Q2 | - | - | - | |
| Mar 31 2024 | 2024 Q1 | AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT | defense, emerging markets, India, Manufacturing, small caps, Trade Policy | - | India-focused small-cap fund weathering U.S. trade tensions through domestic growth resilience and defense indigenization theme. Portfolio concentrated in sub-$500M companies with 6% allocation to defense/aerospace benefiting from government procurement shifts. Managers confident in India's structural advantages including domestic consumption growth, policy reforms, and diversified international partnerships despite near-term tariff headwinds. |
| Dec 31 2023 | 2023 Q4 | - | asset allocation, Fed policy, Long Term, rebalancing, Valuations | - | Fed Chair Powell's warning about elevated equity valuations sparked investor concerns, but the firm argues against market timing based on valuation metrics. While the S&P 500 trades 20% above historical averages, systematic rebalancing rather than wholesale selling has proven more effective historically. The focus remains on long-term discipline through asset allocation management. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Biopharma M&AM&A activity was robust with eight deals announced in Q1 for $33 billion. Activity expected to continue given 23 blockbuster drugs representing nearly $150 billion in 2025 sales expected to go off patent by 2030. Multiple acquisitions discussed including Gilead acquiring Arcellx and Merck's aggressive business development strategy. |
Mergers Acquisitions Patent Cliff Biosimilars Deal Activity |
GLP1Eli Lilly declined after Novo Nordisk launched oral Wegovy ahead of Lilly's oral launch. Manager maintains long-term bullish view on GLP-1 therapies becoming standard of care with $150+ billion market opportunity. Views Lilly's Mounjaro and Zepbound as best-in-class treatments. |
Obesity Diabetes Oral Injectable Weight Loss | |
AIAI concerns weighed on RadNet amid investor fears about disruptive impact on software companies. Manager believes AI will enhance rather than replace RadNet's solutions and drive internal efficiencies. For Thermo Fisher, AI expected to enable more efficient drug discovery and increase R&D investment. |
Machine Learning Drug Discovery Diagnostics Efficiency Enhancement | |
DiagnosticsStrong focus on liquid biopsy and genetic testing companies. Added Guardant Health for blood-based cancer tests with Shield colorectal screening exceeding expectations. Reacquired Natera for minimal residual disease testing. BillionToOne disrupting prenatal and oncology testing with innovative QCT technology. |
Liquid Biopsy Genetic Testing Cancer Screening Prenatal Precision Medicine | |
BiotechnologyBiotechnology funding remained strong in Q1. Portfolio includes multiple biotech names with focus on cellular therapies, novel drug development, and FcRn inhibitors. Regulatory environment favorable with FDA introducing new pathways to accelerate drug development including single pivotal Phase 3 trial requirements. |
Drug Development Cellular Therapy FDA Clinical Trials Innovation | |
| 2025 Q4 |
PharmaceuticalsHealth care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. |
Pharmaceuticals Biotechnology Healthcare |
Defense SpendingDefense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals, prompting modest trimming. |
Defense Military Aerospace | |
ValuationThe manager expresses concern about high valuations across most asset categories, particularly US equities. They note that despite international equity outperformance, the gap in valuation between US and non-US equities remains quite significant and should serve them well given their non-US-centric postures. |
Valuation Value Pricing | |
AIThe manager references excitement around artificial intelligence and its ability to dramatically impact productivity as potentially driving market exuberance. However, they cite a Bloomberg article noting that even the most profound technological revolutions aren't one-way streets to prosperity, suggesting caution about AI expectations. |
AI Technology Productivity | |
| 2025 Q3 |
BiotechnologyStrong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The third quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity. |
FcRn inhibitors Autoimmune Pulmonary diseases Clinical trials Drug approvals |
AIAI-driven solutions are having significant benefits on healthcare operations, particularly in diagnostic imaging. RadNet benefits from AI capabilities and operational scale, while Heartflow's AI algorithm improves with scale and data, enabling margin expansion as the company reduces employee hours in real-time workflows. |
Medical imaging Diagnostic accuracy Workflow automation Margin expansion Healthcare efficiency | |
GLP1Long term, the GLP-1 drug class is expected to become the standard of care for diabetes and obesity, ultimately representing a $150 billion-plus market. Lilly possesses the leading portfolio in this category, and GLP-1 adoption remains in the early stages with continued uptake expected to drive near doubling of Lilly's total revenues by 2030. |
Diabetes Obesity Oral therapy Market expansion Revenue growth | |
Medical DevicesThe fund maintains significant exposure to medical device companies including Boston Scientific, Intuitive Surgical, and Stryker. While facing competitive pressures in areas like pulsed field ablation, these companies continue to execute well with strong product portfolios and margin expansion opportunities. |
Surgical robotics Minimally invasive Cardiac devices Competition Innovation | |
| 2025 Q1 |
AIMarkets have become obsessed with AI leading to productivity and profitability surges since ChatGPT's release. The largest companies are investing gargantuan sums to secure AI advantages, driving extraordinary market cap increases like Nvidia's rise from $308 billion to $4.4 trillion in three years. Any disappointment on AI would leave markets vulnerable, particularly in the US. |
Artificial Intelligence Productivity Technology Nvidia ChatGPT |
InflationGlobal markets are in a classic inflationary boom with loose fiscal and monetary conditions across all major economies. Every month over the last four years inflation has been above the Federal Reserve's 2% target. The return of inflation five years ago contributed to the worst ten-year rolling return from US Treasuries on record at minus 1.3%. |
Federal Reserve Central Banks Monetary Policy Interest Rates Bonds | |
BuybacksS&P companies are generating excess cashflow and returning much of it to shareholders through share buybacks. Together with retail investor flows, $7-8 billion of liquidity flows into the US market daily. The S&P resembles a cash machine which recycles much of the cash it produces back into the market, creating perfect conditions for a bubble. |
Share Repurchases Cashflow Liquidity S&P 500 Bubble | |
GoldGold has risen by 47% year to date, reflecting the dollar's 9.9% decline and serving as a haven against potential European sovereign bond blow ups. The strong performance of gold reflects market complacency entering the final quarter of 2025. |
Haven Assets Dollar Weakness Sovereign Risk Commodities Currency | |
| 2024 Q4 |
AIOrganizations must prioritize AI investments to avoid obsolescence, with hyperscalers redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while strengthening fundamentals of mega-cap companies. The technology holds potential to double economic growth by empowering individuals and enterprises to achieve far more. |
Artificial Intelligence Data Centers Hyperscalers Infrastructure Productivity |
SemiconductorsPortfolio rotation from Micron to iShares Semiconductor ETF and addition of Lam Research reflects semiconductor exposure strategy. Circular spending within the semiconductor industry and OpenAI raises some red flags with unclear long-term repercussions. The sector remains central to AI infrastructure buildout. |
Semiconductor Equipment Memory ETFs Capex AI Infrastructure | |
RatesFed executed first rate cut to 4.00%-4.25% range amid cooling inflation and unemployment concerns, creating supportive environment for risk assets. Two additional 25bps cuts expected this year with Fed pivoting focus from inflation to labor market. Rate policy remains most important indicator for predicting global asset returns. |
Federal Reserve Interest Rates Monetary Policy Labor Market Inflation | |
| 2024 Q1 |
IndiaIndia is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model. India's goods exports to the U.S. account for just 2.2% of GDP, making the impact of 25-50% tariffs manageable. |
Domestic consumption GDP growth Economic resilience Consumer driven Emerging markets |
DefenseDefense and aerospace businesses now account for roughly 6% of portfolio capital through investments in advanced manufacturers and defense electronics suppliers. Companies are benefiting from the ongoing indigenization of India's defense/aerospace procurement, with major international contracts being awarded to Indian firms. |
Indigenization Aerospace Electronics Manufacturing Procurement | |
Trade PolicyMounting U.S. trade barriers have accelerated India's pursuit of free trade deals with other countries, including recent agreements with the UK and UAE. India hopes to finalize a larger agreement with the European Union by year-end, which would improve competitiveness of Indian exporters. |
Free trade Tariffs Export competitiveness Trade agreements Diversification | |
Small CapsCompanies with market caps below $500 million account for 56% of invested capital, up roughly 10 percentage points from last year. The portfolio's average market capitalization is just under $1 billion, down from nearly $2 billion last fall due to exits from larger-cap positions and additions to smaller-caps. |
Market capitalization Concentration Mispricing Value Positioning |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fund Letters | Neal Kaufman | WELL | Welltower Inc. | Health Care | Health Care REITs | Bull | New York Stock Exchange | cashflow, Demographics, realestate, REITs, Seniorhousing | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | ELAN | Elanco Animal Health Incorporated | Health Care | Animal Health | Bull | New York Stock Exchange | Animal Health, deleveraging, growth, innovation, Margins | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | RGEN | Repligen Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | AI, Bioprocessing, Consumables, lifesciences, Margins | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Diabetes, GLP-1, growth, Obesity, pharmaceuticals | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | ARGX | argenx SE | Health Care | Biotechnology | Bull | NASDAQ | Autoimmune, biologics, Fcrn, growth, pipeline | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | TEVA | Teva Pharmaceutical Industries Limited | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Brandeddrugs, innovation, Margins, pharma, turnaround | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | ARQQ | Arcellx, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, CART, Differentiation, Myeloma, Oncology | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | DOCS | Doximity, Inc. | Health Care | Health Care Technology | Bear | New York Stock Exchange | advertising, Budgets, Competition, guidance, Healthtech | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | EHC | Encompass Health Corporation | Health Care | Health Care Facilities | Bull | New York Stock Exchange | Demographics, Healthcarefacilities, Margins, recovery, Rehabilitation | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | TMO | Thermo Fisher Scientific Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | Bioprocessing, Lifesciencestools, Margins, recovery, research | Login |
| Jan 23, 2026 | Fund Letters | Neal Kaufman | ARQT | Arcutis Biotherapeutics, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, dermatology, growth, innovation, Margins | Login |
| TICKER | COMMENTARY |
|---|---|
| LLY | Eli Lilly and Company, a global pharmaceutical company currently best known for its GLP-1 treatments for diabetes and obesity, detracted from performance. Following a robust fourth quarter of 2025, shares declined after competitor Novo Nordisk launched its oral Wegovy ahead of Lilly's oral launch in April 2026. Longer term, we continue to view Lilly's Mounjaro and Zepbound, along with its oral GLP-1 orforglipron, as best-in-class treatment options for diabetic and obese patients. We expect GLP-1 therapies to become the standard of care and to represent a $150-billion-plus market opportunity. |
| TMO | Thermo Fisher Scientific Inc. is a life sciences company that offers instruments and consumables for research, tools for bioproduction, specialty diagnostics, and contract research and manufacturing services. Shares decreased during the quarter, as life sciences broadly came under pressure following a weak round of fourth-quarter 2025 results. We remain positive on Thermo Fisher's long-term growth outlook, however. The company is dominant across multiple end markets, and its scale provides meaningful resilience. Once the macroeconomic environment normalizes, we expect Thermo Fisher to achieve a high-single-digit organic growth profile along with double-digit earnings-per-share growth. |
| RDNT | RadNet, Inc. is the largest U.S. operator of freestanding imaging centers and a leading radiology software provider through its Deep Health subsidiary. Despite a fourth-quarter beat and above-consensus 2026 guidance, shares fell amid widespread investor concerns about the potentially disruptive impact of AI on software companies. We think AI will enhance, rather than replace, RadNet's software solutions and contribute to internal efficiencies that support margin expansion. As a result, we remain positive on RadNet and believe radiology volumes will continue to increase based on favorable demographics, a shift toward lower-cost outpatient settings, and expanded clinical applications driven by newer, more sophisticated modalities such as PET-CT. |
| ACLX | Arcellx, Inc. is a biotechnology company focused on cellular therapies. In partnership with Gilead, Arcellx is developing anito-cel, a BCMA-targeted CAR-T therapy similar to Legend Biotech and Johnson & Johnson's Carvykti. Compared to Carvykti, anito-cel appears to demonstrate similar efficacy with a more benign neurological side-effect profile. Shares rose during the quarter as Gilead announced plans to acquire Arcellx for $115 per share, plus a $5 per share contingent value right tied to cumulative revenues through year-end 2029. |
| ROIV | Roivant Sciences Ltd. is a biotechnology company that develops novel drugs across a range of therapeutic areas. Often, Roivant will in-license or acquire deprioritized pipeline drug assets from larger pharmaceutical companies. We are most excited about Priovant (in partnership with Pfizer), where brepocitinib has meaningful potential across a range of rare immunological conditions, and we also see promise in Immunovant, which is developing a next-generation FcRn inhibitor for other immunological conditions. Shares rose during the quarter after Phase 2 results for brepocitinib in cutaneous sarcoidosis showed impressive efficacy, positioning the drug as the new standard of care in this setting. We believe the value of the brepocitinib franchise remains underappreciated. |
| AZN | AstraZeneca PLC is a large, diversified multinational pharmaceutical company with a portfolio of innovative products and a broad pipeline that is driving, and should continue to drive, above-industry growth. Shares increased during the quarter as AstraZeneca's fourth-quarter results and 2026 revenue guidance exceeded consensus expectations, suggesting continued strength from its recently launched products. In March, the company also announced positive Phase 3 data for tozorakimab in chronic obstructive pulmonary disease, showing clinically meaningful reductions in exacerbations and supporting peak sales potential of $3 to $5 billion. We remain positive on AstraZeneca ahead of a number of additional clinical data readouts in the coming years, which should support sustained above-industry growth into the 2030s. |
| JNJ | We increased the position in Johnson & Johnson (J&J), a large-cap health care company with two segments, Innovative Medicine and MedTech. J&J has been actively optimizing its portfolio, separating and spinning off lower-growth and less attractive businesses and investing in higher growth, innovative businesses. Management guidance for 2026 operational sales growth is roughly 6%, and could accelerate to double-digit revenue growth by the end of this decade. J&J is one of only two companies in the U.S. with a AAA credit rating (the other being Microsoft). In addition, J&J generates over $20 billion of free cash flow per year which allows the company to reinvest in the business and return value to shareholders. |
| GH | We bought shares of Guardant Health, Inc., a diagnostics company which offers a portfolio of blood and tissue-based tests that are used for therapy selection for patients with advanced stage cancer, monitoring for recurrence in early-stage cancer patients, and screening for early-stage cancer in asymptomatic patients. Guardant's flagship product, Guardant360, is the market leading liquid biopsy test. This year, the company will launch Guardant Reveal Ultra, a tissue-informed assay. Guardant is in the early innings of the launch of Shield, a blood test for colorectal cancer screening in adults age 45 and older who are at average risk for the disease. Based on our estimates, colorectal screening is an $18 billion annual market opportunity, and adoption of Shield has exceeded Wall Street analyst expectations to date. |
| NTRA | We reacquired shares of Natera, Inc., a diagnostics company that provides testing services in the oncology, prenatal, and organ transplant settings. We are particularly excited about the promise of Natera's Signatera minimal residual disease (MRD) tests, which account for half of the company's revenues today and are the company's key growth driver. Signatera is the leading test in the MRD category and has been proven to meaningfully affect patient outcomes in colorectal cancer, breast cancer, bladder cancer, and to monitor immunotherapy response. Overall, we think MRD testing can be a $20 billion market as oncologists continue to adopt these tests and as its clinical utility is proven in more settings, and we are bullish that Natera will continue to hold its leadership position. |
| MRK | We bought shares of Merck & Co., Inc., a large-cap pharmaceutical company. Merck's largest product in terms of revenue is Keytruda, a cancer therapy which generated over $31 billion of revenue in 2025, representing close to 50% of the company's revenue. Keytruda loses patent protection in 2028 which will result in biosimilar competition. Merck has been preparing to manage the impact of the Keytruda patent cliff through aggressive business development and pipeline investment. Including internally developed drugs, Merck is launching over 20 new growth drivers which represent a potential commercial opportunity of over $70 billion by the mid-2030s on a non-risk-adjusted basis. |
| WELL | The Fund's unique position in Welltower Inc., which is classified as a health care REIT by GICS, was a source of strength in the other health care related sub-industry. Welltower operates senior housing, life science, and medical office real estate properties. Shares rose on robust cash flow growth in the company's senior housing portfolio, driven by continued strong occupancy and rent trends supporting bottom-line growth, along with a strong initial full-year 2026 outlook and continued execution on accretive external growth opportunities. We are optimistic about the prospects for both cyclical and secular growth in senior housing demand against a backdrop of muted supply, which we believe will support several years of favorable growth. |
| ARGX | Within biotechnology, a handful of holdings weighed on performance, with the principal detractor being argenx SE, a company best known for developing Vyvgart, the leading FcRn inhibitor for the treatment of autoimmune conditions. The stock sold off due to operating expense guidance being above investor expectations and sales guidance for a seasonally weak Q1, neither of which impact our positive long-term investment thesis. Another reason for share price weakness was the unexpected retirement of beloved CEO Tim Van Hauwermeiren, who will become the non-executive Chairman. We think that the new CEO Karen Massey (formerly COO) is highly capable and represents a continuation of the company's strategy. |
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