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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Baron Health Care Fund returned 11.99% in Q2 2026, outperforming the Russell 3000 Health Care Index by 151 basis points through solid stock selection in pharmaceuticals, biotechnology, health care equipment, and life sciences tools. Key contributors included Eli Lilly, whose GLP-1 obesity portfolio continues demonstrating commercial leadership with all major PBMs now providing coverage and next-generation pipeline data reinforcing the company's position in a category that could exceed $150 billion. Revolution Medicines contributed following groundbreaking Phase 3 pancreatic cancer data showing 60% reduction in death risk, representing the first major advance in over 30 years. The manager re-established positions in UnitedHealth and Elevance to capitalize on the improving managed care cycle as companies rebuild profitability after exiting unprofitable Medicare Advantage markets. Biotechnology funding is up 130% year-over-year with 2026 on track for the strongest year since 2021, while M&A activity remains robust as large pharma companies replace patent-expiring products. Medical device stocks face near-term headwinds from ACA subsidy expiration and Medicaid work requirements but trade at discounts creating potential opportunities. The portfolio holds 43 stocks with 51% in top 10 holdings, overweight life sciences tools and biotechnology.
Baron Health Care Fund invests in competitively advantaged growth companies across the health care sector that solve problems by reducing costs, enhancing efficiency, or improving patient outcomes, with a focus on businesses offering secular growth opportunities, durable competitive advantages, and strong management teams positioned to benefit from long-term drivers including aging demographics, chronic disease prevalence, and biotechnology advances.
The manager continues to believe the long-term outlook for Health Care is positive given favorable secular growth drivers including aging population, rising incidence of chronic diseases, advances in biotechnology, medical technology and diagnostics, and increased health care spending. Trends within Health Care continue to improve with biotechnology funding on track for the strongest year since 2021 and M&A activity remaining robust. The managed care industry is recovering from multi-year challenges with improving margins expected. However, medical device companies face near-term headwinds from moderating utilization due to ACA subsidy expiration and upcoming Medicaid work requirements, creating valuation opportunities. The FDA's more industry-friendly stance and HHS initiatives to accelerate drug development provide additional tailwinds. The manager remains focused on identifying competitively advantaged growth companies across multiple secular themes including genomics, innovative medical devices, anti-obesity medications, life sciences tools, and minimally invasive surgery.
As of Jul 23, 2026
Michael Kass serves as the sole portfolio manager for Baron Emerging Markets Fund, bringing 15 years of tenure since the fund's inception in 2010. Kass has extensive experience in international growth strategy and maintains a disciplined investment approach focused on identifying companies with entrepreneurial management teams and sustainable competitive advantages. His management philosophy centers on thorough fundamental research and long-term positioning in secular growth opportunities across emerging markets.
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Moderate Conviction Bullish
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