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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Baron Health Care Fund outperformed its benchmark in Q4 2025 with a 13.10% return, driven by biotechnology gains and selective positioning. The manager remains highly optimistic about 2026 due to a massive resurgence in biotech funding, active M&A, and easing regulatory hurdles."
In Q4 2025, the Baron Health Care Fund (Institutional Shares) returned 13.10%, outperforming the Russell 3000 Health Care Index's 11.92%. Strong stock selection in biotechnology (such as Cidara and Abivax) and managed care underweighting drove the quarterly outperformance. Over the full year 2025, the fund returned 10.28%. Key portfolio changes during the quarter included establishing/adding to positions in Thermo Fisher, Arcutis, Elanco, Welltower, and Repligen, while divesting or trimming Cidara (acquired by Merck), Stryker, Masimo, Arcellx, and Boston Scientific. The manager is highly constructive on 2026, citing a major inflecting point in biotech funding, robust M&A pipelines, and helpful regulatory developments.
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