Big ideas, candid conversations, and unforgettable performances made the record-setting 2025 Baron Investment Conference a day to remember. Take a moment to relive the energy of that day, then look ahead to November 6, 2026, when the conversation continues with a new theme and a new invitation: “I think you should...” ️ Learn more about the 2026 Baron Investment Conference, review eligibility requirements, and register: baroncapitalgroup.com/confer… -- 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. 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 post 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 are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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). ©2026 Baron Capital. All rights reserved.

In 2013, @trinaspear left her Wall Street career, invested her personal savings, and co-founded @wearfigs with a vision to reimagine healthcare apparel. From its early days selling scrubs out of a car, FIGS has grown into a global brand serving millions of healthcare professionals. As CEO, Trina embodies the spirit of this year’s Baron Investment Conference theme, “I Think You Should…” Her conviction to pursue an opportunity and persistence have helped her build something lasting. At the 33rd Annual Baron Investment Conference on November 6, Trina will join Co-President and Portfolio Manager David Baron to discuss her journey in building FIGS, the company’s distinctive approach to brand loyalty, and the opportunities driving its next chapter of growth. For more Conference details and eligibility requirements, visit: baroncapitalgroup.com/confer… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's 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. Portfolio holdings as a percentage of net assets as of September 30, 2026 for securities mentioned are as follows: FIGS, Inc. - Baron Focused Growth Fund (2.8%), Baron Generational Growth Fund (9.2%), Baron First Principles ETF (4.5%). Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by BAMCO, Inc. No conference expenses are paid by Baron Funds’ shareholders or Baron Capital clients. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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). ©2026 Baron Capital. All rights reserved.

Where could the next AI investment opportunities emerge? Watch Portfolio Managers Michael Lippert and Ashim Mehra discuss what comes next and why active management matters. 00:08 Why Active Management Matters 03:46 | Rethinking AI Winners and Losers 07:58 | Agentic AI & the Future of Work 10:50 | Where AI Opportunities Are Expanding 13:40 | Finding Tomorrow’s Leaders 16:20 | Rethinking Competitive Advantage 24:29 | Building a Diversified AI Portfolio 26:19 | Inside the BCTK Portfolio 30:14 | Why Diversification Matters 34:39 | Key Takeaways 38:11 | Audience Q&A

We are pleased to announce that the Hon. Katherine B. Forrest (fmr.), Vice-Chair of Paul Weiss and Chair of its AI Practice Group, will join us at the 33rd Annual Baron Investment Conference on November 6 for a discussion on “The Arrival of Superintelligence”. A veteran trial attorney, author, and recognized leader in technology and artificial intelligence, she brings more than 30 years of experience navigating complex legal and regulatory matters at the intersection of technology and law. We look forward to hearing her insights on the opportunities and challenges increasingly advanced artificial intelligence. For more Conference details and eligibility requirements, click here: baroncapitalgroup.com/confer… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's 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. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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). ©2026 Baron Capital. All rights reserved.

Since joining @moderna_tx in its early days as a ten-person startup, Dr. Stephen Hoge has helped build many of the functions that have shaped the company’s growth, including research, development, medical, and commercial. Today, he serves as Moderna’s President, overseeing research and development, manufacturing, and commercial operations for the company’s efforts across infectious disease vaccines, personalized cancer therapies, and rare disease treatments. At the 33rd Annual Baron Investment Conference on November 6, Dr. Hoge will join Portfolio Manager Neal Kaufman to explore Moderna's platform technology, the opportunities it may unlock, and the challenges of translating scientific progress into commercial success. For more Conference details and eligibility requirements, visit: baroncapitalgroup.com/confer… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's 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. Portfolio holdings as a percentage of net assets as of September 30, 2026 for securities mentioned are as follows: Moderna, Inc. - Baron Partners Fund (1.6%*). *% of Long Positions Only Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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). ©2026 Baron Capital. All rights reserved.

What if your family’s welfare depended on getting an investment decision right? That is the standard our Founder and CEO @RonBaronAnalyst asks our research team to bring to every company they study. It demands rigor, judgment, and a willingness to keep asking questions. During his appearance for the Distinguished Speaker Series at @Columbia_Biz, Ron reflected on his unconventional path to asset management, our long-term investment philosophy, and why reputation and legacy are built one decision at a time. Thank you to Jen Prosek for moderating and to all who attended. -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. 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 2026. All rights reserved.

FactSet has long helped investment professionals understand companies, markets, and portfolios. As AI changes how they find information and conduct research, what will they need from FactSet next? At the 33rd Annual Baron Investment Conference on November 6, we look forward to welcoming @FactSet CEO Sanoke Viswanathan. He will join Co-Chief Investment Officer and Portfolio Manager Andrew Peck to explore where he sees opportunities for FactSet and how the company may evolve to meet those needs. To learn more about this year’s Conference speakers and attendee eligibility requirements, click here: baroncapitalgroup.com/confer… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's 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. Portfolio holdings as a percentage of net assets as of September 30, 2026 for securities mentioned are as follows: FactSet Research Systems Inc. - Baron Asset Fund (1.2%), Baron Focused Growth Fund (3.3%), Baron Generational Growth Fund (7.1%), Baron Partners Fund (3.3%*), Baron First Principles ETF (2.6%), Baron Capital US All Cap Focused Growth Fund (4.2%). *% of Long Positions Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by BAMCO, Inc. No conference expenses are paid by Baron Funds’ shareholders or Baron Capital clients. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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). ©2026 Baron Capital. All rights reserved.

We’re pleased to share that our Head of ETF Solutions, Matt Camuso, will participate in FT Live’s Future of Asset Management Conference in Boston on Monday, October 19, joining the 12:15 p.m. panel “Dual Share Classes – The Two Way Wrapper Shift.” The discussion will cover where the industry stands today on dual share classes, product development options, and what challenges remain. If you’re attending, Matt would welcome the opportunity to connect. We look forward to seeing you there! -- Risks: All investments are subject to risk and may lose value. 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 2026. All rights reserved.

Thomas Peterffy recognized the potential for computers to transform trading long before electronic markets became the standard. From developing technology for exchange-floor traders to founding @IBKR and building it into a global electronic brokerage, Peterffy pursued possibilities with conviction, and his story reflects the spirit of this year’s Conference theme, “I think you should...” At the 33rd Annual Baron Investment Conference, Peterffy and Portfolio Manager Josh Saltman will explore the business he built and the opportunities ahead. For more Conference details and eligibility requirements, visit: baroncapitalgroup.com/confer… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's 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. Portfolio holdings as a percentage of net assets as of September 30, 2026 for securities mentioned are as follows: InteractiveBrokers Group, Inc. - Baron Focused Growth Fund (4.1%), Baron Financials ETF (4.2%), Baron First Principles ETF (3.6%), Baron Capital US All Cap Focused Growth Fund (4.7%). Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by BAMCO, Inc. No conference expenses are paid by Baron Funds’ shareholders or Baron Capital clients. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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). ©2026 Baron Capital. All rights reserved.📷

Introducing the theme of the 33rd Annual Baron Investment Conference: “I think you should…” Behind many consequential decisions is a moment when someone recognizes potential and is encouraged to act. This year’s theme reflects how that expression of belief can turn possibility into action, providing the conviction to pursue an idea before its outcome is clear. @SpaceX’s Starship serves as the visual expression of that theme. It represents what can happen when an audacious idea is matched by conviction, ingenuity, and persistence. The 33rd Annual Baron Investment Conference will take place Friday, November 6, 2026, at Lincoln Center in New York City. Learn more about eligibility requirements and registration: baroncapitalgroup.com/confer… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's 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. Portfolio holdings as a percentage of net assets as of September 30, 2026 for securities mentioned are as follows: Space Exploration Technologies Corp. - Baron Asset Fund (30.5%), Baron Emerging Markets Fund (0.7%), Baron Fifth Avenue Growth Fund (8.6%), Baron Focused Growth Fund (27.4%), Baron Global Opportunity Fund (16.8%), Baron International Growth Fund (0.7%), Baron Opportunity Fund (16.4%), Baron Partners Fund (32.6%*), Baron Technology ETF (6.4%), Baron First Principles ETF (40.7%), Baron Risk Optimized Large Cap ETF (3.7%), Baron Capital Global Opportunity Fund (8.5%), Baron Capital US All Cap Focused Growth Fund (13.3%), Baron Capital US Opportunity Fund (7.9%). * % of Long Positions 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 post 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 are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by BAMCO, Inc. No conference expenses are paid by Baron Funds’ shareholders or Baron Capital clients. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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). ©2026 Baron Capital. All rights reserved.

How can time become an investor’s edge? Our Co-President Michael Baron recently joined the @excessreturnpod to discuss why looking beyond near-term uncertainty can help investors better understand what a business may become. Michael also explained how curiosity shapes that perspective. By speaking directly with management teams and conducting primary research, we seek to understand where a business is headed, not only where it stands today. That approach is especially relevant as AI reshapes industries, and helps us assess which companies may be vulnerable to disruption and which may be positioned to benefit. Watch the full episode: piped.video/watch?v=KVCgmorf… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. 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 post 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 are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron 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). © 2026 Baron Capital. All rights reserved.

.@RonBaronAnalyst joined @SquawkCNBC to discuss his outlook for @Tesla and @SpaceX, including the growing capabilities of Full Self-Driving and Starlink. Chapters: 00:00 Baron Capital’s Long-Term Track Record 02:15 Ron’s Experience with Tesla FSD 05:43 A Potential Tesla and SpaceX Combination 06:47 Tesla Market Share and FSD Growth 08:46 Tesla Robots, Batteries, and Energy 10:04 Elon Musk Curiosity and Hiring Culture 12:39 SpaceX and Declining Launch Costs 14:29 Starlink’s Global Growth Opportunity 16:31 AI Agents and Connectivity Demand 17:32 Starlink and Traditional Telecom 20:16 Spectrum and Direct to Phone Service 24:30 Inflation and Preserving Purchasing Power 25:04 Space-Based Data Centers 27:01 Chips and the Compute Opportunity 29:09 Closing Thoughts -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Space Exploration Technologies Corp. - Baron Asset Fund (34.3%), Baron Emerging Markets Fund (0.6%), Baron Fifth Avenue Growth Fund (10.2%), Baron Focused Growth Fund (28.6%), Baron Global Opportunity Fund (20.2%), Baron International Growth Fund (0.6%), Baron Opportunity Fund (19.0%), Baron Partners Fund (32.9%*), Baron Technology ETF (8.6%), Baron First Principles ETF (32.2%), Baron Risk Optimized Large Cap ETF (4.8%); Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.9%), Baron Focused Growth Fund (6.4%), Baron Global Opportunity Fund (1.5%), Baron Opportunity Fund (4.7%), Baron Partners Fund (14.1%*), Baron Technology ETF (3.2%), Baron First Principles ETF (12.4%), Baron Risk Optimized Large Cap ETF (2.1%). * % of Long Positions. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. 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). ©2026 Baron Capital. All rights reserved.

Watch @RonBaronAnalyst on @SquawkCNBC ] tomorrow (Wednesday, September 16) at 7:30 a.m. ET. During the 30-minute segment, Ron will share his latest perspectives on Elon Musk’s businesses, why we believe they offer compelling long-term growth opportunities, and why we view SpaceX as a lifetime investment. He will also explain why recent AI-driven market volatility has been fueled by misunderstanding and fear, and why he remains extremely optimistic. Make sure to tune in live! -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Space Exploration Technologies Corp. - Baron Asset Fund (34.3%), Baron Emerging Markets Fund (0.6%), Baron Fifth Avenue Growth Fund (10.2%), Baron Focused Growth Fund (28.6%), Baron Global Opportunity Fund (20.2%), Baron International Growth Fund (0.6%), Baron Opportunity Fund (19.0%), Baron Partners Fund (32.9%*), Baron Technology ETF (8.6%), Baron First Principles ETF (32.2%), Baron Risk Optimized Large Cap ETF (4.8%). *of Long Positions Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. 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). ©2026 Baron Capital. All rights reserved.

Last week we joined the Authors Academy in the Bronx for our annual back-to-school drive. It was a pleasure spending time with the students and their families as they prepared for their first day of the school year. Baron Capital is proud to support a school that provides encouragement, education, and stability for young minds across its community.

While much of the market focuses on a company’s next quarter, Baron Capital seeks to understand what that company could become over the next decade and beyond. On The Brain Surgeon’s Take podcast, Founder and CEO @RonBaronAnalyst explains how asking the right questions can help us understand what differentiates a business, what drives its founder’s vision, and whether it has the potential to become a generational company. Listen to the full episode here: piped.video/watch?v=5Ge-kHoI… -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. 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 2026. All rights reserved.

I asked AI for advice about the theme for our 33rd Annual Baron Investment Conference. My idea: “I think you should…” It is a phrase encouraging you to take a chance. To have a consequential impact on the lives of others, we believe you need to take risk.  I asked Claude whether we should keep the ellipsis or end with a period, Claude suggested we employ the ellipsis as an invitation, not an instruction.   After 56 years of investing, I can say this clearly: My biggest regrets are the things I didn’t try. My Q2 2026 “Letter from Ron” explores that idea…why taking risks matters and why something that seems improbable today can look visionary in hindsight. “I think you should…” Read it—and decide how you’d finish the sentence. baroncapitalgroup.com/articl… — Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's 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. As of June 30, 2026, the Funds did not own shares of Anthropic, PBC. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. 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 post 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 are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron 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). ©2026 Baron Capital. All rights reserved.