Baron Funds, an investment management company, released its “Baron Small Cap Fund” second-quarter 2024 investor letter. The fund returned -6.43% (Institutional Shares) in the quarter trailing the Russell 2000 Growth Index’s -2.92% return and the broader Russell 3000 Index’s 3.22% return. The technology-heavy NASDAQ Composite Index and the broader indices hit record highs in the second quarter. Still, the rally was extremely focused and narrow, with the mega-cap Magnificent Seven's consistently excellent performance accounting for all of the larger-cap index gains while small-cap...
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