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.

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: youtube.com/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: youtube.com/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 think you should..." How would you complete the phrase? Discover the thinking behind this year’s Conference theme in the latest Letter from Ron: baroncapitalgroup.com/articl…

As AI use accelerates, its physical footprint is expanding—driving investment in electrical infrastructure, industrial equipment, raw materials, and power generation. Our In Depth research explores AI’s impact on Industrials and examines potential “AI winners” and “AI losers” across Financials, Health Care, Real Estate, Technology, and more. Access the insights: baroncapitalgroup.com/articl… -- 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 document 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.

The infrastructure stack required to sustain AI scaling — semiconductors, memory, networking, hardware, and power — is deepening in complexity and capital intensity with each successive generation of compute. In order to capture the full breadth of what is shaping up to be the largest infrastructure buildout of the 21st century, Portfolio Managers Ashim Mehra and Michael Lippert believe opportunity lies in owning AI’s critical infrastructure enablers. Access the full Baron Technology ETF letter for more insights on the impact of AI’s secular growth narrative: baroncapitalgroup.com/articl… -- On December 12, 2025, Baron Technology Fund® was converted from a mutual fund into an exchange-traded fund, Baron Technology ETF™. The ETF has an identical investment goal and substantially similar investment strategy as its predecessor mutual fund. For additional information please refer to the prospectus. 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 carefully before investing. Risks: In addition to general market conditions, technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns. 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. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED 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 would like to extend a special note of gratitude to our 2026 summer intern class. Thank you for joining us in our mission to change lives. We appreciate your contributions, your questions, and the energy you brought to our teams. Wishing you the best on the next parts of your professional and educational journeys!

The first half of 2026 offered early evidence that a multi-year recovery in real estate — a long out-of-favor asset class — is beginning to take shape. What could drive the next phase? Portfolio manager Jeff Kolitch points to several potential drivers, including attractive relative valuations, accelerating acquisition activity, favorable supply-demand dynamics, healthy balance sheets and the possibility of a more supportive interest-rate environment. Read the Q2 2026 Baron Real Estate Fund quarterly letter for Jeff’s perspective on these potential catalysts and the opportunities he sees across public real estate: baroncapitalgroup.com/articl… -- 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 carefully before investing. Risks: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns. 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. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED 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.