ismagilov/iStock via Getty Images Dear Baron First Principles ETF ® Shareholder, Performance Baron First Principles ETF ® ((the Fund)) had a disappointing start to 2026, with a decline of 8.51% (NAV) compared with a 9.54% loss for the Russell 3000 Growth Index ((the Benchmark)). The declines were due to continued concerns about the effects of AI on many businesses throughout the portfolio as well as worries about the impact of the Iran war on inflation, interest rates, and consumer spending. These declin ...