Pawel Kacperek/iStock via Getty Images Dear Baron Real Estate Fund Shareholder, Baron Real Estate Fund® (the Fund) delivered strong results in the third quarter. The Fund increased 10.25% (Institutional Shares), outperforming the MSCI US REIT Index (the REIT Index), which increased 4.49%, and the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index), which rose 5.65%. We are very pleased to report that the Fund’s performance over every multi-year period remains exceptionally strong, espec ...