Baron Funds, an investment management company, released its “Baron Asset Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. US equities continued the previous quarter's rally in the third quarter of 2025. The expectation of the Federal Reserve (the Fed) to cut interest rates was the primary driver behind the market rally. In the third quarter, the fund declined 4.23% (Institutional Shares) compared to 2.78% for the Russell Midcap Growth Index and an 8.18% return for the ...