J Studios/DigitalVision via Getty Images Dear Baron FinTech Fund Shareholder, In the quarter ended June 30, 2025, Baron FinTech Fund® (the Fund) rose 9.26% (Institutional Shares) compared with a 13.82% gain for the FactSet Global FinTech Index (the Benchmark). Since inception, the Fund has risen at a 12.53% annualized rate compared with 4.55% for the Benchmark. Annualized performance (%) for period ended June 30, 2025† Fund Retail Shares1,2 Fund Institutional Shares1,2 FactSet Global FinTech Index ...