Donny DBM/iStock via Getty Images The following segment was excerpted from the Baron Discovery Fund Q1 2026 Commentary. Performance This was a challenging quarter for Baron Discovery Fund ® (the Fund), both on an absolute and relative basis. In the first quarter of 2026, the Fund declined 10.65% (Institutional Shares), trailing the Russell 2000 Growth Index (the Index) by 7.84%. We don't take this...
Donny DBM/iStock via Getty Images The following segment was excerpted from the Baron Discovery Fund Q1 2026 Commentary. Performance This was a challenging quarter for Baron Discovery Fund ® (the Fund), both on an absolute and relative basis. In the first quarter of 2026, the Fund declined 10.65% (Institutional Shares), trailing the Russell 2000 Growth Index (the Index) by 7.84%. We don't take this lightly, and we have doubled our efforts to understand what is going on in the market both in the short term, and (far more importantly) as it affects the overall long-term embedded valuations of our holdings in the Fund. Of the underperformance, five buckets accounted for 7.88% (essentially all of it): • 2.63% came from Information Technology ( IT ) (software exposure was entirely responsible for the relative shortfall in the sector, but was partly offset by solid relative performance in areas benefiting from the AI secular growth narrative, such as semiconductor, semiconductor materials & equipment, and electronic equipment & instruments related companies) • 1.76% came from Consumer Discretionary (higher energy prices, inflation and AI induced unemployment fears, plus noise around “prediction markets” competitors to DraftKings Inc. ( DKNG ) ) • 1.22% came from Health Care (there were no real standout mistakes here, but the market was negative on life sciences tools and health care technology) • 1.17% came from our lack of exposure to Energy (higher oil prices related to the Iran action moved the sector up 26%) and Materials (aluminum and chemicals prices are up, also related to Iran); • 1.09% came from Industrials (some of which related to concerns about commercial aerospace suppliers like Loar Holdings Inc. ( LOAR ) due to the military action in Iran) Annualized performance (%) for periods ended March 31, 2026 † Fund Retail Shares ¹, ² Fund Institutional Shares ¹, ² Russell 2000 Growth Index ¹ Russell 3000 Index ¹ QTD ³ (10.74) (10.65) (2.81) (3.96) 1 Year 5.36 5.66 23....
Nikada/E+ via Getty Images Asian equities markets declined sharply on Monday, led by South Korea’s KOSPI Index, which fell 8.8%. This was driven by a tech selloff from Wall Street affecting semiconductor and AI stocks , as stronger-than-expected US jobs data fueled concerns about a prolonged period of high interest rates. Geopolitical tensions escalated as Iran fired missiles toward Israel, increa...
Nikada/E+ via Getty Images Asian equities markets declined sharply on Monday, led by South Korea’s KOSPI Index, which fell 8.8%. This was driven by a tech selloff from Wall Street affecting semiconductor and AI stocks , as stronger-than-expected US jobs data fueled concerns about a prolonged period of high interest rates. Geopolitical tensions escalated as Iran fired missiles toward Israel, increasing concerns over a fragile ceasefire. Gold traded near $4,300 an ounce after tumbling nearly 5% last week to its lowest level in more than two months. WTI crude futures climbed above $93 per barrel. The benchmark KOSPI declined 8% to around 7,500, extending losses for a third straight session. The South Korean won gained to around 1,550 per dollar. Japan's ( NKY:IND ) fell 4.00% to below 64,500, while the broader Topix Index declined 2.2% to 3,862 . The Japanese yen weakened beyond the 160-per-dollar mark, crossing a level widely seen by markets as a potential trigger for another round of currency intervention by Japanese authorities. Japan’s GDP grew by 0.5% in Q1 2026 , matching early data and up from 0.2% in Q4. This surpassed the market estimate of 0.3% and marks the strongest quarterly growth since Q1 2025. Annualized growth in Q1 2026 was 1.8%, revised down from 2.1%. Japan’s current account surplus increased to JPY 3,907.8 billion in April 2026 from JPY 2,370.0 billion in the same month a year earlier. Japan’s services sector sentiment index rose to 43.6 in May 2026 from 40.8 in the previous month, reaching its highest level since February. China's ( SHCOMP ) fell 1.34% to 3,944, its lowest level in two months, while the Shenzhen Component fell 1.8% to 15,033. China’s foreign exchange reserves climbed by USD 31.7 billion to USD 3.442 trillion in May 2026, marking a 0.93% rise from USD 3.411 trillion in April. Domestically, investors now await China's trade and inflation data later this week for fresh clues on the strength of China's economy amid external and domest...
Israel and Iran exchanged missile strikes on Monday despite President Donald Trump ’s calls for both sides to halt the fighting and give peace talks a chance to succeed. Iran launched a fresh wave of attacks just hours after firing ballistic missiles at Israel on Sunday. Israel responded with strikes on military targets in western and central Iran, while Iranian state media reported multiple explo...
Israel and Iran exchanged missile strikes on Monday despite President Donald Trump ’s calls for both sides to halt the fighting and give peace talks a chance to succeed. Iran launched a fresh wave of attacks just hours after firing ballistic missiles at Israel on Sunday. Israel responded with strikes on military targets in western and central Iran, while Iranian state media reported multiple explosions in the capital, Tehran. Israel also struck Iran’s Karun petrochemical company in Mahshahr in a fresh offensive early Monday, the semi-official Fars news agency reported. Iran’s offensive is a rare example of Tehran coming to Hezbollah’s defense and the most serious challenge yet to a ceasefire that took effect on April 8, halting a war that began in February when the US and Israel started bombing Iran. The conflict left thousands of people dead across the Middle East, disrupted global energy flows and spurred a rally in oil prices that’s stoking fears of a surge in global inflation. The latest bout of violence continued despite Trump on Sunday urging both countries to refrain from further attacks, warning that a renewed escalation could derail efforts by Tehran and Washington to secure a new, 60-day truce. The proposal would pave the way for negotiations on a broader agreement aimed at ending the conflict permanently. The tit-for-tat strikes risk leading to further escalation across the region. Saudi Arabia on Monday sounded a missile alert in an area home to the Prince Sultan Airbase, which hosts US forces, the Associated Press reported . Saudi Civil Defense said the “danger has passed” in the Al-Kharj governorate following an earlier public warning. Iran denied targeting the base. Oil jumped after the flare up, with Brent crude rising 4% to above $97 a barrel. The US dollar, the haven of choice since the Middle East conflict began, gained against all of its Group-of-10 peers. In a phone call with Israeli Prime Minister Benjamin Netanyahu on Sunday, Trump told him no...
(RTTNews) - Aerospace and defense major Airbus SE (EADSY, EADSF, AIR.PA) has been informing some customers of delays ?on A320neo series jets, which are due to be delivered in 2027 and 2028, Bloomberg News reported Sunday, citing people familiar with the matter.
(RTTNews) - Aerospace and defense major Airbus SE (EADSY, EADSF, AIR.PA) has been informing some customers of delays ?on A320neo series jets, which are due to be delivered in 2027 and 2028, Bloomberg News reported Sunday, citing people familiar with the matter.
Photo: IC Photo Chinese real estate giant Poly Property Group Co. Ltd. has won the bid for a residential parcel in Shenzhen’s high-tech hub for about 5.8 billion yuan ($856 million), setting a record unit price for the city’s residential land sales. The transaction highlights a growing trend where cash-rich state-owned developers are aggressively competing for premium real estate in top-tier Chine...
Photo: IC Photo Chinese real estate giant Poly Property Group Co. Ltd. has won the bid for a residential parcel in Shenzhen’s high-tech hub for about 5.8 billion yuan ($856 million), setting a record unit price for the city’s residential land sales. The transaction highlights a growing trend where cash-rich state-owned developers are aggressively competing for premium real estate in top-tier Chinese cities, betting on a strong recovery in the luxury home segment despite a broader property sector slowdown.
bymuratdeniz/iStock via Getty Images Shares of Liftoff Mobile ( LFTO ) have seen a strong public offering, as shares have priced above the higher end of the preliminary offering range. This was followed by a continued increase in the share price on the first day of trading. This seems well-deserved, given not just impressive growth, but also very profitable growth, as valuations remain very reason...
bymuratdeniz/iStock via Getty Images Shares of Liftoff Mobile ( LFTO ) have seen a strong public offering, as shares have priced above the higher end of the preliminary offering range. This was followed by a continued increase in the share price on the first day of trading. This seems well-deserved, given not just impressive growth, but also very profitable growth, as valuations remain very reasonable. However, I fail to develop conviction given the business model and the role that the company is playing, having seen past disappointments for somewhat similar firms before. After all, performing a platform function to optimize marketing in a rapidly evolving commercial and technical environment requires continued innovation, which has proven to be difficult in the past. That withholds me from having conviction in what otherwise is a reasonably attractively valued business posting strong growth. However, if other investors put less weight on such concerns, shares have the potential to show a continued post-IPO rally. Growing Your Mobile Business Liftoff helps to grow your mobile business; at least that is the mission of the company. The company aims to achieve this with its performance marketing, monetization, and creative solutions, powered by its internal AI growth platform called Cortex. The company describes its business as a mission-critical growth monetization engine for the app economy, designed to drive differentiated advertising parameters across apps. Media inventory is connected to some 1.4 billion daily active users across the world; these are connected with nearly 900 demand-side customers and over 167,000 apps. With 5 billion global users of apps, and these spending an average of 3 hours per day, app developers can benefit from growing audiences and monetization, and the latter is where Liftoff comes into play. With hundreds of billions spent on in-app spending and advertising, addressable markets are huge, and effective advertising and conversion are sig...