.@RonBaronAnalyst returns to @SquawkCNBC on Monday, June 15 at 7:30 a.m. ET. Watch live for his latest perspective on the @SpaceX IPO and why he why he views the company as a potential lifetime investment whose impact will be measured not in quarters or years but across generations. $SPCX -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of March 31, 2026 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Asset Fund (25.5%), Baron Fifth Avenue Growth Fund (7.5%), Baron Focused Growth Fund (21.2%), Baron Global Opportunity Fund (20.5%), Baron Opportunity Fund (15.4%), Baron Partners Fund (33.0%*), Baron First Principles ETF (12.6%). * % of Long Positions. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Why does @RonBaronAnalyst view @SpaceX as a lifetime investment opportunity? Watch his take on reusable rockets, Starlink, data centers, patient capital and more. Chapters 👇 0:00 Intro 1:15 Ron Baron Background & Baron Capital History 4:04 How Ron First Met Elon 4:50 Our Investment History with SpaceX 5:22 SpaceX Could Become Largest Company on Earth 8:21 Reusable Rocket Advantage 9:05 Elon Musk’s “Faster, Better, Cheaper” Culture 11:34 Why SpaceX Can Reach Space at Lower Cost 12:30 Starlink: Internet for the Entire Planet 13:47 Data Centers in Space & the AI Compute Opportunity 18:14 SpaceX, Tesla, and the Need for More Chips 20:22 Grok, AI Models, and Explosive Economic Growth 21:49 Our Purpose: Changing Lives Through Long-Term Investing 23:47 Current SpaceX Exposure and Long-Term Return Expectations 25:32 Is It Too Late to Invest in SpaceX? 25:50 Which Baron Funds Own SpaceX? 27:18 Will Baron Buy More SpaceX at the IPO? 29:08 Could SpaceX and Tesla Merge? 31:30 Key-Man Risk: Elon Musk, Gwen Shotwell, and SpaceX Management Team 37:48 Liquidity, Lockups, and Potential Redemptions 39:36 Capital Gain Distributions for Baron Fund Shareholders 40:36 SpaceX’s Closest Competitors 46:05 What Drives SpaceX Valuation? 46:31 What the Market May Be Underestimating About SpaceX 52:18 Can the Market Absorb an IPO of This Size? 55:19 Mars and Its Relevance to the SpaceX Investment Case 58:08 What Is the Next SpaceX? 58:36 Holding SpaceX for the Long Term 59:58 Inflation, Growth Investing, and Owning Great Businesses 1:03:05 Ron Baron’s Ice Cream Truck Story -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of March 31, 2026 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Asset Fund (25.5%), Baron Fifth Avenue Growth Fund (7.5%), Baron Focused Growth Fund (21.2%), Baron Global Opportunity Fund (20.5%), Baron Opportunity Fund (15.4%), Baron Partners Fund (33.0%*), Baron First Principles ETF (12.6%); Tesla, Inc. - Baron Fifth Avenue Growth Fund (4.1%), Baron Focused Growth Fund (6.0%), Baron Global Opportunity Fund (1.2%), Baron Opportunity Fund (5.4%), Baron Partners Fund (20.4%*), Baron Technology ETF (3.5%), Baron First Principles ETF (13.6%). * % of Long Positions. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Congratulations to @SpaceX on its IPO, a defining moment for a company built on changing the course of humanity. At Baron Capital, conviction is built through research, patience, and a long-term view. When we identify a business we believe can grow tremendously and change lives, we believe the real opportunity is not just in the milestone, it’s in what comes next. 🚀 -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of March 31, 2026 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Asset Fund (25.5%), Baron Fifth Avenue Growth Fund (7.5%), Baron Focused Growth Fund (21.2%), Baron Global Opportunity Fund (20.5%), Baron Opportunity Fund (15.4%), Baron Partners Fund (33.0%*), Baron First Principles ETF (12.6%). * % of Long Positions. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Last week, I attended the @ElonMusk and Jamie Dimon @SpaceX discussion at J.P. Morgan. Jamie asked Elon how he had changed over the past 20 years as a leader and a person. Elon's answer wasn't about success. It was about what's next. He said he has learned a lot...has made mistakes and still has much to learn... Then he added, “I think maybe the future AI will say ‘not bad for a human’." Elon, thank you so much for what you've done for humanity. Congrats to you, @Gwynne_Shotwell, @BretWJ, and the entire team. What is even more remarkable... this feels like day one, that you are just getting started. PS. When people ask "what is the next SpaceX and who is the next Elon?" Simple answer. There is NO NEXT!!! Elon Musk is a mensch!

Our Head of ETFs Matt Camuso joined the @etfcom podcast, First Look ETF, to discuss how the Baron Active ETF lineup focuses on long-term business fundamentals amid short-term market noise. With the emerging markets at an inflection point, Matt highlights the compelling opportunities within Baron Emerging Markets Select ETF ™ , $BCEM, and our history of active management in the space, led by Portfolio Manager Michael Kass. Watch Matt’s segment here: youtube.com/watch?v=TMQFLzEL… -- 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐨𝐧 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞𝐬 𝐚𝐫𝐞 𝐧𝐨𝐭 𝐫𝐞𝐯𝐢𝐞𝐰𝐞𝐝, 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐛𝐲 𝐨𝐫 𝐞𝐧𝐝𝐨𝐫𝐬𝐞𝐝 𝐛𝐲 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐨𝐫 𝐢𝐭𝐬 𝐚𝐟𝐟𝐢𝐥𝐢𝐚𝐭𝐞𝐬. 𝐏𝐥𝐞𝐚𝐬𝐞 𝐛𝐞 𝐚𝐰𝐚𝐫𝐞 𝐭𝐡𝐚𝐭 𝐭𝐡𝐢𝐬 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞’𝐬 𝐭𝐞𝐫𝐦𝐬 𝐚𝐧𝐝 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐨𝐭𝐡𝐞𝐫 𝐥𝐞𝐠𝐚𝐥 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐦𝐚𝐲 𝐛𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐭𝐡𝐚𝐧 𝐭𝐡𝐨𝐬𝐞 𝐨𝐟 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥’𝐬 𝐰𝐞𝐛𝐬𝐢𝐭𝐞. 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐢𝐬 𝐧𝐨𝐭 𝐥𝐢𝐚𝐛𝐥𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐚𝐩𝐩𝐞𝐚𝐫𝐢𝐧𝐠 𝐨𝐧 𝐢𝐭, 𝐨𝐫 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐚𝐩𝐩𝐞𝐚𝐫𝐢𝐧𝐠 𝐨𝐧 𝐢𝐭, 𝐨𝐫 𝐟𝐨𝐫 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐨𝐫 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐢𝐬𝐬𝐮𝐞𝐬 𝐚𝐫𝐢𝐬𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐮𝐬𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞. 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳 𝘵𝘩𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘳𝘪𝘴𝘬𝘴, 𝘤𝘩𝘢𝘳𝘨𝘦𝘴, 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘯𝘴𝘦𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘢𝘯𝘥 𝘴𝘶𝘮𝘮𝘢𝘳𝘺 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘤𝘰𝘯𝘵𝘢𝘪𝘯 𝘵𝘩𝘪𝘴 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘌𝘛𝘍 𝘢𝘯𝘥 𝘤𝘢𝘯 𝘣𝘦 𝘰𝘣𝘵𝘢𝘪𝘯𝘦𝘥 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥’𝘴 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘰𝘳, 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭, 𝘐𝘯𝘤., 𝘣𝘺 𝘤𝘢𝘭𝘭𝘪𝘯𝘨 1-800-99-𝘉𝘈𝘙𝘖𝘕 𝘰𝘳 𝘷𝘪𝘴𝘪𝘵𝘪𝘯𝘨 𝘉𝘢𝘳𝘰𝘯𝘊𝘢𝘱𝘪𝘵𝘢𝘭𝘎𝘳𝘰𝘶𝘱.𝘤𝘰𝘮. 𝘗𝘭𝘦𝘢𝘴𝘦 𝘳𝘦𝘢𝘥 𝘵𝘩𝘦𝘮 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝐑𝐢𝐬𝐤𝐬: In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased risks due to a greater possibility of settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Fund invests in companies of all sizes, including small and medium-sized companies whose securities may be thinly traded and more difficult to sell during market downturns. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © 2026 Baron Capital. All rights reserved.

Not every team meeting happens in a conference room. Yesterday, our employees laced up their sneakers and took on the 2026 J.P. Morgan Chase Corporate Challenge in Central Park. Thank you to all our participants for your energy and excitement. Not a bad way to build momentum together!

For our Founder and CEO @RonBaronAnalyst, the company @SpaceX, $SPCX, is not only defined by space exploration. It is a business with the potential to reshape communications, transportation, national security, scientific discovery, and humanity’s future beyond Earth. Watch Ron’s full appearance on CNBC’s @SquawkCNBC to understand why he views SpaceX as a lifetime investment: baroncapitalgroup.com/news-a… -- 𝘐𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘴𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘰𝘯 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘸𝘦𝘣𝘴𝘪𝘵𝘦𝘴 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘳𝘦𝘷𝘪𝘦𝘸𝘦𝘥, 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦𝘥 𝘣𝘺 𝘰𝘳 𝘦𝘯𝘥𝘰𝘳𝘴𝘦𝘥 𝘣𝘺 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘰𝘳 𝘪𝘵𝘴 𝘢𝘧𝘧𝘪𝘭𝘪𝘢𝘵𝘦𝘴. 𝘗𝘭𝘦𝘢𝘴𝘦 𝘣𝘦 𝘢𝘸𝘢𝘳𝘦 𝘵𝘩𝘢𝘵 𝘵𝘩𝘪𝘴 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘸𝘦𝘣𝘴𝘪𝘵𝘦’𝘴 𝘵𝘦𝘳𝘮𝘴 𝘢𝘯𝘥 𝘤𝘰𝘯𝘥𝘪𝘵𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘭𝘦𝘨𝘢𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘮𝘢𝘺 𝘣𝘦 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘵𝘩𝘢𝘯 𝘵𝘩𝘰𝘴𝘦 𝘰𝘧 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭’𝘴 𝘸𝘦𝘣𝘴𝘪𝘵𝘦. 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘪𝘴 𝘯𝘰𝘵 𝘭𝘪𝘢𝘣𝘭𝘦 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘢𝘱𝘱𝘦𝘢𝘳𝘪𝘯𝘨 𝘰𝘯 𝘪𝘵, 𝘰𝘳 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘢𝘱𝘱𝘦𝘢𝘳𝘪𝘯𝘨 𝘰𝘯 𝘪𝘵, 𝘰𝘳 𝘧𝘰𝘳 𝘵𝘦𝘤𝘩𝘯𝘪𝘤𝘢𝘭 𝘰𝘳 𝘴𝘺𝘴𝘵𝘦𝘮𝘴 𝘪𝘴𝘴𝘶𝘦𝘴 𝘢𝘳𝘪𝘴𝘪𝘯𝘨 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘶𝘴𝘦 𝘰𝘧 𝘵𝘩𝘪𝘴 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘸𝘦𝘣𝘴𝘪𝘵𝘦. 𝐑𝐢𝐬𝐤𝐬: All investments are subject to risk and may lose value. 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐬 𝐚 𝐩𝐞𝐫𝐜𝐞𝐧𝐭𝐚𝐠𝐞 𝐨𝐟 𝐧𝐞𝐭 𝐚𝐬𝐬𝐞𝐭𝐬 𝐚𝐬 𝐨𝐟 𝐌𝐚𝐫𝐜𝐡 31, 2026 𝐟𝐨𝐫 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬: 𝐒𝐩𝐚𝐜𝐞 𝐄𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 - Baron Asset Fund (25.5%), Baron Fifth Avenue Growth Fund (7.5%), Baron Focused Growth Fund (21.2%), Baron Global Opportunity Fund (20.5%), Baron Opportunity Fund (15.4%), Baron Partners Fund (33.0%*), Baron First Principles ETF (12.6%). *% of Long Positions 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐚𝐧𝐝 𝐟𝐮𝐭𝐮𝐫𝐞 𝐩𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐫𝐢𝐬𝐤. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.

What may happen to markets when technologies that once took years to reach scale now take months—even weeks? AI is changing the way businesses build, scale, and engage. Our latest insights examine why focusing on fundamentals and taking a long-term view matters in this new era of accelerated adoption. Read more: baroncapitalgroup.com/articl… -- 𝐑𝐢𝐬𝐤𝐬: All investments are subject to risk and may lose value. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Today we have launched our newest active ETF, Baron Risk Optimized Large Cap ETF™ $BROL. This actively managed ETF is focused on capital appreciation through investments in high-quality U.S. large-cap growth companies. The portfolio combines our bottom-up fundamental research with disciplined risk managed portfolio construction, using defined risk parameters—such as growth and beta factor exposures, tracking error, and other well-defined metrics.* Learn more about BROL here: baroncapitalgroup.com/produc… -- *Risk targets are subject to change as market conditions or portfolio management considerations evolve. There can be no guarantee that these objectives will be met. 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳 𝘵𝘩𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘳𝘪𝘴𝘬𝘴, 𝘤𝘩𝘢𝘳𝘨𝘦𝘴, 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘯𝘴𝘦𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘢𝘯𝘥 𝘴𝘶𝘮𝘮𝘢𝘳𝘺 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘤𝘰𝘯𝘵𝘢𝘪𝘯 𝘵𝘩𝘪𝘴 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘌𝘛𝘍 𝘢𝘯𝘥 𝘤𝘢𝘯 𝘣𝘦 𝘰𝘣𝘵𝘢𝘪𝘯𝘦𝘥 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥’𝘴 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘰𝘳, 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭, 𝘐𝘯𝘤., 𝘣𝘺 𝘤𝘢𝘭𝘭𝘪𝘯𝘨 1-800-99-𝘉𝘈𝘙𝘖𝘕 𝘰𝘳 𝘷𝘪𝘴𝘪𝘵𝘪𝘯𝘨 𝘩𝘵𝘵𝘱://𝘉𝘢𝘳𝘰𝘯𝘊𝘢𝘱𝘪𝘵𝘢𝘭𝘎𝘳𝘰𝘶𝘱.𝘤𝘰𝘮. 𝘗𝘭𝘦𝘢𝘴𝘦 𝘳𝘦𝘢𝘥 𝘵𝘩𝘦𝘮 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝐑𝐢𝐬𝐤𝐬: The Fund invests primarily in equity securities, which are subject to price fluctuations in the stock market. Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. In addition, because the Fund invests primarily in large-cap company securities, it may underperform other funds during periods when the Fund’s securities are out of favor. 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐬 𝐚 𝐩𝐞𝐫𝐜𝐞𝐧𝐭𝐚𝐠𝐞 𝐨𝐟 𝐧𝐞𝐭 𝐚𝐬𝐬𝐞𝐭𝐬 𝐚𝐬 𝐨𝐟 𝐌𝐚𝐫𝐜𝐡 31, 2026 𝐟𝐨𝐫 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬: 𝐍𝐕𝐈𝐃𝐈𝐀 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 - Baron Durable Advantage Fund (8.3%), Baron Fifth Avenue Growth Fund (13.5%), Baron Global Opportunity Fund (7.4%), Baron Opportunity Fund (13.3%), Baron Technology ETF (11.5%), Baron Global Durable Advantage ETF (6.3%). BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © 2026 Baron Capital. All rights reserved.

Our Founder and CEO @RonBaronAnalyst broke down why @SpaceX, $SPCX, remains a high-conviction long term investment in his latest CNBC @SquawkBox appearance. Since first investing in the space technology company in 2017, Ron has seen its opportunities expand from Earth to orbit. Watch the full interview here: baroncapitalgroup.com/news-a… -- 𝘐𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘴𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘰𝘯 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘸𝘦𝘣𝘴𝘪𝘵𝘦𝘴 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘳𝘦𝘷𝘪𝘦𝘸𝘦𝘥, 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦𝘥 𝘣𝘺 𝘰𝘳 𝘦𝘯𝘥𝘰𝘳𝘴𝘦𝘥 𝘣𝘺 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘰𝘳 𝘪𝘵𝘴 𝘢𝘧𝘧𝘪𝘭𝘪𝘢𝘵𝘦𝘴. 𝘗𝘭𝘦𝘢𝘴𝘦 𝘣𝘦 𝘢𝘸𝘢𝘳𝘦 𝘵𝘩𝘢𝘵 𝘵𝘩𝘪𝘴 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘸𝘦𝘣𝘴𝘪𝘵𝘦’𝘴 𝘵𝘦𝘳𝘮𝘴 𝘢𝘯𝘥 𝘤𝘰𝘯𝘥𝘪𝘵𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘭𝘦𝘨𝘢𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘮𝘢𝘺 𝘣𝘦 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘵𝘩𝘢𝘯 𝘵𝘩𝘰𝘴𝘦 𝘰𝘧 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭’𝘴 𝘸𝘦𝘣𝘴𝘪𝘵𝘦. 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘪𝘴 𝘯𝘰𝘵 𝘭𝘪𝘢𝘣𝘭𝘦 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘢𝘱𝘱𝘦𝘢𝘳𝘪𝘯𝘨 𝘰𝘯 𝘪𝘵, 𝘰𝘳 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘢𝘱𝘱𝘦𝘢𝘳𝘪𝘯𝘨 𝘰𝘯 𝘪𝘵, 𝘰𝘳 𝘧𝘰𝘳 𝘵𝘦𝘤𝘩𝘯𝘪𝘤𝘢𝘭 𝘰𝘳 𝘴𝘺𝘴𝘵𝘦𝘮𝘴 𝘪𝘴𝘴𝘶𝘦𝘴 𝘢𝘳𝘪𝘴𝘪𝘯𝘨 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘶𝘴𝘦 𝘰𝘧 𝘵𝘩𝘪𝘴 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘸𝘦𝘣𝘴𝘪𝘵𝘦. 𝐑𝐢𝐬𝐤𝐬: All investments are subject to risk and may lose value. 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐬 𝐚 𝐩𝐞𝐫𝐜𝐞𝐧𝐭𝐚𝐠𝐞 𝐨𝐟 𝐧𝐞𝐭 𝐚𝐬𝐬𝐞𝐭𝐬 𝐚𝐬 𝐨𝐟 𝐌𝐚𝐫𝐜𝐡 31, 2026 𝐟𝐨𝐫 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬: 𝐒𝐩𝐚𝐜𝐞 𝐄𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 -Baron Asset Fund (25.5%), Baron Fifth Avenue Growth Fund (7.5%), Baron Focused Growth Fund (21.2%), Baron Global Opportunity Fund (20.5%), Baron Opportunity Fund (15.4%), Baron Partners Fund (33.0%*), Baron First Principles ETF (12.6%). *% of Long Positions 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐚𝐧𝐝 𝐟𝐮𝐭𝐮𝐫𝐞 𝐩𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐫𝐢𝐬𝐤. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.