1. The Baron Discovery Fund outperformed its benchmark, the Russell 2000 Growth Index, in Q3 2024. 2. The Fund's top contributors were CareDx, Axon Enterprise, and Tempus AI. 3. The Fund's largest purchase was TWFG, an insurance broker. 4. The Fund believes the bear market in small-cap growth stocks is ending. 5. The Fund expects small-cap growth stocks to outperform in the medium to long term.