Ron Baron

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!

@SquawkCNBC @RonBaronAnalyst @SpaceX ♥️ Ron

Starman @elonmusk joins our Founder and CEO @RonBaronAnalyst for a virtual fireside chat to discuss the future. Livestream starts at 1:05pm ET. x.com/i/broadcasts/1…

Baron Capital Supports Elon Musk’s 2025 CEO Performance Award Baron Capital is in support of the proposed 2025 CEO Performance Award. We believe it reflects the same principles of accountability, performance and alignment with shareholder interests that drove Tesla’s past success. The plan ensures that shareholders win first, and that Elon Musk continues to lead Tesla for many years to come. We commend the Board for recognizing this and for working to retain Tesla’s most valuable asset. We believe the 2025 CEO Performance Award is right for the company, right for shareholders and right for the future. Baron Capital has been investing in @Tesla since 2014. Our shareholders and clients have benefited enormously from @elonmusk’s vision, determination and execution. Tesla’s success and its future are inseparable from Elon. Elon is the ultimate “key man” of key man risk. Without his relentless drive and uncompromising standards, there would be no Tesla. He has built one of the most important companies in the world. He’s redefining transportation, energy and humanoid robotics and creating lasting value for shareholders while doing it. His interests are completely aligned with investors. He owns 13% of the company. We will be voting FOR. Supplemental Information When my analyst team met with Elon Musk for two hours in our New York City office in 2010 during Tesla’s IPO roadshow, we thought his plans were more hopeful than plausible. Only one of our Funds made a small investment in Tesla at that time. But because Elon is a very impressive executive, we monitored Tesla closely for the next few years. Our research included several visits to Tesla's factories in Fremont, California and Reno, Nevada and frequent phone calls with Tesla executives including Elon. In 2014 when sales of Model S began to increase significantly, I concluded we had been wrong thinking that Elon would not succeed. From 2014 to 2016 Baron Capital purchased approximately $400 million Tesla shares at prices that were about 13X higher than Tesla's IPO price! Tesla's shares have since increased more than 30X our purchase price in 2014. Baron Capital has earned about $8 billion profits realized and unrealized from our Tesla shares for our clients and proprietary accounts. We began to purchase shares in another Musk business, @SpaceX, in 2017. We have invested about $1.3 billion to date in SpaceX. We have since earned about $4 billion profits realized and unrealized on those SpaceX purchases. Our recent $338 million investment in Elon's @xAI data center, social network and Grok AI, has produced about $340 million profits realized and unrealized to date. Profits earned from Musk-controlled businesses represent about 24% of the $52 billion profits we have earned for clients and proprietary accounts since 1992 when we managed $100 million in assets. Musk entities, due to their significant capital appreciation, now represent about 26% of our Firm's $44 billion AUM. We believe that Baron Capital could earn at least 5X the profits we have generated to date from the Musk ecosystem by 2035. If we are right, the beneficiaries of this success will be the estimated 1 million-plus working class and mass affluent, Baron mutual fund shareholders...their IRAs and 401(k) retirement accounts...as well as our institutional clients including endowments, foundations and sovereigns...and, looking through those entities, millions of additional individuals. Further, we think the impact of our investments in Tesla is far greater than the amounts we manage directly. This belief is based on the fact that virtually every day when I am walking on the streets of New York City or in restaurants or traveling...people approach me to say, "Thank you, Ron. You have changed my life!" That is since, for the past twelve years, I have appeared on CNBC’s Squawk Box three or four times a year and have spoken about Tesla...and lately SpaceX, too...and investors have obviously been watching and listening. Tesla's bonus contract with Elon has been written to achieve an objective to get Robotaxi and Optimus robots to scale. If successful, Tesla could earn $400 billion per year in adjusted EBITDA for an extended period by 2035. That could produce a market capitalization for Tesla of over $8 trillion. We believe by 2045 Tesla value could quadruple its 2035 levels. Tesla’s current market cap is $1.5 trillion. Elon will only achieve his full bonus payout if those objectives are met. Tesla shareholders benefit before he does by reaching aggressive market cap objectives that few believe can be attained. We think it is unlikely at this time anyone, but Elon could accomplish those objectives. We believe Elon is not only perhaps the most extraordinary engineer on our planet but an unusually competent businessperson. If he did not live in this country, we think it improbable there would be electric cars...reusable space rockets...Starlink broadband satellites...self-driving cars...giant storage batteries that can be added to America's electric utility grid quickly to provide required energy for AI data centers’ growth in our country...a satellite system protecting our homeland...super-fast manufacturing lines...AI digitizing physical processes...and who knows what else... We also deem it important that another element in Elon's bonus contract is succession. Tesla has 124,000 employees. The company hires only a small fraction of the millions of applicants from top engineering schools for Tesla engineering jobs. I found the comment of one Tesla Board member to me recently especially memorable: "Other AI businesses hire mercenary engineers. Tesla hires brilliant young engineers and trains them. Why would they ever want to leave?" Elon meets regularly with 30 to 40 engineers at a time in a room to discuss their work in various disciplines. And help solve problems they may be facing. Another Board member noted that when those employees leave the room, most are shaking their heads. The common refrain is that solutions to tasks they had thought unsolvable were outlined by Elon. On the fly. "I can't believe what we are learning," was heard most often from the best and brightest. It is rare that a senior executive challenges his prior assumptions recursively. Elon does. In my opinion, culture and people at Musk companies are unmatched at any publicly owned business I have visited in my 55-year career. That's because of him. From the large pool of awesome, talented engineers Elon is assembling, it should be possible to create an executive team to succeed Elon at some distant future point...if he ever decides he's done... If Elon ever leaves Tesla, we believe it's certainly not to sit on a beach somewhere drinking Mai Tai cocktails! On Mars, maybe. But a beach in the Caribbean? No way. Ron Baron (@RonBaronAnalyst) Founder CEO Baron Capital November 3, 2025 ______________________ You should consider the investment objectives, risk, charges, and expense of any of the Baron Funds carefully before investing. The prospectus contains this and other information about Baron Funds. You may obtain one from its distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting BaronCapitalGroup.com. Please read it carefully before investing. The performance data quoted represents past performance. Past performance can be no guarantee of future results. Risks: All investments are subject to risk and may lose value. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views reflect our best judgment at the time and are subject to change at any time based on market and other conditions and Baron Capital has no obligation to update them. Portfolio Holdings as a Percentage of Net Assets as of September 30, 2025: Tesla, Inc. - Baron Fifth Avenue Growth Fund (4.3%), Baron Focused Growth Fund (9.7%), Baron Global Opportunity Fund (1.9%), Baron Opportunity Fund (6.0%), Baron Partners Fund (33.2%*), Baron Technology Fund (5.2%); Space Exploration Technologies Corporation - Baron Asset Fund (6.3%), Baron Fifth Avenue Growth Fund (1.5%), Baron Focused Growth Fund (11.6%), Baron Global Opportunity Fund (10.4%), Baron Opportunity Fund (4.5%), Baron Partners Fund (18.1%*); X.AI Holdings Corp. - Baron Asset Fund (3.2%), Baron Fifth Avenue Growth Fund (0.8%), Baron Focused Growth Fund (2.2%), Baron Opportunity Fund (1.2%), Baron Partners Fund (0.7%*). *% 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).

@elonmusknews30 How much assets does Federal Reserve own. What was peak? Low point before financial crisis was how high?

While tariff news and the possibility of recession dominate today's headlines...creating market volatility...we continue to invest in people and unique growth businesses for the long term based upon our proprietary research and process. This is as we have done since the founding of Baron Capital in 1982. Read more in the latest Baron Capital Perspective: baroncapitalgroup.com/article/baron-… 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).

On January 25, 2025, on the ride to downtown LA from LAX, “stopped by” SpaceX to chat with SpaceX’s CFO. What’s new? A LOT! 1. Starlink subscribers more than doubled to 4.6 million in 2024. Could double again in 2025. Planet Earth has more than 8 billion inhabitants. About one third have no broadband internet. 2. United Airlines, Qatar, Hawaiian Air, Air France, and SAS have all recently installed or are in the process of installing Starlink on their planes. A lot more to come. 3. Telco direct to cell texts from Starlink satellites will be available in 2025...initially through T-Mobile and multiple other mobile network operators around the world. We think this is a game changer. 4. In March, SpaceX will launch four more astronauts to the International Space Station and return home two that have been on the orbiting lab for eight months since Boeing flight test last year. Since SpaceX is privately owned... for most of us, even though its shares are actively traded, it is very difficult to purchase without unusual costs. Purchases of Baron Partners Fund and Baron Focused Growth Fund, two open end, no-load mutual funds with significant holdings of SpaceX, are one way to participate at what we believe are attractive annual management fees. Baron Partners Fund is one of only two equity mutual funds in the United States…of over 2,600 such funds… to outperform the QQQ ETF for the past fifteen years. In fact, Baron Partners Fund was the number one performing fund in that group for this period. ------------------------------------- Disclosures Note, the peer group used for this analysis includes all U.S. equity share classes in Morningstar Direct domiciled in the U.S., including obsolete funds, index funds, and ETFs. The individual Morningstar Categories used for this analysis are the Morningstar Large Blend, Large Growth, Large Value, Mid-Cap Blend, MidCap Growth, Mid-Cap Value, Small Blend, Small Growth, and Small Value Categories. As of 12/31/2024, Morningstar Large Growth Category consisted of 1,088, 952, and 748, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Partners Fund in the 30th, 1st, 1st, 1st , 1st, and 1st percentiles for the 1-, 5-, 10-, 15-, 20-year, and since inception periods, respectively. The Fund converted into a mutual fund on 4/30/2003, and the category consisted of 678 share classes. Morningstar calculates the Morningstar Large Growth Category Average performance and rankings using its Fractional Weighting methodology. Morningstar rankings are based on total returns and do not include sales charges. Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets. 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 information about the Fund 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: The Baron Focused Growth Fund and Baron Partners Funds are non-diversified which means, in addition to increased volatility of the Funds’ returns, they will likely have a greater percentage of their assets in a single issuer or a small number of issuers, including in a particular industry than a diversified fund. Single issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer’s securities and therefore the net asset value of the Fund. As of the most recent quarter-end about 41% of Baron Partners Fund’s long positions are invested in Tesla stock. Therefore, the Funds are exposed to the risk that were Tesla stock to lose significant value, which could happen rapidly, the Funds’ performance would be adversely affected. Specific risks associated with investing in small and medium-sized companies include that the securities may be thinly traded and more difficult to sell during market downturns. Specific risks associated with leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of loss in any given period. For information pertaining to the QQQ ETF, please refer to that firm’s website. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views reflect our best judgment at the time and are subject to change at any time based on market and other conditions and Baron Capital has no obligation to update them. © 2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates or content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) does not constitute advice of any kind, whether investment, tax, legal or otherwise. User is solely responsible for ensuring that any use of this information complies with all laws, regulations and restrictions applicable to it. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. MORNINGSTAR IS NOT RESPONSIBLE FOR ANY DELETION, DAMAGE, LOSS OR FAILURE TO STORE ANY PRODUCT OUTPUT, COMPANY CONTENT OR OTHER CONTENT. Portfolio holdings as a percentage of net assets as of December 31, 2024 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Focused Growth Fund (11.4%) and Baron Partners Fund (15.1%*) As of December 31, 2024, no Fund held shares of United Airlines, Hawaiian Air, Air France, SAS, T-Mobile, or Qatar. *% 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)..

"Ron visits FIGS employees at FIGS HQ in LA. Explains Baron's recent decision to purchase 35% of @wearfigs as a long-term passive investor. Supports CEO Trina Spear and her management team." 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 information about the Fund 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: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of December 31, 2024 for securities mentioned are as follows: FIGS, Inc. - Baron Focused Growth Fund (2.5%), Baron Growth Fund (1.1%). 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).

@ajtourville As anyone who knows Ron would attest. I never give false praise.

@ajtourville Ron Baron is a real mensch. I love him.

In 2023, more than 5,000 attended the 30th Annual "OWN IT!" Baron Conference at New York's iconic Met Opera House. The 2024, 31st Annual "Building Legacy" Baron Conference on November 15th at The Met… features exceptional executives of SpaceX...MSCI...Arch Capital...and Red Rock Resorts...the Baron Capital team...incredible entertainment...and an ice cream cone served by former ice cream truck driver Ron... Oh yeah...good luck winning one of three awesome Tesla Y door prizes. All expenses, including door prizes...are paid by @BaronCapital...not our clients... Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting BaronCapitalGroup.com. Please read them carefully before investing. Portfolio holdings as a percentage of net assets as of June 30, 2024 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Asset Fund (2.9%), Baron Fifth Avenue Growth Fund (0.9%), Baron Focused Growth Fund (10.3%), Baron Global Advantage Fund (6.1%), Baron Opportunity Fund (2.8%), Baron Partners Fund (13.2%*); Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.2%), Baron Focused Growth Fund (8.6%), Baron Global Advantage Fund (3.3%), Baron Opportunity Fund (3.5%), Baron Partners Fund (28.9%*), Baron Technology Fund (2.5%); MSCI Inc. - Baron Asset Fund (0.5%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (2.5%), Baron Focused Growth Fund (3.1%), Baron Growth Fund (9.8%), Baron Partners Fund (1.8%*); Arch Capital Group Ltd. - Baron Asset Fund (4.8%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (3.0%), Baron Focused Growth Fund (6.4%), Baron Growth Fund (12.7%), Baron International Growth Fund (2.8%), Baron Partners Fund (9.5%*); Red Rock Resorts, Inc. - Baron Discovery Fund (1.6%), Baron Focused Growth Fund (3.9%), Baron Growth Fund (1.5%), Baron Partners Fund (1.5%*), Baron Real Estate Fund (1.7%), Baron Small Cap Fund (3.6%). *% of Long Positions. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. 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).

Thank you and Elon for everything you have done for Tesla and SpaceX and shareholders in all your other businesses…and everyone else on Planet Earth. Amazing to me the values you somehow have instilled in your son when his childhood not easy. Congrats. Agree with your idea that should be consequences for frivolous litigation to claimants. Not the way it works in US though. Unfortunately.

Thank you for everything you did. I’m sure now the Delaware Judge McCormick has the honesty and integrity to admit she was fooled by Richard Tornetta, a shareholder with 9 shares, who claimed to represent the Tesla shareholders. The judge should have this dishonest shareholder, and his lawyers, cover all the legal fees that Tesla incurred, which would only be fair. Otherwise, we should get a list of all the businesses incorporated in Delaware, buy nine shares, and sue their CEO, their board and the company. We can make any claims. They don’t have to be true. What do you think?

No @elonmusk, thank YOU! We are fortunate to be investors in @Tesla, @SpaceX, @X, and @xAI. Disclosures: Portfolio holdings as a percentage of net assets as of March 31, 2024 for securities mentioned are as follows: Tesla, Inc. - Baron Fifth Avenue Growth Fund®(2.7%), Baron Focused Growth Fund® (7.8%), Baron Global Advantage Fund® (2.8%), Baron Opportunity Fund ® (3.0%), Baron Partners Fund® (29.3%*), Baron Technology Fund® (1.4%); Space Exploration Technologies Corporation - Baron Asset Fund® (2.3%), Baron Fifth Avenue Growth Fund (0.9%), Baron Focused Growth Fund (9.1%), Baron Global Advantage Fund (4.9%), Baron Opportunity Fund® (2.4%), Baron Partners Fund (11.1%*); X Holding Corp. - Baron Opportunity Fund (0.1%), Baron Partners Fund (0.2%*). *% of Long Positions As of March 31, 2024, the Funds did not hold shares of X.AI Corp. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.

Thanks Ron!

@mayemusk @Tesla @SpaceX @xai @X @CNBC Thanks for the kind words @mayemusk! Behind every truly great great man is a super model mom.

Ron Baron is 81! Smart and eloquent. Talking @Tesla @SpaceX @xai @x No teleprompter 🧐 Most impressed. Enjoyed @RonBaronAnalyst interview on @CNBC 👏👏

Thanks for the kind words @ElonMusk!!! Investing in Tesla and in you isn’t just smart…it is electrifying…and in combination with @BaronCapital's investment in SpaceX…it is otherworldly!!! Portfolio holdings as a percentage of net assets as of March 31, 2024 for securities mentioned are as follows: Tesla, Inc. - Baron Fifth Avenue Growth Fund (2.7%), Baron Focused Growth Fund (7.8%), Baron Global Advantage Fund (2.8%), Baron Opportunity Fund (3.0%), Baron Partners Fund (29.3%*), Baron Technology Fund (1.4%); Space Exploration Technologies Corporation - Baron Asset Fund (2.3%), Baron Fifth Avenue Growth Fund (0.9%), Baron Focused Growth Fund (9.1%), Baron Global Advantage Fund (4.9%), Baron Opportunity Fund (2.4%), Baron Partners Fund (11.1%*). *% of Long Positions.

Nurses Week at @NYSE – Ron and FIGS’ CEO/Founder Trina Spear with Trina clones – CMO Bené Eaton and Chief of Staff Carly Stone – and FIGS’ Chief Legal Officer Todd Maron supporting healthcare’s everyday heroes!

November 10, Backstage at the 2023 Baron Conference. Superstar @JTimberlake gets advice from Ron’s grandsons, Leo (11) and Ari Baron (9), on which NBA team they intend to play with Silas Timberlake (age 8). All three children are under five feet tall!

As a long-term investor, I remember when a squawk box was an actual box! I much prefer the dialogue with this dynamic and talented group of CNBC pros @beckyquick @JoeSquawk @andrewrsorkin . Thanks for having me back on to share @BaronCapital’s views on Tesla, SpaceX, X.com and MSCI. Disclosures: Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Portfolio holdings as a percentage of net assets as of June 30, 2023, for securities mentioned are as follows: Tesla, Inc. - Baron Partners Fund® (40.5%*), Baron Focused Growth Fund®(14.8%); Space Exploration Technologies Corporation - Baron Partners Fund®(8.3%*), Baron Focused Growth Fund® (8.8%); MSCI Inc. - Baron Partners Fund® (1.4%*), Baron Focused Growth Fund®(3.7%) *% of Long Positions