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Baron Funds, an investment management company, released its “Baron Global Advantage Fund” investor letter for the second quarter of 2025. A copy of the letter can be downloaded here. In the second quarter, the fund returned 22.7% (Institutional Shares), compared to the MSCI ACWI Index’s (the Index) 11.5% gain and the MSCI ACWI Growth Index’s 17.3% gain. The Fund is up 11.2%, year-to-date, compared to gains of 10.1% and 9.3% for the benchmarks, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its second-quarter 2025 investor letter, Baron Global Advantage Fund highlighted stocks such as Illumina, Inc. (NASDAQ:ILMN). Illumina, Inc. (NASDAQ:ILMN) is a leading supplier of sequencing- and array-based solutions for genetic and genomic analysis. The one-month return of Illumina, Inc. (NASDAQ:ILMN) was -0.84%, and its shares lost 15.40% of their value over the last 52 weeks. On August 4, 2025, Illumina, Inc. (NASDAQ:ILMN) stock closed at $98.44 per share, with a market capitalization of $15.583 billion.
Baron Global Advantage Fund stated the following regarding Illumina, Inc. (NASDAQ:ILMN) in its second quarter 2025 investor letter:
“We also added to our position in the leading DNA sequencing platform, Illumina, Inc. (NASDAQ:ILMN). Illumina is the dominant next generation sequencing tools provider, a technique that enables massive amounts of genetic analysis in both research and clinical diagnosis. The stock has come under heavy pressure recently due to a confluence of several factors including: 1) Pricing pressure from transition to the next-gen ‘X’ platform; 2) China business at risk after getting caught up in U.S./ China trade tensions; 3) The new administration’s focus on cutting National Institutes of Health (NIH) funding for life sciences; and 4) Roche’s competitive launch coming next year.
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