Baron Health Care Fund Retail Shares
BHCFX
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- Baron Health Care Fund Retail Shares (BHCFX) is a mutual fund that seeks capital appreciation through investments primarily in equity securities of health care companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to health care; the fund normally invests at least 80% of its net assets in such securities, including common stocks across sub-industries such as biotechnology, health care equipment, pharmaceuticals, life sciences tools and services, health care services, health care distributors, health care facilities, managed health care, health care supplies, and health care technology. The fund, managed by Baron Capital Management, focuses on long-term holdings of competitively advantaged growth companies with secular growth opportunities, durable competitive advantages, and strong management teams, targeting earnings compounders with mid-single-digit revenue growth and double-digit earnings growth, high-growth companies with double-digit revenue potential, and biotechnology firms; top holdings as of late 2025 include Eli Lilly and Company (GLP-1 drugs for diabetes and obesity), argenx SE (Vyvgart for autoimmune disorders), Insmed Incorporated (pulmonary therapies like Brinsupri), Thermo Fisher Scientific Inc. (life sciences tools), and AstraZeneca PLC (oncology and cardiovascular drugs), with approximately 46 issuers representing 94.8% of net assets and a weighted average market cap of $149.91 billion. Launched on April 30, 2018, with net assets of $135.29 million as of September 30, 2025, the fund is part of the Baron Funds family offered by Baron Capital Group, Inc., headquartered at 767 Fifth Avenue, New York, New York. The fund operates globally, with international stocks comprising about 4.86% to 14.8% of assets depending on the period, targeting U.S. and non-U.S. companies of any market capitalization in the health care sector, which accounts for 98.2% of holdings; it serves individual investors, financial professionals, and institutions seeking exposure to health care growth themes like genomics, innovative medical devices, minimally invasive surgery, anti-obesity medications, AI beneficiaries, and the shift to lower-cost outpatient care. Recent portfolio activity reflects active management amid sector challenges, including adding new positions in Q2 2025 such as Masimo Corporation (non-invasive patient monitoring), Exact Sciences Corporation (colorectal cancer diagnostics via Cologuard), Penumbra, Inc. (thrombectomy devices), and Edwards Lifesciences Corporation (heart valve products); in Q3 2025, the fund initiated holdings in AbbVie Inc. (immunology drugs Skyrizi and Rinvoq), Roivant Sciences Ltd. (biotech "Vants" like Immunovant), Cidara Therapeutics, Inc. (long-acting flu antiviral), and repurchased UnitedHealth Group Incorporated, while exiting or reducing positions like Waters Corporation (due to dilutive acquisition), UnitedHealth Group (initially over Medicare issues), and The Cooper Companies, Inc. (decelerating growth). These changes increased the position count to 46 by Q3 2025 from 35 in Q2, capitalizing on attractive valuations in an underperforming sector influenced by policy shifts like the One Big Beautiful Bill Act's Medicaid cuts, NIH funding disruptions, and tariff uncertainties under President Trump; the fund outperformed the Russell 3000 Health Care Index in Q2 2025 (-5.06% vs. -6.19%) but matched it closely in Q3 (+5.39% vs. +5.05%), with a net expense ratio of 1.10% and annualized return since inception of 9.03% as of September 30, 2025.