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Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the fund appreciated 6.20% (Institutional Shares), outperforming the 4.50% return for the Russell 2000 Growth Index. For the year ended December 31, 2024, the fund returned 16.28% compared to the index’s 15.15% return. Given the challenging start in the first half of the year, the fund was pleased with the outperformance of the fund in 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Discovery Fund highlighted stocks like ServiceTitan, Inc. (NASDAQ:TTAN), in the fourth quarter 2024 investor letter. ServiceTitan, Inc. (NASDAQ:TTAN) provides service activities required to install, maintain, and service the infrastructure and systems. The one-month return of ServiceTitan, Inc. (NASDAQ:TTAN) was -7.74%, and YTD its shares lost 2.79% of their value. On January 23, 2024, ServiceTitan, Inc. (NASDAQ:TTAN) stock closed at $100.00 per share with a market capitalization of $8.994 billion.
Baron Discovery Fund stated the following regarding ServiceTitan, Inc. (NASDAQ:TTAN) in its Q4 2024 investor letter:
"ServiceTitan, Inc. (NASDAQ:TTAN) is the leading business management software platform for “the trades” (i.e HVAC, plumbing, electrical, pest control, roofing, etc.). The platform serves as a system of record offering clients nearly everything they need to run their businesses including customer relationship management (sales enablement, marketing automation, and customer service), field service management (scheduling/dispatching), enterprise resource planning (inventory), human capital management (compensation and payroll) and fintech (payments and consumer financing).