The fund disclosed a new stake in VMC as its Q1 2026 performance lagged the Russell Midcap Growth Index by 1.46 percentage points.
Baron Asset Fund initiated a position in Vulcan Materials Company (VMC) during Q1 2026, purchasing shares at $274.54 on May 13. The fund’s institutional shares fell 7.81% for the quarter, underperforming the Russell Midcap Growth Index’s 6.35% decline.
Performance was pressured by overexposure to software and services sectors and limited energy holdings. VMC, with a $35.62 billion market capitalization, posted a -3.93% one-month return but gained 1.28% over the past year.
The fund cited VMC’s long-term growth potential despite near-term market volatility and sector-specific headwinds.