Baron Health Care Fund Added On Portfolio Holding: Mettler-Toledo International Inc.

MTD (added to position): Added to the position, which has been held since the Fund’s inception. In the quarter, organic revenue growth and guidance were slightly below expectations. The negative stock reaction was viewed as substantially overblown and left the shares at a valuation not seen in many years. Its brand, product offering, installed base, direct sales and service network, global supply chain and execution are competitive advantages; confidence remains in mid-teens or better annual earnings growth over the long term.

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