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✍️  Baron Funds' second-quarter 2025 investor letter highlights the performance of its Baron Real Estate Fund, which rose 3.61% compared to a decline for the MSCI US REIT Index.
👉 Baron Real Estate Fund rose 3.61% in the second quarter
👉 Churchill Downs Incorporated (NASDAQ:CHDN) was a detractor during the quarter
👉 The company's Virginia market and regional gaming portfolio may remain under pressure
👉 The fund exited its position in Churchill Downs due to uncertain business trends and concerns about competitive pressures

#Virginia #Kentucky #business
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