Baron Health Care Fund Exits Doximity Position

Baron Funds said in its Feb. 6, 2026 investor letter that the Baron Health Care Fund rose 13.10% (Institutional Shares) in Q4, outperforming the Russell 3000 Health Care Index's 11.92% and returning 10.28% for the full year versus the indexes' 14.56% and 17.15%. The letter identified Doximity (NYSE:DOCS) as a leading detractor—its shares closed at $33.32 on Feb. 5, 2026, down 23.91% one month and 57.95% over three months with a $6.273 billion market cap—and said Baron exited the position after disappointing guidance and budget uncertainty.