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Baron Health Care Fund swings on AbbVie acquisition of Apogee
The Baron Health Care Fund gained 11.99% in Q2 2026, outperforming the Russell 3000 Health Care Index, after Apogee Therapeutics was agreed to be acquired by AbbVie for $135.11 per share.
Baron Capital’s Baron Health Care Fund reported a Q2 2026 performance gain of 11.99%, beating the Russell 3000 Health Care Index’s 10.48% rise and the Russell 3000’s 15.44% increase, according to the firm’s Q2 investor letter.
The letter said stock selection in pharmaceuticals, biotechnology, health care equipment, and life sciences tools and services supported results, while limited exposure to managed care stocks reduced relative returns.
Baron Capital also highlighted Apogee Therapeutics, a clinical stage biotech focused on treatments for conditions including atopic dermatitis, asthma, and chronic obstructive pulmonary disease, noting that in June the company announced an agreement to be acquired by AbbVie for $135.11 per share, a 49.5% premium over the prior day’s closing price.
The outlet further noted Apogee’s August 4 close at $134.19 per share and described the shares as having gained 269.47% over the past 52 weeks, while the fund cited a mix of favorable biotech selection and higher exposure to an underperforming sub industry.