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Past performance is not a guarantee of future performance. Investment results and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Investors should be aware of the additional risks associated with investments in non-diversification, undervalued or overlooked companies and investments in specific industries. Additional risks may include those associated with investing in foreign securities, emerging markets, and companies with relatively small market capitalizations.
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Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.
Baron Small Cap Fund’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (30.76)%; 5-year, 7.28%; 10-year, 10.14%. Annual expense ratio for the Institutional Shares as of September 30, 2021 was 1.03%.
The Russell 2000 Growth Index’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (29.27)%; 5-year, 3.60%; 10-year, 8.81%
Baron Discovery Fund’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (37.29)%; 3-year, 7.51%; since inception (9/30/2013), 11.68%. Annual expense ratio for the Institutional Shares as of September 30, 2021 was 1.05%.
The Russell 2000 Growth Index’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (29.27)%; 3-year, 2.94%; since fund inception (9/30/2013), 6.40%
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.
Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher.
Baron Discovery Fund’s 3- and 5-year and Baron Small Cap Fund’s 3-year historical performance were impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Funds’ level of participation in IPOs will be the same in the future.
Risks: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Funds are diversified, they may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Funds’ returns.
The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this presentation reflect those of the respective speaker. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them.
Non-mutual fund products are available to institutional investors only.
Portfolio holdings as a percentage of net assets as of September 30, 2022 for securities mentioned are as follows: Red Rock Resorts, Inc. - Baron Discovery Fund (0.6%), Baron Small Cap Fund (2.4%)
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).