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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 Asset Fund’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (30.61)%; 5-year, 7.46%; 10-year, 11.26%. Annual expense ratio for the Institutional Shares as of September 30, 2021 was 1.03%.
Baron Growth Fund’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (26.12)%; 5-year, 9.81%; 10-year, 11.31%. Annual expense ratio for the Institutional Shares as of September 30, 2021 was 1.03%.
The Russell Midcap Growth Index’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (29.50)%; 5-year, 7.62%; 10-year, 10.85%
Baron Partners Fund’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (14.00)%; 5-year, 27.81%; 10-year, 22.49%. Annual expense ratio for the Institutional Shares as of December 31, 2021 was 1.11%.
The Russell Midcap Growth Index’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (29.50)%; 5-year, 7.62%; 10-year, 10.85%
Baron WealthBuilder Fund’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (29.29)%; 3-year, 11.97%; since inception (12/29/2017), 10.67%. Annual expense ratio for the Institutional Shares as of September 30, 2021 was 1.05%.
The S&P 500 Index’s annualized returns for the Institutional Shares as of September 30, 2022: 1-year, (15.47)%; 3-year, 8.16%; since fund inception (12/29/2017), 8.27%
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. BAMCO, Inc. ('BAMCO" or the "Adviser") has agreed that, pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (portfolio transaction costs, interest, dividend, acquired fund fees and expenses and extraordinary expenses are not subject to the operating expense limitation) to 0.30% of average daily nest assets of Retail Shares, 0.05% of average daily net assets of Institutional Shares and 0.05% of average daily net assets of TA Shares, 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.
Risks: The Baron Partners Fund is non-diversified which means, in addition to increased volatility of the Fund’s returns, it will likely have a greater percentage of its assets in a single issuer or a small number of issuers, including in a particular industry than a diversified fund. Single issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer’s securities and therefore the net asset value of the Fund. As of the date of the latest prospectus supplement, about 48% of the Fund’s assets are invested in Tesla stock. Therefore, the Fund is exposed to the risk that were Tesla stock to lose significant value, which could happen rapidly, the Fund’s performance would be adversely affected. Specific risks associated with leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of loss in any given period. Securities issued by small and medium sized companies may be thinly traded and may be more difficult to sell during market downturns. The Baron WealthBuilder Fund is a diversified fund because it invests, at any given time, in the securities of a select number of Baron mutual funds (the “Underlying Funds”), representing specific investment strategies. The Fund can invest in funds holding U.S. and international stocks; small-cap, small to mid-cap, large-cap, all-cap stocks; and specialty stocks. Each of the Underlying Funds has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, it will have greater exposure to the risks of that Underlying Fund. For further information regarding the investment risks of the Underlying Funds, please refer to the Underlying Funds’ prospectus.
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.
Portfolio holdings as a percentage of net assets as of September 30, 2022 for securities mentioned are as follows: Tesla, Inc. - Baron Partners Fund (45.5%)*; Figs Inc. - Baron Growth Fund (0.2%), Baron Partners Fund (0.8%)*; Space Exploration Technologies Corporation - Baron Asset Fund (1.5%), Baron Partners Fund (6.8%)*; IDEXX Laboratories, Inc. - Baron Asset Fund (5.6%), Baron Growth Fund (2.9%), Baron Partners Fund (3.7%)*
*% of total assets
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).