The Fund invests mainly in mid-sized U.S. companies that have matured beyond their start-up phase and have significant secular growth opportunities. Diversified.
Institutional Investors
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If you are a non-U.S. investor or qualified tax-exempt U.S. investor interested in our non-U.S. investment products, please contact Stephen Millar, VP, Head of EMEA, Institutional Sales | +44(0)7769 958822 | smillar@baronfunds.com
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Overview
Objective & Strategy
M
Fund Facts
BARIX Snapshot
As of Jun 05, 2023
| NAV | $96.79 |
|---|---|
| Daily Change ($) | -$0.26 |
| Daily Change (%) | -0.27% |
| YTD | 5.56% |
| Inception Date | 6/12/1987 |
Equity Style
Risk & Return1
BARIX Portfolio Management
Andrew Peck
Portfolio Manager
years of exp 27
years at baron 25
1Source: FactSet SPAR.
For the period ended 3/31/2023, the Baron Asset Fund received a 4-Star Overall Morningstar Rating™, 2-Star 3-Year Rating, 4-Star 5-Year Rating, and 4-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 529, 529, 498, and 387 funds in the category, respectively. This Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.
© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Prices & Performance: Baron Asset Fund (BARIX)
Prices
as of 06/05/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $96.79 | -$0.26 | -0.27% | 1.64% | 0.21% | 5.56% |
Performance
Quarterly Returns
as of 03/31/23
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| YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|---|---|
| Gross | Net | |||||||
| BARIX - Baron Asset Fund - I | 5.34% | -8.65% | 12.57% | 9.43% | 11.49% | 11.29% | 1.04% | 1.04% |
| Russell Midcap Growth Index | 9.14% | -8.52% | 15.20% | 9.07% | 11.17% | 9.99% | ||
| S&P 500 Index | 7.50% | -7.73% | 18.60% | 11.19% | 12.24% | 9.93% | ||
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.
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 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.
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 prior to 5/29/2009, did not reflect this fee, the returns would be higher.
The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
Performance Characteristics: BARIX
as of 03/31/23
| 3 Years | 5 Years | 10 Years | |
|---|---|---|---|
| Standard Deviation (%) | 22.98 | 21.46 | 17.11 |
| Sharpe Ratio | 0.51 | 0.37 | 0.62 |
| Alpha (%) | -1.76 | 0.83 | 0.83 |
| Beta | 0.97 | 0.94 | 0.95 |
| R-Squared (%) | 94.35 | 94.41 | 93.25 |
| Tracking Error (%) | 5.52 | 5.21 | 4.52 |
| Information Ratio | -0.48 | 0.07 | 0.07 |
| Upside Capture (%) | 101.61 | 102.41 | 101.48 |
| Downside Capture (%) | 111.69 | 101.80 | 100.68 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Asset Fund's(BARAX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
| NAV | $96.79 |
|---|---|
| Daily Change ($) | -$0.26 |
| Daily Change (%) | -$0.26 |
| MTD | 1.64% |
| QTD | 0.21% |
| YTD | 5.56% |
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| BARIX - Baron Asset Fund - I | Russell Midcap Growth Index | S&P 500 Index | |
|---|---|---|---|
| QTD1 | -1.41% | -1.39% | 2.00% |
| YTD1 | 3.86% | 7.62% | 9.65% |
| 1 Year | 5.48% | 5.75% | 2.92% |
| 3 Years | 4.05% | 5.80% | 12.92% |
| 5 Years | 8.27% | 8.18% | 11.01% |
| 10 Years | 11.17% | 10.56% | 11.99% |
| Since Inception | 11.19% | 9.89% | 9.94% |
| Expense Ratio2 - Gross | 1.04% | ||
| Expense Ratio2 - Net | 1.04% |
*As of 05/31/23
*Annualized as of 05/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.
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 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.
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 prior to 5/29/2009, did not reflect this fee, the returns would be higher.
The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
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| BARIX - Baron Asset Fund - I | Russell Midcap Growth Index | S&P 500 Index | |
|---|---|---|---|
| YTD1 | 5.34% | 9.14% | 7.50% |
| 1 Year | -8.65% | -8.52% | -7.73% |
| 3 Years | 12.57% | 15.20% | 18.60% |
| 5 Years | 9.43% | 9.07% | 11.19% |
| 10 Years | 11.49% | 11.17% | 12.24% |
| Since Inception | 11.29% | 9.99% | 9.93% |
| Expense Ratio2 - Gross | 1.04% | ||
| Expense Ratio2 - Net | 1.04% |
*As of 03/31/23
*Annualized as of 05/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.
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 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.
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 prior to 5/29/2009, did not reflect this fee, the returns would be higher.
The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
as of 03/31/23
| 3 Years | 5 Years | 10 Years | |
|---|---|---|---|
| Standard Deviation (%) | 22.98 | 21.46 | 17.11 |
| Sharpe Ratio | 0.51 | 0.37 | 0.62 |
| Alpha (%) | -1.76 | 0.83 | 0.83 |
| Beta | 0.97 | 0.94 | 0.95 |
| R-Squared (%) | 94.35 | 94.41 | 93.25 |
| Tracking Error (%) | 5.52 | 5.21 | 4.52 |
| Information Ratio | -0.48 | 0.07 | 0.07 |
| Upside Capture (%) | 101.61 | 102.41 | 101.48 |
| Downside Capture (%) | 111.69 | 101.80 | 100.68 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Asset Fund's(BARAX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 05/31/23
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| Year | Baron Asset Fund | Russell Midcap Growth Index | S&P 500 Index |
|---|---|---|---|
| 2022 | -25.87% | -26.72% | -18.11% |
| 2021 | 14.22% | 12.73% | 28.71% |
| 2020 | 33.33% | 35.59% | 18.40% |
| 2019 | 37.96% | 35.47% | 31.49% |
| 2018 | 0.14% | -4.75% | -4.38% |
| 2017 | 26.49% | 25.27% | 21.83% |
| 2016 | 6.51% | 7.33% | 11.96% |
| 2015 | 0.20% | -0.20% | 1.38% |
| 2014 | 9.77% | 11.90% | 13.69% |
| 2013 | 39.25% | 35.74% | 32.39% |
| 2012 | 15.63% | 15.81% | 16.00% |
| 2011 | -2.68% | -1.65% | 2.11% |
| 2010 | 21.66% | 26.38% | 15.06% |
| 2009 | 31.85% | 46.29% | 26.46% |
| 2008 | -40.75% | -44.32% | -37.00% |
| 2007 | 10.13% | 11.43% | 5.49% |
| 2006 | 14.64% | 10.66% | 15.79% |
| 2005 | 12.47% | 12.10% | 4.91% |
| 2004 | 27.13% | 15.48% | 10.88% |
| 2003 | 27.34% | 42.71% | 28.68% |
| 2002 | -19.99% | -27.41% | -22.06% |
| 2001 | -10.12% | -20.15% | -11.93% |
| 2000 | 0.36% | -11.75% | -9.10% |
| 1999 | 16.28% | 51.29% | 21.04% |
| 1998 | 4.27% | 17.86% | 28.58% |
| 1997 | 33.89% | 22.54% | 33.36% |
| 1996 | 21.96% | 17.48% | 22.96% |
| 1995 | 35.28% | 33.98% | 37.58% |
| 1994 | 7.42% | -2.16% | 1.32% |
| 1993 | 23.48% | 11.19% | 10.08% |
| 1992 | 13.90% | 8.71% | 7.62% |
| 1991 | 34.00% | 47.03% | 30.47% |
| 1990 | -18.49% | -5.13% | -3.10% |
| 1989 | 24.97% | 31.48% | 31.68% |
| 1988 | 34.42% | 12.93% | 16.59% |
| 1987 | 2.98% | -18.81% | -16.66% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.
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 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.
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 prior to 5/29/2009, did not reflect this fee, the returns would be higher.
The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
| Record Date | 07/25/2022 | 11/22/2021 | 11/23/2020 | 11/25/2019 | 07/24/2019 | 11/28/2018 | 11/27/2017 | 11/28/2016 | 06/27/2016 | 12/02/2015 | 12/01/2014 | 11/25/2013 | 11/28/2012 | 11/28/2011 | 12/13/2010 | 05/27/2009 | 12/19/2008 | 12/19/2007 | 11/17/2006 | 11/21/2005 | 11/22/2004 | 11/20/2002 | 11/14/2001 | 11/15/2000 | 12/27/1998 | 12/26/1996 | 12/26/1995 | 12/27/1994 | 12/27/1993 | 12/28/1992 | 12/29/1991 | 12/27/1990 | 12/27/1989 | 12/27/1988 | 12/21/1987 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ex Date | 07/26/2022 | 11/23/2021 | 11/24/2020 | 11/26/2019 | 07/25/2019 | 11/29/2018 | 11/28/2017 | 11/29/2016 | 06/28/2016 | 12/03/2015 | 12/02/2014 | 11/26/2013 | 11/29/2012 | 11/29/2011 | 12/14/2010 | 05/28/2009 | 12/22/2008 | 12/20/2007 | 11/20/2006 | 11/22/2005 | 11/23/2004 | 11/21/2002 | 11/15/2001 | 11/16/2000 | 12/28/1998 | 12/27/1996 | 12/27/1995 | 12/28/1994 | 12/28/1993 | 12/29/1992 | 12/30/1991 | 12/28/1990 | 12/28/1989 | 12/28/1988 | 12/22/1987 |
| Payable Date | 07/27/2022 | 11/24/2021 | 11/25/2020 | 11/27/2019 | 07/26/2019 | 11/30/2018 | 11/29/2017 | 11/30/2016 | 06/29/2016 | 12/04/2015 | 12/03/2014 | 11/27/2013 | 11/30/2012 | 11/30/2011 | 12/15/2010 | 05/29/2009 | 12/23/2008 | 12/21/2007 | 11/21/2006 | 11/23/2005 | 11/24/2004 | 11/22/2002 | 11/16/2001 | 11/17/2000 | 12/29/1998 | 12/30/1996 | 12/28/1995 | 12/29/1994 | 12/29/1993 | 12/30/1992 | 12/31/1991 | 12/29/1990 | 12/29/1989 | 12/29/1988 | 12/23/1987 |
| Income | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0410 | $0.0000 | $0.0000 | $0.0000 | $0.3180 | $0.0000 | $0.0000 | $0.1980 | $0.1550 | $0.0480 | $0.0260 |
| Return of Capital | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| Short-Term Capital Gain | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0866 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0350 | $0.0000 | $1.1740 | $0.6190 | $0.1710 |
| Long-Term Capital Gain | $0.0060 | $8.9820 | $3.3941 | $1.5044 | $0.0285 | $4.7319 | $4.9413 | $2.8044 | $0.0200 | $6.5739 | $4.1656 | $5.5141 | $3.7570 | $7.7670 | $0.7720 | $0.5720 | $2.0480 | $2.0780 | $4.6840 | $2.8100 | $2.9930 | $1.1770 | $4.0670 | $4.6140 | $0.0000 | $0.0390 | $0.0340 | $0.6560 | $0.4560 | $0.1620 | $0.0000 | $0.0000 | $0.0800 | $0.0340 | $0.0000 |
| Total | $0.0060 | $8.9820 | $3.3941 | $1.5044 | $0.0285 | $4.7319 | $4.9413 | $2.8044 | $0.0200 | $6.5739 | $4.1656 | $5.6007 | $3.7570 | $7.7670 | $0.7720 | $0.5720 | $2.0480 | $2.0780 | $4.6840 | $2.8100 | $2.9930 | $1.1770 | $4.0670 | $4.6140 | $0.0410 | $0.0390 | $0.0340 | $0.6560 | $0.7740 | $0.1620 | $0.0350 | $0.1980 | $1.4090 | $0.7010 | $0.1970 |
| Re-Invest NAV | $86.81 | $121.55 | $109.21 | $89.40 | $89.81 | $73.73 | $71.52 | $60.15 | $57.09 | $58.66 | $64.19 | $60.81 | $48.63 | $45.00 | $55.03 | $36.92 | $33.90 | $63.49 | $59.24 | $56.97 | $49.13 | $35.09 | $40.85 | $54.69 | $50.81 | $35.66 | $29.24 | $21.67 | $20.85 | $17.49 | $15.60 | $11.67 | $14.51 | $12.77 | $10.06 |
| Calendar-Yr Return | -25.87% | 14.22% | 33.33% | 0.14% | 26.49% | 6.51% | 6.51% | 0.20% | 9.77% | 39.25% | 15.63% | -2.68% | 21.66% | 31.85% | -40.75% | 10.13% | 14.64% | 12.47% | 27.13% | -19.99% | -10.12% | 0.36% | 4.27% | 21.96% | 35.28% | 7.42% | 23.48% | 13.90% | 34.00% | -18.49% | 24.97% | 34.42% | 2.98% |
Portfolio Characteristics
as of 03/31/23
| Baron Asset Fund | Russell Midcap Growth Index | |
|---|---|---|
| Net Assets | $4.53 billion | |
| # of Issuers / % of Net Assets | 52 / 99.3% | |
| Turnover (3 Year Average) | 7.51% | |
| Active Share | 84.7% | |
| Median Market Cap | $21.95 billion | $11.23 billion |
| Weighted Average Market Cap | $28.86 billion | $26.36 billion |
| EPS Growth (3-5 year forecast) | 14.7% | 17.9% |
| Price/Earnings Ratio (trailing 12-month) | 35.9 | 24.6 |
| Price/Book Ratio | 4.5 | 5.7 |
| Price/Sales Ratio | 5.5 | 2.4 |
The Net Assets include all share classes combined.
Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.
Contributors/Detractors
Contributors
Quarterly as of 03/31/23
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| IDEXX Laboratories, Inc. | 7.11% | 1.45% |
| ANSYS, Inc. | 3.53% | 1.18% |
| West Pharmaceutical Services, Inc. | 2.15% | 0.82% |
| Guidewire Software, Inc. | 2.28% | 0.63% |
| MarketAxess Holdings Inc. | 1.39% | 0.50% |
Source: FactSet PA.
Insights & News: Baron Asset Fund (BARIX)
Documents
| SAI | 01/27/23 |
|---|---|
| Prospectus | 01/27/23 |
| Summary Prospectus | 01/27/23 |
| Fact Sheet | 03/31/23 |
| Baron Investment Funds Trust Annual Financial Report | 09/30/22 |
| Baron Investment Funds Trust Semi-Annual Financial Report | 03/31/23 |
| 4Q22 BIFT NPORT | 12/31/22 |
| 2Q22 BIFT NPORT | 06/30/22 |
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.
Risks: Securities issued by medium sized companies may be thinly traded and may be more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund’s returns.
The Fund may not achieve its objectives.
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.
Prior to February 15, 2007, the Fund's strategy was to invest primarily in small and mid-sized growth companies. Since then, the Fund's investment strategy has shifted to mid-sized companies.
Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties. The Adviser may have reclassified/classified certain securities in or out of a sub-industry. Such reclassifications are not supported by S&P or MSCI.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell Midcap® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth, and the S&P 500 Index of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. Index performance is not fund performance. Investors cannot invest directly in an index. Standard Deviation : measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha : measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta : measures a fund’s sensitivity to market movements. The beta of the market (Russell Midcap Growth) is 1.00 by definition. R-Squared : measures how closely a fund’s performance correlates to the performance of the benchmark index (Russell Midcap Growth Index), and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error : measures how closely a fund’s return follows the benchmark index returns (Russell Midcap Growth Index). It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index (Russell Midcap Growth Index). The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture : explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are greater than zero. Downside Capture : explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are less than zero. EPS Growth Rate (3-5 year forecast) : indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by FactSet Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months) : is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio : is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observations on the aggregate calculation by weighting them based on their size in the fund. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.
The prospective performance of the companies discussed herein is based on our internal analysis and reflect our opinions only. We cannot promise future returns and our opinions are a reflection of our best judgment at the time of publication. Our views are not intended as recommendations or investment advice to any person and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investing in the stock market is always risky. Current and future portfolio holdings in the Baron Funds are subject to risk.
Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.
Top Ten Holdings, Portfolio Holdings, and Sector Breakdown based on net assets. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time.
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.
Distributions prior to 5/29/2009 were for the Retail Share class only.