The Fund invests primarily in small-sized U.S. companies. It invests in a select number of high-growth businesses that tend to be in an early phase of their lifecycles. Diversified.
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The Fund invests primarily in small-sized U.S. companies. It invests in a select number of high-growth businesses that tend to be in an early phase of their lifecycles. Diversified.
As of Jan 21, 2021
NAV | $38.09 |
---|---|
Daily Change ($) | $0.05 |
Daily Change (%) | 0.13% |
YTD | 9.49% |
Inception Date | 9/30/2013 |
Overall (out of 576 Funds)
Ratings based on risk-adjusted returns as of 12/31/2020
Category:US Fund Small Growth
Portfolio Manager
years of exp 24
years at baron 21
Portfolio Manager
years of exp 24
years at baron 19
1Source: FactSet SPAR.
For the period ended 12/31/2020, the Baron Discovery Fund received a 5-Star Overall Morningstar Rating™, 4-Star 3-Year Rating, and 5-Star 5-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 576, 576, and 505 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.
© 2020 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.
as of 01/21/21
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$38.09 | $0.05 | 0.13% | 9.49% | 9.49% | 9.49% |
as of 11/30/20
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|
Gross | Net | |||||||
BDFIX - Baron Discovery Fund - I | 14.17% | 51.09% | 52.21% | 24.39% | 25.80% | 19.66% | 1.10% | 1.10% |
Russell 2000 Growth Index | 18.53% | 23.12% | 25.95% | 12.83% | 13.19% | 11.62% | ||
S&P 500 Index | 8.00% | 14.02% | 17.46% | 13.17% | 13.99% | 13.58% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2019
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, 2031, 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.
The Fund’s 5-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
as of 12/31/20
1 Year | 3 Years | 5 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|
Gross | Net | |||||
BDFIX - Baron Discovery Fund - I | 66.13% | 28.48% | 28.52% | 20.99% | 1.10% | 1.10% |
Russell 2000 Growth Index | 34.63% | 16.20% | 16.36% | 12.86% | ||
S&P 500 Index | 18.40% | 14.18% | 15.22% | 14.00% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2019
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, 2031, 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.
The Fund’s 5-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
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, 2031, 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.
The Fund’s 5-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
Expense ratios are as of the fiscal year ended 9/30/2019
as of 12/31/20
Year | Baron Discovery Fund | Russell 2000 Growth Index | S&P 500 Index |
---|---|---|---|
2020 | 66.13% | 34.63% | 18.40% |
2019 | 26.85% | 28.48% | 31.49% |
2018 | 0.64% | -9.31% | -4.38% |
2017 | 35.83% | 22.17% | 21.83% |
2016 | 21.73% | 11.32% | 11.96% |
2015 | -14.53% | -1.38% | 1.38% |
2014 | 13.80% | 5.60% | 13.69% |
2013 | 16.70% | 8.17% | 10.51% |
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, 2031, 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.
The Fund’s 5-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
Record Date | Ex Date | Payable Date | Income | Return of Capital | Short-Term Capital Gain | Long-Term Capital Gain | Total | Re-Invest NAV | Calendar-Yr Return |
---|---|---|---|---|---|---|---|---|---|
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.0000 | $1.0614 | $1.0614 | $31.38 | |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0000 | $0.0000 | $0.0000 | $0.0286 | $0.0286 | $21.42 | |
11/28/2018 | 11/29/2018 | 11/30/2018 | $0.0000 | $0.0000 | $0.0000 | $1.5004 | $1.5004 | $19.33 | 0.64% |
11/27/2017 | 11/28/2017 | 11/29/2017 | $0.0377 | $0.0000 | $0.0000 | $0.0000 | $0.0377 | $18.30 | 35.83% |
06/27/2016 | 06/28/2016 | 06/29/2016 | $0.0000 | $0.0000 | $0.0000 | $0.2660 | $0.2660 | $11.35 | 21.73% |
as of 12/31/20
3 Years | 5 Years | Since Inception | |
---|---|---|---|
Standard Deviation (%) | 27.67 | 23.05 | 21.81 |
Sharpe Ratio | 0.97 | 1.19 | 0.93 |
Alpha (%) | 10.65 | 10.69 | 7.41 |
Beta | 1.03 | 1.01 | 1.02 |
R-Squared (%) | 90.30 | 89.06 | 85.34 |
Tracking Error (%) | 8.66 | 7.63 | 8.36 |
Information Ratio | 1.42 | 1.59 | 0.97 |
Upside Capture (%) | 120.74 | 120.76 | 115.91 |
Downside Capture (%) | 93.10 | 85.38 | 90.13 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Discovery Fund's(BDFIX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV | $38.09 |
---|---|
Daily Change ($) | $0.05 |
Daily Change (%) | 0.13% |
MTD | 9.49% |
QTD | 9.49% |
YTD | 9.49% |
BDFIX - Baron Discovery Fund - I | Russell 2000 Growth Index | S&P 500 Index | |
---|---|---|---|
QTD1 | 14.17% | 18.53% | 8.00% |
YTD1 | 51.09% | 23.12% | 14.02% |
1 Year | 52.21% | 25.95% | 17.46% |
3 Years | 24.39% | 12.83% | 13.17% |
5 Years | 25.80% | 13.19% | 13.99% |
Since Inception | 19.66% | 11.62% | 13.58% |
Expense Ratio2 - Gross | 1.10% | ||
Expense Ratio2 - Net | 1.10% |
*As of 11/30/20
*Annualized as of 12/31/20
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2019
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, 2031, 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.
The Fund’s 5-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
BDFIX - Baron Discovery Fund - I | Russell 2000 Growth Index | S&P 500 Index | |
---|---|---|---|
1 Year | 66.13% | 34.63% | 18.40% |
3 Years | 28.48% | 16.20% | 14.18% |
5 Years | 28.52% | 16.36% | 15.22% |
Since Inception | 20.99% | 12.86% | 14.00% |
Expense Ratio2 - Gross | 1.10% | ||
Expense Ratio2 - Net | 1.10% |
*As of 12/31/20
*Annualized as of 12/31/20
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2019
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, 2031, 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.
The Fund’s 5-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
as of 12/31/20
3 Years | 5 Years | Since Inception | |
---|---|---|---|
Standard Deviation (%) | 27.67 | 23.05 | 21.81 |
Sharpe Ratio | 0.97 | 1.19 | 0.93 |
Alpha (%) | 10.65 | 10.69 | 7.41 |
Beta | 1.03 | 1.01 | 1.02 |
R-Squared (%) | 90.30 | 89.06 | 85.34 |
Tracking Error (%) | 8.66 | 7.63 | 8.36 |
Information Ratio | 1.42 | 1.59 | 0.97 |
Upside Capture (%) | 120.74 | 120.76 | 115.91 |
Downside Capture (%) | 93.10 | 85.38 | 90.13 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Discovery Fund's(BDFIX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 12/31/20
Year | Baron Discovery Fund | Russell 2000 Growth Index | S&P 500 Index |
---|---|---|---|
2020 | 66.13% | 34.63% | 18.40% |
2019 | 26.85% | 28.48% | 31.49% |
2018 | 0.64% | -9.31% | -4.38% |
2017 | 35.83% | 22.17% | 21.83% |
2016 | 21.73% | 11.32% | 11.96% |
2015 | -14.53% | -1.38% | 1.38% |
2014 | 13.80% | 5.60% | 13.69% |
2013 | 16.70% | 8.17% | 10.51% |
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, 2031, 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.
The Fund’s 5-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
Record Date | 11/23/2020 | 11/25/2019 | 11/28/2018 | 11/27/2017 | 06/27/2016 |
---|---|---|---|---|---|
Ex Date | 11/24/2020 | 11/26/2019 | 11/29/2018 | 11/28/2017 | 06/28/2016 |
Payable Date | 11/25/2020 | 11/27/2019 | 11/30/2018 | 11/29/2017 | 06/29/2016 |
Income | $0.0000 | $0.0000 | $0.0000 | $0.0377 | $0.0000 |
Return of Capital | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
Short-Term Capital Gain | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
Long-Term Capital Gain | $1.0614 | $0.0286 | $1.5004 | $0.0000 | $0.2660 |
Total | $1.0614 | $0.0286 | $1.5004 | $0.0377 | $0.2660 |
Re-Invest NAV | $31.38 | $21.42 | $19.33 | $18.30 | $11.35 |
Calendar-Yr Return | 0.64% | 35.83% | 21.73% |
as of 12/31/20
Baron Discovery Fund | Russell 2000 Growth Index | |
---|---|---|
Net Assets | $1.32 billion | |
# of Equity Securities / % of Net Assets | 78 / 93.3% | |
Turnover (3 Year Average) | 52.34% | |
Active Share | 92.9% | |
Median Market Cap | $2.94 billion | $1.18 billion |
Weighted Average Market Cap | $3.92 billion | $3.95 billion |
EPS Growth (3-5 year forecast) | 24.2% | 18.6% |
Price/Earnings Ratio (trailing 12-month) | 51.5 | 29.1 |
Price/Book Ratio | 5.6 | 5.0 |
Price/Sales Ratio | 4.3 | 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.
as of 12/31/20
Open All Close All | Holding | Sector | % of Net Assets |
---|---|---|---|
TPI Composites, Inc.TPI Composites, Inc. (TPIC) is the only independent global manufacturer of composite wind blades for the wind energy market. The company provides wind blades to the industry's largest ex-China original equipment manufacturers. It also provides high-value composite parts to the transportation industry. |
Industrials | 2.8% | |
CareDx, Inc.CareDx, Inc. (CDNA) is a diagnostic company that uses next generation sequencing to accurately map the complex characteristics of transplant patients to ensure proper organ matches pre-transplant and to monitor for rejection and optimize proper post-transplant immunosuppression drug regimens. |
Health Care | 2.7% | |
Kinsale Capital Group, Inc.Kinsale Capital Group, Inc. (KNSL) is a property and casualty (P&C) insurance carrier focused exclusively on the excess and surplus (E&S) lines market, which includes risks that are unique or hard to place in the standard insurance market. |
Financials | 2.7% | |
Endava plcEndava plc (DAVA) provides outsourced software development for business customers. |
Information Technology | 2.6% | |
Floor & Decor Holdings, Inc.Floor & Decor Holdings, Inc. (FND) is a specialty retailer of hard-surface flooring (tile, vinyl, wood, stone, and laminate) and accessories in the U.S. By sourcing directly from vendors, Floor & Decor can sell at low prices. It operates 123 low-cost warehouse stores catering to professional contractors. |
Consumer Discretionary | 2.5% | |
SiteOne Landscape Supply, Inc.SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in the U.S. Through its network of over 550 branches in 45 states, the company offers a broad selection of products such as irrigation supplies, herbicides, landscape accessories, and outdoor lighting. |
Industrials | 2.2% | |
Advanced Energy Industries, Inc.Advanced Energy Industries, Inc. (AEIS) is a pure-play power conversion company that manufactures equipment used to transform, refine, and modify electrical power from a utility into controllable, usable power for semiconductor, industrial/medical, data center, and telecom infrastructure applications. |
Information Technology | 2.2% | |
Mercury Systems, Inc.Mercury Systems, Inc. (MRCY) designs, manufactures, and markets high-performance, embedded, real-time digital signal and image processing systems and software. Its customers are Tier-1 defense contractors worldwide. |
Industrials | 2.0% | |
Allegro MicroSystems, Inc.Allegro Microsystems, Inc. (ALGM) is a designer, developer, fabless manufacturer, and marketer of sensor integrated circuits (ICs) and application-specific analog power ICs mainly for automotive and industrial markets. Allegro is a leader in magnetic sensing ICs and has a growing portfolio of power ICs. |
Information Technology | 2.0% | |
Kratos Defense & Security Solutions, Inc.Kratos Defense & Security Solutions, Inc. (KTOS) develops and fields transformative, affordable technology, platforms, and systems for U.S. national security-related customers, allies, and commercial enterprises. |
Industrials | 2.0% | |
Total |
23.7% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 12/31/20
Name | Sector | % of Net Assets |
---|---|---|
TPI Composites, Inc. |
Industrials | 2.8% |
Kinsale Capital Group, Inc. |
Financials | 2.7% |
CareDx, Inc. |
Health Care | 2.7% |
Endava plc -ADR |
Information Technology | 2.6% |
Floor & Decor Holdings, Inc. |
Consumer Discretionary | 2.5% |
SiteOne Landscape Supply, Inc. |
Industrials | 2.2% |
Advanced Energy Industries, Inc. |
Information Technology | 2.2% |
Mercury Systems, Inc. |
Industrials | 2.0% |
Kratos Defense & Security |
Industrials | 2.0% |
Allegro MicroSystems, Inc. |
Information Technology | 2.0% |
Progyny, Inc. |
Health Care | 1.9% |
Veracyte, Inc. |
Health Care | 1.9% |
Pacific Biosciences of California, Inc. |
Health Care | 1.9% |
Par Technology Corp/Del |
Information Technology | 1.7% |
Silk Road Medical, Inc. |
Health Care | 1.7% |
S4 Capital plc |
Communication Services | 1.7% |
Purple Innovation, Inc. |
Consumer Discretionary | 1.7% |
UTZ Brands, Inc. |
Consumer Staples | 1.7% |
Fevertree Drinks plc |
Consumer Staples | 1.7% |
BRP Group, Inc. |
Financials | 1.6% |
Revance Therapeutics, Inc. |
Health Care | 1.6% |
Inogen, Inc. |
Health Care | 1.6% |
Varonis Systems, Inc. |
Information Technology | 1.5% |
Penn National Gaming, Inc. |
Consumer Discretionary | 1.5% |
Everbridge, Inc. |
Information Technology | 1.5% |
Raven Industries Inc |
Industrials | 1.5% |
Ping Identity Corporation |
Information Technology | 1.5% |
Helios Technologies, Inc. |
Industrials | 1.4% |
Trex Company, Inc. |
Industrials | 1.4% |
Qualys, Inc. |
Information Technology | 1.4% |
Ollie's Bargain Outlet Holdings, Inc. |
Consumer Discretionary | 1.4% |
Emergent BioSolutions Inc. |
Health Care | 1.3% |
Rexford Industrial Realty, Inc. |
Real Estate | 1.3% |
Kornit Digital Ltd. |
Industrials | 1.3% |
Future plc |
Communication Services | 1.3% |
Montrose Environmental Group, Inc. |
Industrials | 1.3% |
Nova Measuring Instruments Ltd. |
Information Technology | 1.2% |
Americold Realty Trust |
Real Estate | 1.2% |
Array Technologies, Inc. |
Industrials | 1.2% |
American Assets Trust, Inc. |
Real Estate | 1.1% |
The Cheesecake Factory, Inc. |
Consumer Discretionary | 1.1% |
Cerus Corporation |
Health Care | 1.1% |
Ichor Holdings, Ltd. |
Information Technology | 1.1% |
Dynatrace, Inc. |
Information Technology | 1.1% |
Axonics Modulation Technologies, Inc. |
Health Care | 1.1% |
Acutus Medical, Inc. |
Health Care | 1.0% |
Repay Holdings Corporation Cl - A |
Information Technology | 1.0% |
Medallia Inc. |
Information Technology | 1.0% |
Red Rock Resorts, Inc. - Cl. A |
Consumer Discretionary | 1.0% |
Melco International Development Limited |
Consumer Discretionary | 1.0% |
Eargo, Inc. |
Health Care | 1.0% |
Shift4 Payments, Inc. - Class A |
Information Technology | 0.9% |
Biohaven Pharmaceutical Holding Compnay Ltd. |
Health Care | 0.9% |
Accolade, Inc. |
Health Care | 0.8% |
Inspire Medical Systems, Inc. |
Health Care | 0.7% |
ESCO Technologies, Inc. |
Industrials | 0.7% |
Esperion Therapeutics, Inc. |
Health Care | 0.7% |
AxoGen, Inc. |
Health Care | 0.7% |
CryoPort, Inc. |
Health Care | 0.7% |
Longview Acquisition Corp. - Class A |
Unclassified | 0.7% |
ViewRay Incorporated |
Health Care | 0.6% |
Inari Medical, Inc. |
Health Care | 0.6% |
Vital Farms Inc |
Consumer Staples | 0.6% |
The RealReal, Inc. |
Consumer Discretionary | 0.5% |
SailPoint Technologies Holdings, Inc. |
Information Technology | 0.5% |
Liberty Media Corp. - Liberty Formula One Cl A |
Communication Services | 0.5% |
Sientra, Inc. |
Health Care | 0.5% |
Bill.com Holdings, Inc. |
Information Technology | 0.4% |
Berkeley Lights, Inc. |
Health Care | 0.3% |
DraftKings, Inc. - Cl a |
Consumer Discretionary | 0.3% |
TherapeuticsMD, Inc. |
Health Care | 0.3% |
Seer, Inc. - Class A |
Health Care | 0.3% |
Laird Superfood, Inc. |
Consumer Staples | 0.3% |
Hydrofarm Holdings Group, Inc. |
Industrials | 0.2% |
Applied Therapeutics, Inc. |
Health Care | 0.2% |
Wingstop Inc. |
Consumer Discretionary | 0.1% |
Novanta Inc. |
Information Technology | 0.1% |
Barfresh Food Group, Inc. |
Consumer Staples | 0.0% |
Barfresh Food Group, Inc. Restricted |
Consumer Staples | 0.0% |
As of 12/31/20
As of 12/31/20
Colors of Sub-Industry bars correspond to the GICS sector chart.
Quarterly as of 12/31/20
Top Contributors | Average Weight | Contribution |
---|---|---|
Pacific Biosciences of California, Inc. | 2.01% | 2.15% |
CareDx, Inc. | 2.66% | 1.92% |
TPI Composites, Inc. | 2.52% | 1.70% |
Allegro MicroSystems, Inc. | 1.44% | 1.45% |
PAR Technology Corporation | 2.06% | 1.20% |
Quarterly as of 12/31/20
Top Detractors | Average Weight | Contribution |
---|---|---|
Vital Farms, Inc. | 1.01% | -0.55% |
Esperion Therapeutics, Inc. | 1.02% | -0.48% |
Emergent BioSolutions Inc. | 1.56% | -0.29% |
Silk Road Medical, Inc. | 2.07% | -0.20% |
TherapeuticsMD, Inc. | 0.48% | -0.15% |
Source: FactSet PA.
12/11/20
We are pleased to announce that Morningstar has given the small cap growth Baron Discovery Fund (Institutional shares) its “Silver” Analyst Rating. To view the profile, visit www.morningstar.com. (Subscription required to access).
The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.
05/29/20
Randy Gwirtzman, co-Portfolio Manager of Baron Discovery Fund, discusses investment opportunities in the health care sector generated by the COVID-19 pandemic in a May 29, 2020, interview with Oliver Renick. Click here to watch.
04/17/20
Randy Gwirtzman, portfolio manager of Baron Discovery Fund, discusses small-cap stocks that are poised to benefit from the effects of the COVID-19 pandemic, in his April 14, 2020, interview with Oliver Renick.
03/10/20
Click here to watch Randy Gwirtzman, portfolio manager of Baron Discovery Fund, explain his top stock picks after the coronavirus-driven sell-off in his March 10 appearance on CNBC’s “Squawk Box.”
10/07/19
Baron Discovery Fund Portfolio Manager Randy Gwirtzman discusses his approach to finding growth stocks in a volatile market. To access the article, visit www.investors.com.
03/27/19
Baron Discovery Fund, co-managed by Randy Gwirtzman and Laird Bieger, was highlighted in Morningstar’s FundInvestor as an “intriguing, open small-cap option” among the most recent list of Morningstar Prospects. Download a free copy of FundInvestor by visiting the website.
10/12/18
On October 12, Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, appeared on CNBC’s “Squawk Box” program to discuss his thoughts on the current investment landscape. To view the full segment, visit www.cnbc.com.
09/10/18
In the September 10 edition of "Best Mutual Funds Special Report 2018," Investor's Business Daily highlighted Baron Discovery Fund, quoting Randy Gwirtzman and Laird Bieger and discussing some of their stock picks. To read the full article, visit www.investors.com.
08/20/18
On August 20, 2018, Baron Discovery Fund Portfolio Manager Randy Gwirtzman appeared on CNBC’s “Worldwide Exchange” program featuring "America's top-performing fund managers." Gwirtzman discussed his investment strategy, several of Baron Discovery Fund’s holdings, and his outlook on capital markets. View the full interview, "Small-cap Fund Manager Posting Big Returns,” at www.cnbc.com.
05/17/18
In the May 17th, 2018 issue of The Wall Street Journal, Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, offered his thoughts on the current investment environment as it relates to the rally in small cap stocks. You can read the full article, "Small Stocks Speed Past Large Caps," at www.wsj.com. (Subscription required to access).
SAI | 08/20/20 |
---|---|
XBRL Filings | 09/11/20 |
Prospectus | 08/20/20 |
Summary Prospectus | 08/20/20 |
Fact Sheet | 12/31/20 |
Baron Investment Funds Trust Semi-Annual Financial Report | 03/31/20 |
Baron Investment Funds Trust Annual Financial Report | 09/30/20 |
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: 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 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.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2000® Growth Index measures the performance of small-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. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. Index performance is not fund performance. Investors cannot invest directly in an index.
Definitions (provided by BAMCO, Inc.): 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 is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark 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. 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. 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 are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero
Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): 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 observation on the aggregate calculation by weighting them based on their size in the fund. 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.
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.
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.
© Baron 2021 All rights reserved
Disclosure
Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a limited purpose broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).