The Fund invests mainly in large-sized U.S. companies with competitive advantages. The strategy emphasizes businesses with excess free cash flow that can be returned to shareholders. Diversified.
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The Fund invests mainly in large-sized U.S. companies with competitive advantages. The strategy emphasizes businesses with excess free cash flow that can be returned to shareholders. Diversified.
As of Mar 03, 2021
NAV | $15.37 |
---|---|
Daily Change ($) | -$0.28 |
Daily Change (%) | -1.79% |
YTD | -1.28% |
Inception Date | 12/29/2017 |
Portfolio Manager
years of exp 28
years at baron 10
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.
For the period ended 1/31/2021, the Baron Durable Advantage Fund received a 2-Star Overall Morningstar Rating™ and 2-Star 3-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 1203, and 1203 funds in the category, respectively. This Morningstar Rating is for the Retail share class only; other classes may have different performance characteristics.
© 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
as of 03/03/21
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$15.37 | -$0.28 | -1.79% | -0.32% | -1.28% | -1.28% |
as of 02/28/21
QTD1 | YTD1 | 1 Year | 3 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|
Gross | Net | ||||||
BDAFX - Baron Durable Advantage Fund | -0.96% | -0.96% | 26.56% | 14.25% | 14.83% | 2.80% | 0.95% |
S&P 500 Index | 1.72% | 1.72% | 31.29% | 14.14% | 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.
as of 12/31/20
1 Year | 3 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|
Gross | Net | ||||
BDAFX - Baron Durable Advantage Fund | 20.11% | 16.09% | 16.09% | 6.22% | 0.95% |
S&P 500 Index | 18.40% | 14.18% | 14.18% |
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.
1Not annualized.
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.
Expense ratios are estimated for the current fiscal year.
as of 02/28/21
Year | Baron Durable Advantage Fund | S&P 500 Index |
---|---|---|
2020 | 20.11% | 18.40% |
2019 | 40.78% | 31.49% |
2018 | -7.48% | -4.38% |
1Not annualized.
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.
2Expense ratios are as of the fiscal year ended 9/30/2019
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 |
---|---|---|---|---|---|---|---|---|---|
07/29/2020 | 07/30/2020 | 07/31/2020 | $0.0182 | $0.0000 | $0.0000 | $0.0000 | $0.0182 | $14.02 | |
11/28/2018 | 11/29/2018 | 11/30/2018 | $0.0346 | $0.0000 | $0.0000 | $0.0000 | $0.0346 | $9.89 | -7.48% |
as of 12/31/20
3 Years | Since Inception | |
---|---|---|
Standard Deviation (%) | 17.77 | 17.77 |
Sharpe Ratio | 0.82 | 0.82 |
Alpha (%) | 2.69 | 2.69 |
Beta | 0.92 | 0.92 |
R-Squared (%) | 95.14 | 95.14 |
Tracking Error (%) | 4.18 | 4.18 |
Information Ratio | 0.46 | 0.46 |
Upside Capture (%) | 94.31 | 94.31 |
Downside Capture (%) | 82.69 | 82.69 |
NAV | $15.37 |
---|---|
Daily Change ($) | -$0.28 |
Daily Change (%) | -1.79% |
MTD | -0.32% |
QTD | -1.28% |
YTD | -1.28% |
BDAFX - Baron Durable Advantage Fund | S&P 500 Index | |
---|---|---|
QTD1 | -0.96% | 1.72% |
YTD1 | -0.96% | 1.72% |
1 Year | 26.56% | 31.29% |
3 Years | 14.25% | 14.14% |
Since Inception | 14.83% | 14.00% |
Expense Ratio2 - Gross | 2.80% | |
Expense Ratio2 - Net | 0.95% |
*As of 02/28/21
*Annualized as of 02/28/21
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.
BDAFX - Baron Durable Advantage Fund | S&P 500 Index | |
---|---|---|
1 Year | 20.11% | 18.40% |
3 Years | 16.09% | 14.18% |
Since Inception | 16.09% | 14.18% |
Expense Ratio2 - Gross | 6.22% | |
Expense Ratio2 - Net | 0.95% |
*As of 12/31/20
*Annualized as of 02/28/21
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.
as of 12/31/20
3 Years | Since Inception | |
---|---|---|
Standard Deviation (%) | 17.77 | 17.77 |
Sharpe Ratio | 0.82 | 0.82 |
Alpha (%) | 2.69 | 2.69 |
Beta | 0.92 | 0.92 |
R-Squared (%) | 95.14 | 95.14 |
Tracking Error (%) | 4.18 | 4.18 |
Information Ratio | 0.46 | 0.46 |
Upside Capture (%) | 94.31 | 94.31 |
Downside Capture (%) | 82.69 | 82.69 |
as of 02/28/21
Year | Baron Durable Advantage Fund | S&P 500 Index |
---|---|---|
2020 | 20.11% | 18.40% |
2019 | 40.78% | 31.49% |
2018 | -7.48% | -4.38% |
1Not annualized.
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.
2Expense ratios are as of the fiscal year ended 9/30/2019
Record Date | 07/29/2020 | 11/28/2018 |
---|---|---|
Ex Date | 07/30/2020 | 11/29/2018 |
Payable Date | 07/31/2020 | 11/30/2018 |
Income | $0.0182 | $0.0346 |
Return of Capital | $0.0000 | $0.0000 |
Short-Term Capital Gain | $0.0000 | $0.0000 |
Long-Term Capital Gain | $0.0000 | $0.0000 |
Total | $0.0182 | $0.0346 |
Re-Invest NAV | $14.02 | $9.89 |
Calendar-Yr Return | -7.48% |
as of 12/31/20
Baron Durable Advantage Fund | S&P 500 Index | |
---|---|---|
Net Assets | $17.18 million | |
# of Equity Securities / % of Net Assets | 34 / 99.0% | |
Turnover (3 Year Average) | 13.10% | |
Active Share | 79.6% | |
Median Market Cap | $92.02 billion | $25.90 billion |
Weighted Average Market Cap | $345.07 billion | $490.02 billion |
EPS Growth (3-5 year forecast) | 13.3% | 12.3% |
Price/Earnings Ratio (trailing 12-month) | 37.2 | 27.9 |
Price/Book Ratio | 5.6 | 3.4 |
Price/Sales Ratio | 5.5 | 2.7 |
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 01/31/21
Open All Close All | Holding | Sector | % of Net Assets |
---|---|---|---|
Microsoft CorporationMicrosoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products. Over the last five years, it has built a $60 billion cloud business. This includes its infrastructure-as-a-service Azure business, Office 365, and Dynamics 365 (Microsoft's CRM offering). |
Information Technology | 7.3% | |
Alphabet Inc.Alphabet Inc. (GOOG) is the world's most dominant online search provider and offers a variety of other services and products including display advertising, Android, Chrome, Google Cloud, Google Maps, Google Play, and YouTube. Its Other Bets segment consists of businesses such as CapitalG, GV, and Verily. |
Communication Services | 7.2% | |
Facebook, Inc.Facebook, Inc. (FB) is the world's largest social network, with over 2.74 billion monthly active users and over 1.82 billion daily active users. Instagram, Messenger, WhatsApp, and Oculus are also part of the Facebook network. |
Communication Services | 5.5% | |
Thermo Fisher Scientific Inc.Thermo Fisher Scientific Inc. (TMO) is the world's largest life sciences tools company. Thermo provides analytical instruments, laboratory equipment, software, services, consumables, and reagents for life sciences research, manufacturing, analysis, discovery, and diagnostics. |
Health Care | 4.6% | |
Danaher CorporationDanaher Corporation (DHR) is a leading manufacturer in the life sciences, diagnostics, and environmental markets. |
Health Care | 4.6% | |
Adobe Inc.Adobe Systems Incorporated (ADBE) is a leading software company targeting two main markets: Digital Media and Digital Experience. Adobe offers its creative and document cloud solutions for the digital media market and its marketing, advertising, and analytics cloud solutions for the digital experience market. |
Information Technology | 4.5% | |
Moody's CorporationMoody's Corporation (MCO) provides credit ratings, financial intelligence, and analytical tools to assist businesses in making decisions. |
Financials | 4.0% | |
S&P Global Inc.S&P Global Inc. (SPGI) provides credit ratings, indices, data, and analytics to the financial and commodities markets. |
Financials | 3.4% | |
AstraZeneca PLCAstraZeneca PLC (AZN) is a global biopharmaceutical company that, since 2013, has followed a strategy based on pipeline-driven transformation and a focus on three main therapy areas based on its core competencies: oncology, cardiovascular and metabolic diseases, and respiratory illnesses. |
Health Care | 3.3% | |
Accenture plcAccenture plc (ACN) provides consulting and technology services to corporate clients around the world. |
Information Technology | 3.2% | |
Total |
47.6% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 12/31/20
Name | Sector | % of Net Assets |
---|---|---|
Microsoft Corporation |
Information Technology | 7.4% |
Alphabet Inc. - Cl C |
Communication Services | 6.4% |
Adobe, Inc. |
Information Technology | 4.8% |
Moody's Corporation |
Financials | 4.6% |
Thermo Fisher Scientific Inc |
Health Care | 4.5% |
Danaher Corporation |
Health Care | 4.5% |
Facebook, Inc. |
Communication Services | 4.4% |
S&P Global Inc. |
Financials | 3.8% |
Accenture plc |
Information Technology | 3.7% |
AstraZeneca PLC |
Health Care | 3.5% |
UnitedHealth Group Incorporated |
Health Care | 3.5% |
IHS Markit Ltd. |
Industrials | 3.2% |
MSCI, Inc. |
Financials | 3.2% |
IQVIA Holdings Inc. |
Health Care | 3.1% |
Mastercard Incorporated |
Information Technology | 3.1% |
Fidelity National Information Services, Inc. |
Information Technology | 3.1% |
Constellation Brands, Inc. - Cl A |
Consumer Staples | 3.0% |
BlackRock Inc. |
Financials | 3.0% |
SS&C Technologies Holdings, Inc. |
Information Technology | 2.5% |
Visa, Inc. |
Information Technology | 2.5% |
Charter Communications, Inc. - Cl - A |
Communication Services | 2.2% |
HEICO Corporation Cl - A |
Industrials | 1.9% |
Fair Isaac Corporation |
Information Technology | 1.9% |
Intuit Inc. |
Information Technology | 1.7% |
Alexandria Real Estate Equities, Inc. |
Real Estate | 1.6% |
Texas Instruments Incorporated |
Information Technology | 1.6% |
Ecolab Inc. |
Materials | 1.5% |
Costco Wholesale Corporation |
Consumer Staples | 1.5% |
Equinix, Inc. |
Real Estate | 1.5% |
TE Connectivity Ltd. |
Information Technology | 1.4% |
Mettler-Toledo International, Inc. |
Health Care | 1.2% |
The Estee Lauder Companies Inc. |
Consumer Staples | 1.1% |
Agilent Technologies, Inc. |
Health Care | 1.1% |
CME Group, Inc. Cl - A |
Financials | 1.0% |
As of 01/31/21
As of 01/31/21
Colors of Sub-Industry bars correspond to the GICS sector chart.
Quarterly as of 12/31/20
Top Contributors | Average Weight | Contribution |
---|---|---|
Alphabet Inc. | 5.22% | 0.78% |
MSCI, Inc. | 2.96% | 0.73% |
Accenture plc | 3.65% | 0.55% |
HEICO Corporation | 1.85% | 0.52% |
IHS Markit Ltd. | 3.28% | 0.48% |
Quarterly as of 12/31/20
Top Detractors | Average Weight | Contribution |
---|---|---|
S&P Global Inc. | 4.45% | -0.42% |
AstraZeneca PLC | 3.98% | -0.36% |
Fidelity National Information Services, Inc. | 3.19% | -0.17% |
Equinix, Inc. | 2.54% | -0.16% |
Source: FactSet PA.
02/07/20
Click here to watch Baron Global Advantage Fund Portfolio Manager Alex Umansky talk about “big idea” companies in his February 7 appearance on PBS’s “Consuelo Mack’s “WealthTrack.”
01/04/18
Learn about Baron's three new funds: Baron Real Estate Income Fund, Baron Durable Advantage Fund, and Baron WealthBuilder Fund.
Prospectus | 01/28/21 |
---|---|
Summary Prospectus | 01/28/21 |
SAI | 01/28/21 |
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 |
XBRL Filings | 01/28/20 |
2Q20 BIFT NPORT | 06/30/20 |
4Q20 BIFT NPORT | 12/31/20 |
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: The Fund invests primarily in equity securities, which are subject to price fluctuations in the stock market. In addition, because the Fund invests primarily in large-cap company securities, it may underperform other funds during periods when the Fund’s securities are out of favor.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The index is unmanaged. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The S&P 500 Index and the Fund are with dividends, which positively impact the performance results. Index performance is not fund performance. Investors cannot invest directly in an index.
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.
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).