The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.
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Overview
Objective & Strategy
SCT
Fund Facts
BFIIX Snapshot
As of Sep 29, 2023
| NAV | $12.49 |
|---|---|
| Daily Change ($) | -$0.06 |
| Daily Change (%) | -0.48% |
| YTD | 11.82% |
| Inception Date | 12/31/2019 |
Fund Highlights
Equity Style
BFIIX Portfolio Management
Josh Saltman
Portfolio Manager
years of exp 17
years at baron 12
Prices & Performance: Baron FinTech Fund (BFIIX)
Prices
as of 09/29/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $12.49 | -$0.06 | -0.48% | -3.55% | 1.30% | 11.82% |
Performance
Quarterly Returns
as of 06/30/23
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| QTD1 | YTD1 | 1 Year | 3 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| BFIIX - Baron FinTech Fund - I | 5.29% | 10.38% | 13.86% | 2.67% | 6.59% | 1.20% | 0.95% |
| FactSet Global FinTech Index | 5.78% | 14.50% | 12.82% | -0.53% | -0.41% | ||
| S&P 500 Index | 8.74% | 16.89% | 19.59% | 14.60% | 11.39% | ||
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
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 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.
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: BFIIX
as of 06/30/23
| 3 Years | Since Inception | |
|---|---|---|
| Standard Deviation (%) | 23.28 | 24.84 |
| Sharpe Ratio | 0.06 | 0.21 |
| Alpha (%) | 3.52 | 6.87 |
| Beta | 0.94 | 0.84 |
| R-Squared (%) | 83.39 | 84.83 |
| Tracking Error (%) | 9.58 | 10.63 |
| Information Ratio | 0.33 | 0.66 |
| Upside Capture (%) | 113.46 | 108.40 |
| Downside Capture (%) | 102.22 | 89.17 |
| NAV | $12.49 |
|---|---|
| Daily Change ($) | -$0.06 |
| Daily Change (%) | -$0.06 |
| MTD | -3.55% |
| QTD | 1.30% |
| YTD | 11.82% |
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| BFIIX - Baron FinTech Fund - I | FactSet Global FinTech Index | S&P 500 Index | |
|---|---|---|---|
| QTD1 | 5.03% | -0.56% | 1.57% |
| YTD1 | 15.94% | 13.86% | 18.73% |
| 1 Year | 10.53% | 4.83% | 15.94% |
| 3 Years | 0.31% | -5.03% | 10.52% |
| Since Inception | 7.71% | -0.54% | 11.32% |
| Expense Ratio2 - Gross | 1.20% | ||
| Expense Ratio2 - Net | 0.95% |
*As of 08/31/23
*Annualized as of 08/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
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 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.
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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| BFIIX - Baron FinTech Fund - I | FactSet Global FinTech Index | S&P 500 Index | |
|---|---|---|---|
| QTD1 | 5.29% | 5.78% | 8.74% |
| YTD1 | 10.38% | 14.50% | 16.89% |
| 1 Year | 13.86% | 12.82% | 19.59% |
| 3 Years | 2.67% | -0.53% | 14.60% |
| Since Inception | 6.59% | -0.41% | 11.39% |
| Expense Ratio2 - Gross | 1.20% | ||
| Expense Ratio2 - Net | 0.95% |
*As of 06/30/23
*Annualized as of 08/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
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 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.
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 06/30/23
| 3 Years | Since Inception | |
|---|---|---|
| Standard Deviation (%) | 23.28 | 24.84 |
| Sharpe Ratio | 0.06 | 0.21 |
| Alpha (%) | 3.52 | 6.87 |
| Beta | 0.94 | 0.84 |
| R-Squared (%) | 83.39 | 84.83 |
| Tracking Error (%) | 9.58 | 10.63 |
| Information Ratio | 0.33 | 0.66 |
| Upside Capture (%) | 113.46 | 108.40 |
| Downside Capture (%) | 102.22 | 89.17 |
| Record Date | 09/26/2022 |
|---|---|
| Ex Date | 09/27/2022 |
| Payable Date | 09/28/2022 |
| Income | $0.0000 |
| Return of Capital | $0.0000 |
| Short-Term Capital Gain | $0.0000 |
| Long-Term Capital Gain | $0.1485 |
| Total | $0.1485 |
| Re-Invest NAV | $10.66 |
| Calendar-Yr Return | -33.30% |
Portfolio Characteristics
as of 06/30/23
| Baron FinTech Fund | FactSet Global FinTech Index | |
|---|---|---|
| Net Assets | $52.31 million | |
| # of Issuers / % of Net Assets | 46 / 98.0% | |
| Turnover (3 Year Average) | 21.07% | |
| Active Share | 87.2% | |
| Median Market Cap | $23.02 billion | $2.60 billion |
| Weighted Average Market Cap | $93.11 billion | $17.31 billion |
| EPS Growth (3-5 year forecast) | 21.1% | 20.9% |
| Price/Earnings Ratio (trailing 12- month) | 36.6 | 21.6 |
| Price/Book Ratio | 4.8 | 2.4 |
| Price/Sales Ratio | 5.1 | 1.7 |
Contributors/Detractors
Contributors
Quarterly as of 06/30/23
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| S&P Global Inc. | 4.79% | 0.78% |
| Network International Holdings Plc | 0.67% | 0.72% |
| Fair Isaac Corporation | 3.59% | 0.54% |
| Shopify Inc. | 1.45% | 0.48% |
| Verisk Analytics, Inc. | 2.53% | 0.45% |
Insights & News: Baron FinTech Fund (BFIIX)
Documents
| SAI | 04/28/23 |
|---|---|
| Prospectus | 04/28/23 |
| Summary Prospectus | 04/28/23 |
| Fact Sheet | 06/30/23 |
| Baron Select Funds Annual Financial Report | 12/31/22 |
| Baron Select Funds Semi-Annual Financial Report | 06/30/23 |
| 1Q23 Baron Select Funds NPORT | 03/31/23 |
| 3Q22 Baron Select Funds NPORT | 09/30/22 |
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: In addition to general market conditions, FinTech Companies may be adversely impacted by government regulations, economic conditions and deterioration in credit markets. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The FactSet Global Fintech IndexTM is an unmanaged and equal-weighted index that measures the equity market performance of companies engaged in Financial Technologies, primarily in the areas of software and consulting, data and analytics, digital payment processing, money transfer, and payment transaction-related hardware, across 30 developed and emerging markets. The Fund and the indexes include reinvestment of dividends. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into 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. 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.