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 Mar 24, 2023
| NAV | $11.26 |
|---|---|
| Daily Change ($) | -$0.03 |
| Daily Change (%) | -0.27% |
| YTD | 0.81% |
| Inception Date | 12/31/2019 |
Equity Style
BFIIX Portfolio Management
Josh Saltman
Portfolio Manager
years of exp 16
years at baron 11
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.
© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Prices & Performance: Baron FinTech Fund (BFIIX)
Prices
as of 03/24/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $11.26 | -$0.03 | -0.27% | -4.74% | 0.81% | 0.81% |
Performance
Quarterly Returns
as of 12/31/22
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| 1 Year | 3 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|
| Gross | Net | ||||
| BFIIX - Baron FinTech Fund - I | -33.30% | 4.24% | 4.24% | 1.18% | 0.95% |
| FactSet Global FinTech Index | -33.66% | -4.87% | -4.87% | ||
| S&P 500 Index | -18.11% | 7.66% | 7.66% | ||
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 Baron 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 12/31/22
| 3 Years | |
|---|---|
| Standard Deviation (%) | 26.08 |
| Sharpe Ratio | 0.14 |
| Alpha (%) | 8.74 |
| Beta | 0.86 |
| R-Squared (%) | 84.98 |
| Tracking Error (%) | 10.86 |
| Information Ratio | 0.84 |
| Upside Capture (%) | 116.74 |
| Downside Capture (%) | 90.96 |
| NAV | $11.26 |
|---|---|
| Daily Change ($) | -$0.03 |
| Daily Change (%) | -$0.03 |
| MTD | -4.74% |
| QTD | 0.81% |
| YTD | 0.81% |
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| BFIIX - Baron FinTech Fund - I | FactSet Global FinTech Index | S&P 500 Index | |
|---|---|---|---|
| QTD1 | 5.82% | 9.53% | 3.69% |
| YTD1 | 5.82% | 9.53% | 3.69% |
| 1 Year | -12.71% | -15.34% | -7.69% |
| 3 Years | 6.04% | 0.48% | 12.15% |
| Since Inception | 5.88% | -1.84% | 8.48% |
| Expense Ratio2 - Gross | 1.18% | ||
| Expense Ratio2 - Net | 0.95% |
*As of 02/28/23
*Annualized as of 02/28/23
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 Baron 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 | |
|---|---|---|---|
| 1 Year | -33.30% | -33.66% | -18.11% |
| 3 Years | 4.24% | -4.87% | 7.66% |
| Since Inception | 4.24% | -4.87% | 7.66% |
| Expense Ratio2 - Gross | 1.18% | ||
| Expense Ratio2 - Net | 0.95% |
*As of 12/31/22
*Annualized as of 02/28/23
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 Baron 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 12/31/22
| 3 Years | |
|---|---|
| Standard Deviation (%) | 26.08 |
| Sharpe Ratio | 0.14 |
| Alpha (%) | 8.74 |
| Beta | 0.86 |
| R-Squared (%) | 84.98 |
| Tracking Error (%) | 10.86 |
| Information Ratio | 0.84 |
| Upside Capture (%) | 116.74 |
| Downside Capture (%) | 90.96 |
| 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 12/31/22
| Baron FinTech Fund | FactSet Global FinTech Index | |
|---|---|---|
| Net Assets | $42.60 million | |
| # of Issuers / % of Net Assets | 47 / 96.1% | |
| Turnover (3 Year Average) | 15.69% | |
| Active Share | 85.2% | |
| Median Market Cap | $15.22 billion | $1.92 billion |
| Weighted Average Market Cap | $89.73 billion | $14.71 billion |
| EPS Growth (3-5 year forecast) | 19.3% | 11.2% |
| Price/Earnings Ratio (trailing 12- month) | 35.6 | 18.5 |
| Price/Book Ratio | 4.5 | 3.2 |
| Price/Sales Ratio | 5.2 | 2.2 |
Contributors/Detractors
Contributors
Quarterly as of 12/31/22
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| Mastercard Incorporated | 5.10% | 0.98% |
| Fair Isaac Corporation | 2.75% | 0.95% |
| Visa, Inc. | 5.61% | 0.85% |
| BlackRock Inc. | 2.19% | 0.57% |
| The Charles Schwab Corp. | 3.15% | 0.44% |
Insights & News: Baron FinTech Fund (BFIIX)
Documents
| SAI | 04/29/22 |
|---|---|
| Prospectus | 04/29/22 |
| Summary Prospectus | 04/29/22 |
| Fact Sheet | 12/31/22 |
| Baron Select Funds Annual Financial Report | 12/31/22 |
| Baron Select Funds Semi-Annual Financial Report | 06/30/22 |
| 3Q22 Baron Select Funds NPORT | 09/30/22 |
| 1Q22 Baron Select Funds NPORT | 03/31/22 |
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.