Prices & Performance: Baron FinTech Fund (BFINX)

Prices

as of 06/05/23

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$11.74 -$0.06 -0.51% 2.00% 1.03% 5.86%

Performance

as of 03/31/23

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YTD1 1 Year 3 Years Since Inception Expense Ratio2
Gross Net
BFINX - Baron FinTech Fund 4.78% -16.31% 10.43% 5.18% 1.57% 1.20%
FactSet Global FinTech Index 8.24% -17.67% 8.67% -2.15%
S&P 500 Index 7.50% -7.73% 18.60% 9.46%

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.

NAV $11.74
Daily Change ($) -$0.06
Daily Change (%) -$0.06
MTD 2.00%
QTD 1.03%
YTD 5.86%
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BFINX - Baron FinTech Fund FactSet Global FinTech Index S&P 500 Index
QTD1 -0.95% 0.06% 2.00%
YTD1 3.79% 8.30% 9.65%
1 Year -2.25% -6.23% 2.92%
3 Years 1.81% -1.08% 12.92%
Since Inception 4.63% -2.03% 9.61%
Expense Ratio2 - Gross 1.63%
Expense Ratio2 - Net 1.20%

*As of 05/31/23

*Annualized as of 05/31/23

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 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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BFINX - Baron FinTech Fund FactSet Global FinTech Index S&P 500 Index
YTD1 4.78% 8.24% 7.50%
1 Year -16.31% -17.67% -7.73%
3 Years 10.43% 8.67% 18.60%
Since Inception 5.18% -2.15% 9.46%
Expense Ratio2 - Gross 1.57%
Expense Ratio2 - Net 1.20%

*As of 03/31/23

*Annualized as of 05/31/23

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 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.

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 $10.59
Calendar-Yr Return -33.46%

Portfolio Characteristics

as of 03/31/23

Baron FinTech Fund FactSet Global FinTech Index
Net Assets$44.73 million
# of Issuers / % of Net Assets46 / 99.0%
Turnover (3 Year Average)20.41%
Active Share87.0%
Median Market Cap$18.10 billion$2.47 billion
Weighted Average Market Cap$93.63 billion$15.95 billion
EPS Growth (3-5 year forecast)20.5%21.4%
Price/Earnings Ratio (trailing 12- month)36.520.8
Price/Book Ratio4.82.3
Price/Sales Ratio5.11.5

Contributors/Detractors

Quarterly as of 03/31/23

Top Contributors Average Weight Contribution
MercadoLibre, Inc. 2.95% 1.27%
MSCI Inc. 3.80% 0.70%
Intuit Inc. 4.31% 0.66%
Tradeweb Markets Inc. 2.53% 0.54%
Guidewire Software, Inc. 1.90% 0.53%

Insights & News: Baron FinTech Fund (BFINX)

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.