This is a focused Fund that invests mainly in small- and mid-sized U.S. companies with significant growth potential. A substantial percentage of the Fund's assets are in its top 10 holdings. Non-diversified.
Institutional Investors
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Overview
Objective & Strategy
S-M
Fund Facts
BFGIX Snapshot
As of Jun 30, 2022
| NAV | $33.95 |
|---|---|
| Daily Change ($) | -$0.26 |
| Daily Change (%) | -0.76% |
| YTD | -26.34% |
| Inception Date | 5/31/1996 |
Equity Style
BFGIX Portfolio Management
Ron Baron
Portfolio Manager
years of exp 52
years at baron 40
David Baron
Portfolio Manager
years of exp 20
years at baron 17
For the period ended 5/31/2022, the Baron Focused Growth Fund received a 5-Star Overall Morningstar Rating™, 5-Star 3-Year Rating, 5-Star 5-Year Rating, and 5-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 532, 532, 496, and 379 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.
© 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 Focused Growth Fund (BFGIX)
Prices
as of 06/30/22
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $33.95 | -$0.26 | -0.76% | -7.92% | -19.91% | -26.34% |
Performance
as of 03/31/22
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| YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|---|---|
| Gross | Net | |||||||
| BFGIX - Baron Focused Growth Fund - I | -8.03% | 9.47% | 41.57% | 31.02% | 19.00% | 14.32% | 1.07% | 1.07% |
| Russell 2500 Growth Index | -12.30% | -10.12% | 12.99% | 13.22% | 12.69% | 8.60% | ||
| S&P 500 Index | -4.60% | 15.65% | 18.92% | 15.99% | 14.64% | 9.71% | ||
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2020
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.
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, 2032, 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.
Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.
Performance Characteristics: BFGIX
as of 03/31/22
| 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|
| Standard Deviation (%) | 34.41 | 28.48 | 22.21 | 22.81 |
| Sharpe Ratio | 1.19 | 1.05 | 0.83 | 0.54 |
| Alpha (%) | 25.21 | 16.46 | 6.43 | 7.40 |
| Beta | 1.21 | 1.08 | 1.01 | 0.83 |
| R-Squared (%) | 65.61 | 61.98 | 62.72 | 64.61 |
| Tracking Error (%) | 20.76 | 17.64 | 13.56 | 14.11 |
| Information Ratio | 1.38 | 1.01 | 0.46 | 0.41 |
| Upside Capture (%) | 161.39 | 138.87 | 111.79 | 98.63 |
| Downside Capture (%) | 94.41 | 88.92 | 87.89 | 78.51 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Focused Growth Fund's(BFGIX) benchmark (Russell 2500 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
| NAV | $33.95 |
|---|---|
| Daily Change ($) | -$0.26 |
| Daily Change (%) | -$0.26 |
| MTD | -7.92% |
| QTD | -19.91% |
| YTD | -26.34% |
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| BFGIX - Baron Focused Growth Fund - I | Russell 2500 Growth Index | S&P 500 Index | |
|---|---|---|---|
| QTD1 | -13.02% | -13.57% | -8.55% |
| YTD1 | -20.00% | -24.20% | -12.76% |
| 1 Year | -3.46% | -22.80% | -0.30% |
| 3 Years | 37.29% | 8.87% | 16.44% |
| 5 Years | 25.25% | 9.57% | 13.38% |
| 10 Years | 18.35% | 12.03% | 14.40% |
| Since Inception | 13.61% | 7.94% | 9.27% |
| Expense Ratio2 - Gross | 1.05% | ||
| Expense Ratio2 - Net | 1.05% |
*As of 05/31/22
*Annualized as of 05/31/22
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2020
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.
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, 2032, 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.
Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.
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| BFGIX - Baron Focused Growth Fund - I | Russell 2500 Growth Index | S&P 500 Index | |
|---|---|---|---|
| YTD1 | -8.03% | -12.30% | -4.60% |
| 1 Year | 9.47% | -10.12% | 15.65% |
| 3 Years | 41.57% | 12.99% | 18.92% |
| 5 Years | 31.02% | 13.22% | 15.99% |
| 10 Years | 19.00% | 12.69% | 14.64% |
| Since Inception | 14.32% | 8.60% | 9.71% |
| Expense Ratio2 - Gross | 1.07% | ||
| Expense Ratio2 - Net | 1.07% |
*As of 03/31/22
*Annualized as of 05/31/22
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2020
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.
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, 2032, 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.
Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.
as of 03/31/22
| 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|
| Standard Deviation (%) | 34.41 | 28.48 | 22.21 | 22.81 |
| Sharpe Ratio | 1.19 | 1.05 | 0.83 | 0.54 |
| Alpha (%) | 25.21 | 16.46 | 6.43 | 7.40 |
| Beta | 1.21 | 1.08 | 1.01 | 0.83 |
| R-Squared (%) | 65.61 | 61.98 | 62.72 | 64.61 |
| Tracking Error (%) | 20.76 | 17.64 | 13.56 | 14.11 |
| Information Ratio | 1.38 | 1.01 | 0.46 | 0.41 |
| Upside Capture (%) | 161.39 | 138.87 | 111.79 | 98.63 |
| Downside Capture (%) | 94.41 | 88.92 | 87.89 | 78.51 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Focused Growth Fund's(BFGIX) benchmark (Russell 2500 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 05/31/22
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| Year | Baron Focused Growth Fund | Russell 2500 Growth Index | S&P 500 Index |
|---|---|---|---|
| 2021 | 19.16% | 5.04% | 28.71% |
| 2020 | 122.75% | 40.47% | 18.40% |
| 2019 | 30.33% | 32.65% | 31.49% |
| 2018 | 4.07% | -7.47% | -4.38% |
| 2017 | 26.59% | 24.46% | 21.83% |
| 2016 | 0.97% | 9.73% | 11.96% |
| 2015 | -2.12% | -0.19% | 1.38% |
| 2014 | 2.54% | 7.05% | 13.69% |
| 2013 | 26.09% | 40.65% | 32.39% |
| 2012 | 16.17% | 16.13% | 16.00% |
| 2011 | -1.11% | -1.57% | 2.11% |
| 2010 | 25.39% | 28.86% | 15.06% |
| 2009 | 33.94% | 41.66% | 26.46% |
| 2008 | -39.06% | -41.50% | -37.00% |
| 2007 | 15.25% | 9.69% | 5.49% |
| 2006 | 26.63% | 12.26% | 15.79% |
| 2005 | 4.51% | 8.17% | 4.91% |
| 2004 | 50.24% | 14.59% | 10.88% |
| 2003 | 40.01% | 46.32% | 28.68% |
| 2002 | -8.44% | -29.09% | -22.06% |
| 2001 | -24.33% | -10.83% | -11.93% |
| 2000 | -6.00% | -16.09% | -9.10% |
| 1999 | 19.87% | 55.48% | 21.04% |
| 1998 | 36.17% | 3.10% | 28.58% |
| 1997 | 38.38% | 14.76% | 33.36% |
| 1996 | 6.83% | -2.81% | 12.11% |
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, 2032, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.
Expense ratios are as of the fiscal year ended 12/31/2020
Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.
| Record Date | 11/22/2021 | 09/22/2021 | 11/23/2020 | 09/23/2020 | 11/25/2019 | 09/24/2018 | 11/27/2017 | 09/27/2017 | 11/28/2016 | 10/05/2016 | 12/02/2015 | 09/23/2015 | 12/01/2014 | 09/22/2014 | 09/25/2013 | 12/13/2010 | 12/28/2009 | 12/19/2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ex Date | 11/23/2021 | 09/23/2021 | 11/24/2020 | 09/24/2020 | 11/26/2019 | 09/25/2018 | 11/28/2017 | 09/28/2017 | 11/29/2016 | 10/06/2016 | 12/03/2015 | 09/24/2015 | 12/02/2014 | 09/23/2014 | 09/26/2013 | 12/14/2010 | 12/29/2009 | 12/22/2008 |
| Payable Date | 11/24/2021 | 09/24/2021 | 11/25/2020 | 09/25/2020 | 11/27/2019 | 09/26/2018 | 11/29/2017 | 09/29/2017 | 11/30/2016 | 10/07/2016 | 12/04/2015 | 09/25/2015 | 12/03/2014 | 09/24/2014 | 09/27/2013 | 12/15/2010 | 12/30/2009 | 12/23/2008 |
| Income | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0020 | $0.0000 | $0.0000 | $0.0000 | $0.0581 | $0.0000 | $0.0000 | $0.1983 | $0.3260 | $0.1260 | $0.0000 |
| Return of Capital | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.1250 | $0.4000 |
| Short-Term Capital Gain | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| Long-Term Capital Gain | $5.5014 | $1.4145 | $0.9837 | $0.2541 | $0.3590 | $0.1693 | $0.1646 | $0.1598 | $0.1820 | $0.5658 | $0.2567 | $0.4816 | $0.0741 | $0.0119 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| Total | $5.5014 | $1.4145 | $0.9837 | $0.2541 | $0.3590 | $0.1693 | $0.1646 | $0.1618 | $0.1820 | $0.5658 | $0.2567 | $0.5397 | $0.0741 | $0.0119 | $0.1983 | $0.3260 | $0.2510 | $0.4000 |
| Re-Invest NAV | $46.47 | $46.97 | $38.92 | $32.63 | $19.62 | $18.54 | $16.01 | $15.25 | $12.43 | $12.86 | $13.37 | $13.00 | $13.91 | $13.97 | $13.21 | $9.50 | $8.25 | $5.98 |
| Calendar-Yr Return | 19.16% | 19.16% | 122.75% | 122.75% | 4.07% | 26.59% | 26.59% | 0.97% | 0.97% | -2.12% | -2.12% | 2.54% | 2.54% | 26.09% | 25.39% | 33.94% | -39.06% |
Portfolio Characteristics
as of 03/31/22
| Baron Focused Growth Fund | Russell 2500 Growth Index | |
|---|---|---|
| Net Assets | $796.61 million | |
| # of Issuers / % of Net Assets | 22 / 93.9% | |
| Turnover (3 Year Average) | 26.29% | |
| Active Share | 98.4% | |
| Median Market Cap | $10.53 billion | $1.45 billion |
| Weighted Average Market Cap | $347.38 billion | $7.40 billion |
| EPS Growth (3-5 year forecast) | 26.1% | 20.2% |
| Price/Earnings Ratio (trailing 12-month) | 31.9 | 22.3 |
| Price/Book Ratio | 2.8 | 4.4 |
| Price/Sales Ratio | 4.8 | 2.0 |
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.
Contributors/Detractors
Quarterly as of 03/31/22
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| Tesla, Inc. | 25.09% | 0.51% |
| Arch Capital Group Ltd. | 5.53% | 0.45% |
| Space Exploration Technologies Corp. | 8.57% | 0.29% |
| Velo3D, Inc. | 0.67% | 0.22% |
| Iridium Communications Inc. | 3.07% | 0.06% |
Source: FactSet PA.
Insights & News: Baron Focused Growth Fund (BFGIX)
Documents
| XBRL Filings | 04/30/20 |
|---|---|
| SAI | 04/29/22 |
| Prospectus | 04/29/22 |
| Summary Prospectus | 04/29/22 |
| Fact Sheet | 03/31/22 |
| Baron Select Funds Semi-Annual Financial Report | 06/30/21 |
| Baron Select Funds Annual Financial Report | 12/31/21 |
| 1Q22 Baron Select Funds NPORT | 03/31/22 |
| 3Q21 Baron Select Funds NPORT | 09/30/21 |
| Notice re: Tesla Shares | 02/08/21 |
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 is non-diversified which means, in addition to increased volatility of the Fund’s returns, it will likely have a greater percentage of its assets in a single issuer or a small number of issuers, including in a particular industry than a diversified fund. Single issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer’s securities and therefore the net asset value of the Fund. As of the date of the latest prospectus supplement, about 27% of the Fund’s assets are invested in Tesla stock. Therefore, the Fund is exposed to the risk that were Tesla stock to lose significant value, which could happen rapidly, the Fund’s performance would be adversely affected. Specific risks associated with investing in small and medium-sized companies include that the 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 indexes are unmanaged. The Russell 2500™ Growth Index measures the performance of small to medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely the performance of small to medium-sized U.S. companies that held large cap U.S. companies. 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. The indexes and the Fund include reinvestment of dividends, net of withholding taxes, which positively impact the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly into 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.