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.
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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.
As of Apr 09, 2021
NAV | $45.46 |
---|---|
Daily Change ($) | -$0.26 |
Daily Change (%) | -0.57% |
YTD | 2.02% |
Inception Date | 5/31/1996 |
Overall (out of 560 Funds)
Ratings based on risk-adjusted returns as of 03/31/2021
Category:US Fund Mid-Cap Growth
Portfolio Manager
years of exp 51
years at baron 39
Portfolio Manager
years of exp 19
years at baron 16
For the period ended 2/28/2021, 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 563, 563, 505, and 383 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.
© 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 04/09/21
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$45.46 | -$0.26 | -0.57% | 1.91% | 1.91% | 2.02% |
as of 02/28/21
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BFGIX - Baron Focused Growth Fund - I | 3.59% | 3.59% | 117.89% | 44.57% | 33.98% | 18.81% | 14.73% | 1.11% | 1.10% |
Russell 2500 Growth Index | 6.02% | 6.02% | 59.59% | 21.65% | 22.53% | 14.93% | 9.62% | ||
S&P 500 Index | 1.72% | 1.72% | 31.29% | 14.14% | 16.82% | 13.43% | 9.33% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2019
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.
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 03/31/21
YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|
Gross | Net | |||||||
BFGIX - Baron Focused Growth Fund - I | 0.11% | 167.83% | 44.10% | 31.27% | 18.02% | 14.52% | 1.11% | 1.10% |
Russell 2500 Growth Index | 2.49% | 87.50% | 19.96% | 19.91% | 14.21% | 9.43% | ||
S&P 500 Index | 6.17% | 56.35% | 16.78% | 16.29% | 13.91% | 9.48% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2019
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.
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.
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.
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.
Expense ratios are as of the fiscal year ended 12/31/2019
as of 03/31/21
Year | Baron Focused Growth Fund | Russell 2500 Growth Index | S&P 500 Index |
---|---|---|---|
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, 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 as of the fiscal year ended 12/31/2019
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 | Ex Date | Payable Date | Income | Return of Capital | Short-Term Capital Gain | Long-Term Capital Gain | Total | Re-Invest NAV | Calendar-Yr Return |
---|---|---|---|---|---|---|---|---|---|
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.0000 | $0.9837 | $0.9837 | $38.92 | |
09/23/2020 | 09/24/2020 | 09/25/2020 | $0.0000 | $0.0000 | $0.0000 | $0.2541 | $0.2541 | $32.63 | |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0000 | $0.0000 | $0.0000 | $0.3590 | $0.3590 | $19.62 | |
09/24/2018 | 09/25/2018 | 09/26/2018 | $0.0000 | $0.0000 | $0.0000 | $0.1693 | $0.1693 | $18.54 | 4.07% |
11/27/2017 | 11/28/2017 | 11/29/2017 | $0.0000 | $0.0000 | $0.0000 | $0.1646 | $0.1646 | $16.01 | 26.59% |
09/27/2017 | 09/28/2017 | 09/29/2017 | $0.0020 | $0.0000 | $0.0000 | $0.1598 | $0.1618 | $15.25 | 26.59% |
11/28/2016 | 11/29/2016 | 11/30/2016 | $0.0000 | $0.0000 | $0.0000 | $0.1820 | $0.1820 | $12.43 | 0.97% |
10/05/2016 | 10/06/2016 | 10/07/2016 | $0.0000 | $0.0000 | $0.0000 | $0.5658 | $0.5658 | $12.86 | 0.97% |
12/02/2015 | 12/03/2015 | 12/04/2015 | $0.0000 | $0.0000 | $0.0000 | $0.2567 | $0.2567 | $13.37 | -2.12% |
09/23/2015 | 09/24/2015 | 09/25/2015 | $0.0581 | $0.0000 | $0.0000 | $0.4816 | $0.5397 | $13.00 | -2.12% |
12/01/2014 | 12/02/2014 | 12/03/2014 | $0.0000 | $0.0000 | $0.0000 | $0.0741 | $0.0741 | $13.91 | 2.54% |
09/22/2014 | 09/23/2014 | 09/24/2014 | $0.0000 | $0.0000 | $0.0000 | $0.0119 | $0.0119 | $13.97 | 2.54% |
09/25/2013 | 09/26/2013 | 09/27/2013 | $0.1983 | $0.0000 | $0.0000 | $0.0000 | $0.1983 | $13.21 | 26.09% |
12/13/2010 | 12/14/2010 | 12/15/2010 | $0.3260 | $0.0000 | $0.0000 | $0.0000 | $0.3260 | $9.50 | 25.39% |
12/28/2009 | 12/29/2009 | 12/30/2009 | $0.1260 | $0.1250 | $0.0000 | $0.0000 | $0.2510 | $8.25 | 33.94% |
12/19/2008 | 12/22/2008 | 12/23/2008 | $0.0000 | $0.4000 | $0.0000 | $0.0000 | $0.4000 | $5.98 | -39.06% |
as of 12/31/20
3 Years | 5 Years | 10 Years | Since Inception | |
---|---|---|---|---|
Standard Deviation (%) | 33.62 | 27.23 | 21.84 | 22.88 |
Sharpe Ratio | 1.28 | 1.10 | 0.83 | 0.55 |
Alpha (%) | 21.10 | 11.13 | 4.41 | 7.09 |
Beta | 1.10 | 1.05 | 0.98 | 0.82 |
R-Squared (%) | 63.48 | 60.81 | 65.30 | 64.97 |
Tracking Error (%) | 20.47 | 17.07 | 12.87 | 14.12 |
Information Ratio | 1.20 | 0.72 | 0.30 | 0.37 |
Upside Capture (%) | 144.26 | 125.74 | 104.71 | 97.46 |
Downside Capture (%) | 95.16 | 92.63 | 89.03 | 78.67 |
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 | $45.46 |
---|---|
Daily Change ($) | -$0.26 |
Daily Change (%) | -0.57% |
MTD | 1.91% |
QTD | 1.91% |
YTD | 2.02% |
BFGIX - Baron Focused Growth Fund - I | Russell 2500 Growth Index | S&P 500 Index | |
---|---|---|---|
QTD1 | 3.59% | 6.02% | 1.72% |
YTD1 | 3.59% | 6.02% | 1.72% |
1 Year | 117.89% | 59.59% | 31.29% |
3 Years | 44.57% | 21.65% | 14.14% |
5 Years | 33.98% | 22.53% | 16.82% |
10 Years | 18.81% | 14.93% | 13.43% |
Since Inception | 14.73% | 9.62% | 9.33% |
Expense Ratio2 - Gross | 1.11% | ||
Expense Ratio2 - Net | 1.10% |
*As of 02/28/21
*Annualized as of 03/31/21
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2019
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.
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.
BFGIX - Baron Focused Growth Fund - I | Russell 2500 Growth Index | S&P 500 Index | |
---|---|---|---|
YTD1 | 0.11% | 2.49% | 6.17% |
1 Year | 167.83% | 87.50% | 56.35% |
3 Years | 44.10% | 19.96% | 16.78% |
5 Years | 31.27% | 19.91% | 16.29% |
10 Years | 18.02% | 14.21% | 13.91% |
Since Inception | 14.52% | 9.43% | 9.48% |
Expense Ratio2 - Gross | 1.11% | ||
Expense Ratio2 - Net | 1.10% |
*As of 03/31/21
*Annualized as of 03/31/21
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2019
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.
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 12/31/20
3 Years | 5 Years | 10 Years | Since Inception | |
---|---|---|---|---|
Standard Deviation (%) | 33.62 | 27.23 | 21.84 | 22.88 |
Sharpe Ratio | 1.28 | 1.10 | 0.83 | 0.55 |
Alpha (%) | 21.10 | 11.13 | 4.41 | 7.09 |
Beta | 1.10 | 1.05 | 0.98 | 0.82 |
R-Squared (%) | 63.48 | 60.81 | 65.30 | 64.97 |
Tracking Error (%) | 20.47 | 17.07 | 12.87 | 14.12 |
Information Ratio | 1.20 | 0.72 | 0.30 | 0.37 |
Upside Capture (%) | 144.26 | 125.74 | 104.71 | 97.46 |
Downside Capture (%) | 95.16 | 92.63 | 89.03 | 78.67 |
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 03/31/21
Year | Baron Focused Growth Fund | Russell 2500 Growth Index | S&P 500 Index |
---|---|---|---|
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, 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 as of the fiscal year ended 12/31/2019
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 | 11/23/2020 | 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 | 11/24/2020 | 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 | 11/25/2020 | 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 | $0.0020 | $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 | $0.1250 | $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 |
Long-Term Capital Gain | $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 | $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 | $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 | 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% |
as of 12/31/20
Baron Focused Growth Fund | Russell 2500 Growth Index | |
---|---|---|
Net Assets | $662.73 million | |
# of Equity Securities / % of Net Assets | 21 / 91.5% | |
Turnover (3 Year Average) | 8.16% | |
Active Share | 98.5% | |
Median Market Cap | $11.23 billion | $1.54 billion |
Weighted Average Market Cap | $293.27 billion | $7.61 billion |
EPS Growth (3-5 year forecast) | 31.1% | 19.4% |
Price/Earnings Ratio (trailing 12-month) | 56.2 | 32.8 |
Price/Book Ratio | 5.0 | 6.1 |
Price/Sales Ratio | 8.7 | 3.1 |
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 03/31/21
Open All Close All | Holding | Sector | % of Net Assets |
---|---|---|---|
Tesla, Inc.Tesla, Inc. (TSLA) manufactures electric vehicles, including a luxury sedan and CUV (S/X), a mid-sized luxury sedan and hatchback (3/Y), and soon pickup and semi trucks. It also offers energy generation solutions and battery-based energy storage and recently announced it will produce batteries as well. |
Consumer Discretionary | 32.0% | |
Penn National Gaming, Inc.Penn National Gaming, Inc. (PENN) is the largest and most diversified regional casino operator, with 42 facilities in 19 jurisdictions post its recent acquisitions. The company has a history of acquiring quality gaming companies at favorable prices that are accretive. It also has a 36% interest in Barstool. |
Consumer Discretionary | 9.4% | |
CoStar Group, Inc.CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry. |
Industrials | 7.6% | |
Vail Resorts, Inc.Vail Resorts, Inc. (MTN) is the largest ski resort operator in North America. It owns 37 resorts in the U.S., Canada, and Australia, including Vail and Breckenridge in Colorado, Whistler Blackcomb in Canada, and Stowe in Vermont. Its RockResorts brand offers luxury ski lodging properties. |
Consumer Discretionary | 5.8% | |
Hyatt Hotels Corp.Hyatt Hotels Corp. (H) is a global hospitality company with 963 Hyatt-branded properties representing 232,446 keys. The company's brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite. It derives 60% of EBITDA from fees and 40% from owned assets. |
Consumer Discretionary | 4.2% | |
Space Exploration Technologies Corp.Space Exploration Technologies Corp designs, manufactures, and launches rockets, satellites, and spacecrafts. SpaceX disrupted the space launch market with its reusable orbital launch systems and is now in the process of launching a new broadband service leveraging its new satellite constellation, Starlink. |
Industrials | 4.0% | |
FactSet Research Systems, Inc.FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community. |
Financials | 3.4% | |
Arch Capital Group Ltd.Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada. |
Financials | 3.4% | |
Choice Hotels International, Inc.Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisors in the world with brands in the economy, midscale, and upscale segments. Its franchise contracts are long term, with many as long as 20 years. Brands include Quality Inn, Comfort Inn, Comfort Suites, Cambria Suites, and Ascend. |
Consumer Discretionary | 2.5% | |
Iridium Communications Inc.Iridium Communications Inc. (IRDM), using a constellation of low earth-orbiting satellites, provides mobile voice and data communications services to businesses, governments, and consumers. The company launched its new constellation to space in 2018, enabling new services like high/mid bandwidth Certus. |
Communication Services | 2.5% | |
Total |
74.8% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 03/31/21
Name | Sector | % of Net Assets |
---|---|---|
Tesla, Inc. |
Consumer Discretionary | 32.0% |
Penn National Gaming, Inc. |
Consumer Discretionary | 9.4% |
CoStar Group, Inc. |
Industrials | 7.6% |
Vail Resorts, Inc. |
Consumer Discretionary | 5.8% |
Hyatt Hotels Corp. |
Consumer Discretionary | 4.2% |
FactSet Research Systems, Inc. |
Financials | 3.4% |
Arch Capital Group Ltd. |
Financials | 3.4% |
Choice Hotels International, Inc. |
Consumer Discretionary | 2.5% |
Iridium Communications Inc. |
Communication Services | 2.5% |
Manchester United plc |
Communication Services | 2.4% |
Tripadvisor, Inc. |
Communication Services | 2.2% |
Spotify Technology S.A. |
Communication Services | 2.0% |
Adyen N.V. |
Information Technology | 1.9% |
GDS Holdings Limited - ADR |
Information Technology | 1.9% |
Space Exploration Technologies Corp. Series H Preferred Stock |
Industrials | 1.8% |
Stitch Fix, Inc. |
Consumer Discretionary | 1.7% |
BioNTech SE |
Health Care | 1.6% |
Guidewire Software, Inc. |
Information Technology | 1.5% |
Space Exploration Technologies Corp. - Cl. A |
Industrials | 1.3% |
American Homes 4 Rent - Cl A |
Real Estate | 1.1% |
Red Rock Resorts, Inc. - Cl. A |
Consumer Discretionary | 1.0% |
Schrodinger, Inc. |
Health Care | 1.0% |
Denali Therapeutics Inc |
Health Care | 0.8% |
Americold Realty Trust |
Real Estate | 0.7% |
Space Exploration Technologies Corp. Series N Preferred Stock |
Industrials | 0.6% |
Space Exploration Technologies Corp. - Cl. C |
Industrials | 0.2% |
Space Exploration Technologies Corp.-Series I Preferred Stock |
Industrials | 0.1% |
As of 03/31/21
As of 03/31/21
Colors of Sub-Industry bars correspond to the GICS sector chart.
Quarterly as of 12/31/20
Top Contributors | Average Weight | Contribution |
---|---|---|
Tesla, Inc. | 36.64% | 21.51% |
Vail Resorts, Inc. | 6.45% | 2.24% |
Hyatt Hotels Corp. | 4.10% | 1.83% |
Iridium Communications Inc. | 2.33% | 1.21% |
CoStar Group, Inc. | 10.19% | 1.16% |
Quarterly as of 12/31/20
Top Detractors | Average Weight | Contribution |
---|---|---|
GoodRx Holdings, Inc. | 1.04% | -0.80% |
American Well Corporation | 0.82% | -0.44% |
BioNTech SE | 0.09% | -0.16% |
FactSet Research Systems, Inc. | 4.65% | -0.06% |
Source: FactSet PA.
03/12/21
WOWS sat down with Ron Baron to talk about his investment principles and certain investment opportunities throughout his career that have led to Baron Capital’s long-term growth. Ron, who is founder and CEO of Baron Capital, manages Baron Growth Fund, Baron Partners Fund, Baron Focused Growth Fund, and Baron WealthBuilder Fund.
02/08/21
In a February 8, 2021 appearance on CNBC’s “Squawk Box,” Baron Capital CEO Ron Baron talked about Tesla’s recent investment in bitcoin, saying that although he wasn't surprised, he wanted to explore the decision-making process further before reaching a judgment on the purchase.
02/08/21
In the February 2021 issue of Citywire, Baron Capital founder and CEO Ron Baron talks about finding businesses that are “changing the world and changing the way we live.”
01/23/21
Baron Opportunity, Baron Partners, Baron Focused Growth, Baron Discovery, Baron WealthBuilder, Baron Global Advantage, and Baron Emerging Markets Funds were listed among Kiplinger’s top funds for 2020.
01/11/21
Baron Partners Fund ranked as the top-performing Multicap Growth fund in 2020 and Baron Focused Growth Fund as the second-best performer among Midcap Growth funds in 2020; both funds ranked among "One-Year Best Performers" and Baron Partners Fund also ranked among "Five-Year Best Performers" and "Ten-Year Best Performers," according to Refinitiv Lipper. [subscription required for access]
12/09/20
In a December 9, 2020 interview with Business Insider, Baron Capital CEO Ron Baron talks about the evolution of his investment process, lessons and mistakes of his career, and the biggest opportunities he sees in the market today.
09/02/20
In Business Insider’s September 2, 2020, article, Baron Focused Growth Fund co-Portfolio Manager David Baron discusses the potential advantage of taking the long view. (subscription required for access)
06/05/20
Click here to watch the replay of Baron Capital CEO Ron Baron’s June 9, 2020 appearance on CNBC’s “Squawk Box.”
XBRL Filings | 04/30/20 |
---|---|
Prospectus | 02/04/21 |
Summary Prospectus | 02/04/21 |
SAI | 01/28/21 |
Fact Sheet | 12/31/20 |
Baron Select Funds Annual Financial Report | 12/31/20 |
Baron Select Funds Semi-Annual Financial Report | 06/30/20 |
Notice re: Tesla Shares | 02/08/21 |
1Q20 Baron Select Funds NPORT | 03/31/20 |
3Q20 Baron Select Funds NPORT | 09/30/20 |
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 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 40% 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 companies that are classified as growth, and the S&P 500 Index of 500 widely held large-cap U.S. companies. The indexes 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 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.
© 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).