The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Institutional Investors
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Overview
Objective & Strategy
SCT
Fund Facts
BRIIX Snapshot
As of Dec 01, 2023
| NAV | $13.76 |
|---|---|
| Daily Change ($) | $0.28 |
| Daily Change (%) | 2.08% |
| YTD | 9.05% |
| Inception Date | 12/29/2017 |
Equity Style
BRIIX Portfolio Management
Jeffrey Kolitch
Portfolio Manager
years of exp 31
years at baron 18
For the period ended 9/30/2023, the Baron Real Estate Income Fund received a 4-Star Overall Morningstar Rating™, 3-Star 3-Year Rating, and 5-Star 5-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 230, 230, and 213 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.
© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates or content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) does not constitute advice of any kind, whether investment, tax, legal or otherwise. User is solely responsible for ensuring that any use of this information complies with all laws, regulations and restrictions applicable to it. 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.
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Prices & Performance: Baron Real Estate Income Fund (BRIIX)
Prices
as of 12/01/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $13.76 | $0.28 | 2.08% | 2.08% | 7.75% | 9.05% |
Performance
Quarterly Returns
as of 09/30/23
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| QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|---|---|
| Gross | Net | |||||||
| BRIIX - Baron Real Estate Income Fund - I | -6.46% | 1.20% | 3.33% | 2.84% | 7.11% | 6.20% | 0.96% | 0.80% |
| MSCI US REIT Index | -7.32% | -2.89% | 1.87% | 4.51% | 1.62% | 1.64% | ||
1Not annualized.
2Expense ratios are estimated for the current fiscal year.
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.
Performance Characteristics: BRIIX
as of 09/30/23
| 3 Years | 5 Years | Since Inception | |
|---|---|---|---|
| Standard Deviation (%) | 19.31 | 18.96 | 18.24 |
| Sharpe Ratio | 0.06 | 0.28 | 0.24 |
| Alpha (%) | -1.28 | 5.59 | 4.69 |
| Beta | 0.91 | 0.84 | 0.84 |
| R-Squared (%) | 94.10 | 85.56 | 85.24 |
| Tracking Error (%) | 5.01 | 7.95 | 7.73 |
| Information Ratio | -0.33 | 0.69 | 0.59 |
| Upside Capture (%) | 87.23 | 99.33 | 96.55 |
| Downside Capture (%) | 91.46 | 80.35 | 80.11 |
| NAV | $13.76 |
|---|---|
| Daily Change ($) | $0.28 |
| Daily Change (%) | $0.28 |
| MTD | 2.08% |
| QTD | 7.75% |
| YTD | 9.05% |
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| BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
|---|---|---|
| QTD1 | -4.15% | -4.41% |
| YTD1 | -3.00% | -7.17% |
| 1 Year | -3.04% | -7.11% |
| 3 Years | 2.15% | 3.87% |
| 5 Years | 7.82% | 1.32% |
| Since Inception | 5.34% | 0.83% |
| Expense Ratio2 - Gross | 0.96% | |
| Expense Ratio2 - Net | 0.80% |
*As of 10/31/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are estimated for the current fiscal year.
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.
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| BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
|---|---|---|
| QTD1 | -6.46% | -7.32% |
| YTD1 | 1.20% | -2.89% |
| 1 Year | 3.33% | 1.87% |
| 3 Years | 2.84% | 4.51% |
| 5 Years | 7.11% | 1.62% |
| Since Inception | 6.20% | 1.64% |
| Expense Ratio2 - Gross | 0.96% | |
| Expense Ratio2 - Net | 0.80% |
*As of 09/30/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are estimated for the current fiscal year.
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.
as of 09/30/23
| 3 Years | 5 Years | Since Inception | |
|---|---|---|---|
| Standard Deviation (%) | 19.31 | 18.96 | 18.24 |
| Sharpe Ratio | 0.06 | 0.28 | 0.24 |
| Alpha (%) | -1.28 | 5.59 | 4.69 |
| Beta | 0.91 | 0.84 | 0.84 |
| R-Squared (%) | 94.10 | 85.56 | 85.24 |
| Tracking Error (%) | 5.01 | 7.95 | 7.73 |
| Information Ratio | -0.33 | 0.69 | 0.59 |
| Upside Capture (%) | 87.23 | 99.33 | 96.55 |
| Downside Capture (%) | 91.46 | 80.35 | 80.11 |
as of 10/31/23
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| Year | Baron Real Estate Income Fund | MSCI US REIT Index |
|---|---|---|
| 2022 | -27.47% | -25.37% |
| 2021 | 29.58% | 41.71% |
| 2020 | 22.30% | -8.70% |
| 2019 | 36.54% | 24.33% |
| 2018 | -11.03% | -5.83% |
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 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.
Expense ratios are estimated for the current fiscal year.
| Record Date | 09/25/2023 | 06/26/2023 | 03/27/2023 | 12/23/2022 | 09/26/2022 | 09/26/2022 | 06/27/2022 | 03/28/2022 | 12/27/2021 | 09/22/2021 | 06/23/2021 | 03/24/2021 | 12/21/2020 | 09/23/2020 | 06/24/2020 | 03/25/2020 | 12/18/2019 | 09/26/2019 | 06/26/2019 | 03/25/2019 | 12/26/2018 | 09/24/2018 | 06/26/2018 | 04/17/2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ex Date | 09/26/2023 | 06/27/2023 | 03/28/2023 | 12/27/2022 | 09/27/2022 | 09/27/2022 | 06/28/2022 | 03/29/2022 | 12/28/2021 | 09/23/2021 | 06/24/2021 | 03/25/2021 | 12/22/2020 | 09/24/2020 | 06/25/2020 | 03/26/2020 | 12/19/2019 | 09/27/2019 | 06/27/2019 | 03/26/2019 | 12/27/2018 | 09/25/2018 | 06/27/2018 | 04/18/2018 |
| Payable Date | 09/27/2023 | 06/28/2023 | 03/29/2023 | 12/28/2022 | 09/28/2022 | 09/28/2022 | 06/29/2022 | 03/30/2022 | 12/29/2021 | 09/24/2021 | 06/25/2021 | 03/26/2021 | 12/23/2020 | 09/25/2020 | 06/26/2020 | 03/27/2020 | 12/20/2019 | 09/30/2019 | 06/28/2019 | 03/27/2019 | 12/28/2018 | 09/26/2018 | 06/28/2018 | 04/19/2018 |
| Income | $0.0638 | $0.0906 | $0.0827 | $0.0248 | $0.0692 | $0.0000 | $0.0428 | $0.0286 | $0.0574 | $0.0476 | $0.0378 | $0.0428 | $0.0303 | $0.0194 | $0.0292 | $0.0304 | $0.0343 | $0.0299 | $0.0364 | $0.0311 | $0.0114 | $0.0841 | $0.0323 | $0.0293 |
| 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 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0075 | $0.0556 | $0.0213 | $0.0193 |
| 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 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| Long-Term Capital Gain | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0916 | $0.0000 | $0.0000 | $0.0710 | $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 |
| Total | $0.0638 | $0.0906 | $0.0827 | $0.0248 | $0.0692 | $0.0916 | $0.0428 | $0.0286 | $0.1284 | $0.0476 | $0.0378 | $0.0428 | $0.0303 | $0.0194 | $0.0292 | $0.0304 | $0.0343 | $0.0299 | $0.0364 | $0.0311 | $0.0189 | $0.1397 | $0.0536 | $0.0486 |
| Re-Invest NAV | $12.71 | $13.53 | $12.65 | $12.90 | $12.63 | $12.63 | $14.37 | $17.88 | $17.81 | $16.73 | $16.49 | $15.14 | $13.90 | $11.90 | $11.45 | $9.64 | $10.97 | $10.30 | $10.14 | $8.56 | $9.73 | $9.77 | $9.49 | |
| Calendar-Yr Return | -27.47% | -27.47% | -27.47% | -27.47% | -27.47% | 29.58% | 29.58% | 29.58% | 29.58% | 22.30% | 22.30% | 22.30% | 22.30% | -11.03% | -11.03% | -11.03% | -11.03% |
as of 09/30/23
| Yields — SCT Shares | BRIIX | |
|---|---|
| Unsubsidized SEC 30-Day Yield | 2.02% |
| Subsidized SEC 30-Day Yield | 2.11% |
| Distribution Yield | 2.05% |
SEC 30-Day Subsidized Yield (%)is a standard yield calculation required by the Securities and Exchange Commission. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses net of any applicable waiver or reimbursement. Absent such waivers or reimbursements, the yield would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "Standardized Yield”.
SEC 30- Day Unsubsidized Yield is a standard yield calculation required by the Securities and Exchange Commission. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's gross expenses.
Distribution Yield is the sum of the fund’s trailing 12 months of income distributions divided by its current net asset value, increased for any capital gains distributed over the same time period. Distribution Yields fluctuate and are not guaranteed.
Portfolio Characteristics
as of 09/30/23
| Baron Real Estate Income Fund | MSCI US REIT Index | |
|---|---|---|
| Net Assets | $130.04 million | |
| # of Issuers / % of Net Assets | 28 / 93.4% | |
| Turnover (3 Year Average) | 130.25% | |
| Active Share | 52.4% | |
| Dividend Yield | 3.1 | 4.5 |
| Median Market Cap | $15.35 billion | $2.60 billion |
| Weighted Average Market Cap | $36.12 billion | $32.18 billion |
| EPS Growth (3-5 year forecast) | 9.0% | 6.6% |
| Price/Earnings Ratio (trailing 12-month) | 24.4 | 24.8 |
| Price/Book Ratio | 2.0 | 1.7 |
| Price/Sales Ratio | 3.8 | 6.0 |
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
Contributors
Quarterly as of 09/30/23
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| Digital Realty Trust, Inc. | 8.19% | 0.40% |
| Welltower Inc. | 6.80% | 0.07% |
| Tanger Factory Outlet Centers, Inc. | 1.59% | 0.03% |
| Brookfield Asset Management Ltd. | 1.19% | 0.02% |
Source: FactSet PA.
Insights & News: Baron Real Estate Income Fund (BRIIX)
Documents
| SAI | 04/28/23 |
|---|---|
| Prospectus | 04/28/23 |
| Summary Prospectus | 04/28/23 |
| Fact Sheet | 09/30/23 |
| Baron Select Funds Annual Financial Report | 12/31/22 |
| Baron Select Funds Semi-Annual Report | 06/30/23 |
| 1Q23 Baron Select Funds NPORT | 03/31/23 |
| 3Q23 Baron Select Funds NPORT | 09/30/23 |
| 2018 Form 8937 | 12/31/18 |
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, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. The Fund invests in debt securities which are affected by changes in prevailing interest rates and the perceived credit quality of the issuer. 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 MSCI US REIT Index Net (USD) is an unmanaged free float-adjusted market capitalization index that measures the performance of all equity REITs in the US equity market, except for specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. Index performance is not fund performance. Investors cannot invest directly in 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.
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All GICS structure changes that have occurred since 2016 have been applied retroactively in historical holdings-based analyses, including performance attribution. The Adviser may have reclassified/classified certain securities in or out of a sub-industry within a sector. Such reclassifications are not supported by S&P or MSCI.