The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
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SCT
The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
As of Jan 14, 2021
NAV | $13.95 |
---|---|
Daily Change ($) | $0.07 |
Daily Change (%) | 0.50% |
YTD | -1.41% |
Inception Date | 12/29/2017 |
Overall (out of 225 Funds)
Ratings based on risk-adjusted returns as of 12/31/2020
Category:US Fund Real Estate
Portfolio Manager
years of exp 29
years at baron 16
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.
For the period ended 12/31/2020, the Baron Real Estate Income Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 225, and 225 funds in the category, respectively. This Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.
© 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
as of 01/14/21
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$13.95 | $0.07 | 0.50% | -1.41% | -1.41% | -1.41% |
as of 11/30/20
QTD1 | YTD1 | 1 Year | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|
Gross | Net | |||||
BRIIX - Baron Real Estate Income Fund - I | 8.47% | 16.00% | 16.95% | 12.48% | 5.63% | 0.80% |
MSCI US REIT Index | 7.75% | -11.50% | -12.24% | 1.23% |
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 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.
as of 12/31/20
1 Year | 3 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|
Gross | Net | ||||
BRIIX - Baron Real Estate Income Fund - I | 22.30% | 14.11% | 14.11% | 5.63% | 0.80% |
MSCI US REIT Index | -8.70% | 2.25% | 2.25% |
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 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.
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 estimated for the current fiscal year.
as of 12/31/20
Year | Baron Real Estate Income Fund | MSCI US REIT Index |
---|---|---|
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 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 estimated for the current fiscal year.
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 |
---|---|---|---|---|---|---|---|---|---|
12/21/2020 | 12/22/2020 | 12/23/2020 | $0.0303 | $0.0000 | $0.0000 | $0.0000 | $0.0303 | ||
09/23/2020 | 09/24/2020 | 09/25/2020 | $0.0194 | $0.0000 | $0.0000 | $0.0000 | $0.0194 | $11.90 | |
06/24/2020 | 06/25/2020 | 06/26/2020 | $0.0292 | $0.0000 | $0.0000 | $0.0000 | $0.0292 | $11.45 | |
03/25/2020 | 03/26/2020 | 03/27/2020 | $0.0304 | $0.0000 | $0.0000 | $0.0000 | $0.0304 | $9.64 | |
12/18/2019 | 12/19/2019 | 12/20/2019 | $0.0343 | $0.0000 | $0.0000 | $0.0000 | $0.0343 | ||
09/26/2019 | 09/27/2019 | 09/30/2019 | $0.0299 | $0.0000 | $0.0000 | $0.0000 | $0.0299 | $10.97 | |
06/26/2019 | 06/27/2019 | 06/28/2019 | $0.0364 | $0.0000 | $0.0000 | $0.0000 | $0.0364 | $10.30 | |
03/25/2019 | 03/26/2019 | 03/27/2019 | $0.0311 | $0.0000 | $0.0000 | $0.0000 | $0.0311 | $10.14 | |
12/26/2018 | 12/27/2018 | 12/28/2018 | $0.0114 | $0.0075 | $0.0000 | $0.0000 | $0.0189 | $8.56 | -11.03% |
09/24/2018 | 09/25/2018 | 09/26/2018 | $0.0841 | $0.0556 | $0.0000 | $0.0000 | $0.1397 | $9.73 | -11.03% |
06/26/2018 | 06/27/2018 | 06/28/2018 | $0.0323 | $0.0213 | $0.0000 | $0.0000 | $0.0536 | $9.77 | -11.03% |
04/17/2018 | 04/18/2018 | 04/19/2018 | $0.0293 | $0.0193 | $0.0000 | $0.0000 | $0.0486 | $9.49 | -11.03% |
as of 09/30/20
Yields — SCT Shares | BRIIX | |
---|---|
Unsubsidized SEC 30-Day Yield | -0.52% |
Subsidized SEC 30-Day Yield | 1.70% |
Distribution Yield | 0.91% |
SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. 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 and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.
SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).
SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.
Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.
NAV | $13.95 |
---|---|
Daily Change ($) | $0.07 |
Daily Change (%) | 0.50% |
MTD | -1.41% |
QTD | -1.41% |
YTD | -1.41% |
BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
---|---|---|
QTD1 | 8.47% | 7.75% |
YTD1 | 16.00% | -11.50% |
1 Year | 16.95% | -12.24% |
Since Inception | 12.48% | 1.23% |
Expense Ratio2 - Gross | 5.63% | |
Expense Ratio2 - Net | 0.80% |
*As of 11/30/20
*Annualized as of 12/31/20
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 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.
BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
---|---|---|
1 Year | 22.30% | -8.70% |
3 Years | 14.11% | 2.25% |
Since Inception | 14.11% | 2.25% |
Expense Ratio2 - Gross | 5.63% | |
Expense Ratio2 - Net | 0.80% |
*As of 12/31/20
*Annualized as of 12/31/20
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 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.
as of 12/31/20
Year | Baron Real Estate Income Fund | MSCI US REIT Index |
---|---|---|
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 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 estimated for the current fiscal year.
Record Date | 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 | 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 | 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 | $0.0303 | $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 | $0.0075 | $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 |
Long-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 |
Total | $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 | $11.90 | $11.45 | $9.64 | $10.97 | $10.30 | $10.14 | $8.56 | $9.73 | $9.77 | $9.49 | ||
Calendar-Yr Return | -11.03% | -11.03% | -11.03% | -11.03% |
as of 09/30/20
Yields — SCT Shares | BRIIX | |
---|---|
Unsubsidized SEC 30-Day Yield | -0.52% |
Subsidized SEC 30-Day Yield | 1.70% |
Distribution Yield | 0.91% |
SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. 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 and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.
SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).
SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.
Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.
as of 12/31/20
Baron Real Estate Income Fund | MSCI US REIT Index | |
---|---|---|
Net Assets | $47.07 million | |
# of Equity Securities / % of Net Assets | 40 / 98.2% | |
Turnover (3 Year Average) | 53.88% | |
Active Share | 63.9% | |
Median Market Cap | $11.70 billion | $3.62 billion |
Weighted Average Market Cap | $27.99 billion | $22.83 billion |
EPS Growth (3-5 year forecast) | 7.9% | 4.4% |
Price/Earnings Ratio (trailing 12-month) | 47.0 | 34.6 |
Price/Book Ratio | 2.4 | 2.0 |
Price/Sales Ratio | 5.8 | 7.1 |
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 12/31/20
Open All Close All | Holding | Sector | % of Net Assets |
---|---|---|---|
American Tower Corp.American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with more than 180,000 towers in 20 countries on five continents. |
Real Estate | 6.3% | |
Prologis, Inc.Prologis, Inc. (PLD) is a real estate investment trust that owns a $40 billion global industrial portfolio. It was formed through the 2011 merger of AMB and legacy ProLogis. |
Real Estate | 5.8% | |
Las Vegas Sands CorporationLas Vegas Sands Corp. (LVS) is a leading company in the gaming industry with casinos in three of the largest gaming markets in the world: Macau and Singapore in the East, and Las Vegas in the West. It is in the process of renovating its Sands Cotai Central into the Londoner and expanding its Singapore asset. |
Consumer Discretionary | 5.1% | |
Equinix, Inc.Equinix, Inc. (EQIX) is a network neutral operator of 210 data centers across 55 metro areas and 26 countries in North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers. |
Real Estate | 5.1% | |
Invitation Homes, Inc.Invitation Homes, Inc. (INVH) is the largest single-family home rental and management company in the U.S. with over 80,000 homes across 13 markets and nine states. |
Real Estate | 4.9% | |
Equity Lifestyle Properties, Inc.Equity LifeStyle Properties, Inc. (ELS) owns a $9 billion portfolio of primarily age-restricted manufactured home communities and RV parks. Approximately 60% of its sites are in vacation and retirement destinations in Arizona, California, and Florida. |
Real Estate | 3.6% | |
Alexandria Real Estate Equities, Inc.Alexandria Real Estate Equities, Inc. (ARE) is the largest pure-play landlord and developer for the life sciences industry. The company designs and improves space for lease to pharmaceutical, biotech, and life sciences companies, universities, and scientific research and government institutions. |
Real Estate | 3.2% | |
Brookfield Infrastructure Partners L.P.Brookfield Infrastructure Partners L.P. (BIP) is one of the largest owners and operators of diversified global infrastructure businesses, including utilities, transport, energy, and data infrastructure. |
Utilities | 3.2% | |
CoreSite Realty CorporationCoreSite Realty Corp. (COR) is an owner, developer, and operator of data centers serving top network-dense markets such as Los Angeles, San Francisco Bay, Northern Virginia, Chicago, Miami, Boston and New York. The company has 24 data centers, 30,000 cross connects and 2.5 million net rentable square feet. |
Real Estate | 3.0% | |
Colony Capital, Inc.Colony Capital, Inc. (CLNY) is a real estate investment trust, with the following segments: Digital Real Estate and Investment Management, Healthcare, Industrial, Hospitality, Colony Credit Real Estate, Inc., Other Equity and Debt, and Investment Management. |
Real Estate | 3.0% | |
Total |
43.2% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 12/31/20
Name | Sector | % of Net Assets |
---|---|---|
American Tower Corp. |
Real Estate | 6.3% |
Prologis, Inc. |
Real Estate | 5.8% |
Las Vegas Sands Corporation |
Consumer Discretionary | 5.1% |
Equinix, Inc. |
Real Estate | 5.1% |
Invitation Homes, Inc. |
Real Estate | 4.9% |
Equity LifeStyle Properties, Inc. |
Real Estate | 3.6% |
Alexandria Real Estate Equities, Inc. |
Real Estate | 3.2% |
Brookfield Infrastructure Partners L.P. |
Utilities | 3.2% |
CoreSite Realty Corporation |
Real Estate | 3.0% |
Colony Capital, Inc. |
Real Estate | 3.0% |
Red Rock Resorts, Inc. - Cl. A |
Consumer Discretionary | 2.9% |
Rexford Industrial Realty, Inc. |
Real Estate | 2.8% |
Pebblebrook Hotel Trust |
Real Estate | 2.7% |
Crown Castle International Corp. |
Real Estate | 2.7% |
GDS Holdings Limited - ADR |
Information Technology | 2.7% |
Equity Residential |
Real Estate | 2.5% |
MGM Growth Properties LLC |
Real Estate | 2.5% |
Simon Property Group, Inc. |
Real Estate | 2.4% |
Sun Communities, Inc. |
Real Estate | 2.4% |
Gaming and Leisure Properties, Inc. |
Real Estate | 2.3% |
American Homes 4 Rent - Cl A |
Real Estate | 2.3% |
Americold Realty Trust |
Real Estate | 2.3% |
Kennedy-Wilson Holdings, Inc. |
Real Estate | 2.1% |
Digital Realty Trust, Inc. |
Real Estate | 2.1% |
Wynn Resorts Ltd. |
Consumer Discretionary | 2.1% |
STORE Capital Corporation |
Real Estate | 1.9% |
Duke Realty Corporation |
Real Estate | 1.7% |
Extended Stay America, Inc. |
Consumer Discretionary | 1.7% |
Cellnex Telecom, S.A. |
Communication Services | 1.6% |
American Assets Trust, Inc. |
Real Estate | 1.5% |
SBA Communications Corp. |
Real Estate | 1.5% |
Douglas Emmett, Inc. |
Real Estate | 1.5% |
Penn National Gaming, Inc. |
Consumer Discretionary | 1.4% |
Vornado Realty Trust |
Real Estate | 1.2% |
Boston Properties, Inc. |
Real Estate | 1.0% |
Terreno Realty Corporation |
Real Estate | 1.0% |
Brookfield Renewable Partners L.P. |
Utilities | 0.6% |
Park Hotels & Resorts, Inc. |
Real Estate | 0.6% |
21VIANET GOUP INC-ADR |
Information Technology | 0.5% |
Host Hotels & Resorts, Inc. |
Real Estate | 0.5% |
As of 12/31/20
As of 12/31/20
Colors of Sub-Industry bars correspond to the GICS sector chart.
Quarterly as of 12/31/20
Top Contributors | Average Weight | Contribution |
---|---|---|
Wynn Resorts Ltd. | 3.17% | 1.77% |
Colony Capital, Inc. | 2.83% | 1.66% |
Red Rock Resorts, Inc. | 3.34% | 1.34% |
Las Vegas Sands Corporation | 3.86% | 1.11% |
GDS Holdings Limited | 5.14% | 0.90% |
Quarterly as of 12/31/20
Top Detractors | Average Weight | Contribution |
---|---|---|
American Tower Corp. | 5.52% | -0.35% |
Equinix, Inc. | 5.41% | -0.31% |
SBA Communications Corp. | 1.40% | -0.18% |
Digital Realty Trust, Inc. | 2.28% | -0.11% |
Crown Castle International Corp. | 2.05% | -0.03% |
Source: FactSet PA.
07/10/20
Jeff Kolitch, portfolio manager of Baron Real Estate Fund and Baron Real Estate Income Fund, joins Chuck to chat about how investors may benefit when they look past REITs and invest in service companies and home builders in the real estate space, although he still likes select REITs despite the category’s recent struggles.
10/31/19
In addition to delivering long-term capital gains, Baron Funds offers dividend income on some of its funds, as well as opportunities to invest in dividend-paying equities to supplement asset appreciation. To view the article, visit www.divideninvestor.com.
04/27/18
We are pleased to announce that David Kirshenbaum has been appointed to the position of Assistant Portfolio Manager for Baron Real Estate Income Fund. David joined Baron in 2010 to support our real estate research efforts. Among his many responsibilities, David has had a leading role in REIT research and investments. He will continue to conduct equity research in his expanded role.
For more information, please contact us.
01/04/18
Learn about Baron's three new funds: Baron Real Estate Income Fund, Baron Durable Advantage Fund, and Baron WealthBuilder Fund.
Prospectus | 04/30/20 |
---|---|
Summary Prospectus | 04/30/20 |
SAI | 04/30/20 |
Fact Sheet | 09/30/20 |
Baron Select Funds Annual Financial Report | 12/31/19 |
Baron Select Funds Semi-Annual Report | 06/30/20 |
XBRL Filings | 04/30/20 |
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 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.
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.
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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).