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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Overview
Objective & Strategy
SCT
Fund Facts
BRIIX Snapshot
As of Mar 21, 2023
| NAV | $12.93 |
|---|---|
| Daily Change ($) | -$0.08 |
| Daily Change (%) | -0.61% |
| YTD | 0.62% |
| Inception Date | 12/29/2017 |
Equity Style
BRIIX Portfolio Management
Jeffrey Kolitch
Portfolio Manager
years of exp 30
years at baron 17
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.
For the period ended 12/31/2022, the Baron Real Estate Income Fund received a 5-Star Overall Morningstar Rating™, 5-Star 3-Year Rating, and 5-Star 5-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 233, 233, and 210 funds in the category, respectively. This Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.
© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Prices & Performance: Baron Real Estate Income Fund (BRIIX)
Prices
as of 03/21/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $12.93 | -$0.08 | -0.61% | -4.29% | 0.62% | 0.62% |
Performance
Quarterly Returns
as of 12/31/22
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| 1 Year | 3 Years | 5 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|
| Gross | Net | |||||
| BRIIX - Baron Real Estate Income Fund - I | -27.47% | 4.75% | 6.91% | 6.91% | 1.08% | 0.80% |
| MSCI US REIT Index | -25.37% | -1.16% | 2.48% | 2.48% | ||
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, 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 12/31/22
| 3 Years | 5 Years | Since Inception | |
|---|---|---|---|
| Standard Deviation (%) | 20.36 | 18.44 | 18.44 |
| Sharpe Ratio | 0.20 | 0.31 | 0.31 |
| Alpha (%) | 5.47 | 4.69 | 4.69 |
| Beta | 0.80 | 0.83 | 0.83 |
| R-Squared (%) | 85.88 | 83.77 | 83.77 |
| Tracking Error (%) | 9.04 | 8.22 | 8.22 |
| Information Ratio | 0.65 | 0.54 | 0.54 |
| Upside Capture (%) | 98.02 | 96.55 | 96.55 |
| Downside Capture (%) | 81.22 | 80.46 | 80.46 |
| NAV | $12.93 |
|---|---|
| Daily Change ($) | -$0.08 |
| Daily Change (%) | -$0.08 |
| MTD | -4.29% |
| QTD | 0.62% |
| YTD | 0.62% |
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| BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
|---|---|---|
| QTD1 | 5.14% | 5.24% |
| YTD1 | 5.14% | 5.24% |
| 1 Year | -17.88% | -12.77% |
| 3 Years | 8.24% | 2.98% |
| 5 Years | 9.97% | 6.13% |
| Since Inception | 7.72% | 3.42% |
| Expense Ratio2 - Gross | 1.08% | |
| Expense Ratio2 - Net | 0.80% |
*As of 02/28/23
*Annualized as of 02/28/23
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, 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 | |
|---|---|---|
| 1 Year | -27.47% | -25.37% |
| 3 Years | 4.75% | -1.16% |
| 5 Years | 6.91% | 2.48% |
| Since Inception | 6.91% | 2.48% |
| Expense Ratio2 - Gross | 1.08% | |
| Expense Ratio2 - Net | 0.80% |
*As of 12/31/22
*Annualized as of 02/28/23
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, 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 12/31/22
| 3 Years | 5 Years | Since Inception | |
|---|---|---|---|
| Standard Deviation (%) | 20.36 | 18.44 | 18.44 |
| Sharpe Ratio | 0.20 | 0.31 | 0.31 |
| Alpha (%) | 5.47 | 4.69 | 4.69 |
| Beta | 0.80 | 0.83 | 0.83 |
| R-Squared (%) | 85.88 | 83.77 | 83.77 |
| Tracking Error (%) | 9.04 | 8.22 | 8.22 |
| Information Ratio | 0.65 | 0.54 | 0.54 |
| Upside Capture (%) | 98.02 | 96.55 | 96.55 |
| Downside Capture (%) | 81.22 | 80.46 | 80.46 |
as of 02/28/23
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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 Baron Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
Expense ratios are estimated for the current fiscal year.
| Record Date | 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 | 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 | 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 | $0.0248 | $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 | $0.0075 | $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 |
| Long-Term Capital Gain | $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 | $0.0248 | $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 | $12.90 | $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 12/31/22
| Yields — SCT Shares | BRIIX | |
|---|---|
| Unsubsidized SEC 30-Day Yield | 1.43% |
| Subsidized SEC 30-Day Yield | 2.12% |
| Distribution Yield | 1.29% |
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.
Portfolio Characteristics
as of 12/31/22
| Baron Real Estate Income Fund | MSCI US REIT Index | |
|---|---|---|
| Net Assets | $77.32 million | |
| # of Issuers / % of Net Assets | 28 / 98.3% | |
| Turnover (3 Year Average) | 107.86% | |
| Active Share | 51.0% | |
| Median Market Cap | $22.45 billion | $2.81 billion |
| Weighted Average Market Cap | $46.51 billion | $30.31 billion |
| EPS Growth (3-5 year forecast) | 20.0% | 16.9% |
| Price/Earnings Ratio (trailing 12-month) | 24.8 | 23.1 |
| Price/Book Ratio | 2.2 | 1.8 |
| Price/Sales Ratio | 6.2 | 6.8 |
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 12/31/22
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| Prologis, Inc. | 13.24% | 1.56% |
| Simon Property Group, Inc. | 4.58% | 1.18% |
| Equinix, Inc. | 6.72% | 0.94% |
| Gaming and Leisure Properties, Inc. | 2.45% | 0.44% |
| Sun Communities, Inc. | 4.07% | 0.38% |
Source: FactSet PA.
Insights & News: Baron Real Estate Income Fund (BRIIX)
Documents
| SAI | 04/29/22 |
|---|---|
| XBRL Filings | 04/30/20 |
| Prospectus | 04/29/22 |
| Summary Prospectus | 04/29/22 |
| Fact Sheet | 12/31/22 |
| Baron Select Funds Annual Financial Report | 12/31/22 |
| Baron Select Funds Semi-Annual Report | 06/30/22 |
| 3Q22 Baron Select Funds NPORT | 09/30/22 |
| 1Q22 Baron Select Funds NPORT | 03/21/22 |
| 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.