The Fund invests for the long term, predominantly in high-quality small-sized U.S. companies that are market leaders with significant growth potential. Diversified.
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S
The Fund invests for the long term, predominantly in high-quality small-sized U.S. companies that are market leaders with significant growth potential. Diversified.
As of Dec 01, 2023
NAV | $29.15 |
---|---|
Daily Change ($) | $0.62 |
Daily Change (%) | 2.17% |
YTD | 18.35% |
Inception Date | 9/30/1997 |
Overall (out of 560 Funds)
Ratings based on risk-adjusted returns as of 10/31/2023
Category:US Fund Small Growth
Portfolio Manager
years of exp 39
years at baron 26
1Source: FactSet SPAR.
For the period ended 9/30/2023, the Baron Small Cap Fund received a 4-Star Overall Morningstar Rating™, 3-Star 3-Year Rating, 3-Star 5-Year Rating, and 4-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 562, 562, 527, and 397 funds in the category, respectively. This Morningstar Rating is for the Retail 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.
MORNINGSTAR IS NOT RESPONSIBLE FOR ANY DELETION, DAMAGE, LOSS OR FAILURE TO STORE ANY PRODUCT OUTPUT, COMPANY CONTENT OR OTHER CONTENT.
as of 12/01/23
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$29.15 | $0.62 | 2.17% | 2.17% | 5.01% | 18.35% |
as of 10/31/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BSCFX - Baron Small Cap Fund | -7.38% | 4.38% | 0.50% | 0.21% | 6.82% | 7.55% | 9.27% | 1.30% | 1.30% |
Russell 2000 Growth Index | -7.71% | -2.87% | -7.63% | -1.83% | 2.68% | 5.67% | 5.35% | ||
S&P 500 Index | -2.10% | 10.69% | 10.14% | 10.36% | 11.01% | 11.18% | 7.84% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 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
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BSCFX - Baron Small Cap Fund | -3.14% | 12.71% | 17.42% | 1.72% | 5.66% | 8.78% | 9.62% | 1.30% | 1.30% |
Russell 2000 Growth Index | -7.32% | 5.24% | 9.59% | 1.09% | 1.55% | 6.72% | 5.69% | ||
S&P 500 Index | -3.27% | 13.07% | 21.62% | 10.15% | 9.92% | 11.91% | 7.96% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 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.
Expense ratios are as of the fiscal year ended 9/30/2020
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 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 10/31/23
Year | Baron Small Cap Fund | Russell 2000 Growth Index | S&P 500 Index |
---|---|---|---|
2022 | -31.22% | -26.36% | -18.11% |
2021 | 15.53% | 2.83% | 28.71% |
2020 | 40.33% | 34.63% | 18.40% |
2019 | 34.50% | 28.48% | 31.49% |
2018 | -7.39% | -9.31% | -4.38% |
2017 | 27.13% | 22.17% | 21.83% |
2016 | 9.94% | 11.32% | 11.96% |
2015 | -5.24% | -1.38% | 1.38% |
2014 | 1.69% | 5.60% | 13.69% |
2013 | 37.77% | 43.30% | 32.39% |
2012 | 17.98% | 14.59% | 16.00% |
2011 | -1.58% | -2.91% | 2.11% |
2010 | 23.47% | 29.09% | 15.06% |
2009 | 35.26% | 34.47% | 26.46% |
2008 | -40.24% | -38.54% | -37.00% |
2007 | 11.69% | 7.05% | 5.49% |
2006 | 11.83% | 13.35% | 15.79% |
2005 | 8.34% | 4.15% | 4.91% |
2004 | 22.16% | 14.31% | 10.88% |
2003 | 38.82% | 48.54% | 28.68% |
2002 | -9.66% | -30.26% | -22.06% |
2001 | 5.19% | -9.23% | -11.93% |
2000 | -17.53% | -22.43% | -9.10% |
1999 | 70.78% | 43.09% | 21.04% |
1998 | 2.23% | 1.23% | 28.58% |
1997 | 3.10% | -8.20% | 2.87% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 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.
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 |
---|---|---|---|---|---|---|---|---|---|
12/07/2022 | 12/08/2022 | 12/09/2022 | $0.0000 | $0.0000 | $0.0000 | $1.4521 | $1.4521 | $25.64 | -31.22% |
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.0000 | $0.0000 | $0.0000 | $4.7182 | $4.7182 | $37.91 | 15.53% |
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.0000 | $4.1153 | $4.1153 | $34.67 | 40.33% |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0000 | $0.0000 | $0.0000 | $2.8191 | $2.8191 | $29.16 | |
11/28/2018 | 11/29/2018 | 11/30/2018 | $0.0000 | $0.0000 | $0.0000 | $2.6130 | $2.6130 | $27.12 | -7.39% |
11/27/2017 | 11/28/2017 | 11/29/2017 | $0.0000 | $0.0000 | $0.0000 | $3.8460 | $3.8460 | $28.03 | 27.13% |
11/28/2016 | 11/29/2016 | 11/30/2016 | $0.0000 | $0.0000 | $0.0000 | $5.6812 | $5.6812 | $25.53 | 9.94% |
12/02/2015 | 12/03/2015 | 12/04/2015 | $0.0000 | $0.0000 | $0.0000 | $3.4129 | $3.4129 | $28.52 | -5.24% |
12/01/2014 | 12/02/2014 | 12/03/2014 | $0.0000 | $0.0000 | $0.0000 | $2.0346 | $2.0346 | $32.77 | 1.69% |
11/25/2013 | 11/26/2013 | 11/27/2013 | $0.0000 | $0.0000 | $0.0000 | $1.2843 | $1.2843 | $33.49 | 37.77% |
11/28/2012 | 11/29/2012 | 11/30/2012 | $0.0000 | $0.0000 | $0.0000 | $0.8010 | $0.8010 | $25.65 | 17.98% |
06/22/2012 | 06/25/2012 | 06/26/2012 | $0.0000 | $0.0000 | $0.0000 | $0.0130 | $0.0130 | $24.07 | 17.98% |
11/28/2011 | 11/29/2011 | 11/30/2011 | $0.0000 | $0.0000 | $0.0000 | $0.4560 | $0.4560 | $22.10 | -1.58% |
05/27/2009 | 05/28/2009 | 05/29/2009 | $0.0000 | $0.0000 | $0.0000 | $0.0010 | $0.0010 | $15.18 | 35.26% |
12/19/2007 | 12/20/2007 | 12/21/2007 | $0.0000 | $0.0000 | $0.1070 | $1.5600 | $1.6670 | $23.79 | 11.69% |
11/17/2006 | 11/20/2006 | 11/21/2006 | $0.0000 | $0.0000 | $0.0000 | $3.0570 | $3.0570 | $22.66 | 11.83% |
11/21/2005 | 11/22/2005 | 11/23/2005 | $0.0000 | $0.0000 | $0.0000 | $0.7360 | $0.7360 | $22.70 | 8.34% |
11/22/2004 | 11/23/2004 | 11/24/2004 | $0.0000 | $0.0000 | $0.0000 | $0.5530 | $0.5530 | $20.62 | 22.16% |
11/20/2002 | 11/21/2002 | 11/22/2002 | $0.0000 | $0.0000 | $0.0000 | $0.3810 | $0.3810 | $13.74 | -9.66% |
11/15/2000 | 11/16/2000 | 11/17/2000 | $0.0000 | $0.0000 | $0.0000 | $0.3790 | $0.3790 | $14.26 | -17.53% |
as of 09/30/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 22.79 | 25.37 | 19.75 |
Sharpe Ratio | 0.00 | 0.15 | 0.39 |
Alpha (%) | 0.92 | 4.35 | 2.50 |
Beta | 0.91 | 0.98 | 0.93 |
R-Squared (%) | 84.42 | 90.26 | 88.93 |
Tracking Error (%) | 9.21 | 7.94 | 6.72 |
Information Ratio | 0.07 | 0.52 | 0.31 |
Upside Capture (%) | 91.99 | 100.60 | 94.49 |
Downside Capture (%) | 90.00 | 88.56 | 85.15 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV | $29.15 |
---|---|
Daily Change ($) | $0.62 |
Daily Change (%) | $0.62 |
MTD | 2.17% |
QTD | 5.01% |
YTD | 18.35% |
BSCFX - Baron Small Cap Fund | Russell 2000 Growth Index | S&P 500 Index | |
---|---|---|---|
QTD1 | -7.38% | -7.71% | -2.10% |
YTD1 | 4.38% | -2.87% | 10.69% |
1 Year | 0.50% | -7.63% | 10.14% |
3 Years | 0.21% | -1.83% | 10.36% |
5 Years | 6.82% | 2.68% | 11.01% |
10 Years | 7.55% | 5.67% | 11.18% |
Since Inception | 9.27% | 5.35% | 7.84% |
Expense Ratio2 - Gross | 1.30% | ||
Expense Ratio2 - Net | 1.30% |
*As of 10/31/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 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.
BSCFX - Baron Small Cap Fund | Russell 2000 Growth Index | S&P 500 Index | |
---|---|---|---|
QTD1 | -3.14% | -7.32% | -3.27% |
YTD1 | 12.71% | 5.24% | 13.07% |
1 Year | 17.42% | 9.59% | 21.62% |
3 Years | 1.72% | 1.09% | 10.15% |
5 Years | 5.66% | 1.55% | 9.92% |
10 Years | 8.78% | 6.72% | 11.91% |
Since Inception | 9.62% | 5.69% | 7.96% |
Expense Ratio2 - Gross | 1.30% | ||
Expense Ratio2 - Net | 1.30% |
*As of 09/30/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 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 | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 22.79 | 25.37 | 19.75 |
Sharpe Ratio | 0.00 | 0.15 | 0.39 |
Alpha (%) | 0.92 | 4.35 | 2.50 |
Beta | 0.91 | 0.98 | 0.93 |
R-Squared (%) | 84.42 | 90.26 | 88.93 |
Tracking Error (%) | 9.21 | 7.94 | 6.72 |
Information Ratio | 0.07 | 0.52 | 0.31 |
Upside Capture (%) | 91.99 | 100.60 | 94.49 |
Downside Capture (%) | 90.00 | 88.56 | 85.15 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 10/31/23
Year | Baron Small Cap Fund | Russell 2000 Growth Index | S&P 500 Index |
---|---|---|---|
2022 | -31.22% | -26.36% | -18.11% |
2021 | 15.53% | 2.83% | 28.71% |
2020 | 40.33% | 34.63% | 18.40% |
2019 | 34.50% | 28.48% | 31.49% |
2018 | -7.39% | -9.31% | -4.38% |
2017 | 27.13% | 22.17% | 21.83% |
2016 | 9.94% | 11.32% | 11.96% |
2015 | -5.24% | -1.38% | 1.38% |
2014 | 1.69% | 5.60% | 13.69% |
2013 | 37.77% | 43.30% | 32.39% |
2012 | 17.98% | 14.59% | 16.00% |
2011 | -1.58% | -2.91% | 2.11% |
2010 | 23.47% | 29.09% | 15.06% |
2009 | 35.26% | 34.47% | 26.46% |
2008 | -40.24% | -38.54% | -37.00% |
2007 | 11.69% | 7.05% | 5.49% |
2006 | 11.83% | 13.35% | 15.79% |
2005 | 8.34% | 4.15% | 4.91% |
2004 | 22.16% | 14.31% | 10.88% |
2003 | 38.82% | 48.54% | 28.68% |
2002 | -9.66% | -30.26% | -22.06% |
2001 | 5.19% | -9.23% | -11.93% |
2000 | -17.53% | -22.43% | -9.10% |
1999 | 70.78% | 43.09% | 21.04% |
1998 | 2.23% | 1.23% | 28.58% |
1997 | 3.10% | -8.20% | 2.87% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 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.
Record Date | 12/07/2022 | 11/22/2021 | 11/23/2020 | 11/25/2019 | 11/28/2018 | 11/27/2017 | 11/28/2016 | 12/02/2015 | 12/01/2014 | 11/25/2013 | 11/28/2012 | 06/22/2012 | 11/28/2011 | 05/27/2009 | 12/19/2007 | 11/17/2006 | 11/21/2005 | 11/22/2004 | 11/20/2002 | 11/15/2000 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ex Date | 12/08/2022 | 11/23/2021 | 11/24/2020 | 11/26/2019 | 11/29/2018 | 11/28/2017 | 11/29/2016 | 12/03/2015 | 12/02/2014 | 11/26/2013 | 11/29/2012 | 06/25/2012 | 11/29/2011 | 05/28/2009 | 12/20/2007 | 11/20/2006 | 11/22/2005 | 11/23/2004 | 11/21/2002 | 11/16/2000 |
Payable Date | 12/09/2022 | 11/24/2021 | 11/25/2020 | 11/27/2019 | 11/30/2018 | 11/29/2017 | 11/30/2016 | 12/04/2015 | 12/03/2014 | 11/27/2013 | 11/30/2012 | 06/26/2012 | 11/30/2011 | 05/29/2009 | 12/21/2007 | 11/21/2006 | 11/23/2005 | 11/24/2004 | 11/22/2002 | 11/17/2000 |
Income | $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 |
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 |
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 | $0.1070 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
Long-Term Capital Gain | $1.4521 | $4.7182 | $4.1153 | $2.8191 | $2.6130 | $3.8460 | $5.6812 | $3.4129 | $2.0346 | $1.2843 | $0.8010 | $0.0130 | $0.4560 | $0.0010 | $1.5600 | $3.0570 | $0.7360 | $0.5530 | $0.3810 | $0.3790 |
Total | $1.4521 | $4.7182 | $4.1153 | $2.8191 | $2.6130 | $3.8460 | $5.6812 | $3.4129 | $2.0346 | $1.2843 | $0.8010 | $0.0130 | $0.4560 | $0.0010 | $1.6670 | $3.0570 | $0.7360 | $0.5530 | $0.3810 | $0.3790 |
Re-Invest NAV | $25.64 | $37.91 | $34.67 | $29.16 | $27.12 | $28.03 | $25.53 | $28.52 | $32.77 | $33.49 | $25.65 | $24.07 | $22.10 | $15.18 | $23.79 | $22.66 | $22.70 | $20.62 | $13.74 | $14.26 |
Calendar-Yr Return | -31.22% | 15.53% | 40.33% | -7.39% | 27.13% | 9.94% | -5.24% | 1.69% | 37.77% | 17.98% | 17.98% | -1.58% | 35.26% | 11.69% | 11.83% | 8.34% | 22.16% | -9.66% | -17.53% |
as of 09/30/23
Baron Small Cap Fund | Russell 2000 Growth Index | |
---|---|---|
Net Assets | $4.22 billion | |
# of Issuers / % of Net Assets | 63 / 96.6% | |
Turnover (3 Year Average) | 14.74% | |
Active Share | 96.2% | |
Median Market Cap | $4.68 billion | $1.12 billion |
Weighted Average Market Cap | $10.87 billion | $3.28 billion |
EPS Growth (3-5 year forecast) | 16.6% | 12.3% |
Price/Earnings Ratio (trailing 12-month) | 29.4 | 17.8 |
Price/Book Ratio | 3.0 | 3.4 |
Price/Sales Ratio | 2.5 | 1.5 |
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 10/31/23
Open All Close All | Holding | Sector | % of Net Assets |
---|---|---|---|
Vertiv Holdings CoVertiv Holdings Co (VRT) came public in February 2020 through a SPAC backed by Goldman Sachs and David Cote, Honeywell's highly regarded former CEO. Vertiv is a pure-play full-service provider of digital-critical infrastructure solutions for the data center and communications end markets. |
Industrials | 7.2% | |
Gartner, Inc.Gartner, Inc. (IT) is the leading independent provider of research and advisory services for IT, HR, sales, finance, and marketing leaders. |
Information Technology | 5.8% | |
ICON PlcICON Plc (ICLR) is the second largest global contract research organization (CRO), providing outsourced drug development services to pharmaceutical and biotechnology clients. ICON has expertise in multiple therapeutic areas. |
Health Care | 4.4% | |
Kinsale Capital Group, Inc.Kinsale Capital Group, Inc. (KNSL) is a property and casualty insurer focused exclusively on the excess and surplus (E&S) lines market, which includes risks that are unique or difficult to place in the standard insurance market. |
Financials | 4.1% | |
ASGN IncorporatedASGN Incorporated (ASGN) is the second largest staffing firm in the U.S., providing IT and professional services in the technology, digital, and creative fields across commercial and government sectors. |
Industrials | 3.8% | |
SiteOne Landscape Supply, Inc.SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in North America. Through its large branch network, the company offers a broad selection of products across irrigation, agronomics, hardscapes, and nursery to landscaping professionals. |
Industrials | 3.4% | |
Red Rock Resorts, Inc.Red Rock Resorts, Inc. (RRR) owns and operates 20 local casinos in Las Vegas and is in the planning stages of developing and managing another tribal casino in California. It also controls eight gaming-entitled sites consisting of almost 600 acres in Las Vegas and 30 acres in Reno. |
Consumer Discretionary | 3.0% | |
Guidewire Software, Inc.Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry. |
Information Technology | 2.9% | |
TransDigm Group IncorporatedTransDigm Group, Inc. (TDG), through its subsidiaries, designs, produces, and supplies engineered aerospace components for commercial and military aircraft customers in the United States. |
Industrials | 2.7% | |
Floor & Decor Holdings, Inc.Floor & Decor Holdings, Inc. (FND) is a specialty retailer of hard-surface flooring and accessories in the U.S. Through its more than 200 stores, the company offers a wide in-stock assortment of tile, vinyl, wood, laminate and natural stone flooring and decorative and installation accessories at low prices. |
Consumer Discretionary | 2.5% | |
Total |
39.8% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 09/30/23
Name | Sector | % of Net Assets |
---|---|---|
Gartner, Inc. |
Information Technology | 5.5% |
Kinsale Capital Group, Inc. |
Financials | 4.7% |
ICON Plc |
Health Care | 4.1% |
SiteOne Landscape Supply, Inc. |
Industrials | 3.7% |
Vertiv Holdings LLC - PIPE Shares |
Industrials | 3.5% |
ASGN Incorporated |
Industrials | 3.4% |
Chart Industries, Inc. |
Industrials | 3.0% |
Red Rock Resorts, Inc. - Cl. A |
Consumer Discretionary | 2.9% |
Vertiv Holdings Co |
Industrials | 2.7% |
Floor & Decor Holdings, Inc. |
Consumer Discretionary | 2.7% |
Guidewire Software, Inc. |
Information Technology | 2.6% |
TransDigm Group Incorporated |
Industrials | 2.5% |
Installed Building Products, Inc. |
Consumer Discretionary | 2.4% |
Neogen Corp. |
Health Care | 1.8% |
Liberty Media Corporation Series C Liberty Formula One |
Communication Services | 1.8% |
BRP Group, Inc. |
Financials | 1.7% |
Aspen Technology, Inc. |
Information Technology | 1.7% |
RBC Bearings Incorporated |
Industrials | 1.6% |
Houlihan Lokey, Inc. |
Financials | 1.6% |
The Cheesecake Factory, Inc. |
Consumer Discretionary | 1.6% |
Ceridian HCM Holding Inc. |
Industrials | 1.5% |
Cognex Corp. |
Information Technology | 1.5% |
HealthEquity, Inc. |
Health Care | 1.4% |
The Trade Desk |
Communication Services | 1.4% |
Planet Fitness Inc - Cl a |
Consumer Discretionary | 1.4% |
Avient Corporation |
Materials | 1.4% |
Axonics, Inc. |
Health Care | 1.3% |
Waste Connections, Inc. |
Industrials | 1.3% |
John Bean Technologies Corporation |
Industrials | 1.3% |
Bright Horizons Family Solutions, Inc. |
Consumer Discretionary | 1.3% |
DexCom, Inc. |
Health Care | 1.2% |
SBA Communications Corp. |
Real Estate | 1.2% |
First Advantage Corporation |
Industrials | 1.2% |
European Wax Center, Inc. |
Consumer Discretionary | 1.1% |
Altair Engineering Inc. |
Information Technology | 1.1% |
Endava plc -ADR |
Information Technology | 1.1% |
Inspire Medical Systems, Inc. |
Health Care | 1.1% |
WEX Inc. |
Financials | 1.1% |
Trex Company, Inc. |
Industrials | 1.1% |
Dechra Pharmaceuticals PLC |
Health Care | 1.0% |
UTZ Brands, Inc. |
Consumer Staples | 1.0% |
Grid Dynamics Holdings, Inc. |
Information Technology | 0.9% |
Sprout Social, Inc. |
Information Technology | 0.9% |
Mettler-Toledo International Inc. |
Health Care | 0.9% |
Madison Square Garden Sports Corp. |
Communication Services | 0.9% |
Clearwater Analytics Holdings, Inc. |
Information Technology | 0.8% |
Janus International Group, Inc. - PIPE Shares |
Industrials | 0.8% |
Shoals Technologies Group, Inc. |
Industrials | 0.8% |
Kratos Defense & Security |
Industrials | 0.8% |
Repay Holdings Corporation Cl - A |
Financials | 0.7% |
Mercury Systems, Inc. |
Industrials | 0.7% |
Americold Realty Trust |
Real Estate | 0.6% |
Fox Factory Holding Corp. |
Consumer Discretionary | 0.6% |
IDEXX Laboratories, Inc. |
Health Care | 0.6% |
E2open Parent Holdings, Inc. |
Information Technology | 0.6% |
The Beauty Health Company |
Consumer Staples | 0.6% |
Janus International Group, Inc. |
Industrials | 0.6% |
DraftKings Inc. |
Consumer Discretionary | 0.6% |
indie Semiconductor, Inc. |
Information Technology | 0.6% |
Driven Brands Holdings Inc. |
Industrials | 0.5% |
Clarivate Plc |
Industrials | 0.5% |
Liberty Media Corporation Series C Liberty SiriusXM |
Communication Services | 0.3% |
Holley Inc. |
Consumer Discretionary | 0.3% |
Holley Inc. - PIPE Shares |
Consumer Discretionary | 0.3% |
ODDITY Tech Ltd. |
Consumer Staples | 0.2% |
Liberty Media Corporation Series C Liberty Live |
Communication Services | 0.2% |
As of 10/31/23
As of 10/31/23
Colors of Sub-Industry bars correspond to the GICS sector chart.
Quarterly as of 09/30/23
Top Contributors | Average Weight | Contribution |
---|---|---|
Vertiv Holdings Co | 5.54% | 2.03% |
Kinsale Capital Group, Inc. | 4.33% | 0.42% |
Guidewire Software, Inc. | 2.30% | 0.36% |
Aspen Technology, Inc. | 1.48% | 0.28% |
ASGN Incorporated | 3.14% | 0.24% |
Quarterly as of 09/30/23
Top Detractors | Average Weight | Contribution |
---|---|---|
Driven Brands Holdings Inc. | 0.95% | -0.73% |
Inspire Medical Systems, Inc. | 1.29% | -0.61% |
Cognex Corporation | 1.67% | -0.43% |
DexCom, Inc. | 1.40% | -0.42% |
Planet Fitness, Inc. | 1.43% | -0.40% |
Source: FactSet PA.
02/07/23
In a February 7, 2023 interview, Baron Capital CEO Ron Baron discusses investing for the long term in a volatile market.
09/07/21
In a September 7, 2021, article, Barrons featured Baron Small Cap Fund as a fund that has outpaced peers and could be well positioned for a recovery in the small cap space. Read the full Baron article. [Subscription required to access]
01/29/21
In a January 29, 2021, interview on the Masters in Business podcast, Baron Capital CEO Ron Baron discusses why he became a believer in long-term investing from his early days of investing in what were then small-cap companies such as McDonald’s, Disney, Federal Express, and Nike.
02/20/20
We are pleased to announce that Cliff Greenberg and Andrew Peck have been named Co-Chief Investment Officers of Baron Capital.
09/18/19
In its annual update of Baron Small Cap Fund’s profile, Morningstar reaffirmed the Fund’s “Silver” Analyst Rating, citing Portfolio Manager Cliff Greenberg’s proven investment process over the 23 years he has managed the Fund and his instrumental role in the Firm’s success. To view the profile, visit www.morningstar.com. (Subscription required to access).
The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars (process, performance, people, parent and price). Morningstar’s analysts use this valuation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Morningstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Morningstar’s current expectations about future events. Morningstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars that give the analysts a high level of conviction. A “Bronze”-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months. © Morningstar 2019. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted 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, except where such damages or losses cannot be limited or excluded by law in your jurisdiction.Past financial performance is no guarantee of future results.
02/10/19
Baron is pleased to announce that Morningstar has added Baron Discovery Fund and Baron Global Advantage Fund to its “Prospects” list of up-and-coming or under-the-radar strategies that Morningstar Manager Research thinks might be worthy of full coverage someday. Currently, Baron Growth Fund, Baron Asset Fund, Baron Small Cap Fund, Baron Partners Fund, and Baron Emerging Markets Fund all have full coverage by Morningstar.
11/09/18
At the 2018 Baron Investment Conference, Ron Baron joined Ken Moelis, chairman and CEO of Moelis & Company, on CNBC’s “Squawk Box” to discuss Moelis’ investment strategy and the outlook for M&A activity. Watch the full interview on www.cnbc.com.
Portfolio holdings as a percentage of net assets as of September 30, 2018 for Moelis & Company are as follows: Baron Growth Fund (0.6%), Baron Small Cap Fund (0.9%).
10/11/18
In its annual update of Baron Small Cap Fund’s profile, Morningstar reaffirmed the Fund’s “Silver” Analyst Rating, citing Portfolio Manager Cliff Greenberg’s proven investment process over the 22 years he has managed the Fund and his instrumental role in the Firm’s success. Read the profile at www.morningstar.com. (Subscription required to access).
The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars (process, performance, people, parent and price). Morningstar’s analysts use this valuation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Morningstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Morningstar’s current expectations about future events. Morningstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars that give the analysts a high level of conviction. A “Bronze”-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months.
06/05/18
In the June / July 2018 issue of Morningstar magazine, Baron Small Cap Fund Portfolio Manager Cliff Greenberg discussed his investment approach, the evolution of his career, and life beyond business in the 'Ten Questions' spotlight column. Read the full article, "Baron's Cliff Greenberg on small-cap growth investing and a Grateful Dead cover band," from www.morningstar.com.
05/11/18
In Morningstar's May 2018 issue of FundInvestor, Baron Small Cap Fund was highlighted among top-rated small-growth funds in the 'Tracking Morningstar Analyst Ratings' column. You can view the full issue at www.morningstar.com. (Subscription required for access).
The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars (process, performance, people, parent and price). Morningstar’s analysts use this valuation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Morningstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Morningstar’s current expectations about future events. Morningstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars that give the analysts a high level of conviction. A “Bronze”-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months.
Baron Capital Inc., bears no responsibility for the external website provided and makes no warranties, either express or implied, concerning the content of such site or any information, products or services linked to the website.
SAI | 01/27/23 |
---|---|
Prospectus | 01/27/23 |
Summary Prospectus | 01/27/23 |
Fact Sheet | 09/30/23 |
Baron Investment Funds Trust Annual Financial Report | 09/30/23 |
Baron Investment Funds Trust Semi-Annual Financial Report | 03/31/22 |
2Q23 BIFT NPORT | 06/30/23 |
4Q22 BIFT NPORT | 12/31/22 |
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: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The indexes and the Fund include reinvestment of dividends, net of withholding taxes, which positively impact the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly into an index.
Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero
Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.
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.
© Baron 2023 All rights reserved
Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
Form CRS - Baron Capital, Inc. | Form CRS - Baron Capital Management, Inc.
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).