Prices & Performance: Baron Technology Fund (BTECX)

Prices

as of 02/23/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$10.17 -$0.03 -0.29% 7.96% 11.76% 11.76%

Performance

as of 12/31/23

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1 Year Since Inception Expense Ratio2
Gross Net
BTECX - Baron Technology Fund - I 63.38% -4.61% 6.42% 0.95%
MSCI ACWI Information Technology Index 51.02% 2.03%
S&P 500 Index 26.29% 1.69%

1Expense ratios are estimated for the current fiscal year.

2Expense ratios are based on fiscal year ended 12/31/21.

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, 2034, 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.

NAV $10.17
Daily Change ($) -$0.03
Daily Change (%) -$0.03
MTD 7.96%
QTD 11.76%
YTD 11.76%
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BTECX - Baron Technology Fund - I MSCI ACWI Information Technology Index S&P 500 Index
QTD1 3.52% 3.19% 1.68%
YTD1 3.52% 3.19% 1.68%
1 Year 47.65% 41.10% 20.82%
Since Inception -2.83% 3.49% 2.44%
Expense Ratio2 - Gross 6.42%
Expense Ratio2 - Net 0.95%

*As of 01/31/24

*Annualized as of 01/31/24

1Expense ratios are estimated for the current fiscal year.

2Expense ratios are based on fiscal year ended 12/31/21.

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, 2034, 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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BTECX - Baron Technology Fund - I MSCI ACWI Information Technology Index S&P 500 Index
1 Year 63.38% 51.02% 26.29%
Since Inception -4.61% 2.03% 1.69%
Expense Ratio2 - Gross 6.42%
Expense Ratio2 - Net 0.95%

*As of 12/31/23

*Annualized as of 01/31/24

1Expense ratios are estimated for the current fiscal year.

2Expense ratios are based on fiscal year ended 12/31/21.

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, 2034, 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.

This information is not currently available.

as of 01/31/24

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Year Baron Technology Fund MSCI ACWI Information Technology Index S&P 500 Index
2023 63.38% 51.02% 26.29%
2022 -44.30% -31.07% -18.11%

1Expense 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, 2034, 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.

Portfolio Characteristics

as of 12/31/23

Baron Technology Fund MSCI ACWI Information Technology Index
Net Assets$9.03 million
# of Issuers / % of Net Assets38 / 95.6%
Turnover (2 Year)23.97%
Active Share63.8%
Median Market Cap$66.96 billion$9.91 billion
Weighted Average Market Cap$836.86 billion$1.26 trillion
EPS Growth (3-5 year forecast)30.2%15.7%
Price/Earnings Ratio (trailing 12-month)50.431.4
Price/Book Ratio7.25.0
Price/Sales Ratio8.05.1

Contributors/Detractors

Quarterly as of 12/31/23

Top Contributors Average Weight Contribution
Microsoft Corporation 10.51% 2.26%
Amazon.com, Inc. 8.33% 1.81%
Advanced Micro Devices, Inc. 3.71% 1.52%
NVIDIA Corporation 9.88% 1.49%
CrowdStrike Holdings, Inc. 2.30% 1.13%

Insights & News: Baron Technology Fund (BTECX)

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, technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. 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.