The Fund is an equity allocation strategy that invests exclusively in other Baron Funds. The Fund enables investors to obtain growth equity exposures across market caps, geographies, and sectors.
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Overview
Objective & Strategy
EA
Fund Facts
BWBIX Snapshot
As of Sep 29, 2023
| NAV | $16.03 |
|---|---|
| Daily Change ($) | -$0.04 |
| Daily Change (%) | -0.25% |
| YTD | 12.85% |
| Inception Date | 12/29/2017 |
Equity Style
BWBIX Portfolio Management
Ron Baron
Portfolio Manager
years of exp 53
years at baron 41
Michael Baron
Portfolio Manager
years of exp 20
years at baron 19
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 6/30/2023, the Baron WealthBuilder Fund received a 4-Star Overall Morningstar Rating™, 2-Star 3-Year Rating, and 5-Star 5-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 186, 186, and 175 funds in the category, respectively. This Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.
© 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.
Prices & Performance: Baron WealthBuilder Fund (BWBIX)
Prices
as of 09/29/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $16.03 | -$0.04 | -0.25% | -5.06% | -4.83% | 12.85% |
Performance
Quarterly Returns
as of 06/30/23
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| QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|---|---|
| Gross3 | Net | |||||||
| BWBIX - Baron WealthBuilder Fund - I | 7.39% | 18.58% | 18.65% | 11.22% | 12.57% | 12.82% | 1.14% | 1.11% |
| S&P 500 Index | 8.74% | 16.89% | 19.59% | 14.60% | 12.31% | 11.66% | ||
| MSCI ACWI Index | 6.18% | 13.93% | 16.53% | 10.99% | 8.10% | 7.25% | ||
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
3Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
Performance Characteristics: BWBIX
as of 06/30/23
| 3 Years | 5 Years | Since Inception | |
|---|---|---|---|
| Standard Deviation (%) | 24.26 | 24.39 | 23.47 |
| Sharpe Ratio | 0.41 | 0.45 | 0.48 |
| Alpha (%) | -4.82 | -1.16 | -0.22 |
| Beta | 1.20 | 1.19 | 1.18 |
| R-Squared (%) | 81.41 | 84.40 | 84.36 |
| Tracking Error (%) | 11.09 | 10.29 | 9.86 |
| Information Ratio | -0.30 | 0.03 | 0.12 |
| Upside Capture (%) | 102.34 | 108.82 | 109.55 |
| Downside Capture (%) | 117.95 | 111.83 | 109.07 |
| NAV | $16.03 |
|---|---|
| Daily Change ($) | -$0.04 |
| Daily Change (%) | -$0.04 |
| MTD | -5.06% |
| QTD | -4.83% |
| YTD | 12.85% |
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| BWBIX - Baron WealthBuilder Fund - I | S&P 500 Index | MSCI ACWI Index | |
|---|---|---|---|
| QTD1 | 0.24% | 1.57% | 0.76% |
| YTD1 | 18.86% | 18.73% | 14.80% |
| 1 Year | 10.21% | 15.94% | 13.95% |
| 3 Years | 4.01% | 10.52% | 7.23% |
| 5 Years | 11.23% | 11.12% | 7.46% |
| Since Inception | 12.46% | 11.60% | 7.18% |
| Expense Ratio2 - Gross3 | 1.14% | ||
| Expense Ratio2 - Net | 1.11% |
*As of 08/31/23
*Annualized as of 08/31/23
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
3Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
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| BWBIX - Baron WealthBuilder Fund - I | S&P 500 Index | MSCI ACWI Index | |
|---|---|---|---|
| QTD1 | 7.39% | 8.74% | 6.18% |
| YTD1 | 18.58% | 16.89% | 13.93% |
| 1 Year | 18.65% | 19.59% | 16.53% |
| 3 Years | 11.22% | 14.60% | 10.99% |
| 5 Years | 12.57% | 12.31% | 8.10% |
| Since Inception | 12.82% | 11.66% | 7.25% |
| Expense Ratio2 - Gross3 | 1.14% | ||
| Expense Ratio2 - Net | 1.11% |
*As of 06/30/23
*Annualized as of 08/31/23
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
3Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
as of 06/30/23
| 3 Years | 5 Years | Since Inception | |
|---|---|---|---|
| Standard Deviation (%) | 24.26 | 24.39 | 23.47 |
| Sharpe Ratio | 0.41 | 0.45 | 0.48 |
| Alpha (%) | -4.82 | -1.16 | -0.22 |
| Beta | 1.20 | 1.19 | 1.18 |
| R-Squared (%) | 81.41 | 84.40 | 84.36 |
| Tracking Error (%) | 11.09 | 10.29 | 9.86 |
| Information Ratio | -0.30 | 0.03 | 0.12 |
| Upside Capture (%) | 102.34 | 108.82 | 109.55 |
| Downside Capture (%) | 117.95 | 111.83 | 109.07 |
as of 08/31/23
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| Year | Baron WealthBuilder Fund | S&P 500 Index | MSCI ACWI Index |
|---|---|---|---|
| 2022 | -32.59% | -18.11% | -18.36% |
| 2021 | 16.70% | 28.71% | 18.54% |
| 2020 | 62.85% | 18.40% | 16.25% |
| 2019 | 36.49% | 31.49% | 26.60% |
| 2018 | -6.38% | -4.38% | -9.42% |
| Record Date | 09/26/2023 | 09/26/2022 | 12/01/2021 | 10/04/2021 | 11/30/2020 | 09/23/2020 | 09/26/2019 | 12/03/2018 |
|---|---|---|---|---|---|---|---|---|
| Ex Date | 09/27/2023 | 09/27/2022 | 12/02/2021 | 10/05/2021 | 12/01/2020 | 09/24/2020 | 09/27/2019 | 12/04/2018 |
| Payable Date | 09/28/2023 | 09/28/2022 | 12/03/2021 | 10/06/2021 | 12/02/2020 | 09/25/2020 | 09/30/2019 | 12/05/2018 |
| Income | $0.0053 | $0.0818 | $0.0000 | $0.0049 | $0.0000 | $0.0000 | $0.0052 | $0.0000 |
| Return of Capital | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| Short-Term Capital Gain | $0.0000 | $0.0025 | $0.0000 | $0.0030 | $0.0000 | $0.0000 | $0.0001 | $0.0000 |
| Long-Term Capital Gain | $0.0000 | $0.3713 | $0.8164 | $0.3684 | $0.0780 | $0.1654 | $0.4263 | $0.0134 |
| Total | $0.0053 | $0.4556 | $0.8164 | $0.3763 | $0.0780 | $0.1654 | $0.4316 | $0.0134 |
| Re-Invest NAV | $15.90 | $14.11 | $21.34 | $21.42 | $18.30 | $15.32 | $11.00 | $10.16 |
| Calendar-Yr Return | -32.59% | 16.70% | 16.70% | 62.85% | 62.85% | 36.49% | -6.38% |
Portfolio Characteristics
as of 06/30/23
| Baron WealthBuilder Fund | S&P 500 Index | |
|---|---|---|
| Net Assets | $515.87 million | |
| # of Underlying Issuers | 426 | |
| # of Mutual Funds Held | 16 | |
| Turnover (3-Year Average) | 8.56% | |
| Active Share | 85.1% | |
| Median Market Cap | $12.25 billion | $30.91 billion |
| Weighted Average Market Cap | $159.72 billion | $680.79 billion |
| EPS Growth (3-5 year forecast) | 18.6% | 12.3% |
| Price/Earnings Ratio (trailing 12-month) | 28.3 | 21.6 |
| Price/Book Ratio | 4.0 | 3.4 |
| Price/Sales Ratio | 3.4 | 2.4 |
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.
Insights & News: Baron WealthBuilder Fund (BWBIX)
Documents
| SAI | 04/28/23 |
|---|---|
| Prospectus | 04/28/23 |
| Summary Prospectus | 04/28/23 |
| Fact Sheet | 06/30/23 |
| Baron WealthBuilder Fund Annual Financial Report | 12/31/22 |
| Baron WealthBuilder Fund Semi-Annual Financial Report | 06/30/23 |
| 1Q23 Baron WealthBuilder Fund NPORT | 03/31/23 |
| 3Q22 Baron WealthBuilder Fund NPORT | 09/30/22 |
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: The Fund is a non-diversified fund because it invests, at any given time, in the securities of a select number of Baron mutual funds (the “Underlying Funds”), representing specific investment strategies. The Fund can invest in funds holding U.S. and international stocks; small-cap, small to mid-cap, large-cap, all-cap stocks; and specialty stocks. Each of the Underlying Funds has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, it will have greater exposure to the risks of that Underlying Fund. For further information regarding the investment risks of the Underlying Funds, please refer to the Underlying Funds’ prospectus.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The MSCI ACWI Index measures the equity market performance of large and midcap securities across developed and emerging markets, including the United States. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. 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. 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. 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.
GICS sector/industry group/industry/sub-industry levels are sourced from the Global Industry Classification Standard (GICS®), jointly developed and exclusively owned by MSCI Inc. and S&P Dow Jones Indices. All GICS data is provided “as is” with no warranties. 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.