Prices & Performance: Baron WealthBuilder Fund (BWBIX)

Prices

as of 12/03/21

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$20.78 -$0.56 -2.62% -3.21% 1.31% 11.44%

Performance

as of 09/30/21

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QTD1 YTD1 1 Year 3 Years Since Inception Expense Ratio2
Gross3 Net
BWBIX - Baron WealthBuilder Fund - I 0.56% 10.00% 35.42% 26.94% 24.71% 1.22% 1.11%
S&P 500 Index 0.58% 15.92% 30.00% 15.99% 15.66%
MSCI ACWI Index -1.05% 11.12% 27.44% 12.58% 11.05%
Morningstar Allocation—85%+ Equity Category 12.25% 30.00% 11.68%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/19.

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.

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 has reimbursed certain expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund's transfer agency expenses may be reduced by the 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 above.

Performance Characteristics: BWBIX

as of 09/30/21

3 Years Since Inception
Standard Deviation (%) 24.47 22.36
Sharpe Ratio 1.05 1.05
Alpha (%) 7.14 5.72
Beta 1.21 1.19
R-Squared (%) 85.96 85.07
Tracking Error (%) 9.95 9.24
Information Ratio 1.10 0.98
Upside Capture (%) 124.38 119.87
Downside Capture (%) 95.87 92.52
NAV $20.78
Daily Change ($) -$0.56
Daily Change (%) -$0.56
MTD -3.21%
QTD 1.31%
YTD 11.44%
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BWBIX - Baron WealthBuilder Fund - I S&P 500 Index MSCI ACWI Index
QTD1 4.67% 6.26% 2.57%
YTD1 15.14% 23.18% 13.98%
1 Year 25.02% 27.92% 19.27%
3 Years 32.11% 20.38% 15.96%
Since Inception 24.99% 16.74% 11.27%
Expense Ratio2 - Gross3 1.22%
Expense Ratio2 - Net 1.11%

*As of 11/30/21

*Annualized as of 11/30/21

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/19.

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.

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 has reimbursed certain expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund's transfer agency expenses may be reduced by the 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 above.

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BWBIX - Baron WealthBuilder Fund - I S&P 500 Index MSCI ACWI Index Morningstar Allocation—85%+ Equity Category
QTD1 0.56% 0.58% -1.05%
YTD1 10.00% 15.92% 11.12% 12.25%
1 Year 35.42% 30.00% 27.44% 30.00%
3 Years 26.94% 15.99% 12.58% 11.68%
Since Inception 24.71% 15.66% 11.05%
Expense Ratio2 - Gross3 1.22%
Expense Ratio2 - Net 1.11%

*As of 09/30/21

*Annualized as of 11/30/21

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/19.

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.

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 has reimbursed certain expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund's transfer agency expenses may be reduced by the 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 above.

as of 09/30/21

3 Years Since Inception
Standard Deviation (%) 24.47 22.36
Sharpe Ratio 1.05 1.05
Alpha (%) 7.14 5.72
Beta 1.21 1.19
R-Squared (%) 85.96 85.07
Tracking Error (%) 9.95 9.24
Information Ratio 1.10 0.98
Upside Capture (%) 124.38 119.87
Downside Capture (%) 95.87 92.52

as of 11/30/21

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Year Baron WealthBuilder Fund S&P 500 Index MSCI ACWI Index
2020 62.85% 18.40% 16.25%
2019 36.49% 31.49% 26.60%
2018 -6.38% -4.38% -9.42%
Record Date 12/01/2021 10/04/2021 11/30/2020 09/23/2020 09/26/2019 12/03/2018
Ex Date 12/02/2021 10/05/2021 12/01/2020 09/24/2020 09/27/2019 12/04/2018
Payable Date 12/03/2021 10/06/2021 12/02/2020 09/25/2020 09/30/2019 12/05/2018
Income $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
Short-Term Capital Gain $0.0000 $0.0030 $0.0000 $0.0000 $0.0001 $0.0000
Long-Term Capital Gain $0.8164 $0.3684 $0.0780 $0.1654 $0.4263 $0.0134
Total $0.8164 $0.3763 $0.0780 $0.1654 $0.4316 $0.0134
Re-Invest NAV $21.42 $18.30 $15.32 $11.00 $10.16
Calendar-Yr Return 62.85% 62.85% 36.49% -6.38%

Portfolio Characteristics

as of 09/30/21

Baron WealthBuilder Fund S&P 500 Index
Net Assets$481.86 million
# of Underlying Issuers504
# of Mutual Funds Held16
Turnover (3-Year Average)11.65%
Active Share85.2%
Median Market Cap$11.67 billion$30.63 billion
Weighted Average Market Cap$167.42 billion$563.85 billion
EPS Growth (3-5 year forecast)27.2%16.1%
Price/Earnings Ratio (trailing 12-month)33.223.4
Price/Book Ratio4.83.8
Price/Sales Ratio4.92.8

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.

Insights & News: Baron WealthBuilder Fund (BWBIX)

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. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. 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.

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.