Prices & Performance: Baron Asset Fund (BARAX)

Prices

as of 07/02/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$93.15 $0.31 0.33% 1.29% 1.29% 7.97%

Performance

as of 06/30/20

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BARAX - Baron Asset Fund 27.95% 6.60% 10.97% 15.96% 13.49% 15.36% 11.81% 1.30% 1.30%
Russell Midcap Growth Index 30.26% 4.16% 11.91% 14.76% 11.60% 15.09% 10.32%
S&P 500 Index 20.54% -3.08% 7.51% 10.73% 10.73% 13.99% 9.72%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2019

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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 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: BARAX

as of 03/31/20

3 Years 5 Years 10 Years
Standard Deviation (%) 16.64 15.10 15.08
Sharpe Ratio 0.46 0.47 0.72
Alpha (%) 3.26 2.80 1.14
Beta 0.92 0.94 0.95
R-Squared (%) 93.15 92.59 93.43
Tracking Error (%) 4.57 4.22 3.95
Information Ratio 0.64 0.61 0.16
Upside Capture (%) 101.39 102.85 100.16
Downside Capture (%) 87.76 89.55 96.58

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Asset Fund's(BARAX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

NAV $93.15
Daily Change ($) $0.31
Daily Change (%) 0.33%
MTD 1.29%
QTD 1.29%
YTD 7.97%
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BARAX - Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
QTD1 24.82% 27.28% 18.19%
YTD1 3.99% 1.77% -4.97%
1 Year 15.95% 17.03% 12.84%
3 Years 15.42% 13.99% 10.23%
5 Years 13.04% 10.72% 9.86%
10 Years 14.35% 14.07% 13.15%
Since Inception 11.76% 10.27% 9.68%
Expense Ratio2 - Gross 1.30%
Expense Ratio2 - Net 1.30%

*As of 05/31/20

*Annualized as of 06/30/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2019

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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 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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BARAX - Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
QTD1 27.95% 30.26% 20.54%
YTD1 6.60% 4.16% -3.08%
1 Year 10.97% 11.91% 7.51%
3 Years 15.96% 14.76% 10.73%
5 Years 13.49% 11.60% 10.73%
10 Years 15.36% 15.09% 13.99%
Since Inception 11.81% 10.32% 9.72%
Expense Ratio2 - Gross 1.30%
Expense Ratio2 - Net 1.30%

*As of 06/30/20

*Annualized as of 06/30/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2019

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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 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 03/31/20

3 Years 5 Years 10 Years
Standard Deviation (%) 16.64 15.10 15.08
Sharpe Ratio 0.46 0.47 0.72
Alpha (%) 3.26 2.80 1.14
Beta 0.92 0.94 0.95
R-Squared (%) 93.15 92.59 93.43
Tracking Error (%) 4.57 4.22 3.95
Information Ratio 0.64 0.61 0.16
Upside Capture (%) 101.39 102.85 100.16
Downside Capture (%) 87.76 89.55 96.58

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Asset Fund's(BARAX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 06/30/20

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
2019 37.62% 35.47% 31.49%
2018 -0.14% -4.75% -4.38%
2017 26.13% 25.27% 21.83%
2016 6.23% 7.33% 11.96%
2015 -0.08% -0.20% 1.38%
2014 9.48% 11.90% 13.69%
2013 38.88% 35.74% 32.39%
2012 15.31% 15.81% 16.00%
2011 -2.94% -1.65% 2.11%
2010 21.29% 26.38% 15.06%
2009 31.70% 46.29% 26.46%
2008 -40.75% -44.32% -37.00%
2007 10.13% 11.43% 5.49%
2006 14.64% 10.66% 15.79%
2005 12.47% 12.10% 4.91%
2004 27.13% 15.48% 10.88%
2003 27.34% 42.71% 28.68%
2002 -19.99% -27.41% -22.06%
2001 -10.12% -20.15% -11.93%
2000 0.36% -11.75% -9.10%
1999 16.28% 51.29% 21.04%
1998 4.27% 17.86% 28.58%
1997 33.89% 22.54% 33.36%
1996 21.96% 17.48% 22.96%
1995 35.28% 33.98% 37.58%
1994 7.42% -2.16% 1.32%
1993 23.48% 11.19% 10.08%
1992 13.90% 8.71% 7.62%
1991 34.00% 47.03% 30.47%
1990 -18.49% -5.13% -3.10%
1989 24.97% 31.48% 31.68%
1988 34.42% 12.93% 16.59%
1987 2.98% -18.81% -16.66%

1Not annualized.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

2Expense ratios are as of the fiscal year ended 9/30/2019

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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 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.

Record Date 11/25/2019 07/24/2019 11/28/2018 11/27/2017 11/28/2016 06/27/2016 12/02/2015 12/01/2014 11/25/2013 11/28/2012 11/28/2011 12/13/2010 05/27/2009 12/19/2008 12/19/2007 11/17/2006 11/21/2005 11/22/2004 11/20/2002 11/14/2001 11/15/2000 12/27/1998 12/26/1996 12/26/1995 12/27/1994 12/27/1993 12/28/1992 12/29/1991 12/27/1990 12/27/1989 12/27/1988 12/21/1987
Ex Date 11/26/2019 07/25/2019 11/29/2018 11/28/2017 11/29/2016 06/28/2016 12/03/2015 12/02/2014 11/26/2013 11/29/2012 11/29/2011 12/14/2010 05/28/2009 12/22/2008 12/20/2007 11/20/2006 11/22/2005 11/23/2004 11/21/2002 11/15/2001 11/16/2000 12/28/1998 12/27/1996 12/27/1995 12/28/1994 12/28/1993 12/29/1992 12/30/1991 12/28/1990 12/28/1989 12/28/1988 12/22/1987
Payable Date 11/27/2019 07/26/2019 11/30/2018 11/29/2017 11/30/2016 06/29/2016 12/04/2015 12/03/2014 11/27/2013 11/30/2012 11/30/2011 12/15/2010 05/29/2009 12/23/2008 12/21/2007 11/21/2006 11/23/2005 11/24/2004 11/22/2002 11/16/2001 11/17/2000 12/29/1998 12/30/1996 12/28/1995 12/29/1994 12/29/1993 12/30/1992 12/31/1991 12/29/1990 12/29/1989 12/29/1988 12/23/1987
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 $0.0000 $0.0410 $0.0000 $0.0000 $0.0000 $0.3180 $0.0000 $0.0000 $0.1980 $0.1550 $0.0480 $0.0260
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 $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 $0.0866 $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 $0.0350 $0.0000 $1.1740 $0.6190 $0.1710
Long-Term Capital Gain $1.5044 $0.0285 $4.7319 $4.9413 $2.8044 $0.0200 $6.5739 $4.1656 $5.5141 $3.7570 $7.7670 $0.7720 $0.5720 $2.0480 $2.0780 $4.6840 $2.8100 $2.9930 $1.1770 $4.0670 $4.6140 $0.0000 $0.0390 $0.0340 $0.6560 $0.4560 $0.1620 $0.0000 $0.0000 $0.0800 $0.0340 $0.0000
Total $1.5044 $0.0285 $4.7319 $4.9413 $2.8044 $0.0200 $6.5739 $4.1656 $5.6007 $3.7570 $7.7670 $0.7720 $0.5720 $2.0480 $2.0780 $4.6840 $2.8100 $2.9930 $1.1770 $4.0670 $4.6140 $0.0410 $0.0390 $0.0340 $0.6560 $0.7740 $0.1620 $0.0350 $0.1980 $1.4090 $0.7010 $0.1970
Re-Invest NAV $85.77 $86.30 $70.97 $69.18 $58.48 $55.64 $57.26 $62.98 $59.89 $48.09 $44.66 $54.81 $36.92 $33.90 $63.49 $59.24 $56.97 $49.13 $35.09 $40.85 $54.69 $50.81 $35.66 $29.24 $21.67 $20.85 $17.49 $15.60 $11.67 $14.51 $12.77 $10.06
Calendar-Yr Return -0.14% 26.13% 6.23% 6.23% -0.08% 9.48% 38.88% 15.31% -2.94% 21.29% 31.70% -40.75% 10.13% 14.64% 12.47% 27.13% -19.99% -10.12% 0.36% 4.27% 21.96% 35.28% 7.42% 23.48% 13.90% 34.00% -18.49% 24.97% 34.42% 2.98%

Portfolio Characteristics

 

as of 03/31/20

Baron Asset Fund Russell Midcap Growth Index
Net Assets$3.70 billion
# of Equity Securities / % of Net Assets56 / 98.6%
Turnover (3 Year Average)10.44%
Active Share83.5%
Median Market Cap$12.62 billion$7.24 billion
Weighted Average Market Cap$19.05 billion$17.28 billion
EPS Growth (3-5 year forecast)8.6%14.9%
Price/Earnings Ratio (trailing 12-month)27.221.1
Price/Book Ratio4.14.0
Price/Sales Ratio4.42.0
Current Expense Ratio Date9/30/2019

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

Quarterly as of 03/31/20

Top Contributors Average Weight Contribution
Veeva Systems Inc. 1.54% 0.19%
DexCom, Inc. 1.06% 0.19%
Clarivate Analytics Plc 1.01% 0.17%
SBA Communications Corp. 2.92% 0.13%
Equinix, Inc. 1.76% 0.10%

Source: FactSet PA.

Insights & News: BARAX

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: Securities issued by medium sized companies may be thinly traded and may be 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.

Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher.

Prior to February 15, 2007, the Fund's strategy was to invest primarily in small and mid-sized growth companies. Since then, the Fund's investment strategy has shifted to mid-sized companies.

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.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell Midcap® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth, and the S&P 500 Index 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. 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 (Russell Midcap Growth) is 1.00 by definition. R-Squared : measures how closely a fund’s performance correlates to the performance of the benchmark index (Russell Midcap Growth 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 (Russell Midcap Growth Index). 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 (Russell Midcap Growth 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 (Russell Midcap Growth Index) are greater than zero. Downside Capture : explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are less than zero. EPS Growth Rate (3-5 year forecast) : 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 observations on the aggregate calculation by weighting them based on their size in the fund. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation. 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.

The prospective performance of the companies discussed herein is based on our internal analysis and reflect our opinions only. We cannot promise future returns and our opinions are a reflection of our best judgment at the time of publication. Our views are not intended as recommendations or investment advice to any person and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investing in the stock market is always risky. Current and future portfolio holdings in the Baron Funds are subject to risk.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

Top Ten Holdings, Portfolio Holdings, and Sector Breakdown based on net assets. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

Distributions prior to 5/29/2009 were for the Retail Share class only.