Prices & Performance: Baron Discovery Fund (BDFUX)

Prices

as of 08/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$27.14 $0.59 2.22% 2.22% 12.57% 25.36%

Performance

as of 06/30/20

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFUX - Baron Discovery Fund - R6 39.04% 11.36% 16.74% 15.71% 13.87% 15.65% 1.09% 1.09%
Russell 2000 Growth Index 30.58% -3.06% 3.48% 7.86% 6.86% 8.46%
S&P 500 Index 20.54% -3.08% 7.51% 10.73% 10.73% 11.75%

1Not annualized.

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

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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: BDFUX

as of 06/30/20

3 Years 5 Years Since Inception
Standard Deviation (%) 25.58 22.77 21.37
Sharpe Ratio 0.55 0.56 0.69
Alpha (%) 7.23 6.75 6.73
Beta 1.06 1.04 1.04
R-Squared (%) 91.32 87.40 85.56
Tracking Error (%) 7.68 8.12 8.16
Information Ratio 1.02 0.86 0.88
Upside Capture (%) 117.60 114.12 115.98
Downside Capture (%) 94.58 90.37 91.28

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Discovery Fund's(BDFUX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

NAV $27.14
Daily Change ($) $0.59
Daily Change (%) 2.22%
MTD 2.22%
QTD 12.57%
YTD 25.36%
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BDFUX - Baron Discovery Fund - R6 Russell 2000 Growth Index S&P 500 Index
QTD1 10.12% 3.44% 5.64%
YTD1 22.63% 0.27% 2.38%
1 Year 28.81% 6.00% 11.96%
3 Years 19.23% 8.77% 12.01%
5 Years 16.69% 7.49% 11.49%
Since Inception 17.09% 8.89% 12.50%
Expense Ratio2 - Gross 1.09%
Expense Ratio2 - Net 1.09%

*As of 07/31/20

*Annualized as of 07/31/20

1Not annualized.

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

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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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BDFUX - Baron Discovery Fund - R6 Russell 2000 Growth Index S&P 500 Index
QTD1 39.04% 30.58% 20.54%
YTD1 11.36% -3.06% -3.08%
1 Year 16.74% 3.48% 7.51%
3 Years 15.71% 7.86% 10.73%
5 Years 13.87% 6.86% 10.73%
Since Inception 15.65% 8.46% 11.75%
Expense Ratio2 - Gross 1.09%
Expense Ratio2 - Net 1.09%

*As of 06/30/20

*Annualized as of 07/31/20

1Not annualized.

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

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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 06/30/20

3 Years 5 Years Since Inception
Standard Deviation (%) 25.58 22.77 21.37
Sharpe Ratio 0.55 0.56 0.69
Alpha (%) 7.23 6.75 6.73
Beta 1.06 1.04 1.04
R-Squared (%) 91.32 87.40 85.56
Tracking Error (%) 7.68 8.12 8.16
Information Ratio 1.02 0.86 0.88
Upside Capture (%) 117.60 114.12 115.98
Downside Capture (%) 94.58 90.37 91.28

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Discovery Fund's(BDFUX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 07/31/20

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2019 26.85% 28.48% 31.49%
2018 0.64% -9.31% -4.38%
2017 35.85% 22.17% 21.83%
2016 21.73% 11.32% 11.96%
2015 -14.53% -1.38% 1.38%
2014 13.80% 5.60% 13.69%
2013 16.70% 8.17% 10.51%

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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.

1Not annualized.

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

Record Date 11/25/2019 11/28/2018 11/27/2017 06/27/2016
Ex Date 11/26/2019 11/29/2018 11/28/2017 06/28/2016
Payable Date 11/27/2019 11/30/2018 11/29/2017 06/29/2016
Income $0.0000 $0.0000 $0.0401 $0.0000
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $0.0286 $1.5004 $0.0000 $0.2660
Total $0.0286 $1.5004 $0.0401 $0.2660
Re-Invest NAV $21.42 $19.33 $18.30 $11.35
Calendar-Yr Return 0.64% 35.85% 21.73%

Portfolio Characteristics

 

as of 06/30/20

Baron Discovery Fund Russell 2000 Growth Index
Net Assets$725.13 million
# of Equity Securities / % of Net Assets64 / 93.7%
Turnover (3 Year Average)59.62%
Active Share93.9%
Median Market Cap$1.85 billion$0.86 billion
Weighted Average Market Cap$3.13 billion$2.49 billion
EPS Growth (3-5 year forecast)20.0%10.7%
Price/Earnings Ratio (trailing 12-month)54.621.0
Price/Book Ratio4.44.0
Price/Sales Ratio3.11.7
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 06/30/20

Top Contributors Average Weight Contribution
Penn National Gaming, Inc. 1.37% 1.96%
Kinsale Capital Group, Inc. 4.06% 1.90%
Floor & Decor Holdings, Inc. 2.78% 1.87%
Emergent BioSolutions Inc. 3.28% 1.75%
DraftKings, Inc. 1.09% 1.56%

Source: FactSet PA.

Insights & News: BDFUX

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. 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 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.

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.