Prices & Performance: Baron Durable Advantage Fund (BDAFX)

Prices

as of 06/14/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$25.76 $0.11 0.43% 4.42% 4.42% 15.72%

Performance

as of 03/31/24

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YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDAFX - Baron Durable Advantage Fund 10.83% 38.68% 15.61% 18.56% 15.70% 1.40% 0.95%
S&P 500 Index 10.56% 29.88% 11.49% 15.05% 13.37%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

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.

Performance Characteristics: BDAFX

as of 03/31/24

3 Years 5 Years Since Inception
Standard Deviation (%) 19.88 19.19 18.45
Sharpe Ratio 0.65 0.86 0.74
Alpha (%) 3.08 3.15 2.22
Beta 1.08 1.01 1.00
R-Squared (%) 92.03 92.60 92.57
Tracking Error (%) 5.80 5.22 5.03
Information Ratio 0.71 0.67 0.46
Upside Capture (%) 116.13 107.18 104.24
Downside Capture (%) 106.39 96.96 96.53
NAV $25.76
Daily Change ($) $0.11
Daily Change (%) $0.11
MTD 4.42%
QTD 4.42%
YTD 15.72%
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BDAFX - Baron Durable Advantage Fund S&P 500 Index
QTD1 0.00% 0.67%
YTD1 10.83% 11.30%
1 Year 33.14% 28.19%
3 Years 12.45% 9.57%
5 Years 18.54% 15.80%
Since Inception 15.26% 13.12%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 0.95%

*As of 05/31/24

*Annualized as of 05/31/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

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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BDAFX - Baron Durable Advantage Fund S&P 500 Index
YTD1 10.83% 10.56%
1 Year 38.68% 29.88%
3 Years 15.61% 11.49%
5 Years 18.56% 15.05%
Since Inception 15.70% 13.37%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 0.95%

*As of 03/31/24

*Annualized as of 05/31/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

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.

as of 03/31/24

3 Years 5 Years Since Inception
Standard Deviation (%) 19.88 19.19 18.45
Sharpe Ratio 0.65 0.86 0.74
Alpha (%) 3.08 3.15 2.22
Beta 1.08 1.01 1.00
R-Squared (%) 92.03 92.60 92.57
Tracking Error (%) 5.80 5.22 5.03
Information Ratio 0.71 0.67 0.46
Upside Capture (%) 116.13 107.18 104.24
Downside Capture (%) 106.39 96.96 96.53

as of 05/31/24

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Year Baron Durable Advantage Fund S&P 500 Index
2023 45.11% 26.29%
2022 -24.99% -18.11%
2021 31.79% 28.71%
2020 20.11% 18.40%
2019 40.78% 31.49%
2018 -7.48% -4.38%

1Not annualized.

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.

2Expense ratios are as of the fiscal year ended 9/30/2022.

Record Date 12/06/2023 11/22/2021 07/28/2021 07/29/2020 11/28/2018
Ex Date 12/07/2023 11/23/2021 07/29/2021 07/30/2020 11/29/2018
Payable Date 12/08/2023 11/24/2021 07/30/2021 07/31/2020 11/30/2018
Income $0.0004 $0.0000 $0.0079 $0.0182 $0.0346
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $0.0000 $0.0605 $0.0000 $0.0000 $0.0000
Total $0.0004 $0.0605 $0.0079 $0.0182 $0.0346
Re-Invest NAV $21.34 $20.06 $18.96 $14.02 $9.89
Calendar-Yr Return 31.79% 31.79% 20.11% -7.48%

Portfolio Characteristics

as of 03/31/24

Baron Durable Advantage Fund S&P 500 Index
Net Assets$329.97 million
# of Issuers / % of Net Assets32 / 96.7%
Turnover (3 Year Average)17.04%
Active Share69.6%
Median Market Cap$170.71 billion$35.04 billion
Weighted Average Market Cap$866.79 billion$805.03 billion
EPS Growth (3-5 year forecast)17.1%13.8%
Price/Earnings Ratio (trailing 12-month)33.325.0
Price/Book Ratio6.23.8
Price/Sales Ratio4.22.7

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 03/31/24

Top Contributors Average Weight Contribution
NVIDIA Corporation 3.90% 2.44%
Meta Platforms, Inc. 7.19% 2.28%
Amazon.com, Inc. 7.98% 1.44%
Microsoft Corporation 9.02% 1.13%
Arch Capital Group Ltd. 2.64% 0.63%

Source: FactSet PA.

Insights & News: Baron Durable Advantage Fund (BDAFX)

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 invests primarily in equity securities, which are subject to price fluctuations in the stock market. In addition, because the Fund invests primarily in large-cap company securities, it may underperform other funds during periods when the Fund’s securities are out of favor.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The index is unmanaged. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The S&P 500 Index and the Fund are with dividends, which positively impact the performance results. 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.

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

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. 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.