Prices & Performance: Baron Durable Advantage Fund (BDAFX)

Prices

as of 08/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$14.17 $0.11 0.78% 0.78% 6.60% 9.31%

Performance

as of 06/30/20

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QTD1 YTD1 1 Year Since Inception Expense Ratio2
Gross Net
BDAFX - Baron Durable Advantage Fund 22.11% 2.54% 16.55% 12.27% 6.22% 0.95%
S&P 500 Index 20.54% -3.08% 7.51% 8.23%

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.

NAV $14.17
Daily Change ($) $0.11
Daily Change (%) 0.78%
MTD 0.78%
QTD 6.60%
YTD 9.31%
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BDAFX - Baron Durable Advantage Fund S&P 500 Index
QTD1 5.77% 5.64%
YTD1 8.46% 2.38%
1 Year 21.47% 11.96%
Since Inception 14.31% 10.27%
Expense Ratio2 - Gross 6.22%
Expense Ratio2 - Net 0.95%

*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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BDAFX - Baron Durable Advantage Fund S&P 500 Index
QTD1 22.11% 20.54%
YTD1 2.54% -3.08%
1 Year 16.55% 7.51%
Since Inception 12.27% 8.23%
Expense Ratio2 - Gross 6.22%
Expense Ratio2 - Net 0.95%

*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 08/03/20

3 Years 5 Years 10 Years Since Inception

as of 07/31/20

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Year Baron Durable Advantage Fund S&P 500 Index
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 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.

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

Record Date 07/29/2020 11/28/2018
Ex Date 07/30/2020 11/29/2018
Payable Date 07/31/2020 11/30/2018
Income $0.0182 $0.0346
Return of Capital $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000
Long-Term Capital Gain $0.0000 $0.0000
Total $0.0182 $0.0346
Re-Invest NAV $9.89
Calendar-Yr Return -7.48%

Portfolio Characteristics

 

as of 06/30/20

Baron Durable Advantage Fund S&P 500 Index
Net Assets$12.00 million
# of Equity Securities / % of Net Assets35 / 95.1%
Turnover (2 Year Average)17.23%
Active Share79.2%
Median Market Cap$79.37 billion$21.69 billion
Weighted Average Market Cap$250.22 billion$387.38 billion
EPS Growth (3-5 year forecast)11.7%10.2%
Price/Earnings Ratio (trailing 12-month)36.821.5
Price/Book Ratio5.43.2
Price/Sales Ratio4.42.1
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
S&P Global Inc. 4.92% 1.65%
Adobe Inc. 5.09% 1.64%
Microsoft Corporation 5.51% 1.56%
Moody's Corporation 4.99% 1.50%
Accenture plc 3.96% 1.16%

Source: FactSet PA.

Insights & News: 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.

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.