Overview

Objective & Strategy

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The Fund invests mainly in large-sized U.S. companies with significant growth potential and competitive advantages. Diversified.

Fund Facts

BFTIX Snapshot

As of Mar 24, 2023

NAV $31.10
Daily Change ($) -$0.30
Daily Change (%) -0.96%
YTD 13.05%
Inception Date 4/30/2004

Fund Highlights

Equity Style

BFTIX Portfolio Management

Alex Umansky

Portfolio Manager

years of exp 29

years at baron 11

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.

© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Prices & Performance: Baron Fifth Avenue Growth Fund (BFTIX)

Prices

as of 03/24/23

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$31.10 -$0.30 -0.96% 0.16% 13.05% 13.05%

Performance

Quarterly Returns

as of 12/31/22

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1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFTIX - Baron Fifth Avenue Growth Fund - I -50.49% -6.01% 2.48% 9.39% 7.06% 0.75% 0.75%
Russell 1000 Growth Index -29.14% 7.79% 10.96% 14.10% 10.05%
S&P 500 Index -18.11% 7.66% 9.42% 12.56% 9.04%

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2033, 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 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.

The Fund’s 3-, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Performance Characteristics: BFTIX

as of 12/31/22

3 Years 5 Years 10 Years
Standard Deviation (%) 27.88 24.19 19.39
Sharpe Ratio -0.24 0.05 0.45
Alpha (%) -12.64 -7.84 -4.92
Beta 1.08 1.07 1.09
R-Squared (%) 85.44 86.00 84.45
Tracking Error (%) 10.82 9.18 7.80
Information Ratio -1.28 -0.92 -0.60
Upside Capture (%) 81.82 86.66 94.73
Downside Capture (%) 121.21 112.99 116.39

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Fifth Avenue Growth Fund's(BFTIX) benchmark (Russell 1000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

NAV $31.10
Daily Change ($) -$0.30
Daily Change (%) -$0.30
MTD 0.16%
QTD 13.05%
YTD 13.05%
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BFTIX - Baron Fifth Avenue Growth Fund - I Russell 1000 Growth Index S&P 500 Index
QTD1 12.87% 7.05% 3.69%
YTD1 12.87% 7.05% 3.69%
1 Year -27.81% -13.34% -7.69%
3 Years -1.99% 12.06% 12.15%
5 Years 3.07% 11.54% 9.82%
10 Years 10.40% 14.26% 12.25%
Since Inception 7.69% 10.36% 9.17%
Expense Ratio2 - Gross 0.76%
Expense Ratio2 - Net 0.75%

*As of 02/28/23

*Annualized as of 02/28/23

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2033, 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 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.

The Fund’s 3-, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

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BFTIX - Baron Fifth Avenue Growth Fund - I Russell 1000 Growth Index S&P 500 Index
1 Year -50.49% -29.14% -18.11%
3 Years -6.01% 7.79% 7.66%
5 Years 2.48% 10.96% 9.42%
10 Years 9.39% 14.10% 12.56%
Since Inception 7.06% 10.05% 9.04%
Expense Ratio2 - Gross 0.75%
Expense Ratio2 - Net 0.75%

*As of 12/31/22

*Annualized as of 02/28/23

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2033, 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 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.

The Fund’s 3-, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

as of 12/31/22

3 Years 5 Years 10 Years
Standard Deviation (%) 27.88 24.19 19.39
Sharpe Ratio -0.24 0.05 0.45
Alpha (%) -12.64 -7.84 -4.92
Beta 1.08 1.07 1.09
R-Squared (%) 85.44 86.00 84.45
Tracking Error (%) 10.82 9.18 7.80
Information Ratio -1.28 -0.92 -0.60
Upside Capture (%) 81.82 86.66 94.73
Downside Capture (%) 121.21 112.99 116.39

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Fifth Avenue Growth Fund's(BFTIX) benchmark (Russell 1000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 02/28/23

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Year Baron Fifth Avenue Growth Fund Russell 1000 Growth Index S&P 500 Index
2022 -50.49% -29.14% -18.11%
2021 11.22% 27.60% 28.71%
2020 50.81% 38.49% 18.40%
2019 34.25% 36.39% 31.49%
2018 1.39% -1.51% -4.38%
2017 40.97% 30.21% 21.83%
2016 -1.76% 7.08% 11.96%
2015 6.61% 5.67% 1.38%
2014 8.34% 13.05% 13.69%
2013 35.73% 33.48% 32.39%
2012 21.20% 15.26% 16.00%
2011 -2.28% 2.64% 2.11%
2010 10.67% 16.71% 15.06%
2009 31.43% 37.21% 26.46%
2008 -38.92% -38.44% -37.00%
2007 5.64% 11.81% 5.49%
2006 10.17% 9.07% 15.79%
2005 8.48% 5.26% 4.91%
2004 9.70% 6.71% 10.77%

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2033, 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 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.

The Fund’s 3-, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Record Date 11/22/2021 11/23/2020 07/29/2020 11/25/2019 12/01/2014 06/25/2010 05/27/2009 12/19/2008 12/19/2007
Ex Date 11/23/2021 11/24/2020 07/30/2020 11/26/2019 12/02/2014 06/28/2010 05/28/2009 12/22/2008 12/20/2007
Payable Date 11/24/2021 11/25/2020 07/31/2020 11/27/2019 12/03/2014 06/29/2010 05/29/2009 12/23/2008 12/21/2007
Income $0.0000 $0.0000 $0.0363 $0.0000 $0.0231 $0.0500 $0.0100 $0.0000 $0.0000
Return of Capital $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 $0.0000
Long-Term Capital Gain $1.7220 $0.1804 $0.0000 $0.9879 $0.0000 $0.0000 $0.1740 $0.5980 $1.1200
Total $1.7220 $0.1804 $0.0363 $0.9879 $0.0231 $0.0500 $0.1840 $0.5980 $1.1200
Re-Invest NAV $57.84 $48.57 $45.87 $33.96 $17.71 $8.67 $7.42 $6.91 $12.61
Calendar-Yr Return 11.22% 50.81% 50.81% 8.34% 10.67% 31.43% -38.92% 5.64%

Portfolio Characteristics

as of 12/31/22

Baron Fifth Avenue Growth Fund Russell 1000 Growth Index
Net Assets$328.58 million
# of Issuers / % of Net Assets29/ 100.4%
Turnover (3 Year Average)21.24%
Active Share88.1%
Median Market Cap$32.88 billion$14.06 billion
Weighted Average Market Cap$162.62 billion$626.85 billion
EPS Growth (3-5 year forecast)37.9%15.3%
Price/Earnings Ratio (trailing 12-month)49.724.3
Price/Book Ratio7.07.0
Price/Sales Ratio6.13.2

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

Contributors

Quarterly as of 12/31/22

Top Contributors Average Weight Contribution
Intuitive Surgical, Inc. 4.75% 1.38%
Mastercard Incorporated 6.71% 1.20%
ASML Holding N.V. 3.18% 0.75%
NVIDIA Corporation 4.88% 0.71%
Shopify Inc. 3.13% 0.56%

Source: FactSet PA.

Insights & News: Baron Fifth Avenue Growth Fund (BFTIX)

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. 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 S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The Russell 1000® Growth Index measures the performance of large-sized U.S. companies that are classified as growth. The indexes and the Fund are with dividends, which positively impact the performance results. The indexes 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 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.