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The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 25% in non-U.S. securities. Non-diversified.
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.
2Expense ratios are as of the fiscal year ended 12/31/2019
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, 2031, 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 03/31/21
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YTD1
1 Year
Since Inception
Expense Ratio2
Gross
Net
BFINX - Baron FinTech Fund
-1.36%
65.60%
34.54%
1.87%
1.20%
S&P 500 Index
6.17%
56.35%
20.09%
FactSet Global FinTech Index
2.77%
90.74%
29.78%
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2019
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, 2031, 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
$15.39
Daily Change ($)
$0.08
Daily Change (%)
0.52%
MTD
6.21%
QTD
6.21%
YTD
4.77%
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BFINX - Baron FinTech Fund
S&P 500 Index
FactSet Global FinTech Index
QTD1
-0.61%
1.72%
3.66%
YTD1
-0.61%
1.72%
3.66%
1 Year
45.27%
31.29%
50.30%
Since Inception
38.32%
17.28%
33.19%
Expense Ratio2 - Gross
1.87%
Expense Ratio2 - Net
1.20%
*As of 02/28/21
*Annualized as of 03/31/21
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2019
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, 2031, 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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BFINX - Baron FinTech Fund
S&P 500 Index
FactSet Global FinTech Index
YTD1
-1.36%
6.17%
2.77%
1 Year
65.60%
56.35%
90.74%
Since Inception
34.54%
20.09%
29.78%
Expense Ratio2 - Gross
1.87%
Expense Ratio2 - Net
1.20%
*As of 03/31/21
*Annualized as of 03/31/21
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2019
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, 2031, 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.
PayPal Holdings Inc (PYPL) enables digital payments for consumers and merchants worldwide. PayPal is a prime beneficiary of the secular growth of e-commerce due to the ease and security of the PayPal checkout button. The company is gaining share and enjoys a dominant competitive position from a two-sided network that is many times larger than that of its competitors. PayPal is in the early stages of generating revenue from Venmo, its popular peer-to-peer money transfer service, by enabling Venmo as a payment option for online merchants and adding new services for users. We believe margin expansion should continue by leveraging non-transaction expenses.
Information Technology
4.5%
Visa, Inc.
Visa, Inc. (V) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks. Visa benefits from consumer spending growth and the secular shift from cash to electronic payments. We expect accelerating revenue growth in Europe following a lengthy integration of the Visa Europe acquisition. Margins should continue expanding due to operating leverage. The company generates significant free cash flow, which is being returned to shareholders through dividends and share repurchases. We believe Visa enjoys high barriers to entry given its well established brand, ubiquitous merchant acceptance network, and extensive banking relationships.
Information Technology
4.5%
Intuit Inc.
Intuit Inc.(INTU) is the leading provider of accounting and payroll solutions for small businesses as well as the leading vendor of tax software for consumers and tax professionals. Intuit has leading positions in two large markets: individual tax preparation and small business accounting software. TurboTax is the leader in the DIY individual tax business, but with just 28% share of total U.S. returns, the company has significant room to grow. QuickBooks is used by seven million businesses for accounting, payroll, and other financial services. Management targets double-digit revenue growth, with expanding margins and ample cash flow generation over the long term.
Information Technology
4.4%
Endava plc
Endava plc (DAVA) provides outsourced software development for business customers. Endava benefits from growing demand for IT services and digital transformation from businesses world-wide. The company's competitive differentiation comes from its ability to hire and retain highly skilled, low-cost software engineers, primarily in Eastern Europe. Endava's strong technical capabilities and differentiated labor pool enable the company to work on higher-value client projects with better pricing power than peers. We believe Endava will continue gaining share in a large, growing market by adding new clients and increasing wallet share with existing clients.
Information Technology
4.2%
Mastercard Incorporated
Mastercard Incorporated (MA) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks. Mastercard benefits from consumer spending growth and the secular shift from cash to electronic payments. Most of its revenue comes from international markets where consumer spending and the adoption rate of electronic payments are rising quickly. Margins should continue expanding due to operating leverage. The company generates significant free cash flow, which is being used for acquisitions and share repurchases. We believe Mastercard enjoys high barriers to entry given its well-established brand, ubiquitous acceptance network, and extensive banking relationships.
Information Technology
4.2%
S&P Global Inc.
S&P Global Inc. (SPGI) provides credit ratings, indices, data, and analytics to the financial and commodities markets. S&P Global benefits from the secular growth of bond issuance, the ongoing shift from active to passive investing, and growing demand for data and analytics. The company operates in oligopoly markets where it enjoys meaningful pricing power. Margin expansion should continue due to operating leverage and efficiency initiatives. Excess cash flow is being used for accretive acquisitions and is being returned to shareholders through share repurchases and dividends.
Financials
4.0%
EPAM Systems, Inc.
EPAM Systems, Inc. (EPAM) provides outsourced software development for business customers. EPAM benefits from growing demand for IT services and digital transformation from businesses around the world. The company's competitive differentiation comes from its ability to hire and retain highly skilled, low-cost software engineers primarily in Eastern Europe and Russia. EPAM's strong technical capabilities and differentiated labor pool enable the company to work on higher-value client projects than peers. We believe EPAM will continue gaining share in a large, growing market by adding new clients and increasing wallet share within existing clients.
Information Technology
4.0%
Fair Isaac Corporation
Fair Isaac Corporation (FICO) is a data and analytics company focused on predicting consumer behavior through re-sellable algorithms (FICO Scores) and software (Applications and Decision Management Software). We believe Fair Issac has meaningful growth opportunities across all its business lines. In FICO Scores, special pricing initiatives in B2B seem likely to continue, and B2C scores are still in the relatively early days. In Software (Applications and Decision Management Software), years of heavy investment are beginning to bear fruit and should lead to notable margin expansion over the next few years. Management has a shareholder-friendly capital allocation strategy with nearly all free cash flow being used for share repurchases.
Information Technology
3.8%
Adyen N.V.
Adyen B.V. (ADYEN.NA) provides technology solutions that enable merchants to accept electronic payments. As a payment processor mostly for online merchants, Adyen benefits from the rapid growth of e-commerce. The company has a long runway for growth given its small share of a large and rapidly growing global market. Adyen is gaining market share due to its global presence, advanced technology platform, and ability to achieve higher authorization rates for merchants. We believe margins should expand as a result of increasing operating leverage.
Information Technology
3.7%
Square, Inc.
Square Inc. (SQ) provides point-of-sale hardware and software that enable small businesses to accept card payments and manage their operations. The company also provides financial services to individuals through the Cash App ecosystem. Square's Seller solution is gaining share in a large market for payment processing and software services for small businesses. Square's unified system, innovative products, and established brand are enabling the company to grow faster than legacy payment processors with more fragmented offerings. In addition, Cash App is a fast-growing financial ecosystem that is poised to increase users, engagement, and monetization.
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: In addition to general market conditions, FinTech Companies may be adversely impacted by government regulations, economic conditions and deterioration in credit markets. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The FactSet Global Fintech IndexTM is an unmanaged and equal-weighted index that measures the equity market performance of companies engaged in Financial Technologies, primarily in the areas of software and consulting, data and analytics, digital payment processing, money transfer, and payment transaction-related hardware, across 30 developed and emerging markets. The Fund and the indexes include reinvestment of dividends. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index.