Prices & Performance: Baron FinTech Fund (BFIUX)

Prices

as of 02/22/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$15.09 $0.28 1.89% 4.00% 6.12% 6.12%

Performance

as of 12/31/23

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1 Year 3 Years Since Inception Expense Ratio2
Gross Net
BFIUX - Baron FinTech Fund - R6 27.31% -0.71% 9.58% 1.18% 0.95%
FactSet Global FinTech Index 23.34% -7.64% 1.51%
S&P 500 Index 26.29% 10.00% 12.04%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2022

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.

The Fund’s 3-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: BFIUX

as of 12/31/23

3 Years Since Inception
Standard Deviation (%) 22.91 24.40
Sharpe Ratio -0.13 0.32
Alpha (%) 6.79 8.11
Beta 0.89 0.81
R-Squared (%) 79.51 84.04
Tracking Error (%) 10.69 11.11
Information Ratio 0.65 0.73
Upside Capture (%) 111.65 101.82
Downside Capture (%) 88.57 81.21
NAV $15.09
Daily Change ($) $0.28
Daily Change (%) $0.28
MTD 4.00%
QTD 6.12%
YTD 6.12%
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BFIUX - Baron FinTech Fund - R6 FactSet Global FinTech Index S&P 500 Index
QTD1 2.04% -1.99% 1.68%
YTD1 2.04% -1.99% 1.68%
1 Year 18.84% 5.85% 20.82%
3 Years 1.98% -7.76% 10.99%
Since Inception 9.92% 0.98% 12.24%
Expense Ratio2 - Gross 1.18%
Expense Ratio2 - Net 0.95%

*As of 01/31/24

*Annualized as of 01/31/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2022

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.

The Fund’s 3-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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BFIUX - Baron FinTech Fund - R6 FactSet Global FinTech Index S&P 500 Index
1 Year 27.31% 23.34% 26.29%
3 Years -0.71% -7.64% 10.00%
Since Inception 9.58% 1.51% 12.04%
Expense Ratio2 - Gross 1.18%
Expense Ratio2 - Net 0.95%

*As of 12/31/23

*Annualized as of 01/31/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2022

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.

The Fund’s 3-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 12/31/23

3 Years Since Inception
Standard Deviation (%) 22.91 24.40
Sharpe Ratio -0.13 0.32
Alpha (%) 6.79 8.11
Beta 0.89 0.81
R-Squared (%) 79.51 84.04
Tracking Error (%) 10.69 11.11
Information Ratio 0.65 0.73
Upside Capture (%) 111.65 101.82
Downside Capture (%) 88.57 81.21

as of 01/31/24

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Year Baron FinTech Fund FactSet Global FinTech Index S&P 500 Index
2023 27.31% 23.34% 26.29%
2022 -33.30% -33.66% -18.11%
2021 15.28% -3.71% 28.71%
2020 47.30% 34.78% 18.40%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2022

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.

The Fund’s 3-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 09/26/2022
Ex Date 09/27/2022
Payable Date 09/28/2022
Income $0.0000
Return of Capital $0.0000
Short-Term Capital Gain $0.0000
Long-Term Capital Gain $0.1485
Total $0.1485
Re-Invest NAV $10.66
Calendar-Yr Return -33.30%

Portfolio Characteristics

as of 12/31/23

Baron FinTech Fund FactSet Global FinTech Index
Net Assets$59.60 million
# of Issuers / % of Net Assets44 / 98.8%
Turnover (3 Year Average)18.42%
Active Share85.4%
Median Market Cap$29.62 billion$3.00 billion
Weighted Average Market Cap$100.89 billion$20.39 billion
EPS Growth (3-5 year forecast)20.6%21.8%
Price/Earnings Ratio (trailing 12- month)34.520.7
Price/Book Ratio4.92.4
Price/Sales Ratio5.11.9

Contributors/Detractors

Quarterly as of 12/31/23

Top Contributors Average Weight Contribution
Fair Isaac Corporation 4.09% 1.31%
Intuit Inc. 5.08% 1.10%
S&P Global Inc. 4.70% 0.99%
MercadoLibre, Inc. 3.62% 0.91%
Block, Inc. 1.44% 0.89%

Insights & News: Baron FinTech Fund (BFIUX)

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.

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.