Prices & Performance: Baron Health Care Fund

Prices

as of 10/22/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$16.88 $0.20 1.20% 3.56% 3.56% 30.65%

Performance

as of 09/30/20

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QTD YTD 1 Year Since Inception Expense Ratio
Gross Net
BHCHX - Baron Health Care Fund - I 11.64% 26.16% 48.86% 22.41% 2.39% 0.85%
Russell 3000 Health Care Index 6.48% 8.41% 24.60% 14.53%
S&P 500 Index 8.93% 5.57% 15.15% 12.61%

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.

The Fund’s 1-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.

NAV $16.88
Daily Change ($) $0.20
Daily Change (%) 1.20%
MTD 3.56%
QTD 3.56%
YTD 30.65%
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BHCHX - Baron Health Care Fund - I Russell 3000 Health Care Index S&P 500 Index
QTD 8.08% 7.86% 13.23%
YTD 22.14% 9.82% 9.74%
1 Year 37.22% 24.87% 21.94%
Since Inception 21.59% 15.73% 14.98%
Expense Ratio - Gross 2.39%
Expense Ratio - Net 0.85%

*As of 08/31/20

*Annualized as of 09/30/20

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.

The Fund’s 1-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.

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BHCHX - Baron Health Care Fund - I Russell 3000 Health Care Index S&P 500 Index
QTD 11.64% 6.48% 8.93%
YTD 26.16% 8.41% 5.57%
1 Year 48.86% 24.60% 15.15%
Since Inception 22.41% 14.53% 12.61%
Expense Ratio - Gross 2.39%
Expense Ratio - Net 0.85%

*As of 09/30/20

*Annualized as of 09/30/20

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.

The Fund’s 1-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.

as of 10/23/20

3 Years 5 Years 10 Years Since Inception

as of 09/30/20

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Year Baron Health Care Fund Russell 3000 Health Care Index S&P 500 Index
2019 35.57% 22.11% 31.49%
2018 -4.70% 4.85% -4.02%

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.

2The Fund’s 1-year historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.

Portfolio Characteristics

 

as of 09/30/20

Baron Health Care Fund Russell 3000 Health Care Total Return Index
Net Assets$33.34 million
# of Equity Securities / % of Net Assets48 / 93.4%
Turnover (2 Year Average)58.16%
Active Share72.8%
Median Market Cap$12.66 billion$0.85 billion
Weighted Average Market Cap$76.33 billion$127.49 billion
EPS Growth (3-5 year forecast)14.2%11.7%
Price/Earnings Ratio (trailing 12-month)29.424.7
Price/Book Ratio6.14.5
Price/Sales Ratio4.72.6
Current Expense Ratio Date12/31/2019

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 09/30/20

Top Contributors Average Weight Contribution
Immunomedics, Inc. 1.33% 2.39%
Pacific Biosciences of California, Inc. 1.41% 1.73%
Silk Road Medical, Inc. 1.96% 0.98%
Abbott Laboratories 4.42% 0.86%
CryoPort, Inc. 1.87% 0.84%

Insights & News: BHCHX

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, the value of the Fund will be affected by investments in health care companies which are subject to a number of risks, including the adverse impact of legislative actions and government regulations. 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 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 indexes are unmanaged. The Russell 3000® Health Care Index is an unmanaged index representative of companies involved in medical services or health care in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. 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.