Prices & Performance: Baron New Asia Fund (BNAUX)

Prices

as of 02/23/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$8.18 $0.02 0.25% 6.93% 4.07% 4.07%

Performance

as of 12/31/23

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1 Year Since Inception Expense Ratio2
Gross Net
BNAUX - Baron New Asia Fund - R6 5.79% -9.48% 7.95% 1.20%
MSCI AC Asia ex Japan Index 5.98% -7.69%
MSCI AC Asia ex Japan IMI Growth Index 4.37% -10.66%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/21.

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.

NAV $8.18
Daily Change ($) $0.02
Daily Change (%) $0.02
MTD 6.93%
QTD 4.07%
YTD 4.07%
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BNAUX - Baron New Asia Fund - R6 MSCI AC Asia ex Japan Index MSCI AC Asia ex Japan IMI Growth Index
QTD1 -2.67% -5.45% -6.12%
YTD1 -2.67% -5.45% -6.12%
1 Year -3.53% -7.40% -9.75%
Since Inception -10.16% -9.50% -12.56%
Expense Ratio2 - Gross 7.95%
Expense Ratio2 - Net 1.20%

*As of 01/31/24

*Annualized as of 01/31/24

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/21.

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.

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BNAUX - Baron New Asia Fund - R6 MSCI AC Asia ex Japan Index MSCI AC Asia ex Japan IMI Growth Index
1 Year 5.79% 5.98% 4.37%
Since Inception -9.48% -7.69% -10.66%
Expense Ratio2 - Gross 7.95%
Expense Ratio2 - Net 1.20%

*As of 12/31/23

*Annualized as of 01/31/24

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/21.

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.

as of 01/31/24

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Year Baron New Asia Fund MSCI AC Asia ex Japan Index MSCI AC Asia ex Japan IMI Growth Index
2023 5.79% 5.98% 4.37%
2022 -26.94% -19.67% -24.26%
2021 1.70% -3.19% -3.67%

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 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.

Portfolio Characteristics

as of 12/31/23

Baron New Asia Fund MSCI AC Asia ex Japan Index
Net Assets$4.34 million
# of Issuers / % of Net Assets70 / 94.9%
Turnover (2 Year Average)52.10%
Active Share67.9%
Median Market Cap$14.69 billion$6.82 billion
Weighted Average Market Cap$114.90 billion$113.02 billion
EPS Growth (3-5 year forecast)17.6%14.6%
Price/Earnings Ratio (trailing 12-month)27.513.7
Price/Book Ratio3.01.7
Price/Sales Ratio3.11.2

Contributors/Detractors

Quarterly as of 12/31/23

Top Contributors Average Weight Contribution
Taiwan Semiconductor Manufacturing Company Limited 6.87% 1.28%
Trent Limited 2.59% 1.06%
Samsung Electronics Co., Ltd. 5.26% 1.05%
Zomato Limited 3.70% 0.70%
Bharti Airtel Limited 3.49% 0.48%

Insights & News: Baron New Asia Fund (BNAUX)

Risks: Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. In addition, investments in developing countries may have increased risks due to a greater possibility of settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the Indian economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India.

The Fund may not achieve its objectives.

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.

The MSCI AC Asia Ex-Japan Index Net (USD) and the MSCI AC Asia Index Net (USD) are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI AC Asia Ex-Japan Index measures the performance of large and mid cap equity securities representation across 2 of 3 developed markets countries (excluding Japan) and 9 emerging markets countries in Asia. The MSCI AC Asia Index measures performance of large and midcap securities representation across developed and emerging markets countries in Asia, including Japan. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, 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. 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.