The Fund invests primarily in high-growth businesses of any market capitalization benefiting from innovation through development of pioneering, transformative, or technologically advanced products and services. Diversified.
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The Fund invests primarily in high-growth businesses of any market capitalization benefiting from innovation through development of pioneering, transformative, or technologically advanced products and services. Diversified.
As of Jun 05, 2023
NAV | $33.14 |
---|---|
Daily Change ($) | $0.06 |
Daily Change (%) | 0.18% |
YTD | 32.14% |
Inception Date | 2/29/2000 |
Overall (out of 1123 Funds)
Ratings based on risk-adjusted returns as of 04/30/2023
Category:US Fund Large Growth
Portfolio Manager
years of exp 22
years at baron 22
For the period ended 3/31/2023, the Baron Opportunity Fund received a 3-Star Overall Morningstar Rating™, 2-Star 3-Year Rating, and 4-Star 5-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 1139, 1139, and 1053 funds in the category, respectively. This Morningstar Rating is for the R6 share class only; other classes may have different performance characteristics.
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.
© 2023 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.
as of 06/05/23
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$33.14 | $0.06 | 0.18% | 2.22% | 12.04% | 32.14% |
as of 05/31/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BIOUX - Baron Opportunity Fund - R6 | 9.60% | 29.27% | 11.95% | 9.88% | 15.18% | 14.78% | 8.69% | 1.05% | 1.05% |
Russell 3000 Growth Index | 5.20% | 19.77% | 9.15% | 12.32% | 13.09% | 14.29% | 6.18% | ||
S&P 500 Index | 2.00% | 9.65% | 2.92% | 12.92% | 11.01% | 11.99% | 6.94% |
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 may reimburse certain 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.
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 03/31/23
YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|
Gross | Net | |||||||
BIOUX - Baron Opportunity Fund - R6 | 17.94% | -19.73% | 15.35% | 14.86% | 14.04% | 8.32% | 1.05% | 1.05% |
Russell 3000 Growth Index | 13.85% | -10.88% | 18.23% | 13.02% | 14.16% | 5.99% | ||
S&P 500 Index | 7.50% | -7.73% | 18.60% | 11.19% | 12.24% | 6.90% |
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 may reimburse certain 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.
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.
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 may reimburse certain 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.
Expense ratios are as of the fiscal year ended 9/30/2020
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 05/31/23
Year | Baron Opportunity Fund | Russell 3000 Growth Index | S&P 500 Index |
---|---|---|---|
2022 | -42.83% | -28.97% | -18.11% |
2021 | 12.28% | 25.85% | 28.71% |
2020 | 89.34% | 38.26% | 18.40% |
2019 | 40.63% | 35.85% | 31.49% |
2018 | 8.34% | -2.12% | -4.38% |
2017 | 40.95% | 29.59% | 21.83% |
2016 | -4.56% | 7.39% | 11.96% |
2015 | 1.45% | 5.09% | 1.38% |
2014 | -1.40% | 12.44% | 13.69% |
2013 | 37.90% | 34.23% | 32.39% |
2012 | 14.04% | 15.21% | 16.00% |
2011 | -5.93% | 2.18% | 2.11% |
2010 | 25.74% | 17.64% | 15.06% |
2009 | 62.08% | 37.01% | 26.46% |
2008 | -46.06% | -38.44% | -37.00% |
2007 | 21.10% | 11.40% | 5.49% |
2006 | 12.14% | 9.46% | 15.79% |
2005 | 7.05% | 5.17% | 4.91% |
2004 | 25.59% | 6.93% | 10.88% |
2003 | 73.80% | 30.97% | 28.68% |
2002 | -29.01% | -28.03% | -22.06% |
2001 | -3.62% | -19.63% | -11.93% |
2000 | -38.98% | -23.60% | -2.45% |
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 may reimburse certain 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.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 | Ex Date | Payable Date | Income | Return of Capital | Short-Term Capital Gain | Long-Term Capital Gain | Total | Re-Invest NAV | Calendar-Yr Return |
---|---|---|---|---|---|---|---|---|---|
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.0000 | $0.0000 | $2.0076 | $1.5956 | $3.6032 | $45.45 | 12.28% |
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.1878 | $2.5970 | $2.7848 | $37.42 | 89.34% |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0000 | $0.0000 | $0.0000 | $1.6760 | $1.6760 | $23.49 | |
11/28/2018 | 11/29/2018 | 11/30/2018 | $0.0000 | $0.0000 | $0.0000 | $0.9258 | $0.9258 | $19.87 | 8.34% |
11/27/2017 | 11/28/2017 | 11/29/2017 | $0.0000 | $0.0000 | $0.0000 | $2.6493 | $2.6493 | $17.55 | 40.95% |
11/28/2016 | 11/29/2016 | 11/30/2016 | $0.0000 | $0.0000 | $0.0000 | $1.8905 | $1.8905 | $14.74 | -4.56% |
12/02/2015 | 12/03/2015 | 12/04/2015 | $0.0000 | $0.0000 | $0.0000 | $1.8170 | $1.8170 | $17.18 | 1.45% |
12/01/2014 | 12/02/2014 | 12/03/2014 | $0.0000 | $0.0000 | $0.0000 | $1.0304 | $1.0304 | $18.14 | -1.40% |
11/25/2013 | 11/26/2013 | 11/27/2013 | $0.0000 | $0.0000 | $0.5876 | $0.6148 | $1.2024 | $18.85 | 37.90% |
11/28/2012 | 11/29/2012 | 11/30/2012 | $0.0000 | $0.0000 | $0.0000 | $0.2400 | $0.2400 | $14.92 | 14.04% |
11/15/2000 | 11/16/2000 | 11/17/2000 | $0.0000 | $0.0000 | $0.0260 | $0.0000 | $0.0260 | $7.20 | -38.98% |
as of 03/31/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 26.93 | 24.23 | 20.16 |
Sharpe Ratio | 0.53 | 0.56 | 0.65 |
Alpha (%) | -3.08 | 1.46 | -0.74 |
Beta | 1.09 | 1.06 | 1.09 |
R-Squared (%) | 85.12 | 85.22 | 80.00 |
Tracking Error (%) | 10.57 | 9.41 | 9.13 |
Information Ratio | -0.27 | 0.20 | -0.01 |
Upside Capture (%) | 96.86 | 105.76 | 107.88 |
Downside Capture (%) | 104.55 | 101.72 | 114.33 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Opportunity Fund's(BIOUX) benchmark Russell 3000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV | $33.14 |
---|---|
Daily Change ($) | $0.06 |
Daily Change (%) | $0.06 |
MTD | 2.22% |
QTD | 12.04% |
YTD | 32.14% |
BIOUX - Baron Opportunity Fund - R6 | Russell 3000 Growth Index | S&P 500 Index | |
---|---|---|---|
QTD1 | 9.60% | 5.20% | 2.00% |
YTD1 | 29.27% | 19.77% | 9.65% |
1 Year | 11.95% | 9.15% | 2.92% |
3 Years | 9.88% | 12.32% | 12.92% |
5 Years | 15.18% | 13.09% | 11.01% |
10 Years | 14.78% | 14.29% | 11.99% |
Since Inception | 8.69% | 6.18% | 6.94% |
Expense Ratio2 - Gross | 1.05% | ||
Expense Ratio2 - Net | 1.05% |
*As of 05/31/23
*Annualized as of 05/31/23
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 may reimburse certain 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.
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.
BIOUX - Baron Opportunity Fund - R6 | Russell 3000 Growth Index | S&P 500 Index | |
---|---|---|---|
YTD1 | 17.94% | 13.85% | 7.50% |
1 Year | -19.73% | -10.88% | -7.73% |
3 Years | 15.35% | 18.23% | 18.60% |
5 Years | 14.86% | 13.02% | 11.19% |
10 Years | 14.04% | 14.16% | 12.24% |
Since Inception | 8.32% | 5.99% | 6.90% |
Expense Ratio2 - Gross | 1.05% | ||
Expense Ratio2 - Net | 1.05% |
*As of 03/31/23
*Annualized as of 05/31/23
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 may reimburse certain 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.
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 03/31/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 26.93 | 24.23 | 20.16 |
Sharpe Ratio | 0.53 | 0.56 | 0.65 |
Alpha (%) | -3.08 | 1.46 | -0.74 |
Beta | 1.09 | 1.06 | 1.09 |
R-Squared (%) | 85.12 | 85.22 | 80.00 |
Tracking Error (%) | 10.57 | 9.41 | 9.13 |
Information Ratio | -0.27 | 0.20 | -0.01 |
Upside Capture (%) | 96.86 | 105.76 | 107.88 |
Downside Capture (%) | 104.55 | 101.72 | 114.33 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Opportunity Fund's(BIOUX) benchmark Russell 3000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 05/31/23
Year | Baron Opportunity Fund | Russell 3000 Growth Index | S&P 500 Index |
---|---|---|---|
2022 | -42.83% | -28.97% | -18.11% |
2021 | 12.28% | 25.85% | 28.71% |
2020 | 89.34% | 38.26% | 18.40% |
2019 | 40.63% | 35.85% | 31.49% |
2018 | 8.34% | -2.12% | -4.38% |
2017 | 40.95% | 29.59% | 21.83% |
2016 | -4.56% | 7.39% | 11.96% |
2015 | 1.45% | 5.09% | 1.38% |
2014 | -1.40% | 12.44% | 13.69% |
2013 | 37.90% | 34.23% | 32.39% |
2012 | 14.04% | 15.21% | 16.00% |
2011 | -5.93% | 2.18% | 2.11% |
2010 | 25.74% | 17.64% | 15.06% |
2009 | 62.08% | 37.01% | 26.46% |
2008 | -46.06% | -38.44% | -37.00% |
2007 | 21.10% | 11.40% | 5.49% |
2006 | 12.14% | 9.46% | 15.79% |
2005 | 7.05% | 5.17% | 4.91% |
2004 | 25.59% | 6.93% | 10.88% |
2003 | 73.80% | 30.97% | 28.68% |
2002 | -29.01% | -28.03% | -22.06% |
2001 | -3.62% | -19.63% | -11.93% |
2000 | -38.98% | -23.60% | -2.45% |
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 may reimburse certain 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.
2Expense ratios are as of the fiscal year ended 9/30/2022.
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 | 11/25/2019 | 11/28/2018 | 11/27/2017 | 11/28/2016 | 12/02/2015 | 12/01/2014 | 11/25/2013 | 11/28/2012 | 11/15/2000 |
---|---|---|---|---|---|---|---|---|---|---|---|
Ex Date | 11/23/2021 | 11/24/2020 | 11/26/2019 | 11/29/2018 | 11/28/2017 | 11/29/2016 | 12/03/2015 | 12/02/2014 | 11/26/2013 | 11/29/2012 | 11/16/2000 |
Payable Date | 11/24/2021 | 11/25/2020 | 11/27/2019 | 11/30/2018 | 11/29/2017 | 11/30/2016 | 12/04/2015 | 12/03/2014 | 11/27/2013 | 11/30/2012 | 11/17/2000 |
Income | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $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 | $0.0000 | $0.0000 |
Short-Term Capital Gain | $2.0076 | $0.1878 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.5876 | $0.0000 | $0.0260 |
Long-Term Capital Gain | $1.5956 | $2.5970 | $1.6760 | $0.9258 | $2.6493 | $1.8905 | $1.8170 | $1.0304 | $0.6148 | $0.2400 | $0.0000 |
Total | $3.6032 | $2.7848 | $1.6760 | $0.9258 | $2.6493 | $1.8905 | $1.8170 | $1.0304 | $1.2024 | $0.2400 | $0.0260 |
Re-Invest NAV | $45.45 | $37.42 | $23.49 | $19.87 | $17.55 | $14.74 | $17.18 | $18.14 | $18.85 | $14.92 | $7.20 |
Calendar-Yr Return | 12.28% | 89.34% | 8.34% | 40.95% | -4.56% | 1.45% | -1.40% | 37.90% | 14.04% | -38.98% |
as of 03/31/23
Baron Opportunity Fund | Russell 3000 Growth Index | |
---|---|---|
Net Assets | $871.12 million | |
# of Issuers / % of Net Assets | 46 / 98.4% | |
Turnover (3 Year Average) | 32.85% | |
Active Share | 69.4% | |
Median Market Cap | $33.86 billion | $2.27 billion |
Weighted Average Market Cap | $566.15 billion | $770.14 billion |
EPS Growth (3-5 year forecast) | 22.3% | 15.3% |
Price/Earnings Ratio (trailing 12-month) | 44.3 | 26.2 |
Price/Book Ratio | 6.5 | 6.6 |
Price/Sales Ratio | 6.6 | 3.2 |
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.
as of 04/30/23
Open All Close All | Holding | Sector | % of Net Assets |
---|---|---|---|
Microsoft CorporationMicrosoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products. Over the last five years, it has built a $60+ billion cloud business. This includes its infrastructure-as-a-service Azure business, Office 365, and Dynamics 365 (Microsoft's CRM offering). |
Information Technology | 15.6% | |
NVIDIA CorporationNVIDIA Corporation (NVDA) is a fabless semiconductor company and a leader in gaming and accelerated computing. NVIDIA is powering the growth of artificial intelligence from the data center to the edge. |
Information Technology | 6.7% | |
Amazon.com, Inc.Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader with a relentless focus on providing value and convenience to its customers. Amazon also operates the industry-leading cloud infrastructure business Amazon Web Services. |
Consumer Discretionary | 6.0% | |
Tesla, Inc.Tesla, Inc. (TSLA) manufactures electric vehicles, including a luxury sedan and CUV (S/X), a mid-sized luxury sedan and hatchback (3/Y), and soon pickup and semi-trucks. It is also ramping internal battery cell production, energy solutions, and software offerings such as full self-driving and insurance. |
Consumer Discretionary | 5.0% | |
Visa Inc.Visa, Inc. (V) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks. |
Financials | 3.6% | |
CoStar Group, Inc.CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry. |
Industrials | 3.2% | |
Mastercard IncorporatedMastercard Incorporated (MA) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks. |
Financials | 3.1% | |
Gartner, Inc.Gartner, Inc. (IT) is the leading independent provider of research and advisory services for IT, HR, sales, finance, and marketing leaders. |
Information Technology | 2.9% | |
ServiceNow, Inc.ServiceNow, Inc. (NOW) provides cloud-based solutions for workflow management. Its core products support IT Service Management and IT Operations Management. It is expanding its reach to include business management, performance analytics, customer service management, and security. |
Information Technology | 2.8% | |
Space Exploration Technologies Corp.Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches rockets, satellites, and spacecrafts. Its ultimate goal is to make humanity multi-planetary. Products include reusable orbital launch offering and a broadband service leveraging its satellite constellation, Starlink. |
Industrials | 2.8% | |
Total |
51.7% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 03/31/23
Name | Sector | % of Net Assets |
---|---|---|
Microsoft Corporation |
Information Technology | 14.4% |
NVIDIA Corporation |
Information Technology | 6.5% |
Tesla, Inc. |
Consumer Discretionary | 6.2% |
Amazon.com, Inc. |
Consumer Discretionary | 5.8% |
Visa Inc. |
Financials | 3.4% |
Gartner, Inc. |
Information Technology | 3.1% |
Mastercard Incorporated |
Financials | 2.9% |
Alphabet Inc. - Cl C |
Communication Services | 2.9% |
ServiceNow, Inc. |
Information Technology | 2.8% |
CoStar Group, Inc. |
Industrials | 2.8% |
indie Semiconductor, Inc. |
Information Technology | 2.2% |
Advanced Micro Devices, Inc. |
Information Technology | 2.1% |
argenx SE ADR |
Health Care | 2.1% |
Meta Platforms, Inc. |
Communication Services | 2.0% |
Workday, Inc. |
Information Technology | 1.8% |
Illumina, Inc. |
Health Care | 1.8% |
ASML Holding N.V. |
Information Technology | 1.7% |
Ceridian HCM Holding Inc. |
Information Technology | 1.7% |
Endava plc -ADR |
Information Technology | 1.6% |
Guidewire Software, Inc. |
Information Technology | 1.6% |
Intuitive Surgical, Inc. |
Health Care | 1.6% |
Space Exploration Technologies Corporation - Series N Preferred Stock |
Industrials | 1.6% |
Monolithic Power Systems, Inc. |
Information Technology | 1.5% |
Snowflake Inc. |
Information Technology | 1.5% |
The Trade Desk |
Communication Services | 1.5% |
Cloudflare, Inc. |
Information Technology | 1.4% |
Endeavor Group Holdings, Inc. |
Communication Services | 1.4% |
Electronic Arts Inc. |
Communication Services | 1.3% |
CrowdStrike Holdings, Inc. |
Information Technology | 1.2% |
Equinix, Inc. |
Real Estate | 1.2% |
Shopify Inc. |
Information Technology | 1.2% |
Take-Two Interactive Software, Inc. |
Communication Services | 1.1% |
Rocket Pharmaceuticals, Inc. |
Health Care | 1.1% |
HubSpot, Inc. |
Information Technology | 1.0% |
GitLab Inc. |
Information Technology | 1.0% |
Shockwave Medical Inc |
Health Care | 1.0% |
ZoomInfo Technologies Inc. |
Communication Services | 0.9% |
Farmers Business Network, Inc., Series F |
Materials | 0.9% |
RIVIAN AUTOMOTIVE, INC. - Series E Common |
Consumer Discretionary | 0.9% |
Marvell Technology, Inc. |
Information Technology | 0.9% |
Datadog, Inc. - Class A |
Information Technology | 0.9% |
Space Exploration Technologies Corporation - Cl - A |
Industrials | 0.9% |
DexCom, Inc. |
Health Care | 0.8% |
GM Cruise Holdings LLC - Class G Preferred |
Industrials | 0.8% |
X Holding Corp. - Class A Common |
Communication Services | 0.5% |
Mobileye Global Inc. |
Consumer Discretionary | 0.4% |
Arrowhead Pharmaceuticals, Inc. |
Health Care | 0.4% |
Space Exploration Technologies Corporation - Cl - C |
Industrials | 0.3% |
GM Cruise Holdings LLC - Class B Common |
Industrials | 0.0% |
As of 04/30/23
As of 04/30/23
Colors of Sub-Industry bars correspond to the GICS sector chart.
Quarterly as of 03/31/23
Top Contributors | Average Weight | Contribution |
---|---|---|
NVIDIA Corporation | 5.45% | 3.80% |
Tesla, Inc. | 5.38% | 2.82% |
Microsoft Corporation | 13.62% | 2.69% |
Amazon.com, Inc. | 5.73% | 1.41% |
indie Semiconductor, Inc. | 1.93% | 1.14% |
Quarterly as of 03/31/23
Top Detractors | Average Weight | Contribution |
---|---|---|
ZoomInfo Technologies Inc. | 1.07% | -0.50% |
CoStar Group, Inc. | 3.12% | -0.36% |
Arrowhead Pharmaceuticals, Inc. | 0.49% | -0.27% |
Rivian Automotive, Inc. | 1.05% | -0.27% |
Endava plc | 1.93% | -0.25% |
Source: FactSet PA.
10/11/22
CEO Ron Baron’s September 14, 2021 Bloomberg Wealth interview with David Rubenstein is featured in David’s latest book, How to Invest: Masters on the Craft. In the interview, Ron discusses his early days on Wall Street, the investment principles behind Baron Capital’s growth from $100,000 AUM to tens of billions of dollars, and what convinced him to invest in Tesla years before the mainstream realized the company’s potential. Watch the full Bloomberg News video.
As of September 30, 2022, the following Baron Funds had holdings in Tesla, Inc.: Baron Partners Fund – 45.5%; Baron Focused Growth Fund – 22.3%; Baron Fifth Avenue Fund – 5.4%; Baron Opportunity Fund – 5.1%; Baron Technology Fund – 3.4%; Baron Global Advantage Fund – 3.3%.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
08/08/22
Citywire interviews CEO and Baron Partners Fund Portfolio Manager Ron Baron about his time-tested investment approach that led him to Tesla, Inc. in 2014, well before the mainstream. Read the August 2, 2022 article [subscription required to access].
As of June 30, 2022, the following Baron Funds had holdings in Tesla, Inc.: Baron Partners Fund – 46.3%; Baron Focused Growth Fund – 23.6%; Baron Fifth Avenue Fund – 5.0%; Baron Opportunity Fund – 5.0%; Baron Technology Fund – 3.1%.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
01/21/22
These Funds were recognized for achieving strong risk-adjusted returns over three-year and five-year time periods ending December 31, 2021.
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Global Advantage Fund, Best Global Multi-Cap Growth Fund over Five Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Health Care Fund, Best Health/Biotechnology Fund over Three Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Partners Fund, Best Multi-Cap Growth Fund over Three Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Opportunity Fund, Best Multi-Cap Growth Fund over Five Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Real Estate Income Fund, Best Real Estate Fund over Three Years
11/15/21
Mike Lippert, portfolio manager of Baron Opportunity Fund and Baron’s Head of Technology Research, joined CNBC’s The Exchange to explain how he looks for companies that can grow “faster for longer.” Watch the full interview.
08/04/21
Michael Lippert, portfolio manager of Baron Opportunity Fund and Baron’s Head of Technology Research, joined CNBC’s The Exchange on August 4, 2021, to discuss investing in tech stocks. "Durability of growth is something most investors miss," he said, explaining how companies like Google have sustained themselves for years. Watch the video clip on CNBC video interview.
07/26/21
In a July 26, 2021 article, “Baron Opportunity Fund Wins by Investing in Innovators, Big and Small,” portfolio manager Mike Lippert talked to Investor’s Business Daily about the types of innovative companies he favors, including some less familiar names.
05/19/21
Michael Lippert, Portfolio Manager of Baron Opportunity Fund and Baron’s Head of Technology Research, joined CNBC’s “The Exchange” on May 19, 2021, to discuss investment opportunities in tech stocks. Watch the video on CNBC.
05/13/21
Baron Opportunity Fund, managed by Mike Lippert, was ranked among the 20 Best Equity Mutual Funds by TheStreet for its risk/return profile as of March 31, 2021, with an overall rating of A+.
TheStreet Ratings' mutual fund rating model compiles and examines financial data on a monthly basis to gauge a mutual fund's risk-adjusted return compared to its competitors.
05/07/21
In a May 7, 2021, interview with Consuelo Mack of PBS’ WealthTrack, Michael Lippert describes the embarrassment of riches he is seeing as an investment manager focused on the high growth stock universe.
01/23/21
SAI | 01/27/23 |
---|---|
Prospectus | 01/27/23 |
Summary Prospectus | 01/27/23 |
Fact Sheet | 03/31/23 |
Baron Investment Funds Trust Annual Financial Report | 09/30/22 |
Baron Investment Funds Trust Semi-Annual Financial Report | 03/31/23 |
4Q22 BIFT NPORT | 12/31/22 |
2Q22 BIFT NPORT | 06/30/22 |
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: Securities issued by small and medium sized companies may be thinly traded and may be more difficult to sell during market downturns. Companies propelled by innovation, including technology advances and new business models, may present the risk of rapid change and product obsolescence, and their success may be difficult to predict for the long term. 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.
The indexes are unmanaged. The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe comprised of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market, the S&P 500 Index of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. 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.
© Baron 2023 All rights reserved
Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).