Prices & Performance: Baron Partners Fund (BPTRX)

Prices

as of 02/23/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$146.72 $0.46 0.31% 3.90% -8.09% -8.09%

Performance

as of 12/31/23

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1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BPTRX - Baron Partners Fund 43.09% 2.60% 31.23% 18.80% 15.03% 1.69% 1.69%
Russell Midcap Growth Index 25.87% 1.31% 13.81% 10.57% 9.91%
S&P 500 Index 26.29% 10.00% 15.69% 12.03% 10.16%

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 may reimburse 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.

Performance for Baron Partners Fund reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.

Performance Characteristics: BPTRX

as of 12/31/23

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 35.66 40.03 30.85 27.18
Sharpe Ratio 0.01 0.73 0.57 0.46
Alpha (%) 3.78 13.25 5.60 5.02
Beta 1.37 1.46 1.40 1.12
R-Squared (%) 67.01 66.03 67.44 66.96
Tracking Error (%) 21.92 25.47 19.05 15.81
Information Ratio 0.06 0.68 0.43 0.32
Upside Capture (%) 140.75 168.63 151.64 126.31
Downside Capture (%) 135.55 140.43 137.54 115.20

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Partners Fund's(BPTRX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

NAV $146.72
Daily Change ($) $0.46
Daily Change (%) $0.46
MTD 3.90%
QTD -8.09%
YTD -8.09%
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BPTRX - Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
QTD1 -11.54% -0.54% 1.68%
YTD1 -11.54% -0.54% 1.68%
1 Year 6.46% 15.14% 20.82%
3 Years -2.74% 1.24% 10.99%
5 Years 25.85% 11.24% 14.30%
10 Years 17.67% 10.75% 12.62%
Since Inception 14.55% 9.87% 10.19%
Expense Ratio2 - Gross 1.69%
Expense Ratio2 - Net 1.69%

*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 may reimburse 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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BPTRX - Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
1 Year 43.09% 25.87% 26.29%
3 Years 2.60% 1.31% 10.00%
5 Years 31.23% 13.81% 15.69%
10 Years 18.80% 10.57% 12.03%
Since Inception 15.03% 9.91% 10.16%
Expense Ratio2 - Gross 1.69%
Expense Ratio2 - Net 1.69%

*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 may reimburse 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.

Performance for Baron Partners Fund reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.

as of 12/31/23

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 35.66 40.03 30.85 27.18
Sharpe Ratio 0.01 0.73 0.57 0.46
Alpha (%) 3.78 13.25 5.60 5.02
Beta 1.37 1.46 1.40 1.12
R-Squared (%) 67.01 66.03 67.44 66.96
Tracking Error (%) 21.92 25.47 19.05 15.81
Information Ratio 0.06 0.68 0.43 0.32
Upside Capture (%) 140.75 168.63 151.64 126.31
Downside Capture (%) 135.55 140.43 137.54 115.20

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Partners Fund's(BPTRX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 01/31/24

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Year Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
2023 43.09% 25.87% 26.29%
2022 -42.56% -26.72% -18.11%
2021 31.39% 12.73% 28.71%
2020 148.52% 35.59% 18.40%
2019 44.99% 35.47% 31.49%
2018 -2.01% -4.75% -4.38%
2017 31.54% 25.27% 21.83%
2016 4.04% 7.33% 11.96%
2015 -2.71% -0.20% 1.38%
2014 10.26% 11.90% 13.69%
2013 47.63% 35.74% 32.39%
2012 16.40% 15.81% 16.00%
2011 -5.74% -1.65% 2.11%
2010 31.52% 26.38% 15.06%
2009 28.20% 46.29% 26.46%
2008 -46.67% -44.32% -37.00%
2007 11.34% 11.43% 5.49%
2006 21.55% 10.66% 15.79%
2005 14.37% 12.10% 4.91%
2004 42.35% 15.48% 10.88%
2003 34.95% 42.71% 28.68%
2002 -18.07% -27.41% -22.06%
2001 -15.71% -20.15% -11.93%
2000 4.82% -11.75% -9.10%
1999 18.42% 51.29% 21.04%
1998 11.68% 17.86% 28.58%
1997 49.88% 22.54% 33.36%
1996 16.13% 17.48% 22.96%
1995 36.94% 33.98% 37.58%
1994 4.76% -2.16% 1.32%
1993 28.78% 11.19% 10.08%
1992 16.83% 7.75% 9.66%

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, 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.

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

Performance for Baron Partners Fund reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.

Record Date 09/26/2022 11/22/2021 09/22/2021 11/23/2020 09/23/2020 09/26/2019 09/23/2015 09/24/2008 12/19/2007 03/26/2007 11/17/2006 12/20/2005 03/21/2005 11/22/2004 03/29/2004 11/24/2003
Ex Date 09/27/2022 11/23/2021 09/23/2021 11/24/2020 09/24/2020 09/27/2019 09/24/2015 09/25/2008 12/20/2007 03/27/2007 11/20/2006 12/21/2005 03/22/2005 11/23/2004 03/30/2004 11/25/2003
Payable Date 09/28/2022 11/24/2021 09/24/2021 11/25/2020 09/25/2020 09/30/2019 09/25/2015 09/26/2008 12/21/2007 03/28/2007 11/21/2006 12/22/2005 03/23/2005 11/24/2004 03/31/2004 11/26/2003
Income $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.1243 $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 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.1700 $0.4740 $0.0000 $0.0000 $0.3550 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $3.5554 $7.2370 $8.1220 $5.0489 $0.9830 $0.1805 $0.0000 $0.5560 $0.5880 $0.0510 $0.0610 $0.0200 $0.4060 $0.3530 $0.0740 $1.3620
Total $3.5554 $7.2370 $8.1220 $5.0489 $0.9830 $0.1805 $0.1243 $0.7260 $1.0620 $0.0510 $0.0610 $0.3750 $0.4060 $0.3530 $0.0740 $1.3620
Re-Invest NAV $143.91 $202.93 $174.06 $139.86 $111.57 $58.32 $35.30 $18.78 $23.84 $23.11 $22.37 $18.50 $16.35 $15.65 $13.63 $11.84
Calendar-Yr Return -42.56% 31.39% 31.39% 148.52% 148.52% -46.67% 11.34% 11.34% 21.55% 14.37% 14.37% 42.35% 42.35% 34.95%

Portfolio Characteristics

as of 12/31/23

Baron Partners Fund Russell Midcap Growth Index
Net Assets$6.94 billion
# of Issuers / % of Net Assets22 / 114.1%
Turnover (3 Year Average)6.84%
Active Share94.3%
Median Market Cap$17.38 billion$12.12 billion
Weighted Average Market Cap$336.34 billion$28.09 billion
EPS Growth (3-5 year forecast)18.6%21.6%
Price/Earnings Ratio (trailing 12-month)37.627.0
Price/Book Ratio6.57.7
Price/Sales Ratio5.82.5

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 12/31/23

Top Contributors Average Weight Contribution
Space Exploration Technologies Corp. 10.32% 2.78%
IDEXX Laboratories, Inc. 5.80% 1.53%
Gartner, Inc. 4.33% 1.34%
Hyatt Hotels Corporation 5.83% 1.34%
CoStar Group, Inc. 9.21% 1.33%

Source: FactSet PA.

Insights & News: Baron Partners Fund (BPTRX)

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: The Fund is non-diversified which means, in addition to increased volatility of the Fund’s returns, it will likely have a greater percentage of its assets in a single issuer or a small number of issuers, including in a particular industry than a diversified fund. Single issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer’s securities and therefore the net asset value of the Fund. As of the most recent quarter-end, about 38% of the Fund’s long positions are invested in Tesla stock. Therefore, the Fund is exposed to the risk that were Tesla stock to lose significant value, which could happen rapidly, the Fund’s performance would be adversely affected. Specific risks associated with leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of loss in any given period.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell Midcap™ Growth Index measures the performance of medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large-cap U.S. companies. The Russell Midcap Growth Index, the S&P 500 Index and the Fund are with dividends, which positively impact the performance results. 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.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All GICS structure changes that have occurred since 2016 have been applied retroactively in historical holdings-based analyses, including performance attribution. The Adviser may have reclassified/classified certain securities in or out of a sub-industry within a sector. Such reclassifications are not supported by S&P or MSCI.