Prices & Performance: Baron Partners Fund (BPTRX)

Prices

as of 12/03/21

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$189.88 -$7.74 -3.92% -6.36% 13.99% 25.37%

Performance

as of 09/30/21

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BPTRX - Baron Partners Fund 5.45% 9.98% 57.03% 48.86% 38.56% 27.29% 16.33% 1.56% 1.56%
Russell Midcap Growth Index -0.76% 9.60% 30.45% 19.14% 19.27% 17.54% 10.90%
S&P 500 Index 0.58% 15.92% 30.00% 15.99% 16.90% 16.63% 10.46%
Morningstar Large Growth Category Average 12.40% 26.60% 19.75% 20.68% 17.93%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2020

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.

Performance Characteristics: BPTRX

as of 09/30/21

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 39.03 31.41 25.04 25.94
Sharpe Ratio 1.22 1.19 1.07 0.54
Alpha (%) 21.01 11.11 4.59 5.33
Beta 1.42 1.40 1.31 1.09
R-Squared (%) 63.94 63.10 65.62 67.11
Tracking Error (%) 25.16 20.39 15.45 14.98
Information Ratio 1.18 0.95 0.63 0.36
Upside Capture (%) 174.34 163.07 140.10 123.86
Downside Capture (%) 123.54 130.80 125.20 111.28

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 $189.88
Daily Change ($) -$7.74
Daily Change (%) -$7.74
MTD -6.36%
QTD 13.99%
YTD 25.37%
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BPTRX - Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
QTD1 21.72% 2.49% 6.26%
YTD1 33.88% 12.33% 23.18%
1 Year 55.01% 17.72% 27.92%
3 Years 61.66% 23.33% 20.38%
5 Years 44.55% 19.83% 17.90%
10 Years 28.10% 16.41% 16.16%
Since Inception 17.00% 10.93% 10.62%
Expense Ratio2 - Gross 1.56%
Expense Ratio2 - Net 1.56%

*As of 11/30/21

*Annualized as of 11/30/21

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2020

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.

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BPTRX - Baron Partners Fund Russell Midcap Growth Index S&P 500 Index Morningstar Large Growth Category Average
QTD1 5.45% -0.76% 0.58%
YTD1 9.98% 9.60% 15.92% 12.40%
1 Year 57.03% 30.45% 30.00% 26.60%
3 Years 48.86% 19.14% 15.99% 19.75%
5 Years 38.56% 19.27% 16.90% 20.68%
10 Years 27.29% 17.54% 16.63% 17.93%
Since Inception 16.33% 10.90% 10.46%
Expense Ratio2 - Gross 1.56%
Expense Ratio2 - Net 1.56%

*As of 09/30/21

*Annualized as of 11/30/21

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2020

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.

as of 09/30/21

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 39.03 31.41 25.04 25.94
Sharpe Ratio 1.22 1.19 1.07 0.54
Alpha (%) 21.01 11.11 4.59 5.33
Beta 1.42 1.40 1.31 1.09
R-Squared (%) 63.94 63.10 65.62 67.11
Tracking Error (%) 25.16 20.39 15.45 14.98
Information Ratio 1.18 0.95 0.63 0.36
Upside Capture (%) 174.34 163.07 140.10 123.86
Downside Capture (%) 123.54 130.80 125.20 111.28

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 11/30/21

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Year Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
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 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.

Expense ratios are as of the fiscal year ended 12/31/2020

Record Date 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 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 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 $0.1243 $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
Short-Term Capital Gain $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 $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 $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 $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 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 09/30/21

Baron Partners Fund Russell Midcap Growth Index
Net Assets$7.15 billion
# of Issuers / % of Net Assets36 / 111.9%
Turnover (3 Year Average)9.97%
Active Share94.1%
Median Market Cap$15.94 billion$12.62 billion
Weighted Average Market Cap$338.33 billion$27.66 billion
EPS Growth (3-5 year forecast)40.7%17.5%
Price/Earnings Ratio (trailing 12-month)38.133.6
Price/Book Ratio6.88.9
Price/Sales Ratio8.73.9

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 09/30/21

Top Contributors Average Weight Contribution
Tesla, Inc. 42.06% 5.70%
Gartner, Inc. 2.89% 0.65%
FactSet Research Systems, Inc. 3.64% 0.61%
CoStar Group, Inc. 9.11% 0.38%
Adyen N.V. 2.44% 0.36%

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 date of the latest prospectus supplement, about 40% of the Fund’s assets 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.

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.