The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
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SCT
The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
As of Jun 05, 2023
NAV | $30.10 |
---|---|
Daily Change ($) | -$0.23 |
Daily Change (%) | -0.76% |
YTD | 8.04% |
Inception Date | 12/31/2009 |
Overall (out of 229 Funds)
Ratings based on risk-adjusted returns as of 04/30/2023
Category:US Fund Real Estate
Portfolio Manager
years of exp 31
years at baron 18
1Source: FactSet SPAR.
For the period ended 3/31/2023, the Baron Real Estate Fund received a 5-Star Overall Morningstar Rating™, 5-Star 3-Year Rating, 5-Star 5-Year Rating, and 5-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 233, 233, 209, and 153 funds in the category, respectively. This Morningstar Rating is for the Retail 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 |
---|---|---|---|---|---|
$30.10 | -$0.23 | -0.76% | 2.45% | 0.97% | 8.04% |
as of 05/31/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BREFX - Baron Real Estate Fund | -1.44% | 5.46% | -5.04% | 9.96% | 9.51% | 9.11% | 12.68% | 1.33% | 1.33% |
MSCI USA IMI Extended Real Estate Index | -2.39% | 2.23% | -5.33% | 9.26% | 5.74% | 7.54% | 10.05% | ||
MSCI US REIT Index | -2.37% | -0.03% | -13.00% | 7.00% | 3.22% | 4.39% | 7.50% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
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.
as of 03/31/23
YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|
Gross | Net | |||||||
BREFX - Baron Real Estate Fund | 7.00% | -14.38% | 19.40% | 10.07% | 9.37% | 12.98% | 1.31% | 1.31% |
MSCI USA IMI Extended Real Estate Index | 4.73% | -10.34% | 16.81% | 6.85% | 8.00% | 10.38% | ||
MSCI US REIT Index | 2.39% | -20.17% | 10.76% | 4.79% | 4.66% | 7.79% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
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.
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 12/31/2021
as of 05/31/23
Year | Baron Real Estate Fund | MSCI USA IMI Extended Real Estate Index | MSCI US REIT Index |
---|---|---|---|
2022 | -28.61% | -23.84% | -25.37% |
2021 | 24.03% | 36.55% | 41.71% |
2020 | 43.85% | 4.21% | -8.70% |
2019 | 44.11% | 30.21% | 24.33% |
2018 | -22.22% | -10.73% | -5.83% |
2017 | 31.04% | 18.04% | 3.74% |
2016 | -2.01% | 8.24% | 7.14% |
2015 | -4.65% | 2.27% | 1.28% |
2014 | 16.61% | 17.96% | 28.82% |
2013 | 27.12% | 17.44% | 1.26% |
2012 | 42.60% | 27.00% | 16.47% |
2011 | 0.63% | -2.26% | 7.48% |
2010 | 26.60% | 24.81% | 26.98% |
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 12/31/2021
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 |
---|---|---|---|---|---|---|---|---|---|
12/07/2022 | 12/08/2022 | 12/09/2022 | $0.0221 | $0.0000 | $0.0000 | $0.0000 | $0.0221 | $28.84 | -28.61% |
09/26/2022 | 09/27/2022 | 09/28/2022 | $0.0000 | $0.0000 | $0.5012 | $0.2963 | $0.7975 | $26.32 | -28.61% |
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.0000 | $0.0000 | $0.0000 | $2.2591 | $2.2591 | $38.67 | 24.03% |
09/22/2021 | 09/23/2021 | 09/24/2021 | $0.0000 | $0.0000 | $0.4755 | $0.5525 | $1.0280 | $40.51 | 24.03% |
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.0000 | $1.5747 | $1.5747 | $33.04 | 43.85% |
09/23/2020 | 09/24/2020 | 09/25/2020 | $0.0001 | $0.0000 | $0.3486 | $0.2853 | $0.6340 | $30.30 | 43.85% |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0000 | $0.0000 | $0.0000 | $3.4131 | $3.4131 | $25.51 | |
09/26/2019 | 09/27/2019 | 09/30/2019 | $0.0000 | $0.0000 | $0.0000 | $0.2227 | $0.2227 | $26.55 | |
11/28/2018 | 11/29/2018 | 11/30/2018 | $0.0000 | $0.0000 | $0.0000 | $2.0630 | $2.0630 | $22.90 | -22.22% |
09/24/2018 | 09/25/2018 | 09/26/2018 | $0.0000 | $0.0000 | $0.0000 | $0.4374 | $0.4374 | $27.12 | -22.22% |
11/27/2017 | 11/28/2017 | 11/29/2017 | $0.0000 | $0.0000 | $0.0000 | $1.4123 | $1.4123 | $29.06 | 31.04% |
10/05/2016 | 10/06/2016 | 10/07/2016 | $0.0000 | $0.0000 | $0.0000 | $0.0824 | $0.0824 | $23.29 | -2.01% |
12/02/2015 | 12/03/2015 | 12/04/2015 | $0.0000 | $0.0000 | $0.0000 | $0.4583 | $0.4583 | $24.56 | -4.65% |
09/23/2015 | 09/24/2015 | 09/25/2015 | $0.0109 | $0.0000 | $0.0000 | $0.0106 | $0.0215 | $24.29 | -4.65% |
12/01/2014 | 12/02/2014 | 12/03/2014 | $0.0263 | $0.0000 | $0.0000 | $0.0000 | $0.0263 | $25.46 | 16.61% |
09/25/2013 | 09/26/2013 | 09/27/2013 | $0.0000 | $0.0000 | $0.0056 | $0.0148 | $0.0204 | $20.46 | 27.12% |
11/28/2012 | 11/29/2012 | 11/30/2012 | $0.0000 | $0.0000 | $0.1930 | $0.1130 | $0.3060 | $16.81 | 42.60% |
11/28/2011 | 11/29/2011 | 11/30/2011 | $0.0000 | $0.0000 | $0.0000 | $0.0920 | $0.0920 | $11.52 | 0.63% |
09/07/2011 | 09/08/2011 | 09/09/2011 | $0.0040 | $0.0000 | $0.1110 | $0.0060 | $0.1210 | $11.75 | 0.63% |
as of 03/31/23
Yields — SCT Shares | BREFX | |
---|---|
Unsubsidized SEC 30-Day Yield | 0.18% |
Subsidized SEC 30-Day Yield | 0.18% |
Distribution Yield | 0.07% |
SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.
SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).
SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.
Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.
as of 03/31/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 23.53 | 22.60 | 18.52 |
Sharpe Ratio | 0.78 | 0.38 | 0.46 |
Alpha (%) | 2.18 | 3.48 | 1.64 |
Beta | 1.03 | 0.97 | 0.98 |
R-Squared (%) | 85.05 | 84.86 | 82.82 |
Tracking Error (%) | 9.13 | 8.82 | 7.68 |
Information Ratio | 0.28 | 0.36 | 0.18 |
Upside Capture (%) | 106.29 | 106.21 | 104.28 |
Downside Capture (%) | 100.65 | 95.94 | 99.02 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREFX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV | $30.10 |
---|---|
Daily Change ($) | -$0.23 |
Daily Change (%) | -$0.23 |
MTD | 2.45% |
QTD | 0.97% |
YTD | 8.04% |
BREFX - Baron Real Estate Fund | MSCI USA IMI Extended Real Estate Index | MSCI US REIT Index | |
---|---|---|---|
QTD1 | -1.44% | -2.39% | -2.37% |
YTD1 | 5.46% | 2.23% | -0.03% |
1 Year | -5.04% | -5.33% | -13.00% |
3 Years | 9.96% | 9.26% | 7.00% |
5 Years | 9.51% | 5.74% | 3.22% |
10 Years | 9.11% | 7.54% | 4.39% |
Since Inception | 12.68% | 10.05% | 7.50% |
Expense Ratio2 - Gross | 1.33% | ||
Expense Ratio2 - Net | 1.33% |
*As of 05/31/23
*Annualized as of 05/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
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.
BREFX - Baron Real Estate Fund | MSCI USA IMI Extended Real Estate Index | MSCI US REIT Index | |
---|---|---|---|
YTD1 | 7.00% | 4.73% | 2.39% |
1 Year | -14.38% | -10.34% | -20.17% |
3 Years | 19.40% | 16.81% | 10.76% |
5 Years | 10.07% | 6.85% | 4.79% |
10 Years | 9.37% | 8.00% | 4.66% |
Since Inception | 12.98% | 10.38% | 7.79% |
Expense Ratio2 - Gross | 1.31% | ||
Expense Ratio2 - Net | 1.31% |
*As of 03/31/23
*Annualized as of 05/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
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.
as of 03/31/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 23.53 | 22.60 | 18.52 |
Sharpe Ratio | 0.78 | 0.38 | 0.46 |
Alpha (%) | 2.18 | 3.48 | 1.64 |
Beta | 1.03 | 0.97 | 0.98 |
R-Squared (%) | 85.05 | 84.86 | 82.82 |
Tracking Error (%) | 9.13 | 8.82 | 7.68 |
Information Ratio | 0.28 | 0.36 | 0.18 |
Upside Capture (%) | 106.29 | 106.21 | 104.28 |
Downside Capture (%) | 100.65 | 95.94 | 99.02 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREFX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 05/31/23
Year | Baron Real Estate Fund | MSCI USA IMI Extended Real Estate Index | MSCI US REIT Index |
---|---|---|---|
2022 | -28.61% | -23.84% | -25.37% |
2021 | 24.03% | 36.55% | 41.71% |
2020 | 43.85% | 4.21% | -8.70% |
2019 | 44.11% | 30.21% | 24.33% |
2018 | -22.22% | -10.73% | -5.83% |
2017 | 31.04% | 18.04% | 3.74% |
2016 | -2.01% | 8.24% | 7.14% |
2015 | -4.65% | 2.27% | 1.28% |
2014 | 16.61% | 17.96% | 28.82% |
2013 | 27.12% | 17.44% | 1.26% |
2012 | 42.60% | 27.00% | 16.47% |
2011 | 0.63% | -2.26% | 7.48% |
2010 | 26.60% | 24.81% | 26.98% |
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 12/31/2021
Record Date | 12/07/2022 | 09/26/2022 | 11/22/2021 | 09/22/2021 | 11/23/2020 | 09/23/2020 | 11/25/2019 | 09/26/2019 | 11/28/2018 | 09/24/2018 | 11/27/2017 | 10/05/2016 | 12/02/2015 | 09/23/2015 | 12/01/2014 | 09/25/2013 | 11/28/2012 | 11/28/2011 | 09/07/2011 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ex Date | 12/08/2022 | 09/27/2022 | 11/23/2021 | 09/23/2021 | 11/24/2020 | 09/24/2020 | 11/26/2019 | 09/27/2019 | 11/29/2018 | 09/25/2018 | 11/28/2017 | 10/06/2016 | 12/03/2015 | 09/24/2015 | 12/02/2014 | 09/26/2013 | 11/29/2012 | 11/29/2011 | 09/08/2011 |
Payable Date | 12/09/2022 | 09/28/2022 | 11/24/2021 | 09/24/2021 | 11/25/2020 | 09/25/2020 | 11/27/2019 | 09/30/2019 | 11/30/2018 | 09/26/2018 | 11/29/2017 | 10/07/2016 | 12/04/2015 | 09/25/2015 | 12/03/2014 | 09/27/2013 | 11/30/2012 | 11/30/2011 | 09/09/2011 |
Income | $0.0221 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0001 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0109 | $0.0263 | $0.0000 | $0.0000 | $0.0000 | $0.0040 |
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 | $0.0000 | $0.0000 | $0.0000 |
Short-Term Capital Gain | $0.0000 | $0.5012 | $0.0000 | $0.4755 | $0.0000 | $0.3486 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0056 | $0.1930 | $0.0000 | $0.1110 |
Long-Term Capital Gain | $0.0000 | $0.2963 | $2.2591 | $0.5525 | $1.5747 | $0.2853 | $3.4131 | $0.2227 | $2.0630 | $0.4374 | $1.4123 | $0.0824 | $0.4583 | $0.0106 | $0.0000 | $0.0148 | $0.1130 | $0.0920 | $0.0060 |
Total | $0.0221 | $0.7975 | $2.2591 | $1.0280 | $1.5747 | $0.6340 | $3.4131 | $0.2227 | $2.0630 | $0.4374 | $1.4123 | $0.0824 | $0.4583 | $0.0215 | $0.0263 | $0.0204 | $0.3060 | $0.0920 | $0.1210 |
Re-Invest NAV | $28.84 | $26.32 | $38.67 | $40.51 | $33.04 | $30.30 | $25.51 | $26.55 | $22.90 | $27.12 | $29.06 | $23.29 | $24.56 | $24.29 | $25.46 | $20.46 | $16.81 | $11.52 | $11.75 |
Calendar-Yr Return | -28.61% | -28.61% | 24.03% | 24.03% | 43.85% | 43.85% | -22.22% | -22.22% | 31.04% | -2.01% | -4.65% | -4.65% | 16.61% | 27.12% | 42.60% | 0.63% | 0.63% |
as of 03/31/23
Yields — SCT Shares | BREFX | |
---|---|
Unsubsidized SEC 30-Day Yield | 0.18% |
Subsidized SEC 30-Day Yield | 0.18% |
Distribution Yield | 0.07% |
SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.
SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).
SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.
Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.
as of 03/31/23
Baron Real Estate Fund | MSCI USA IMI Extended Real Estate Index | |
---|---|---|
Net Assets | $1.43 billion | |
# of Issuers / % of Net Assets | 40 / 94.1% | |
Turnover (3 Year Average) | 85.32% | |
Active Share | 74.3% | |
Median Market Cap | $15.11 billion | $2.66 billion |
Weighted Average Market Cap | $37.41 billion | $69.47 billion |
EPS Growth (3-5 year forecast) | 20.2% | 14.8% |
Price/Earnings Ratio (trailing 12-month) | 14.5 | 18.9 |
Price/Book Ratio | 2.1 | 2.1 |
Price/Sales Ratio | 1.4 | 2.1 |
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 |
---|---|---|---|
Toll Brothers, Inc.Toll Brothers, Inc. (TOL) is a leading high-end, luxury homebuilder that caters to move-up, empty-nester, active-adult, age-qualified, and second-home buyers in 19 states in the U.S. |
Consumer Discretionary | 7.1% | |
Prologis, Inc.Prologis, Inc. (PLD) is the world's largest industrial REIT, with a $100 billion global portfolio. |
Real Estate | 6.5% | |
Brookfield CorporationBrookfield Corporation (BN) is one of the world's largest alternative asset managers, with $750 billion in AUM and $400 billion of fee-generating AUM. It owns stakes in several publicly listed affiliates as well as other unlisted investments. |
Financials | 6.3% | |
CoStar Group, Inc.CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry. |
Industrials | 4.4% | |
Lennar CorporationLennar Corporation (LEN) is one of the nation's largest homebuilders. |
Consumer Discretionary | 4.0% | |
Rexford Industrial Realty, Inc.Rexford Industrial Realty, Inc. (REXR) is a REIT that owns a fast-growing industrial portfolio in Southern California. |
Real Estate | 3.5% | |
Equinix, Inc.Equinix, Inc. (EQIX) is a network neutral operator of 248 data centers across 70 metro areas and 31 countries in North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers. |
Real Estate | 3.4% | |
Las Vegas Sands CorporationLas Vegas Sands Corp. (LVS) is a leading company in the gaming industry, with casinos in two of the largest gaming markets in the world: Macau and Singapore. It is in the process of expanding its Singapore asset with a new hotel tower while continuing to invest in Macau post its concession renewal. |
Consumer Discretionary | 3.4% | |
Wynn Resorts, LimitedWynn Resorts Ltd. (WYNN) is a leading company in the gaming industry with casinos in Macau and Las Vegas, two of the largest gaming markets in the world. In June 2019 it opened its $2.6 billion Encore Boston Harbor casino. It is also entered into a management agreement in 2022 to manage a casino in the UAE. |
Consumer Discretionary | 3.4% | |
MGM Resorts InternationalMGM Resorts International (MGM) is a casino company with properties in Macau, Las Vegas, and other regions across the U.S. 80% of its EBITDA is generated in the U.S., while 20% is from Macau. The company owns a 1% stake in gaming REIT Vici Properties, a 56% stake in MGM China, and a 50% stake in betMGM. |
Consumer Discretionary | 3.3% | |
Total |
45.2% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 03/31/23
Name | Sector | % of Net Assets |
---|---|---|
Toll Brothers, Inc. |
Consumer Discretionary | 6.8% |
Prologis, Inc. |
Real Estate | 6.5% |
Brookfield Corporation |
Financials | 6.3% |
CoStar Group, Inc. |
Industrials | 4.0% |
Lennar Corporation - Cl A |
Consumer Discretionary | 3.7% |
Rexford Industrial Realty, Inc. |
Real Estate | 3.6% |
Equinix, Inc. |
Real Estate | 3.4% |
MGM Resorts International |
Consumer Discretionary | 3.3% |
Wynn Resorts, Limited |
Consumer Discretionary | 3.2% |
Public Storage Incorporated |
Real Estate | 3.1% |
Las Vegas Sands Corporation |
Consumer Discretionary | 3.0% |
Blackstone Inc. |
Financials | 3.0% |
D.R. Horton, Inc. |
Consumer Discretionary | 2.9% |
Lowe's Companies, Inc. |
Consumer Discretionary | 2.8% |
Caesars Entertainment, Inc. |
Consumer Discretionary | 2.8% |
American Tower Corp. |
Real Estate | 2.8% |
Floor & Decor Holdings, Inc. |
Consumer Discretionary | 2.6% |
CBRE Group, Inc. |
Real Estate | 2.5% |
Extra Space Storage Inc. |
Real Estate | 2.5% |
Jones Lang LaSalle Incorporated |
Real Estate | 2.4% |
Boyd Gaming Corporation |
Consumer Discretionary | 2.2% |
EastGroup Properties, Inc. |
Real Estate | 1.9% |
SiteOne Landscape Supply, Inc. |
Industrials | 1.9% |
Pool Corporation |
Consumer Discretionary | 1.8% |
Welltower Inc. |
Real Estate | 1.8% |
Hilton Worldwide Holdings Inc. |
Consumer Discretionary | 1.5% |
Marriott Vacations Worldwide Corp. |
Consumer Discretionary | 1.5% |
Red Rock Resorts, Inc. - Cl. A |
Consumer Discretionary | 1.4% |
Terreno Realty Corporation |
Real Estate | 1.4% |
Fortune Brands Innovations, Inc. |
Industrials | 1.3% |
Invitation Homes, Inc. |
Real Estate | 1.2% |
Brookfield Asset Management Ltd. |
Financials | 1.2% |
Fifth Wall Acquisition Corp III |
Unclassified | 0.9% |
Vail Resorts, Inc. |
Consumer Discretionary | 0.9% |
Cellnex Telecom, S.A. 144A |
Communication Services | 0.7% |
Vulcan Materials Company |
Materials | 0.6% |
Hyatt Hotels Corporation |
Consumer Discretionary | 0.5% |
Alexandria Real Estate Equities, Inc. |
Real Estate | 0.2% |
Gaming and Leisure Properties, Inc. |
Real Estate | 0.1% |
Trex Company, Inc. |
Industrials | 0.1% |
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 |
---|---|---|
Toll Brothers, Inc. | 6.15% | 1.09% |
Floor & Decor Holdings, Inc. | 2.69% | 1.00% |
Prologis, Inc. | 6.01% | 0.64% |
MGM Resorts International | 2.57% | 0.64% |
Lennar Corporation | 3.66% | 0.58% |
Quarterly as of 03/31/23
Top Detractors | Average Weight | Contribution |
---|---|---|
CoStar Group, Inc. | 3.98% | -0.44% |
Jones Lang LaSalle Incorporated | 3.00% | -0.30% |
CBRE Group, Inc. | 3.53% | -0.22% |
Alexandria Real Estate Equities, Inc. | 1.13% | -0.16% |
Sun Communities, Inc. | 0.45% | -0.12% |
Source: FactSet PA.
09/01/21
In a September 1, 2021 article in Financial Advisor, “This Go-Anywhere Real Estate Fund Goes Places,” Jeff Kolitch, who manages Baron Real Estate Fund and Baron Real Estate Income Fund, talked about why he takes a broader, more balanced, and more comprehensive approach to investing in real estate than the typical REIT-only fund.
03/17/21
In a March 17, 2021, article in Barron’s, “Keeping Score in Real Estate," Jeff Kolitch, portfolio manager of Baron Real Estate Fund and Baron Real Estate Income Fund, discusses his approach to investing in Real Estate and how it differs from his peers.
02/27/21
Jeff Kolitch, portfolio manager of Baron Real Estate Fund and Baron Real Estate Income Fund, gives his bull case for REITs in a February 27, 2021 podcast hosted by Barron’s columnist Jack Hough.
02/17/21
Business Insider featured Jeff Kolitch, portfolio manager of Baron Real Estate Fund and Baron Real Estate Income Fund, in its February 17, 2021 article, “A 29-year real estate veteran who's returned 446% to investors in the past decade breaks down the four trends driving the sector in 2021 -- and shares 11 ‘attractively valued’ stocks.”
07/10/20
Jeff Kolitch, portfolio manager of Baron Real Estate Fund and Baron Real Estate Income Fund, joins Chuck to chat about how investors may benefit when they look past REITs and invest in service companies and home builders in the real estate space, although he still likes select REITs despite the category’s recent struggles.
11/09/18
At the 2018 Baron Investment Conference, Ron Baron joined Ken Moelis, chairman and CEO of Moelis & Company, on CNBC’s “Squawk Box” to discuss Moelis’ investment strategy and the outlook for M&A activity. Watch the full interview on www.cnbc.com.
Portfolio holdings as a percentage of net assets as of September 30, 2018 for Moelis & Company are as follows: Baron Growth Fund (0.6%), Baron Small Cap Fund (0.9%).
03/05/18
In "The Journal Report," The Wall Street Journal's quarterly review of mutual funds and ETFs, five Baron funds ranked among the top performing funds in their respective peer groups for one-year total return through February 28, 2018 according to Lipper.
Among the funds listed were Baron Real Estate Fund, Baron Partners Fund, Baron Fifth Avenue Growth Fund, Baron Opportunity Fund, and Baron Global Advantage Fund.
Note: Lipper Funds Category Average is not weighted and represents the straight average of annualized returns of each of the funds in the category.
02/05/18
In "The Journal Report," The Wall Street Journal's monthly review of mutual funds and ETFs, seven Baron funds ranked among the top performing funds in their respective peer groups for year-to-date total return through January 31, according to Lipper.
Among the funds listed were Baron Real Estate Fund (#1 in its category), Baron Real Estate Income Fund, Baron Partners Fund, Baron Asset Fund, Baron Fifth Avenue Growth Fund, Baron Opportunity Fund, and Baron Global Advantage Fund.
Note: Lipper Funds Category Average is not weighted and represents the straight average of annualized returns of each of the funds in the category.
10/11/17
Baron Real Estate Fund portfolio manager Jeff Kolitch describes why he pursues an "all-inclusive" approach to real estate investing and more in an in-depth Q&A featured in the September 29, 2017 issue of Value Investor Insight.
12/12/16
"Rising interest rates are the number one reason REITs have underperformed since late summer," said Jeff Kolitch, portfolio manager of Baron Real Estate Fund, which invests in many real estate categories, not just REITs. Read the article at www.thinkadvisor.com.
SAI | 04/28/23 |
---|---|
Prospectus | 04/28/23 |
Summary Prospectus | 04/28/23 |
Fact Sheet | 03/31/23 |
Baron Select Funds Annual Financial Report | 12/31/22 |
Baron Select Funds Semi-Annual Financial Report | 06/30/22 |
1Q23 Baron Select Funds NPORT | 03/31/23 |
3Q22 Baron Select Funds NPORT | 09/30/22 |
2016 Form 8937 | 11/30/16 |
Baron Real Estate Fund 3Q22 Performance Review and Portfolio Positioning | 09/30/22 |
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: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. The Fund invests in companies of all sizes, including 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 MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund include reinvestment of interest, capital gains and 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.
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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).