The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.
Institutional Investors
Important Legal Information
The information contained on this site is intended for institutional investors only, and is published strictly for informational purposes only without regard to the investment objective, financial situation or specific needs of any particular investor. The information is not intended for use by institutional investors in a jurisdiction where distribution or purchase is not authorized.
An institutional investor is one that falls within one or more of the following categories:
- Government entities;
- Sponsors, administrators or consultants of employee benefits plan with at least 100 participants. (This does not include any participants in the plan);
- Qualified plans with at least 100 participants. (This does not include any participants in the plan);
- Any person acting solely on behalf of an institutional investor;
- FINRA member or registered person of such a member, and
- Persons described in FINRA rule 4512(c) which defines "institutional accounts" to include:
- A bank, savings and loan association, insurance company, or registered investment company;
- An SEC or state securities commission - registered investment adviser; or
- Any other entity (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million.
If you do not fall within at least one of the above categories you should not access the information contained in the site.
By accessing this site you agree to be subject to the site's Terms of Use
Baron Capital Management, Inc. makes reasonable efforts to ensure the material on the site is as accurate and timely as possible and that disruptions of service are minimal, Baron Capital Management, Inc. makes no warranty or guarantee concerning the availability of this site or the services or the accuracy of the information on it. In addition, the information contained on the site is in no way intended to constitute investment advice, an offer to sell, or a recommendation of any security or investment product. In fact, the products described herein may not be available to, or suitable for, all investors. You should consider, if appropriate, obtaining independent professional advice before making an investment decision. Please consider the charges, risks, expenses and investment objectives carefully before investing. Nothing on this site is intended to constitute legal or tax advice.
Please keep in mind that the opinions and views expressed through the content and commentaries published on the site are just that - opinions and views - and that they are published on the site for informational purposes only. In addition, views and opinions are based on the information available at the time and may not necessarily be shared by Baron Capital Management, Inc., or its employees, in general. As the investing environment changes, so could this information, and Baron Capital Management, Inc. has no responsibility to update it.
Past performance is not a guarantee of future performance. Investment results and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Investors should be aware of the additional risks associated with investments in non-diversification, undervalued or overlooked companies and investments in specific industries. Additional risks may include those associated with investing in foreign securities, emerging markets, and companies with relatively small market capitalizations.
PLEASE CONFIRM
By selecting “I Agree” below, you confirm that you are an institutional investor or consultant to an institutional investor.
Non-U.S. Investors
Baron offers accredited non-U.S. investors and qualified tax-exempt U.S. investors a range of options for investing in the equity market. Our investment vehicles include SICAV funds, separate accounts, collective investment trusts, and Baron USA Partners Fund.
This website may not be suitable for everyone, and if you are at all unsure whether an investment product referenced on this website will meet your individual needs, please seek professional advice before proceeding further with such product. Nothing on this website is, or is intended to be, an offer, advice, or an invitation to buy or sell any investments, in any jurisdiction where, or to anyone whom it would be unlawful to do so. By clicking “I Agree” below you acknowledge that you have read and understood this important information. Information on this website is issued by Baron Capital, Inc.
If you are a non-U.S. investor or qualified tax-exempt U.S. investor interested in our non-U.S. investment products, please contact Stephen Millar, VP, Head of EMEA, Institutional Sales | +44(0)7769 958822 | smillar@baronfunds.com
PLEASE CONFIRM
By selecting “I Agree” below, you confirm that you are an accredited non-U.S. investor or a qualified tax-exempt U.S. investor.
User Experience Change
PLEASE CONFIRM
The link you have selected is not available within the Institution user experience. You will be switched to view this website as a Financial Advisor.
When you wish to view strategies again, click an 'Institution' link within the 'View As' menu or 'Strategies' in the footer.
Leaving Baron Funds
PLEASE CONFIRM
By selecting “I Agree” below, you confirm that you are aware that you are leaving baronfunds.com website.
The website expresses the viewpoints and opinions of third parties and not necessarily those of Baron Capital, Inc. Baron Capital does not guarantee its accuracy, completeness, or fairness.
Overview
Objective & Strategy
SCT
Fund Facts
BREFX Snapshot
As of Jun 05, 2023
| NAV | $30.10 |
|---|---|
| Daily Change ($) | -$0.23 |
| Daily Change (%) | -0.76% |
| YTD | 8.04% |
| Inception Date | 12/31/2009 |
Equity Style
Risk & Return1
BREFX Portfolio Management
Jeffrey Kolitch
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.
Prices & Performance: Baron Real Estate Fund (BREFX)
Prices
as of 06/05/23
scroll to view all
| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $30.10 | -$0.23 | -0.76% | 2.45% | 0.97% | 8.04% |
Performance
Quarterly Returns
as of 03/31/23
scroll to view all
| 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.
Performance Characteristics: BREFX
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% |
scroll to view all
| 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.
scroll to view all
| 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
scroll to view all
| 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.
Portfolio Characteristics
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.
Contributors/Detractors
Contributors
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% |
Source: FactSet PA.
Insights & News: Baron Real Estate Fund (BREFX)
Documents
| 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.