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The Fund invests in small-sized U.S. companies with significant growth potential. Investments include fallen angels with strong long-term franchises that have disappointed investors, and special situations where lack of investor awareness creates opportunities. Diversified.
For the period ended 3/31/2022, the Baron Small Cap Fund received a 3-Star Overall Morningstar Rating™, 3-Star 3-Year Rating, 3-Star 5-Year Rating, and 3-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 580, 580, 521, and 391 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.
2Expense ratios are as of the fiscal year ended 9/30/2020
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 Fund's transfer agency expenses may be reduced by the 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 above.
as of 03/31/22
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YTD1
1 Year
3 Years
5 Years
10 Years
Since Inception
Expense Ratio2
Gross
Net
BSCFX - Baron Small Cap Fund
-15.72%
-5.11%
14.30%
14.81%
12.63%
10.62%
1.29%
1.29%
Russell 2000 Growth Index
-12.63%
-14.33%
9.88%
10.33%
11.21%
6.57%
S&P 500 Index
-4.60%
15.65%
18.92%
15.99%
14.64%
8.60%
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2020
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 Fund's transfer agency expenses may be reduced by the 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 above.
1Not annualized.
Expense ratios are as of the fiscal year ended 9/30/2020
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 Fund's transfer agency expenses may be reduced by the 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 above.
as of 03/31/22
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Year
Baron Small Cap Fund
Russell 2000 Growth Index
S&P 500 Index
2021
15.53%
2.83%
28.71%
2020
40.33%
34.63%
18.40%
2019
34.50%
28.48%
31.49%
2018
-7.39%
-9.31%
-4.38%
2017
27.13%
22.17%
21.83%
2016
9.94%
11.32%
11.96%
2015
-5.24%
-1.38%
1.38%
2014
1.69%
5.60%
13.69%
2013
37.77%
43.30%
32.39%
2012
17.98%
14.59%
16.00%
2011
-1.58%
-2.91%
2.11%
2010
23.47%
29.09%
15.06%
2009
35.26%
34.47%
26.46%
2008
-40.24%
-38.54%
-37.00%
2007
11.69%
7.05%
5.49%
2006
11.83%
13.35%
15.79%
2005
8.34%
4.15%
4.91%
2004
22.16%
14.31%
10.88%
2003
38.82%
48.54%
28.68%
2002
-9.66%
-30.26%
-22.06%
2001
5.19%
-9.23%
-11.93%
2000
-17.53%
-22.43%
-9.10%
1999
70.78%
43.09%
21.04%
1998
2.23%
1.23%
28.58%
1997
3.10%
-8.20%
2.87%
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2020
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 Fund's transfer agency expenses may be reduced by the 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 above.
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Record Date
Ex Date
Payable Date
Income
Return of Capital
Short-Term Capital Gain
Long-Term Capital Gain
Total
Re-Invest NAV
Calendar-Yr Return
11/22/2021
11/23/2021
11/24/2021
$0.0000
$0.0000
$0.0000
$4.7182
$4.7182
$37.91
15.53%
11/23/2020
11/24/2020
11/25/2020
$0.0000
$0.0000
$0.0000
$4.1153
$4.1153
$34.67
40.33%
11/25/2019
11/26/2019
11/27/2019
$0.0000
$0.0000
$0.0000
$2.8191
$2.8191
$29.16
11/28/2018
11/29/2018
11/30/2018
$0.0000
$0.0000
$0.0000
$2.6130
$2.6130
$27.12
-7.39%
11/27/2017
11/28/2017
11/29/2017
$0.0000
$0.0000
$0.0000
$3.8460
$3.8460
$28.03
27.13%
11/28/2016
11/29/2016
11/30/2016
$0.0000
$0.0000
$0.0000
$5.6812
$5.6812
$25.53
9.94%
12/02/2015
12/03/2015
12/04/2015
$0.0000
$0.0000
$0.0000
$3.4129
$3.4129
$28.52
-5.24%
12/01/2014
12/02/2014
12/03/2014
$0.0000
$0.0000
$0.0000
$2.0346
$2.0346
$32.77
1.69%
11/25/2013
11/26/2013
11/27/2013
$0.0000
$0.0000
$0.0000
$1.2843
$1.2843
$33.49
37.77%
11/28/2012
11/29/2012
11/30/2012
$0.0000
$0.0000
$0.0000
$0.8010
$0.8010
$25.65
17.98%
06/22/2012
06/25/2012
06/26/2012
$0.0000
$0.0000
$0.0000
$0.0130
$0.0130
$24.07
17.98%
11/28/2011
11/29/2011
11/30/2011
$0.0000
$0.0000
$0.0000
$0.4560
$0.4560
$22.10
-1.58%
05/27/2009
05/28/2009
05/29/2009
$0.0000
$0.0000
$0.0000
$0.0010
$0.0010
$15.18
35.26%
12/19/2007
12/20/2007
12/21/2007
$0.0000
$0.0000
$0.1070
$1.5600
$1.6670
$23.79
11.69%
11/17/2006
11/20/2006
11/21/2006
$0.0000
$0.0000
$0.0000
$3.0570
$3.0570
$22.66
11.83%
11/21/2005
11/22/2005
11/23/2005
$0.0000
$0.0000
$0.0000
$0.7360
$0.7360
$22.70
8.34%
11/22/2004
11/23/2004
11/24/2004
$0.0000
$0.0000
$0.0000
$0.5530
$0.5530
$20.62
22.16%
11/20/2002
11/21/2002
11/22/2002
$0.0000
$0.0000
$0.0000
$0.3810
$0.3810
$13.74
-9.66%
11/15/2000
11/16/2000
11/17/2000
$0.0000
$0.0000
$0.0000
$0.3790
$0.3790
$14.26
-17.53%
Performance Characteristics: BSCFX
as of 03/31/22
3 Years
5 Years
10 Years
Standard Deviation (%)
24.70
22.07
18.00
Sharpe Ratio
0.55
0.62
0.67
Alpha (%)
4.74
4.70
2.37
Beta
0.96
0.96
0.91
R-Squared (%)
87.50
88.91
87.96
Tracking Error (%)
8.78
7.40
6.49
Information Ratio
0.50
0.61
0.22
Upside Capture (%)
99.38
99.88
91.85
Downside Capture (%)
84.41
82.41
81.40
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV
$26.88
Daily Change ($)
$0.34
Daily Change (%)
$0.34
MTD
-7.05%
QTD
-15.71%
YTD
-28.96%
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BSCFX - Baron Small Cap Fund
Russell 2000 Growth Index
S&P 500 Index
YTD1
-15.72%
-12.63%
-4.60%
1 Year
-5.11%
-14.33%
15.65%
3 Years
14.30%
9.88%
18.92%
5 Years
14.81%
10.33%
15.99%
10 Years
12.63%
11.21%
14.64%
Since Inception
10.62%
6.57%
8.60%
Expense Ratio2 - Gross
1.29%
Expense Ratio2 - Net
1.29%
*As of 03/31/22
*Annualized as of 03/31/22
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2020
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 Fund's transfer agency expenses may be reduced by the 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 above.
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BSCFX - Baron Small Cap Fund
Russell 2000 Growth Index
S&P 500 Index
YTD1
-15.72%
-12.63%
-4.60%
1 Year
-5.11%
-14.33%
15.65%
3 Years
14.30%
9.88%
18.92%
5 Years
14.81%
10.33%
15.99%
10 Years
12.63%
11.21%
14.64%
Since Inception
10.62%
6.57%
8.60%
Expense Ratio2 - Gross
1.29%
Expense Ratio2 - Net
1.29%
*As of 03/31/22
*Annualized as of 03/31/22
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2020
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 Fund's transfer agency expenses may be reduced by the 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 above.
as of 03/31/22
3 Years
5 Years
10 Years
Standard Deviation (%)
24.70
22.07
18.00
Sharpe Ratio
0.55
0.62
0.67
Alpha (%)
4.74
4.70
2.37
Beta
0.96
0.96
0.91
R-Squared (%)
87.50
88.91
87.96
Tracking Error (%)
8.78
7.40
6.49
Information Ratio
0.50
0.61
0.22
Upside Capture (%)
99.38
99.88
91.85
Downside Capture (%)
84.41
82.41
81.40
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 03/31/22
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Year
Baron Small Cap Fund
Russell 2000 Growth Index
S&P 500 Index
2021
15.53%
2.83%
28.71%
2020
40.33%
34.63%
18.40%
2019
34.50%
28.48%
31.49%
2018
-7.39%
-9.31%
-4.38%
2017
27.13%
22.17%
21.83%
2016
9.94%
11.32%
11.96%
2015
-5.24%
-1.38%
1.38%
2014
1.69%
5.60%
13.69%
2013
37.77%
43.30%
32.39%
2012
17.98%
14.59%
16.00%
2011
-1.58%
-2.91%
2.11%
2010
23.47%
29.09%
15.06%
2009
35.26%
34.47%
26.46%
2008
-40.24%
-38.54%
-37.00%
2007
11.69%
7.05%
5.49%
2006
11.83%
13.35%
15.79%
2005
8.34%
4.15%
4.91%
2004
22.16%
14.31%
10.88%
2003
38.82%
48.54%
28.68%
2002
-9.66%
-30.26%
-22.06%
2001
5.19%
-9.23%
-11.93%
2000
-17.53%
-22.43%
-9.10%
1999
70.78%
43.09%
21.04%
1998
2.23%
1.23%
28.58%
1997
3.10%
-8.20%
2.87%
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2020
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 Fund's transfer agency expenses may be reduced by the 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 above.
Gartner, Inc. (IT) is the leading independent provider of research and advisory services for IT, HR, sales, finance, and marketing leaders. Gartner has a vast addressable market, which management estimates exceeds $70 billion annually, implying a penetration rate of less than 3%. IT is rapidly changing and growing in strategic importance, leading users to turn to third-party providers for insight into trends. The low price of Gartner’s research relative to its value has created strong renewal trends, with retention rates running above 100%. We think consistent execution in Global Technology Sales and improvements in Global Business Sales will help accelerate Research growth into the low double digits.
Information Technology
6.0%
ASGN Incorporated
ASGN Incorporated (ASGN) is the second largest staffing firm in the U.S., providing in-demand skilled professionals. 85% of revenues are in the technology and digital/creative verticals, with the balance in life sciences. ASGN participates in segments of the professional staffing industry (scientific, IT/engineering, advertising, digital, creative, marketing and government) experiencing robust secular growth. Focus on the non-commoditized high end of the market should allow the company to maintain industry-high organic growth rates and gross margins. We think it should benefit from increased U.S. outsourcing penetration and the shortage of skilled workers in its verticals as well. Its business model is characterized by robust operating margins and substantial free cash flow generation.
Industrials
4.4%
ICON Plc
ICON plc (ICLR) is the second largest global contract research organization (CRO) providing outsourced drug development services to its pharmaceutical and biotechnology clients. ICON has expertise in multiple therapeutic areas. As drug trials become increasingly complex and biopharma companies consolidate their vendor lists among top-tier providers and seek to establish stickier strategic relationships, we believe large global CROs like ICON will continue to be the primary beneficiaries. The outsourcing trend is accelerating, driven by biopharma's need for a lower, more variable cost structure in the face of patent expirations and the inherent lack of biotechnology infrastructure.
Health Care
3.8%
Aspen Technology, Inc.
Aspen Technology, Inc. (AZPN) sells a suite of optimization software for companies in the process industries. Its software improves competitiveness and profitability by increasing throughput and productivity, reducing operating costs, enhancing capital efficiency, and decreasing working capital requirements. We believe Aspen is a high-quality business with a long runway for 10%+ organic growth. The company has greater than 90% recurring revenue, best-in-class retention rates, margins in the high-40%s and expanding toward 50%, and outstanding free cash flow generation that we think it will likely use for repurchases and bolt-on M&A.
Information Technology
3.2%
Kinsale Capital Group, Inc.
Kinsale Capital Group, Inc. (KNSL) is a property and casualty (P&C) insurance carrier focused exclusively on the excess and surplus (E&S) lines market, which includes risks that are unique or difficult to place in the standard insurance market. We believe Kinsale is a well-run insurer that should grow earnings and book value per share much faster than its peers. Its small size, E&S market focus, underwriting discipline, and efficient technology platform enable Kinsale to rapidly grow premiums while delivering industry-leading underwriting margins. Management is highly regarded and has decades of experience in the E&S market. We believe Kinsale has a long runway for growth in an attractive segment of the P&C insurance market.
Financials
2.7%
Installed Building Products, Inc.
Installed Building Products, Inc. (IBP) is the second largest residential insulation installer in the U.S., with 27% market share. The company also installs complementary building products, including garage doors, shower doors, closet shelving, mirrors, and rain gutters. Installed Building Products is a high growth company that is poised to benefit from the ongoing recovery in U.S. residential construction and non-residential construction end markets, in our view. Its durable cost advantage enables it to grow faster than the market through share gains and accretive acquisitions and mitigates disintermediation risk. We believe the company can compound EBITDA at 15% to 20%+ per year and double it in the next four to five years. The management team is talented and owns significant stock.
Consumer Discretionary
2.7%
Guidewire Software, Inc.
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry. Guidewire is a small player in a vast addressable market and has been benefiting from the inevitable need for P&C insurers to upgrade 30-year-old systems. The company offers best-in-class functionality, as evidenced by its growing installed base and 100% retention rates, and we believe it has a significant amount of off-balance sheet revenue. We think the company’s launch of data and digital applications meaningfully expands the total addressable market and growing demand for cloud deployments could increase prices by two to three times.
Information Technology
2.6%
SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in the U.S. Through its network of over 570 branches in 45 states and Canada, the company offers a broad selection of products such as irrigation supplies, herbicides, landscape accessories, and outdoor lighting. SiteOne is the market leader in landscaping distribution, more than 5x the closest competitor, but only 13% of a highly fragmented market. It has significant opportunity to consolidate the industry through accretive deals, driven by an experienced management team with a strong M&A track record. The core landscaping market grows faster than GDP, with consumers investing in surrounding landscapes as extensions of their homes. SiteOne is also investing in new initiatives to increase the productivity of its sales force and in-store associates to expand margins over time.
Industrials
2.6%
Floor & Decor Holdings, Inc.
Floor & Decor Holdings, Inc. (FND) is a specialty retailer of hard-surface flooring (tile, vinyl, wood, stone, and laminate) and accessories in the U.S. By sourcing directly from vendors, Floor & Decor can sell at low prices. It operates 147 low-cost warehouse stores catering to professional contractors. We view Floor & Decor as a differentiated, high-growth retailer offering a broader assortment of low-cost products than its competitors. The company currently holds an 8% market share in the highly fragmented $21 billion U.S. hard-surface flooring market, where we think it will continue to gain share. We believe the replacement of carpet with hard-surface flooring, which we see as a secular shift in the flooring industry, will aid growth. We believe Floor & Decor can continue to grow stores 20%+ and generate strong shareholder returns.
Consumer Discretionary
2.4%
Red Rock Resorts, Inc.
Red Rock Resorts, Inc. (RRR) owns 20 local casinos in Las Vegas, manages one tribal casino in California, and is in the planning stages of developing another tribal casino in California. It also controls eight gaming-entitled sites consisting of 340 acres in Las Vegas and 30 acres in Reno. The company operates in the improving Las Vegas locals gaming market, which is still down 10% from its 2007 peak. We think the market is attractive given favorable fundamentals, including population growth that is 2.7 times the national average and $20 billion of development projects that are either in the planning stages or under development. The market also offers the lowest tax rate in the U.S. with limitations on the development of other casinos in the region. Red Rock also has the option to develop or sell its owned acreage for gaming in Las Vegas and Reno.
Consumer Discretionary
2.4%
Total
32.8%
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 03/31/22
Name
Sector
% of Net Assets
Gartner, Inc.
Information Technology
5.7%
ASGN Incorporated
Industrials
3.9%
ICON Plc
Health Care
3.7%
Aspen Technology, Inc.
Information Technology
2.9%
SiteOne Landscape Supply, Inc.
Industrials
2.6%
Kinsale Capital Group, Inc.
Financials
2.5%
Guidewire Software, Inc.
Information Technology
2.5%
Installed Building Products, Inc.
Consumer Discretionary
2.5%
Red Rock Resorts, Inc. - Cl. A
Consumer Discretionary
2.4%
Endava plc -ADR
Information Technology
2.2%
Floor & Decor Holdings, Inc.
Consumer Discretionary
2.2%
Cognex Corp.
Information Technology
2.0%
SBA Communications Corp.
Real Estate
1.9%
DexCom, Inc.
Health Care
1.9%
Avient Corporation
Materials
1.9%
TransDigm Group, Inc.
Industrials
1.8%
Bright Horizons Family Solutions, Inc.
Consumer Discretionary
1.8%
Liberty Media Corporation Series C Liberty Formula One
Baron Small Cap Fund Featured Among “6 Funds to Play a Rally”
09/07/21
In a September 7, 2021, article, Barrons featured Baron Small Cap Fund as a fund that has outpaced peers and could be well positioned for a recovery in the small cap space. Read the full Baron article. [Subscription required to access]
We are pleased to announce that Cliff Greenberg and Andrew Peck have been named Co-Chief Investment Officers of Baron Capital.
Morningstar Reaffirms Baron Small Cap Fund’s “Silver” Rating
09/18/19
In its annual update of Baron Small Cap Fund’s profile, Morningstar reaffirmed the Fund’s “Silver” Analyst Rating, citing Portfolio Manager Cliff Greenberg’s proven investment process over the 23 years he has managed the Fund and his instrumental role in the Firm’s success. To view the profile, visit www.morningstar.com. (Subscription required to access).
Morningstar Reaffirms Baron Small Cap Fund’s “Silver” Rating
10/11/18
In its annual update of Baron Small Cap Fund’s profile, Morningstar reaffirmed the Fund’s “Silver” Analyst Rating, citing Portfolio Manager Cliff Greenberg’s proven investment process over the 22 years he has managed the Fund and his instrumental role in the Firm’s success. Read the profile at www.morningstar.com. (Subscription required to access).
The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars (process, performance, people, parent and price). Morningstar’s analysts use this valuation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Morningstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Morningstar’s current expectations about future events. Morningstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars that give the analysts a high level of conviction. A “Bronze”-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months.
The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars (process, performance, people, parent and price). Morningstar’s analysts use this valuation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Morningstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Morningstar’s current expectations about future events. Morningstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars that give the analysts a high level of conviction. A “Bronze”-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months.
Baron Capital Inc., bears no responsibility for the external website provided and makes no warranties, either express or implied, concerning the content of such site or any information, products or services linked to the website.
Baron Small Cap Fund Earns "Silver" Rating from Morningstar
11/15/17
We are pleased to announce that Baron Small Cap Fund has been awarded Morningstar Research’s “Silver” Analyst Rating.™ Fewer than 2% of funds in Morningstar’s U.S. mutual fund database earn “Silver” or “Gold” ratings. The Fund, managed by Cliff Greenberg since its September 30, 1997 inception, invests in small-sized U.S. companies with significant growth potential.
The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars (process, performance, people, parent and price). Morningstar’s analysts use this valuation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Morningstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Morningstar’s current expectations about future events. Morningstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars that give the analysts a high level of conviction. A “Bronze”-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months.
Neal Rosenberg, David Goldsmith and Michael Baron appointed as Assistant Portfolio Managers
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: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. The indexes and the Fund include reinvestment of dividends, net of withholding taxes, which positively impact the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly into 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.