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S
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.
As of Aug 03, 2020
| NAV | $34.81 |
|---|---|
| Daily Change ($) | $0.58 |
| Daily Change (%) | 1.69% |
| YTD | 13.02% |
| Inception Date | 9/30/1997 |
Portfolio Manager
years of exp 36
years at baron 23
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box—size is displayed along the vertical axis and style is displayed along the horizontal axis.
as of 08/03/20
| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $34.81 | $0.58 | 1.69% | 1.69% | 8.58% | 13.02% |
as of 06/30/20
| QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||
| BSCUX - Baron Small Cap Fund - R6 | 35.79% | 4.09% | 8.61% | 12.77% | 10.77% | 13.71% | 10.28% | 1.05% | 1.05% |
| Russell 2000 Growth Index | 30.58% | -3.06% | 3.48% | 7.86% | 6.86% | 12.92% | 6.06% | ||
| S&P 500 Index | 20.54% | -3.08% | 7.51% | 10.73% | 10.73% | 13.99% | 7.36% | ||
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2019
Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.
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 06/30/20
| 3 Years | 5 Years | 10 Years | |
|---|---|---|---|
| Standard Deviation (%) | 23.89 | 20.37 | 17.90 |
| Sharpe Ratio | 0.46 | 0.47 | 0.73 |
| Alpha (%) | 4.59 | 4.02 | 1.91 |
| Beta | 1.02 | 0.96 | 0.90 |
| R-Squared (%) | 96.24 | 93.63 | 92.47 |
| Tracking Error (%) | 4.65 | 5.21 | 5.28 |
| Information Ratio | 1.05 | 0.75 | 0.15 |
| Upside Capture (%) | 104.91 | 98.27 | 90.34 |
| Downside Capture (%) | 88.87 | 82.54 | 81.47 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCUX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
| NAV | $34.81 |
|---|---|
| Daily Change ($) | $0.58 |
| Daily Change (%) | 1.69% |
| MTD | 1.69% |
| QTD | 8.58% |
| YTD | 13.02% |
| BSCUX - Baron Small Cap Fund - R6 | Russell 2000 Growth Index | S&P 500 Index | |
|---|---|---|---|
| QTD1 | 6.77% | 3.44% | 5.64% |
| YTD1 | 11.14% | 0.27% | 2.38% |
| 1 Year | 15.78% | 6.00% | 11.96% |
| 3 Years | 14.63% | 8.77% | 12.01% |
| 5 Years | 12.18% | 7.49% | 11.49% |
| 10 Years | 13.80% | 12.58% | 13.84% |
| Since Inception | 10.56% | 6.19% | 7.59% |
| Expense Ratio2 - Gross | 1.05% | ||
| Expense Ratio2 - Net | 1.05% |
*As of 07/31/20
*Annualized as of 07/31/20
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2019
Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.
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.
| BSCUX - Baron Small Cap Fund - R6 | Russell 2000 Growth Index | S&P 500 Index | |
|---|---|---|---|
| QTD1 | 35.79% | 30.58% | 20.54% |
| YTD1 | 4.09% | -3.06% | -3.08% |
| 1 Year | 8.61% | 3.48% | 7.51% |
| 3 Years | 12.77% | 7.86% | 10.73% |
| 5 Years | 10.77% | 6.86% | 10.73% |
| 10 Years | 13.71% | 12.92% | 13.99% |
| Since Inception | 10.28% | 6.06% | 7.36% |
| Expense Ratio2 - Gross | 1.05% | ||
| Expense Ratio2 - Net | 1.05% |
*As of 06/30/20
*Annualized as of 07/31/20
1Not annualized.
2Expense ratios are as of the fiscal year ended 9/30/2019
Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.
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 06/30/20
| 3 Years | 5 Years | 10 Years | |
|---|---|---|---|
| Standard Deviation (%) | 23.89 | 20.37 | 17.90 |
| Sharpe Ratio | 0.46 | 0.47 | 0.73 |
| Alpha (%) | 4.59 | 4.02 | 1.91 |
| Beta | 1.02 | 0.96 | 0.90 |
| R-Squared (%) | 96.24 | 93.63 | 92.47 |
| Tracking Error (%) | 4.65 | 5.21 | 5.28 |
| Information Ratio | 1.05 | 0.75 | 0.15 |
| Upside Capture (%) | 104.91 | 98.27 | 90.34 |
| Downside Capture (%) | 88.87 | 82.54 | 81.47 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCUX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 07/31/20
| Year | Baron Small Cap Fund | Russell 2000 Growth Index | S&P 500 Index |
|---|---|---|---|
| 2019 | 34.88% | 28.48% | 31.49% |
| 2018 | -7.13% | -9.31% | -4.38% |
| 2017 | 27.41% | 22.17% | 21.83% |
| 2016 | 10.26% | 11.32% | 11.96% |
| 2015 | -5.01% | -1.38% | 1.38% |
| 2014 | 1.95% | 5.60% | 13.69% |
| 2013 | 38.10% | 43.30% | 32.39% |
| 2012 | 18.30% | 14.59% | 16.00% |
| 2011 | -1.37% | -2.91% | 2.11% |
| 2010 | 23.79% | 29.09% | 15.06% |
| 2009 | 35.47% | 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.
Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.
2Expense ratios are as of the fiscal year ended 9/30/2019
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.
| Record Date | 11/25/2019 | 11/28/2018 | 11/27/2017 | 11/28/2016 | 12/02/2015 | 12/01/2014 | 11/25/2013 | 11/28/2012 | 06/22/2012 | 11/28/2011 | 05/27/2009 | 12/19/2007 | 11/17/2006 | 11/21/2005 | 11/22/2004 | 11/20/2002 | 11/15/2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ex Date | 11/26/2019 | 11/29/2018 | 11/28/2017 | 11/29/2016 | 12/03/2015 | 12/02/2014 | 11/26/2013 | 11/29/2012 | 06/25/2012 | 11/29/2011 | 05/28/2009 | 12/20/2007 | 11/20/2006 | 11/22/2005 | 11/23/2004 | 11/21/2002 | 11/16/2000 |
| Payable Date | 11/27/2019 | 11/30/2018 | 11/29/2017 | 11/30/2016 | 12/04/2015 | 12/03/2014 | 11/27/2013 | 11/30/2012 | 06/26/2012 | 11/30/2011 | 05/29/2009 | 12/21/2007 | 11/21/2006 | 11/23/2005 | 11/24/2004 | 11/22/2002 | 11/17/2000 |
| Income | $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 |
| 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 |
| Short-Term Capital Gain | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.1070 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| Long-Term Capital Gain | $2.8191 | $2.6130 | $3.8460 | $5.6812 | $3.4129 | $2.0346 | $1.2843 | $0.8010 | $0.0130 | $0.4560 | $0.0010 | $1.5600 | $3.0570 | $0.7360 | $0.5530 | $0.3810 | $0.3790 |
| Total | $2.8191 | $2.6130 | $3.8460 | $5.6812 | $3.4129 | $2.0346 | $1.2843 | $0.8010 | $0.0130 | $0.4560 | $0.0010 | $1.6670 | $3.0570 | $0.7360 | $0.5530 | $0.3810 | $0.3790 |
| Re-Invest NAV | $30.58 | $28.25 | $29.02 | $26.26 | $29.11 | $33.29 | $33.90 | $25.88 | $24.25 | $22.24 | $15.18 | $23.79 | $22.66 | $22.70 | $20.62 | $13.74 | $14.26 |
| Calendar-Yr Return | -7.13% | 27.41% | 10.26% | -5.01% | 1.95% | 38.10% | 18.30% | 18.30% | -1.37% | 35.47% | 11.69% | 11.83% | 8.34% | 22.16% | -9.66% | -17.53% |
as of 06/30/20
| Baron Small Cap Fund | Russell 2000 Growth Index | |
|---|---|---|
| Net Assets | $3.96 billion | |
| # of Equity Securities / % of Net Assets | 67 / 97.9% | |
| Turnover (3 Year Average) | 17.82% | |
| Active Share | 95.3% | |
| Median Market Cap | $4.45 billion | $0.86 billion |
| Weighted Average Market Cap | $9.64 billion | $2.49 billion |
| EPS Growth (3-5 year forecast) | 17.3% | 10.7% |
| Price/Earnings Ratio (trailing 12-month) | 34.7 | 21.0 |
| Price/Book Ratio | 4.1 | 4.0 |
| Price/Sales Ratio | 2.9 | 1.7 |
| Current Expense Ratio Date | 9/30/2019 |
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.
Quarterly as of 06/30/20
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| Wix.com Ltd. | 2.26% | 2.43% |
| The Trade Desk | 2.42% | 2.01% |
| ASGN Incorporated | 2.52% | 1.77% |
| Floor & Decor Holdings, Inc. | 2.49% | 1.61% |
| Installed Building Products, Inc. | 2.52% | 1.53% |
Source: FactSet PA.
| SAI | 01/28/20 |
|---|---|
| XBRL Filings | 01/28/20 |
| Prospectus | 03/20/20 |
| Summary Prospectus | 01/28/20 |
| Fact Sheet | 06/30/20 |
| Baron Investment Funds Trust Semi-Annual Financial Report | 03/31/20 |
| Baron Investment Funds Trust Annual Financial Report | 09/30/19 |
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. The indexes and the Fund are with dividends, which positively impact the performance results. 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. 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.
