Prices & Performance: Baron WealthBuilder Fund (BWBIX)

Prices

as of 06/14/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$17.92 -$0.12 -0.67% 0.62% -4.32% 0.34%

Performance

as of 03/31/24

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YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross3 Net
BWBIX - Baron WealthBuilder Fund - I 4.87% 19.42% 0.80% 14.18% 13.10% 1.14% 1.11%
S&P 500 Index 10.56% 29.88% 11.49% 15.05% 13.37%
MSCI ACWI Index 8.20% 23.22% 6.96% 10.92% 8.92%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/21.

3Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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: BWBIX

as of 03/31/24

3 Years 5 Years Since Inception
Standard Deviation (%) 22.27 24.06 23.03
Sharpe Ratio -0.09 0.50 0.48
Alpha (%) -10.75 -2.66 -1.86
Beta 1.17 1.20 1.19
R-Squared (%) 85.22 83.37 84.48
Tracking Error (%) 9.06 10.46 9.68
Information Ratio -1.18 -0.08 -0.03
Upside Capture (%) 89.94 107.19 107.93
Downside Capture (%) 132.37 115.34 113.53
NAV $17.92
Daily Change ($) -$0.12
Daily Change (%) -$0.12
MTD 0.62%
QTD -4.32%
YTD 0.34%
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BWBIX - Baron WealthBuilder Fund - I S&P 500 Index MSCI ACWI Index
QTD1 -4.91% 0.67% 0.63%
YTD1 -0.28% 11.30% 8.88%
1 Year 14.20% 28.19% 23.56%
3 Years -2.01% 9.57% 5.12%
5 Years 13.36% 15.80% 11.68%
Since Inception 11.86% 13.12% 8.78%
Expense Ratio2 - Gross3 1.22%
Expense Ratio2 - Net 1.19%

*As of 05/31/24

*Annualized as of 05/31/24

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/21.

3Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

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BWBIX - Baron WealthBuilder Fund - I S&P 500 Index MSCI ACWI Index
YTD1 4.87% 10.56% 8.20%
1 Year 19.42% 29.88% 23.22%
3 Years 0.80% 11.49% 6.96%
5 Years 14.18% 15.05% 10.92%
Since Inception 13.10% 13.37% 8.92%
Expense Ratio2 - Gross3 1.14%
Expense Ratio2 - Net 1.11%

*As of 03/31/24

*Annualized as of 05/31/24

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/21.

3Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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 03/31/24

3 Years 5 Years Since Inception
Standard Deviation (%) 22.27 24.06 23.03
Sharpe Ratio -0.09 0.50 0.48
Alpha (%) -10.75 -2.66 -1.86
Beta 1.17 1.20 1.19
R-Squared (%) 85.22 83.37 84.48
Tracking Error (%) 9.06 10.46 9.68
Information Ratio -1.18 -0.08 -0.03
Upside Capture (%) 89.94 107.19 107.93
Downside Capture (%) 132.37 115.34 113.53

as of 05/31/24

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Year Baron WealthBuilder Fund S&P 500 Index MSCI ACWI Index
2023 25.73% 26.29% 22.20%
2022 -32.59% -18.11% -18.36%
2021 16.70% 28.71% 18.54%
2020 62.85% 18.40% 16.25%
2019 36.49% 31.49% 26.60%
2018 -6.38% -4.38% -9.42%
Record Date 09/26/2023 09/26/2022 12/01/2021 10/04/2021 11/30/2020 09/23/2020 09/26/2019 12/03/2018
Ex Date 09/27/2023 09/27/2022 12/02/2021 10/05/2021 12/01/2020 09/24/2020 09/27/2019 12/04/2018
Payable Date 09/28/2023 09/28/2022 12/03/2021 10/06/2021 12/02/2020 09/25/2020 09/30/2019 12/05/2018
Income $0.0053 $0.0818 $0.0000 $0.0049 $0.0000 $0.0000 $0.0052 $0.0000
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0025 $0.0000 $0.0030 $0.0000 $0.0000 $0.0001 $0.0000
Long-Term Capital Gain $0.0000 $0.3713 $0.8164 $0.3684 $0.0780 $0.1654 $0.4263 $0.0134
Total $0.0053 $0.4556 $0.8164 $0.3763 $0.0780 $0.1654 $0.4316 $0.0134
Re-Invest NAV $15.90 $14.11 $21.34 $21.42 $18.30 $15.32 $11.00 $10.16
Calendar-Yr Return -32.59% 16.70% 16.70% 62.85% 62.85% 36.49% -6.38%

Portfolio Characteristics

as of 03/31/24

Baron WealthBuilder Fund S&P 500 Index
Net Assets$569.76 million
# of Underlying Issuers409
# of Mutual Funds Held16
Turnover (3-Year Average)9.86%
Active Share85.0%
Median Market Cap$14.07 billion$35.04 billion
Weighted Average Market Cap$183.31 billion$805.03 billion
TA Shares
TA Cusip #06828M686
Gross Expense Ratio1.15%
Less: Reimbursement of Expenses by Adviser(0.04)%
Net Expense Ratio1.11%
EPS Growth (3-5 year forecast)15.7%13.8%
Price/Earnings Ratio (trailing 12-month)28.925.0
Price/Book Ratio4.23.8
Price/Sales Ratio3.92.7

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.

Insights & News: Baron WealthBuilder Fund (BWBIX)

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

Risks: The Fund is a non-diversified fund because it invests, at any given time, in the securities of a select number of Baron mutual funds (the “Underlying Funds”), representing specific investment strategies. The Fund can invest in funds holding U.S. and international stocks; small-cap, small to mid-cap, large-cap, all-cap stocks; and specialty stocks. Each of the Underlying Funds has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, it will have greater exposure to the risks of that Underlying Fund. For further information regarding the investment risks of the Underlying Funds, please refer to the Underlying Funds’ prospectus.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The MSCI ACWI Index measures the equity market performance of large and midcap securities across developed and emerging markets, including the United States. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. Index performance is not fund performance. Investors cannot invest directly in an index.

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.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All GICS structure changes that have occurred since 2016 have been applied retroactively in historical holdings-based analyses, including performance attribution. The Adviser may have reclassified/classified certain securities in or out of a sub-industry within a sector. Such reclassifications are not supported by S&P or MSCI.