Prices & Performance

Prices

as of 02/20/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$10.82 -$0.03 -0.28% 3.94% 13.54% 13.54%

Performance

 

as of 01/31/19

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QTD YTD Expense Ratio
Gross Net
BHCHX - Baron Health Care Fund - I 9.23% 9.23% 1.71% 0.85%
Russell 3000 Health Care Index 5.97% 5.97%
S&P 500 Index 8.01% 8.01%

as of 12/31/18

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Expense Ratio
Gross Net
BHCHX - Baron Health Care Fund - I 1.71% 0.85%
Russell 3000 Health Care Index
S&P 500 Index

as of 01/31/19

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Year Baron Health Care Fund Russell 3000 Health Care Index S&P 500 Index
2018 -4.70% 4.85% -4.02%

This information is not currently available.

 
NAV $10.82
Daily Change ($) -$0.03
Daily Change (%) -0.28%
MTD 3.94%
QTD 13.54%
YTD 13.54%
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BHCHX - Baron Health Care Fund - I Russell 3000 Health Care Index S&P 500 Index
QTD 9.23% 5.97% 8.01%
YTD 9.23% 5.97% 8.01%
Expense Ratio - Gross 1.71%
Expense Ratio - Net 0.85%

*As of 01/31/19

*Annualized as of 01/31/19

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BHCHX - Baron Health Care Fund - I Russell 3000 Health Care Index S&P 500 Index
Expense Ratio - Gross 1.71%
Expense Ratio - Net 0.85%

*As of 12/31/18

*Annualized as of 01/31/19

as of 02/21/19

3 Years 5 Years 10 Years Since Inception

as of 01/31/19

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Year Baron Health Care Fund Russell 3000 Health Care Index S&P 500 Index
2018 -4.70% 4.85% -4.02%

Portfolio Characteristics

 

as of 12/31/18

Baron Health Care Fund Russell 3000 Health Care Total Return Index
Net Assets$8.02 million
# of Equity Securities / % of Net Assets43 / 89.9%
Active Share75.8%
Median Market Cap$6.63 billion$0.75 billion
Weighted Average Market Cap$46.23 billion$118.53 billion
EPS Growth (3-5 year forecast)16.6%12.2%
Price/Earnings Ratio (trailing 12-month)38.424.9
Price/Book Ratio5.13.8
Price/Sales Ratio3.22.0
Current Expense Ratio Date4/30/2018

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.

Holdings

as of 01/31/19

Open All Close All Holding Sector % of Net Assets

UnitedHealth Group Incorporated

UnitedHealth Group Incorporated (UNH) is a diversified health and well-being company with $200 billion in revenue that operates across four segments: United Healthcare, Optum Health, OptumInsight, and OptumRX. The company serves 134 million individuals in all 50 states and more than 125 countries.
At twice the size of the next largest health maintenance organization by revenue, UnitedHealth is the leading health care franchise in the U.S. We believe it should continue to see strong growth and profitability driven by positive demographic trends and its ability to manage health care costs by leveraging its size and scale, continuing its industry-leading technology investments, expanding its expertise in population health, and continuing to grow its portfolio of providers, all of which enables it to keep and effectively manage more of its health care spending in- house.

Health Care 7.1%

argenx SE

argenx SE (ARGX) is a biotech company developing antibodies for the treatment of autoimmune disorders and cancer based on the uniquely powerful immune system of llamas.
argenx's main product, ARGX-113, which treats a rare muscle weakness disorder, showed positive results in a recent clinical trial and has potentially broad applicability in ameliorating overactive antibody-based diseases. We expect the share price to increase as the company proves its products' effectiveness in multiple autoantibody disorders.

Health Care 4.5%

Bio-Techne Corporation

Bio-Techne Corporation (TECH) is a leading developer and manufacturer of life sciences tools, such as high-quality purified proteins and protein analysis tools, which are sold to biomedical researchers and clinical research laboratories.
Bio-Techne's research products are trusted by its scientist customers. The company benefits from long product cycles, which results in a compounding effect on revenues as new products are added to the existing revenue base. Bio-Techne generates high profit margins and strong free cash flow, which it uses to make acquisitions, pay dividends, or repurchase shares.

Health Care 4.2%

Vertex Pharmaceuticals Incorporated

Vertex Pharmaceuticals Incorporated (VRTX) is the leader in cystic fibrosis (CF) treatment. Vertex has three currently approved and marketed drugs, each for treatment of differing subsets of CF. These drugs represent paradigm shifts for CF patients hoping to extend their lives beyond their 30s-40s.
We believe Vertex can grow revenue and earnings in the double digits upon approval of the expanded access of its drugs into Europe. Longer term success over the next three to five years will depend on its development of a novel pipeline targeting diseases like sickle cell anemia or alpha-1 anti-trypsin disease.

Health Care 4.0%

Abbott Laboratories

Abbott Laboratories (ABT) is a global manufacturer and provider of health care products and medical devices in the areas of nutritionals, diagnostics, vascular intervention, diabetes, coronary, endovascular, and structural heart disease.
We expect Abbott to generate 6-7% organic revenue growth driven by multiple key products: 1) the Freestyle Libre glucose monitoring system for people with diabetes, 2) the MitraClip device for mitral valve regurgitation, and 3) the Alinity family of next-generation core lab systems. We think Abbott can generate mid- teens constant currency EPS growth.

Health Care 3.8%

Humana Inc.

Humana Inc. (HUM) is a diversified health and wellness company offering a broad portfolio of medical insurance and managed care products and services.
Humana is a leading player in the Medicare Advantage market, which should experience sustained growth driven by the aging population. We believe it is well-positioned to benefit from the shift toward value-based care, which rewards providers who deliver better health care outcomes at lower cost. Humana has particular expertise in managing high-cost, high-risk patients. We believe the company can take market share from state-based managed Medicaid programs. The company is also making progress in developing integrated care models, with a heavy investment in home health care.

Health Care 3.8%

Sage Therapeutics, Inc.

SAGE Therapeutics, Inc. (SAGE) is developing treatments for central nervous system disorders, focusing on depression. Lead asset SAGE-547 is being developed for post partum depression (PPD) and major depressive disorder, with initial PPD commercialization expected this year.
We believe SAGE-547 has the ability to change the paradigm in treatment of post partum depression. Confidence comes from strong Phase 2 and 3 results and the FDA's identification of SAGE-547 as a breakthrough drug. SAGE is also led by a talented CEO, Jeff Jones, who has 20+ years of experience in central nervous system-based development as a former CMO of Forest Labs. Finally, in our view, SAGE has impressive data for a major depression drug.

Health Care 3.4%

Intuitive Surgical, Inc.

Intuitive Surgical, Inc. (ISRG) manufactures and markets the da Vinci Surgical System, a robotic surgical system used for minimally invasive procedures.
We believe a large number of medical procedures that are currently performed using open surgery will in the future be performed using Intuitive Surgical’s da Vinci System. Robotic surgery is less invasive than open surgery, and patients experience less blood loss, less nerve damage, reduced pain, and faster recovery. Intuitive generates a large and growing portion of its revenue from recurring procedures. We expect the company’s revenue and earnings to grow at attractive rates as procedure volumes increase.

Health Care 3.3%

Boston Scientific Corporation

Boston Scientific Corporation (BSX) is a global developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties.
We believe Boston Scientific's organic revenue growth rate will accelerate to high single digits, driven by new product launches. We believe the company will be able to expand margins by 50-100 basis points per year and grow earnings in the double digits. We think the combination of top-tier and accelerating revenue growth and double digit earnings growth will drive attractive shareholder returns.

Health Care 3.1%

HCA Healthcare, Inc.

Health Care 3.1%

Total

40.3%

as of 12/31/18

Name Sector % of Net Assets

UnitedHealth Group Incorporated

Health Care 6.8%

argenx SE - ADR

Health Care 4.6%

Teleflex Incorporated

Health Care 4.5%

AstraZeneca PLC

Health Care 4.0%

HUMANA, INC.

Health Care 3.9%

Vertex Pharmaceuticals Incorporated

Health Care 3.9%

Abbott Laboratories

Health Care 3.6%

Bio-Techne Corporation

Health Care 3.3%

Intuitive Surgical, Inc.

Health Care 3.3%

BOSTON SCIENTIFIC CORP.

Health Care 3.2%

HCA Healthcare, Inc.

Health Care 3.1%

IDEXX Laboratories, Inc.

Health Care 3.0%

Illumina, Inc.

Health Care 3.0%

Medtronic Public Limited Company

Health Care 2.9%

Dechra Pharmaceuticals PLC

Health Care 2.2%

The Cooper Companies, Inc.

Health Care 2.1%

Intersect ENT, Inc.

Health Care 2.0%

Sage Therapeutics, Inc.

Health Care 1.9%

Mettler-Toledo International, Inc.

Health Care 1.9%

Alexandria Real Estate Equities, Inc.

Real Estate 1.9%

Acceleron Pharma Inc.

Health Care 1.8%

CareDx, Inc.

Health Care 1.8%

Eurofins Scientific SE

Health Care 1.6%

Edwards Lifesciences Corp.

Health Care 1.6%

Neurocrine Biosciences, Inc.

Health Care 1.5%

DexCom, Inc.

Health Care 1.5%

INSULET CORPORATION

Health Care 1.5%

Veeva Systems Inc. Cl - A

Health Care 1.5%

Align Technology, Inc.

Health Care 1.4%

ICON plc

Health Care 1.4%

Cantel Medical Corp.

Health Care 1.3%

Abcam plc

Health Care 1.2%

LivaNova PLC

Health Care 1.2%

Guardant Health, Inc.

Health Care 1.0%

Arrowhead Pharmaceuticals, Inc.

Health Care 0.7%

IntriCon Corporation

Health Care 0.7%

Zai Lab Limited -Adr

Health Care 0.6%

West Pharmaceutical Services, Inc.

Health Care 0.6%

Assembly Biosciences, Inc.

Health Care 0.5%

ViewRay Incorporated

Health Care 0.4%

Aerie Pharmaceuticals, Inc.

Health Care 0.4%

AxoGen, Inc.

Health Care 0.3%

HealthEquity, Inc.

Health Care 0.3%

GICS SECTOR BREAKDOWN

As of 01/31/19

As of 01/31/19

Contributors/Detractors

Quarterly as of 12/31/18

Top Contributors Average Weight Contribution
argenx SE 4.60% 0.89%
Guardant Health, Inc. 1.03% 0.32%
Zai Lab Limited 0.54% 0.08%
Abbott Laboratories 0.76% 0.06%
The Cooper Companies, Inc. 0.42% 0.05%

Quarterly as of 12/31/18

Top Detractors Average Weight Contribution
Align Technology, Inc. 1.67% -1.06%
Sage Therapeutics, Inc. 2.94% -1.04%
Bio-Techne Corporation 3.15% -0.99%
Neurocrine Biosciences, Inc. 2.01% -0.95%
Aerie Pharmaceuticals, Inc. 1.73% -0.94%

Insights & News

Documents

Prospectus 04/30/18
Summary Prospectus 04/30/18
SAI 04/30/18
XBRL Filings 05/21/18
Semi-Annual Report 06/30/18

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 investments in health care companies which are subject to a number of risks, including the adverse impact of legislative actions and government regulations. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in 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 Russell 3000® Health Care Index is an unmanaged index representative of companies involved in medical services or health care in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. 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. 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.