Prices & Performance

Prices

as of 11/19/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$72.57 -$2.10 -2.81% -1.71% -10.88% 6.47%

Performance

 

as of 10/31/18

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BARAX - Baron Asset Fund -9.33% 8.32% 8.42% 12.97% 11.04% 13.54% 11.40% 1.31% 1.31%
Russell Midcap Growth Index -9.90% 2.16% 6.14% 10.39% 10.10% 15.10% 9.94%
S&P 500 Index -6.84% 3.01% 7.35% 11.52% 11.34% 13.24% 9.67%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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 09/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BARAX - Baron Asset Fund 8.05% 19.47% 23.11% 18.76% 14.14% 12.17% 11.78% 1.31% 1.31%
Russell Midcap Growth Index 7.57% 13.38% 21.10% 16.65% 13.00% 13.46% 10.33%
S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 9.94%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Expense ratios are as of the fiscal year ended 9/30/2017

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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 10/31/18

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
2017 26.13% 25.27% 21.83%
2016 6.23% 7.33% 11.96%
2015 -0.08% -0.20% 1.38%
2014 9.48% 11.90% 13.69%
2013 38.88% 35.74% 32.39%
2012 15.31% 15.81% 16.00%
2011 -2.94% -1.65% 2.11%
2010 21.29% 26.38% 15.06%
2009 31.70% 46.29% 26.46%
2008 -40.75% -44.32% -37.00%
2007 10.13% 11.43% 5.49%
2006 14.64% 10.66% 15.79%
2005 12.47% 12.10% 4.91%
2004 27.13% 15.48% 10.88%
2003 27.34% 42.71% 28.68%
2002 -19.99% -27.41% -22.06%
2001 -10.12% -20.15% -11.93%
2000 0.36% -11.75% -9.10%
1999 16.28% 51.29% 21.04%
1998 4.27% 17.86% 28.58%
1997 33.89% 22.54% 33.36%
1996 21.96% 17.48% 22.96%
1995 35.28% 33.98% 37.58%
1994 7.42% -2.16% 1.32%
1993 23.48% 11.19% 10.08%
1992 13.90% 8.71% 7.62%
1991 34.00% 47.03% 30.47%
1990 -18.49% -5.13% -3.10%
1989 24.97% 31.48% 31.68%
1988 34.42% 12.93% 16.59%
1987 2.98% -18.81% -16.66%

1Not annualized.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Expense ratios are as of the fiscal year ended 9/30/2017

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $4.941 $4.941 $69.18 26.13%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $2.804 $2.804 $58.48 6.23%
06/27/2016 06/28/2016 06/29/2016 $0.000 $0.000 $0.000 $0.020 $0.020 $55.64 6.23%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $6.574 $6.574 $57.26 -0.08%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $4.166 $4.166 $62.98 9.48%
11/25/2013 11/26/2013 11/27/2013 $0.000 $0.000 $0.087 $5.514 $5.601 $59.89 38.88%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.000 $3.757 $3.757 $48.09 15.31%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $7.767 $7.767 $44.66 -2.94%
12/13/2010 12/14/2010 12/15/2010 $0.000 $0.000 $0.000 $0.772 $0.772 $54.81 21.29%
05/27/2009 05/28/2009 05/29/2009 $0.000 $0.000 $0.000 $0.572 $0.572 $36.92 31.70%
12/19/2008 12/22/2008 12/23/2008 $0.000 $0.000 $0.000 $2.048 $2.048 $33.90 -40.75%
12/19/2007 12/20/2007 12/21/2007 $0.000 $0.000 $0.000 $2.078 $2.078 $63.49 10.13%
11/17/2006 11/20/2006 11/21/2006 $0.000 $0.000 $0.000 $4.684 $4.684 $59.24 14.64%
11/21/2005 11/22/2005 11/23/2005 $0.000 $0.000 $0.000 $2.810 $2.810 $56.97 12.47%
11/22/2004 11/23/2004 11/24/2004 $0.000 $0.000 $0.000 $2.993 $2.993 $49.13 27.13%
11/20/2002 11/21/2002 11/22/2002 $0.000 $0.000 $0.000 $1.177 $1.177 $35.09 -19.99%
11/14/2001 11/15/2001 11/16/2001 $0.000 $0.000 $0.000 $4.067 $4.067 $40.85 -10.12%
11/15/2000 11/16/2000 11/17/2000 $0.000 $0.000 $0.000 $4.614 $4.614 $54.69 0.36%
12/27/1998 12/28/1998 12/29/1998 $0.041 $0.000 $0.000 $0.000 $0.041 $50.81 4.27%
12/26/1996 12/27/1996 12/30/1996 $0.000 $0.000 $0.000 $0.039 $0.039 $35.66 21.96%
12/26/1995 12/27/1995 12/28/1995 $0.000 $0.000 $0.000 $0.034 $0.034 $29.24 35.28%
12/27/1994 12/28/1994 12/29/1994 $0.000 $0.000 $0.000 $0.656 $0.656 $21.67 7.42%
12/27/1993 12/28/1993 12/29/1993 $0.318 $0.000 $0.000 $0.456 $0.774 $20.85 23.48%
12/28/1992 12/29/1992 12/30/1992 $0.000 $0.000 $0.000 $0.162 $0.162 $17.49 13.90%
12/29/1991 12/30/1991 12/31/1991 $0.000 $0.000 $0.035 $0.000 $0.035 $15.60 34.00%
12/27/1990 12/28/1990 12/29/1990 $0.198 $0.000 $0.000 $0.000 $0.198 $11.67 -18.49%
12/27/1989 12/28/1989 12/29/1989 $0.155 $0.000 $1.174 $0.080 $1.409 $14.51 24.97%
12/27/1988 12/28/1988 12/29/1988 $0.048 $0.000 $0.619 $0.034 $0.701 $12.77 34.42%
12/21/1987 12/22/1987 12/23/1987 $0.026 $0.000 $0.171 $0.000 $0.197 $10.06 2.98%

Performance Characteristics

as of 09/30/18

3 Years 5 Years 10 Years
Standard Deviation (%) 10.72 11.25 16.83
Sharpe Ratio 1.68 1.21 0.70
Alpha (%) 2.37 1.18 -0.76
Beta 0.97 0.99 0.97
R-Squared (%) 86.41 88.99 93.82
Tracking Error (%) 3.96 3.73 4.21
Information Ratio 0.53 0.30 -0.31
Upside Capture (%) 102.61 103.97 97.33
Downside Capture (%) 81.21 98.16 102.48

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Asset Fund's(BARAX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $72.57
Daily Change ($) -$2.10
Daily Change (%) -2.81%
MTD -1.71%
QTD -10.88%
YTD 6.47%
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BARAX - Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
QTD1 -9.33% -9.90% -6.84%
YTD1 8.32% 2.16% 3.01%
1 Year 8.42% 6.14% 7.35%
3 Years 12.97% 10.39% 11.52%
5 Years 11.04% 10.10% 11.34%
10 Years 13.54% 15.10% 13.24%
Since Inception 11.40% 9.94% 9.67%
Expense Ratio2 - Gross 1.31%
Expense Ratio2 - Net 1.31%

*As of 10/31/18

*Annualized as of 10/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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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BARAX - Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
QTD1 8.05% 7.57% 7.71%
YTD1 19.47% 13.38% 10.56%
1 Year 23.11% 21.10% 17.91%
3 Years 18.76% 16.65% 17.31%
5 Years 14.14% 13.00% 13.95%
10 Years 12.17% 13.46% 11.97%
Since Inception 11.78% 10.33% 9.94%
Expense Ratio2 - Gross 1.31%
Expense Ratio2 - Net 1.31%

*As of 09/30/18

*Annualized as of 10/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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 09/30/18

3 Years 5 Years 10 Years
Standard Deviation (%) 10.72 11.25 16.83
Sharpe Ratio 1.68 1.21 0.70
Alpha (%) 2.37 1.18 -0.76
Beta 0.97 0.99 0.97
R-Squared (%) 86.41 88.99 93.82
Tracking Error (%) 3.96 3.73 4.21
Information Ratio 0.53 0.30 -0.31
Upside Capture (%) 102.61 103.97 97.33
Downside Capture (%) 81.21 98.16 102.48

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Asset Fund's(BARAX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 10/31/18

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
2017 26.13% 25.27% 21.83%
2016 6.23% 7.33% 11.96%
2015 -0.08% -0.20% 1.38%
2014 9.48% 11.90% 13.69%
2013 38.88% 35.74% 32.39%
2012 15.31% 15.81% 16.00%
2011 -2.94% -1.65% 2.11%
2010 21.29% 26.38% 15.06%
2009 31.70% 46.29% 26.46%
2008 -40.75% -44.32% -37.00%
2007 10.13% 11.43% 5.49%
2006 14.64% 10.66% 15.79%
2005 12.47% 12.10% 4.91%
2004 27.13% 15.48% 10.88%
2003 27.34% 42.71% 28.68%
2002 -19.99% -27.41% -22.06%
2001 -10.12% -20.15% -11.93%
2000 0.36% -11.75% -9.10%
1999 16.28% 51.29% 21.04%
1998 4.27% 17.86% 28.58%
1997 33.89% 22.54% 33.36%
1996 21.96% 17.48% 22.96%
1995 35.28% 33.98% 37.58%
1994 7.42% -2.16% 1.32%
1993 23.48% 11.19% 10.08%
1992 13.90% 8.71% 7.62%
1991 34.00% 47.03% 30.47%
1990 -18.49% -5.13% -3.10%
1989 24.97% 31.48% 31.68%
1988 34.42% 12.93% 16.59%
1987 2.98% -18.81% -16.66%

1Not annualized.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Expense ratios are as of the fiscal year ended 9/30/2017

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

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.

Select Year
Record Date 11/27/2017 11/28/2016 06/27/2016 12/02/2015 12/01/2014 11/25/2013 11/28/2012 11/28/2011 12/13/2010 05/27/2009 12/19/2008 12/19/2007 11/17/2006 11/21/2005 11/22/2004 11/20/2002 11/14/2001 11/15/2000 12/27/1998 12/26/1996 12/26/1995 12/27/1994 12/27/1993 12/28/1992 12/29/1991 12/27/1990 12/27/1989 12/27/1988 12/21/1987
Ex Date 11/28/2017 11/29/2016 06/28/2016 12/03/2015 12/02/2014 11/26/2013 11/29/2012 11/29/2011 12/14/2010 05/28/2009 12/22/2008 12/20/2007 11/20/2006 11/22/2005 11/23/2004 11/21/2002 11/15/2001 11/16/2000 12/28/1998 12/27/1996 12/27/1995 12/28/1994 12/28/1993 12/29/1992 12/30/1991 12/28/1990 12/28/1989 12/28/1988 12/22/1987
Payable Date 11/29/2017 11/30/2016 06/29/2016 12/04/2015 12/03/2014 11/27/2013 11/30/2012 11/30/2011 12/15/2010 05/29/2009 12/23/2008 12/21/2007 11/21/2006 11/23/2005 11/24/2004 11/22/2002 11/16/2001 11/17/2000 12/29/1998 12/30/1996 12/28/1995 12/29/1994 12/29/1993 12/30/1992 12/31/1991 12/29/1990 12/29/1989 12/29/1988 12/23/1987
Income $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.041 $0.000 $0.000 $0.000 $0.318 $0.000 $0.000 $0.198 $0.155 $0.048 $0.026
Return of Capital $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.087 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.035 $0.000 $1.174 $0.619 $0.171
Long-Term Capital Gain $4.941 $2.804 $0.020 $6.574 $4.166 $5.514 $3.757 $7.767 $0.772 $0.572 $2.048 $2.078 $4.684 $2.810 $2.993 $1.177 $4.067 $4.614 $0.000 $0.039 $0.034 $0.656 $0.456 $0.162 $0.000 $0.000 $0.080 $0.034 $0.000
Total $4.941 $2.804 $0.020 $6.574 $4.166 $5.601 $3.757 $7.767 $0.772 $0.572 $2.048 $2.078 $4.684 $2.810 $2.993 $1.177 $4.067 $4.614 $0.041 $0.039 $0.034 $0.656 $0.774 $0.162 $0.035 $0.198 $1.409 $0.701 $0.197
Re-Invest NAV $69.18 $58.48 $55.64 $57.26 $62.98 $59.89 $48.09 $44.66 $54.81 $36.92 $33.90 $63.49 $59.24 $56.97 $49.13 $35.09 $40.85 $54.69 $50.81 $35.66 $29.24 $21.67 $20.85 $17.49 $15.60 $11.67 $14.51 $12.77 $10.06
Calendar-Yr Return 26.13% 6.23% 6.23% -0.08% 9.48% 38.88% 15.31% -2.94% 21.29% 31.70% -40.75% 10.13% 14.64% 12.47% 27.13% -19.99% -10.12% 0.36% 4.27% 21.96% 35.28% 7.42% 23.48% 13.90% 34.00% -18.49% 24.97% 34.42% 2.98%

Portfolio Characteristics

 

as of 09/30/18

Baron Asset Fund Russell Midcap Growth Index
Net Assets$3.65 billion
# of Equity Securities / % of Net Assets58 / 97.6%
Turnover (3 Year Average)10.92%
Active Share85.2%
Median Market Cap$13.62 billion$8.99 billion
Weighted Average Market Cap$18.98 billion$16.83 billion
EPS Growth (3-5 year forecast)17.6%17.6%
Price/Earnings Ratio (trailing 12-month)34.425.0
Price/Book Ratio5.25.7
Price/Sales Ratio5.02.5
Current Expense Ratio Date9/30/2017

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 10/31/18

Open All Close All Holding Sector % of Net Assets

Gartner, Inc.

Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.

Information Technology 6.8%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.

Health Care 6.3%

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 15 resorts across Colorado, Utah, Lake Tahoe, Whistler Blackstone in Canada, Perisher in Australia and Stowe in Vermont. It is in the process of closing on three other ski resorts in Vermont, New Hampshire, and Colorado.

Consumer Discretionary 4.9%

Verisk Analytics, Inc.

Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, financial services, and energy industries. Verisk enables these businesses to better understand and manage their risks and optimize their decision-making processes.

Industrials 4.5%

Mettler-Toledo International, Inc.

Mettler-Toledo International, Inc. (MTD) is the world’s largest provider of weighing instruments for use in laboratory, industrial, and food retailing applications.

Health Care 3.9%

Guidewire Software, Inc.

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.

Information Technology 3.4%

The Charles Schwab Corp.

The Charles Schwab Corp. (SCHW) is a discount brokerage firm offering securities brokerage and other financial services to individual investors directly and through independent financial advisors.

Financials 3.0%

Illumina, Inc.

Illumina, Inc. (ILMN) is the recognized leader in next-generation DNA sequencing platforms.

Health Care 2.8%

Verisign, Inc.

Verisign, Inc. (VRSN) provides internet infrastructure services worldwide. It offers registry services that operate the authoritative directory of .com, .net, .cc, .tv, and .name domain names, as well as the back-end systems for various .gov, .jobs, and .edu domain names.

Information Technology 2.7%

FactSet Research Systems, Inc.

FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.

Financials 2.7%

Total

41.0%

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.

as of 09/30/18

Name Sector % of Net Assets

IDEXX Laboratories, Inc.

Health Care 6.7%

Gartner, Inc.

Information Technology 6.7%

Vail Resorts, Inc.

Consumer Discretionary 4.8%

Verisk Analytics, Inc.

Industrials 4.1%

Mettler-Toledo International, Inc.

Health Care 3.9%

Guidewire Software, Inc.

Information Technology 3.5%

Illumina, Inc.

Health Care 3.0%

The Charles Schwab Corp.

Financials 2.9%

Verisign, Inc.

Information Technology 2.8%

ANSYS, Inc.

Information Technology 2.8%

FactSet Research Systems, Inc.

Financials 2.5%

TransUnion

Industrials 2.4%

CoStar Group, Inc.

Industrials 2.3%

Bio-Techne Corporation

Health Care 2.2%

Worldpay, Inc.

Information Technology 2.1%

SBA Communications Corp.

Real Estate 2.0%

West Pharmaceutical Services, Inc.

Health Care 2.0%

Arch Capital Group Ltd.

Financials 2.0%

Roper Technologies Inc.

Industrials 1.9%

IDEX Corporation

Industrials 1.8%

Equinix, Inc.

Real Estate 1.5%

SS&C Technologies Holdings, Inc.

Information Technology 1.5%

Teleflex Incorporated

Health Care 1.5%

Willis Towers Watson Public Limited Company

Financials 1.4%

Booking Holdings Inc

Consumer Discretionary 1.4%

Veeva Systems Inc. Cl - A

Health Care 1.3%

CBRE Group, Inc.

Real Estate 1.3%

Choice Hotels International, Inc.

Consumer Discretionary 1.2%

The Cooper Companies, Inc.

Health Care 1.2%

First Republic Bank

Financials 1.2%

FleetCor Technologies, Inc.

Information Technology 1.2%

Wix.com Ltd.

Information Technology 1.2%

Ceridian HCM Holding Inc.

Information Technology 1.1%

Hyatt Hotels Corp.

Consumer Discretionary 1.1%

Rollins, Inc.

Industrials 1.1%

MarketAxess Holdings Inc.

Financials 1.1%

T. Rowe Price Group, Inc.

Financials 1.0%

The Ultimate Software Group, Inc.

Information Technology 1.0%

Expedia Group, Inc.

Consumer Discretionary 1.0%

Tiffany & Co.

Consumer Discretionary 0.9%

The Toro Company

Industrials 0.9%

Align Technology, Inc.

Health Care 0.9%

BWX Technologies, Inc.

Industrials 0.9%

CDW Corporation

Information Technology 0.8%

A.O. Smith Corporation

Industrials 0.8%

Liberty Broadband Corporation - Cl C

Communication Services 0.8%

Westinghouse Air Brake Technologies Corporation

Industrials 0.8%

Waters Corporation

Health Care 0.7%

Sage Therapeutics, Inc.

Health Care 0.7%

MAXIMUS, Inc.

Information Technology 0.7%

Zillow Group, Inc. - Cl. C

Communication Services 0.7%

IAC/InterActiveCorp

Communication Services 0.5%

Alexander's, Inc.

Real Estate 0.5%

Fastenal Co.

Industrials 0.4%

CarMax, Inc.

Consumer Discretionary 0.4%

Concho Resources, Inc.

Energy 0.3%

Zillow Group, Inc. - Cl. A

Communication Services 0.2%

Elanco Animal Health Incorporated

Health Care 0.0%

Windy City Investments Holdings, L.L.C.

Financials 0.0%

Windy City Investments Holdings, L.L.C.-2

Financials 0.0%

GICS SECTOR BREAKDOWN

As of 10/31/18

As of 10/31/18

Colors of Sub-Industry bars correspond to the GICS sector chart.

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
Gartner, Inc. 6.29% 1.14%
IDEXX Laboratories, Inc. 6.86% 1.01%
Illumina, Inc. 2.86% 0.80%
Bio-Techne Corporation 1.98% 0.65%
Verisk Analytics, Inc. 4.07% 0.48%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Zillow Group, Inc. 1.16% -0.34%
The Stars Group Inc. 0.36% -0.21%
MarketAxess Holdings Inc. 1.27% -0.12%
The Charles Schwab Corp. 3.07% -0.11%
CBRE Group, Inc. 1.51% -0.11%

Source: FactSet PA.

Insights & News

Documents

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: Securities issued by medium sized companies may be thinly traded and may be 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.

Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher.

Prior to February 15, 2007, the Fund's strategy was to invest primarily in small and mid-sized growth companies. Since then, the Fund's investment strategy has shifted to mid-sized companies.

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.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell Midcap® Growth Index measures the performance of medium-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. 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 (Russell Midcap Growth) is 1.00 by definition. R-Squared : measures how closely a fund’s performance correlates to the performance of the benchmark index (Russell Midcap Growth 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 (Russell Midcap Growth Index). 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 (Russell Midcap Growth 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 (Russell Midcap Growth Index) are greater than zero. Downside Capture : explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are less than zero. EPS Growth Rate (3-5 year forecast) : 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 observations on the aggregate calculation by weighting them based on their size in the fund. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation. 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.

The prospective performance of the companies discussed herein is based on our internal analysis and reflect our opinions only. We cannot promise future returns and our opinions are a reflection of our best judgment at the time of publication. Our views are not intended as recommendations or investment advice to any person and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investing in the stock market is always risky. Current and future portfolio holdings in the Baron Funds are subject to risk.

Historical Performance for the year 1987 is annualized for the period from inception on 6/12/1987 through 12/31/1987.

Top Ten Holdings, Portfolio Holdings, and Sector Breakdown based on net assets. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

Distributions prior to 5/29/2009 were for the Retail Share class only.