Prices & Performance

Prices

as of 05/24/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$82.77 $0.31 0.38% -1.51% 3.67% 24.82%

Performance

 

as of 04/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BARIX - Baron Asset Fund - I 5.26% 26.74% 21.17% 20.17% 13.80% 16.38% 11.85% 1.04% 1.04%
Russell Midcap Growth Index 4.50% 25.00% 17.64% 16.78% 12.20% 16.56% 10.30%
S&P 500 Index 4.05% 18.25% 13.49% 14.87% 11.63% 15.32% 9.83%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 03/31/19

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BARIX - Baron Asset Fund - I 20.40% 15.17% 18.15% 12.16% 17.51% 11.70% 1.04% 1.04%
Russell Midcap Growth Index 19.62% 11.51% 15.06% 10.89% 17.60% 10.18%
S&P 500 Index 13.65% 9.50% 13.51% 10.91% 15.92% 9.72%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 04/30/19

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
2018 0.14% -4.75% -4.38%
2017 26.49% 25.27% 21.83%
2016 6.51% 7.33% 11.96%
2015 0.20% -0.20% 1.38%
2014 9.77% 11.90% 13.69%
2013 39.25% 35.74% 32.39%
2012 15.63% 15.81% 16.00%
2011 -2.68% -1.65% 2.11%
2010 21.66% 26.38% 15.06%
2009 31.85% 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.

2Expense ratios are as of the fiscal year ended 9/30/2018

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
11/28/2018 11/29/2018 11/30/2018 $0.000 $0.000 $0.000 $4.732 $4.732 $73.73 0.14%
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $4.941 $4.941 $71.52 26.49%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $2.804 $2.804 $60.15 6.51%
06/27/2016 06/28/2016 06/29/2016 $0.000 $0.000 $0.000 $0.020 $0.020 $57.09 6.51%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $6.574 $6.574 $58.66 0.20%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $4.166 $4.166 $64.19 9.77%
11/25/2013 11/26/2013 11/27/2013 $0.000 $0.000 $0.087 $5.514 $5.601 $60.81 39.25%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.000 $3.757 $3.757 $48.63 15.63%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $7.767 $7.767 $45.00 -2.68%
12/13/2010 12/14/2010 12/15/2010 $0.000 $0.000 $0.000 $0.772 $0.772 $55.03 21.66%
05/27/2009 05/28/2009 05/29/2009 $0.000 $0.000 $0.000 $0.572 $0.572 $36.92 31.85%
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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 13.55 13.49 15.10
Sharpe Ratio 1.25 0.85 1.13
Alpha (%) 3.25 1.51 0.58
Beta 0.97 0.97 0.96
R-Squared (%) 90.23 91.34 93.52
Tracking Error (%) 4.26 3.99 3.89
Information Ratio 0.73 0.32 -0.03
Upside Capture (%) 107.25 103.37 98.91
Downside Capture (%) 90.28 96.86 98.27

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 $82.77
Daily Change ($) $0.31
Daily Change (%) 0.38%
MTD -1.51%
QTD 3.67%
YTD 24.82%
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BARIX - Baron Asset Fund - I Russell Midcap Growth Index S&P 500 Index
QTD1 5.26% 4.50% 4.05%
YTD1 26.74% 25.00% 18.25%
1 Year 21.17% 17.64% 13.49%
3 Years 20.17% 16.78% 14.87%
5 Years 13.80% 12.20% 11.63%
10 Years 16.38% 16.56% 15.32%
Since Inception 11.85% 10.30% 9.83%
Expense Ratio2 - Gross 1.04%
Expense Ratio2 - Net 1.04%

*As of 04/30/19

*Annualized as of 04/30/19

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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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BARIX - Baron Asset Fund - I Russell Midcap Growth Index S&P 500 Index
YTD1 20.40% 19.62% 13.65%
1 Year 15.17% 11.51% 9.50%
3 Years 18.15% 15.06% 13.51%
5 Years 12.16% 10.89% 10.91%
10 Years 17.51% 17.60% 15.92%
Since Inception 11.70% 10.18% 9.72%
Expense Ratio2 - Gross 1.04%
Expense Ratio2 - Net 1.04%

*As of 03/31/19

*Annualized as of 04/30/19

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 13.55 13.49 15.10
Sharpe Ratio 1.25 0.85 1.13
Alpha (%) 3.25 1.51 0.58
Beta 0.97 0.97 0.96
R-Squared (%) 90.23 91.34 93.52
Tracking Error (%) 4.26 3.99 3.89
Information Ratio 0.73 0.32 -0.03
Upside Capture (%) 107.25 103.37 98.91
Downside Capture (%) 90.28 96.86 98.27

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 04/30/19

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
2018 0.14% -4.75% -4.38%
2017 26.49% 25.27% 21.83%
2016 6.51% 7.33% 11.96%
2015 0.20% -0.20% 1.38%
2014 9.77% 11.90% 13.69%
2013 39.25% 35.74% 32.39%
2012 15.63% 15.81% 16.00%
2011 -2.68% -1.65% 2.11%
2010 21.66% 26.38% 15.06%
2009 31.85% 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.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 11/28/2018 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 11/29/2018 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 11/30/2018 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 $0.000 $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 $0.000
Short-Term Capital Gain $0.000 $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 $4.732 $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 $4.732 $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 $73.73 $71.52 $60.15 $57.09 $58.66 $64.19 $60.81 $48.63 $45.00 $55.03 $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 0.14% 26.49% 6.51% 6.51% 0.20% 9.77% 39.25% 15.63% -2.68% 21.66% 31.85% -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 03/31/19

Baron Asset Fund Russell Midcap Growth Index
Net Assets$4.02 billion
# of Equity Securities / % of Net Assets60 / 97.5%
Turnover (3 Year Average)8.82%
Active Share84.7%
Median Market Cap$13.62 billion$8.72 billion
Weighted Average Market Cap$18.07 billion$17.44 billion
EPS Growth (3-5 year forecast)17.8%16.4%
Price/Earnings Ratio (trailing 12-month)31.622.7
Price/Book Ratio5.25.4
Price/Sales Ratio4.92.4
Current Expense Ratio Date9/30/2018

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 04/30/19

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.
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 management can improve results with its recent acquisition of CEB, accelerating growth towards 15%+ over the next three years.

Information Technology 5.8%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
IDEXX has continued to benefit from secular growth spending on pets, due to a growing human-animal bond, favorable demographics, increased use of diagnostics, and enhanced focus on preventative care. We think IDEXX has the best menu of diagnostics, which it has continuously improved by spending six times more on R&D annually than all its competitors combined. The company's products are sold via a razor/razorblade model, which creates high retention rates and incremental margins. IDEXX generates strong cash flow, which it has returned to shareholders via repurchases.

Health Care 5.4%

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.
Mettler has a track record of consistent growth. The company has strong brand recognition, customer diversification, pricing power, and margin expansion opportunities. We think the business has attractive financial characteristics, including high returns on capital, minimal capital requirements, and strong free cash flow generation. The company uses all of its free cash flow to repurchase its stock. We believe the management team is an excellent steward of capital and skilled at developing sales and marketing initiatives to enhance growth.

Health Care 4.4%

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.
We think Verisk has a unique competitive position. The company is investing to expand its product set in Insurance, Financials, and Energy, creating a path to sustained high single-digit organic growth. Verisk generates robust margins, which we believe can grow modestly over time with scale, excluding the impact of any future M&A. Verisk has been generating significant levels of free cash flow, which it has been using to repurchase stock and make acquisitions.

Industrials 4.4%

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 expand the total addressable market, and growing demand for cloud deployments could increase prices by two to three times.

Information Technology 3.5%

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 20 resorts in the U.S., Canada, and Australia, including Vail and Breckenridge in Colorado, Whistler Blackcomb in Canada, and Stowe in Vermont. Its RockResorts brand offers luxury ski lodging properties.
Most of Vail's revenues come from its ski resorts. The company has been upgrading its properties to offer new and higher quality services and amenities and summer recreational activities, which we believe should help attract more visitors and allow it to continue to raise lift ticket prices. Vail is also focused on increasing season-pass sales and has been acquiring resorts to enhance the attractiveness of its multi-resort season pass. The company generates strong free cash flow that it is using for increased dividends, debt reduction, and share buybacks.

Consumer Discretionary 3.5%

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.
Verisign is a defensive business with high barriers to entry, resulting from its contract with Internet Corporation for Assigned Names and Numbers, where it provides registry for .com domains globally. We believe the company should benefit from global expansion of .com and additional domain names. We think shareholders will benefit from substantial return of capital through buybacks made possible by Verisign's significant free cash flow generation capability over the next several years.

Information Technology 3.3%

FactSet Research Systems, Inc.

FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
FactSet serves only a small part of the addressable market, which we estimate is roughly $20 billion annually. The company has been taking market share and offering broader data sets and more advanced portfolio analytics than its competitors, and has a highly regarded customer service model. FactSet has also been expanding into the fixed income and wealth management markets. Its products are sticky, leading to retention rates of over 95% and high visibility. FactSet generates robust free cash flow, which it has returned to shareholders via share repurchases and dividends.

Financials 2.9%

ANSYS, Inc.

ANSYS, Inc. (ANSS) is the market leader in simulation- driven product development. Engineers use its simulation software to test the effects of real-world forces on a design without a physical model.
ANSYS's software allows engineers to test a broad range of designs, enabling lower development costs, reduced time to market, and optimized products. The company has high recurring revenue and customer retention rates in excess of 95%. It generates high margins due to the scalability of its software and significant levels of free cash flow, which it has reinvested in R&D and niche acquisitions. The company has also increased the pace of its share repurchases and has a strong long-term opportunity and an attractive valuation, in our view.

Information Technology 2.8%

CoStar Group, Inc.

CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
CoStar has built a proprietary database through primary and data collection research over a 20-year period, creating high barriers to entry. We think CoStar suite should grow at mid-teens rates, and we believe that the new Loopnet marketing platform can grow even faster. The Apartments.com platform has emerged as the dominant multifamily ILS and should revenue in excess of 20%. The company is starting to expand into Europe, creating additional greenfield opportunities that should offer high margin growth. Costar's balance sheet and cash generation creates M&A optionality.

Industrials 2.6%

Total

38.6%

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

as of 03/31/19

Name Sector % of Net Assets

Gartner, Inc.

Information Technology 5.8%

IDEXX Laboratories, Inc.

Health Care 5.4%

Mettler-Toledo International, Inc.

Health Care 4.5%

Verisk Analytics, Inc.

Industrials 4.4%

Vail Resorts, Inc.

Consumer Discretionary 3.5%

Guidewire Software, Inc.

Information Technology 3.4%

Verisign, Inc.

Information Technology 3.2%

ANSYS, Inc.

Information Technology 2.8%

FactSet Research Systems, Inc.

Financials 2.7%

SBA Communications Corp.

Real Estate 2.5%

CoStar Group, Inc.

Industrials 2.5%

The Charles Schwab Corp.

Financials 2.3%

TransUnion

Industrials 2.3%

Worldpay, Inc.

Information Technology 2.3%

Illumina, Inc.

Health Care 2.3%

Roper Technologies Inc.

Industrials 2.2%

Bio-Techne Corporation

Health Care 2.1%

Arch Capital Group Ltd.

Financials 1.9%

SS&C Technologies Holdings, Inc.

Information Technology 1.7%

IDEX Corporation

Industrials 1.7%

Willis Towers Watson Public Limited Company

Financials 1.7%

MarketAxess Holdings Inc.

Financials 1.6%

Ceridian HCM Holding Inc.

Information Technology 1.6%

West Pharmaceutical Services, Inc.

Health Care 1.6%

The Cooper Companies, Inc.

Health Care 1.6%

CBRE Group, Inc.

Real Estate 1.5%

Equinix, Inc.

Real Estate 1.5%

Teleflex Incorporated

Health Care 1.5%

Veeva Systems Inc. Cl - A

Health Care 1.5%

Wix.com Ltd.

Information Technology 1.4%

First Republic Bank

Financials 1.3%

FleetCor Technologies, Inc.

Information Technology 1.3%

Tiffany & Co.

Consumer Discretionary 1.1%

Choice Hotels International, Inc.

Consumer Discretionary 1.1%

Booking Holdings Inc

Consumer Discretionary 1.1%

Rollins, Inc.

Industrials 1.1%

The Toro Company

Industrials 1.0%

Liberty Broadband Corporation - Cl C

Communication Services 1.0%

CDW Corporation

Information Technology 1.0%

Hyatt Hotels Corp.

Consumer Discretionary 1.0%

Expedia Group, Inc.

Consumer Discretionary 0.9%

Aspen Technology, Inc.

Information Technology 0.9%

Sage Therapeutics, Inc.

Health Care 0.9%

IAC/InterActiveCorp

Communication Services 0.9%

A.O. Smith Corporation

Industrials 0.8%

T. Rowe Price Group, Inc.

Financials 0.8%

Waters Corporation

Health Care 0.7%

Align Technology, Inc.

Health Care 0.7%

Zillow Group, Inc. - Cl. C

Communication Services 0.7%

BWX Technologies, Inc.

Industrials 0.7%

The Ultimate Software Group, Inc.

Information Technology 0.6%

Alexander's, Inc.

Real Estate 0.5%

ANGI Homeservices, Inc. - A shares

Communication Services 0.5%

MAXIMUS, Inc.

Information Technology 0.5%

Fastenal Co.

Industrials 0.4%

Westinghouse Air Brake Technologies Corporation

Industrials 0.4%

DexCom, Inc.

Health Care 0.3%

The Trade Desk

Information Technology 0.3%

Elanco Animal Health Incorporated

Health Care 0.0%

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

Financials 0.0%

Windy City Investments Holdings, L.L.C.

Financials 0.0%

GICS SECTOR BREAKDOWN

As of 04/30/19

As of 04/30/19

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

Contributors/Detractors

Quarterly as of 03/31/19

Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 5.82% 1.18%
Mettler-Toledo International, Inc. 4.41% 1.15%
Gartner, Inc. 6.15% 1.13%
Verisk Analytics, Inc. 4.31% 0.94%
Worldpay, Inc. 2.02% 0.88%

Quarterly as of 03/31/19

Top Detractors Average Weight Contribution
ANGI Homeservices Inc. 0.31% -0.04%
DexCom, Inc. 0.03% -0.03%
CarMax, Inc. 0.11% -0.02%
The Trade Desk 0.05% -0.01%

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.