Prices & Performance

Prices

as of 04/20/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$74.85 -$0.11 -0.15% 1.46% 1.46% 6.22%

Performance

 

as of 03/31/18

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio
Gross Net
BARIX - Baron Asset Fund - I 4.68% 20.19% 10.93% 13.58% 10.10% 11.59% 1.04% 1.04%
Russell Midcap Growth Index 2.17% 19.74% 9.17% 13.31% 10.61% 10.13%
S&P 500 Index -0.76% 13.99% 10.78% 13.31% 9.49% 9.73%

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 9/30/2016

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 9/30/2016

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 03/31/18

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
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.

Expense ratios are as of the fiscal year ended 9/30/2016

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 $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 03/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 11.75 11.39 17.36
Sharpe Ratio 0.89 1.17 0.56
Alpha (%) 1.66 0.46 0.20
Beta 1.01 0.99 0.93
R-Squared (%) 88.52 89.25 92.60
Tracking Error (%) 3.98 3.74 4.86
Information Ratio 0.44 0.07 -0.10
Upside Capture (%) 103.20 100.07 96.57
Downside Capture (%) 90.17 97.62 97.35

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 $74.85
Daily Change ($) -$0.11
Daily Change (%) -0.15%
MTD 1.46%
QTD 1.46%
YTD 6.22%
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BARIX - Baron Asset Fund - I Russell Midcap Growth Index S&P 500 Index
YTD1 4.68% 2.17% -0.76%
1 Year 20.19% 19.74% 13.99%
3 Years 10.93% 9.17% 10.78%
5 Years 13.58% 13.31% 13.31%
10 Years 10.10% 10.61% 9.49%
Since Inception 11.59% 10.13% 9.73%
Expense Ratio - Gross 1.04%
Expense Ratio - Net 1.04%

*As of 03/31/18

*Annualized as of 03/31/18

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 9/30/2016

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 03/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 11.75 11.39 17.36
Sharpe Ratio 0.89 1.17 0.56
Alpha (%) 1.66 0.46 0.20
Beta 1.01 0.99 0.93
R-Squared (%) 88.52 89.25 92.60
Tracking Error (%) 3.98 3.74 4.86
Information Ratio 0.44 0.07 -0.10
Upside Capture (%) 103.20 100.07 96.57
Downside Capture (%) 90.17 97.62 97.35

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 03/31/18

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
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.

Expense ratios are as of the fiscal year ended 9/30/2016

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 $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 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 03/31/18

Baron Asset Fund Russell Midcap Growth Index
Net Assets$3.18 billion
# of Equity Securities / % of Net Assets57/98.8%
Turnover (3 Year Average)11.60%
Active Shares(%)85.20
Median Market Cap$11.13 billion$8.92 billion
Weighted Average Market Cap$17.30 billion$16.30 billion
Expense Ratio (as of FYE 09/17)1.04%
EPS Growth (3-5 year forecast)15.9%16.6%
Price/Earnings Ratio (trailing 12-month)32.924.9
Price/Book Ratio4.95.0
Price/Sales Ratio4.52.3

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 03/31/18

Open All Close All Holding Sector % of Net Assets

IDEXX Laboratories, Inc.

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

Health Care 6.5%

Gartner, Inc.

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

Information Technology 5.7%

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 14 resorts, including Vail and three others in Colorado; two in Utah; three in Lake Tahoe, California; Whistler Blackstone in Canada; Perisher in Australia; and Stowe in Vermont.

Consumer Discretionary 4.7%

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 4.5%

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 4.2%

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 3.6%

Guidewire Software, Inc.

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

Information Technology 3.2%

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.

Information Technology 2.7%

Arch Capital Group Ltd.

Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.

Financials 2.7%

FactSet Research Systems, Inc.

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

Financials 2.6%

Total

40.4%

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

as of 03/31/18

Name Sector % of Net Assets

IDEXX Laboratories, Inc.

Health Care 6.5%

Gartner, Inc.

Information Technology 5.7%

Vail Resorts, Inc.

Consumer Discretionary 4.7%

Mettler-Toledo International, Inc.

Health Care 4.5%

Verisk Analytics, Inc.

Industrials 4.2%

The Charles Schwab Corp.

Financials 3.6%

Guidewire Software, Inc.

Information Technology 3.2%

ANSYS, Inc.

Information Technology 2.7%

Arch Capital Group Ltd.

Financials 2.7%

FactSet Research Systems, Inc.

Financials 2.6%

SBA Communications Corp.

Real Estate 2.6%

Verisign, Inc.

Information Technology 2.4%

Illumina, Inc.

Health Care 2.4%

CoStar Group, Inc.

Industrials 2.3%

Willis Towers Watson Public Limited Company

Financials 2.2%

Roper Technologies Inc.

Industrials 2.1%

TransUnion

Industrials 2.0%

Worldpay, Inc.

Information Technology 1.9%

IDEX Corporation

Industrials 1.9%

Bio-Techne Corporation

Health Care 1.9%

Equinix, Inc.

Real Estate 1.8%

CBRE Group, Inc.

Real Estate 1.8%

West Pharmaceutical Services, Inc.

Health Care 1.7%

Booking Holdings Inc

Consumer Discretionary 1.7%

MarketAxess Holdings Inc.

Financials 1.6%

SS&C Technologies Holdings, Inc.

Information Technology 1.5%

First Republic Bank

Financials 1.4%

Teleflex Incorporated

Health Care 1.4%

FleetCor Technologies, Inc.

Information Technology 1.3%

Choice Hotels International, Inc.

Consumer Discretionary 1.3%

The Cooper Companies, Inc.

Health Care 1.2%

Hyatt Hotels Corp.

Consumer Discretionary 1.2%

Rollins, Inc.

Industrials 1.1%

T. Rowe Price Group, Inc.

Financials 1.1%

Waters Corporation

Health Care 1.0%

Expedia Group, Inc.

Consumer Discretionary 1.0%

Zillow Group, Inc. - Cl. C

Information Technology 1.0%

The Toro Company

Industrials 1.0%

Veeva Systems Inc. Cl - A

Health Care 1.0%

A.O. Smith Corporation

Industrials 1.0%

BWX Technologies, Inc.

Industrials 1.0%

GCI lLiberty, Inc.-Cl - A

Consumer Discretionary 0.9%

The Ultimate Software Group, Inc.

Information Technology 0.9%

Tiffany & Co.

Consumer Discretionary 0.8%

Westinghouse Air Brake Technologies Corporation

Industrials 0.8%

CDW Corporation

Information Technology 0.8%

MAXIMUS, Inc.

Information Technology 0.8%

Align Technology, Inc.

Health Care 0.7%

Alexander's, Inc.

Real Estate 0.7%

Sage Therapeutics, Inc.

Health Care 0.5%

Zillow Group, Inc. - Cl. A

Information Technology 0.5%

WABCO Holdings Inc.

Industrials 0.4%

Fastenal Co.

Industrials 0.4%

The Middleby Corp.

Industrials 0.4%

Concho Resources, Inc.

Energy 0.4%

CarMax, Inc.

Consumer Discretionary 0.3%

Wix.com Ltd.

Information Technology 0.3%

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 03/31/18

As of 03/31/18

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

Contributors/Detractors

Quarterly as of 03/31/18

Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 6.34% 1.23%
CoStar Group, Inc. 2.14% 0.42%
SS&C Technologies Holdings, Inc. 1.41% 0.39%
Zillow Group, Inc. 1.32% 0.36%
Verisk Analytics, Inc. 4.03% 0.33%

Quarterly as of 03/31/18

Top Detractors Average Weight Contribution
Mettler-Toledo International, Inc. 4.89% -0.36%
Gartner, Inc. 6.02% -0.27%
West Pharmaceutical Services, Inc. 1.78% -0.20%
Arch Capital Group Ltd. 2.94% -0.17%
Equinix, Inc. 1.85% -0.16%

Source: FactSet PA.

Insights & News

Documents

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.

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. 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.