Prices & Performance: Baron Asset Fund (BARUX)

Prices

as of 03/18/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$108.66 $0.51 0.47% 0.64% 4.52% 4.52%

Performance

as of 12/31/23

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1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BARUX - Baron Asset Fund - R6 17.34% -0.22% 12.82% 10.49% 11.37% 1.05% 1.05%
Russell Midcap Growth Index 25.87% 1.31% 13.81% 10.57% 10.20%
S&P 500 Index 26.29% 10.00% 15.69% 12.03% 10.20%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have 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.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Performance Characteristics: BARUX

as of 12/31/23

3 Years 5 Years 10 Years
Standard Deviation (%) 21.23 21.30 17.64
Sharpe Ratio -0.12 0.51 0.52
Alpha (%) -1.38 0.01 0.49
Beta 0.96 0.93 0.95
R-Squared (%) 93.35 94.50 93.64
Tracking Error (%) 5.54 5.24 4.55
Information Ratio -0.28 -0.19 -0.02
Upside Capture (%) 102.98 98.22 100.07
Downside Capture (%) 108.09 100.97 100.50

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 $108.66
Daily Change ($) $0.51
Daily Change (%) $0.51
MTD 0.64%
QTD 4.52%
YTD 4.52%
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BARUX - Baron Asset Fund - R6 Russell Midcap Growth Index S&P 500 Index
QTD1 3.86% 6.94% 7.11%
YTD1 3.86% 6.94% 7.11%
1 Year 17.56% 25.03% 30.45%
3 Years 0.53% 3.13% 11.91%
5 Years 10.26% 11.59% 14.76%
10 Years 10.48% 10.88% 12.70%
Since Inception 11.43% 10.35% 10.36%
Expense Ratio2 - Gross 1.05%
Expense Ratio2 - Net 1.05%

*As of 02/29/24

*Annualized as of 02/29/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have 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.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

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BARUX - Baron Asset Fund - R6 Russell Midcap Growth Index S&P 500 Index
1 Year 17.34% 25.87% 26.29%
3 Years -0.22% 1.31% 10.00%
5 Years 12.82% 13.81% 15.69%
10 Years 10.49% 10.57% 12.03%
Since Inception 11.37% 10.20% 10.20%
Expense Ratio2 - Gross 1.05%
Expense Ratio2 - Net 1.05%

*As of 12/31/23

*Annualized as of 02/29/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have 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.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

as of 12/31/23

3 Years 5 Years 10 Years
Standard Deviation (%) 21.23 21.30 17.64
Sharpe Ratio -0.12 0.51 0.52
Alpha (%) -1.38 0.01 0.49
Beta 0.96 0.93 0.95
R-Squared (%) 93.35 94.50 93.64
Tracking Error (%) 5.54 5.24 4.55
Information Ratio -0.28 -0.19 -0.02
Upside Capture (%) 102.98 98.22 100.07
Downside Capture (%) 108.09 100.97 100.50

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 02/29/24

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Year Baron Asset Fund Russell Midcap Growth Index S&P 500 Index
2023 17.34% 25.87% 26.29%
2022 -25.88% -26.72% -18.11%
2021 14.22% 12.73% 28.71%
2020 33.32% 35.59% 18.40%
2019 37.99% 35.47% 31.49%
2018 0.12% -4.75% -4.38%
2017 26.48% 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 R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

2Expense ratios are as of the fiscal year ended 9/30/2022.

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

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

The Fund’s 3-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Record Date 12/06/2023 07/25/2022 11/22/2021 11/23/2020 11/25/2019 07/24/2019 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 12/07/2023 07/26/2022 11/23/2021 11/24/2020 11/26/2019 07/25/2019 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 12/08/2023 07/27/2022 11/24/2021 11/25/2020 11/27/2019 07/26/2019 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 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0410 $0.0000 $0.0000 $0.0000 $0.3180 $0.0000 $0.0000 $0.1980 $0.1550 $0.0480 $0.0260
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0866 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0350 $0.0000 $1.1740 $0.6190 $0.1710
Long-Term Capital Gain $3.4145 $0.0060 $8.9820 $3.3941 $1.5044 $0.0285 $4.7319 $4.9413 $2.8044 $0.0200 $6.5739 $4.1656 $5.5141 $3.7570 $7.7670 $0.7720 $0.5720 $2.0480 $2.0780 $4.6840 $2.8100 $2.9930 $1.1770 $4.0670 $4.6140 $0.0000 $0.0390 $0.0340 $0.6560 $0.4560 $0.1620 $0.0000 $0.0000 $0.0800 $0.0340 $0.0000
Total $3.4145 $0.0060 $8.9820 $3.3941 $1.5044 $0.0285 $4.7319 $4.9413 $2.8044 $0.0200 $6.5739 $4.1656 $5.6007 $3.7570 $7.7670 $0.7720 $0.5720 $2.0480 $2.0780 $4.6840 $2.8100 $2.9930 $1.1770 $4.0670 $4.6140 $0.0410 $0.0390 $0.0340 $0.6560 $0.7740 $0.1620 $0.0350 $0.1980 $1.4090 $0.7010 $0.1970
Re-Invest NAV $98.43 $86.79 $121.52 $109.19 $89.38 $89.79 $73.72 $71.51 $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 -25.88% 14.22% 33.32% 0.12% 26.48% 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 12/31/23

Baron Asset Fund Russell Midcap Growth Index
Net Assets$4.82 billion
# of Issuers / % of Net Assets51 / 98.0%
Turnover (3 Year Average)5.97%
Active Share82.7%
Median Market Cap$22.48 billion$12.12 billion
Weighted Average Market Cap$34.37 billion$28.09 billion
EPS Growth (3-5 year forecast)12.9%21.6%
Price/Earnings Ratio (trailing 12-month)38.227.0
Price/Book Ratio4.87.7
Price/Sales Ratio5.42.5

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.

Contributors/Detractors

Quarterly as of 12/31/23

Top Contributors Average Weight Contribution
Gartner, Inc. 9.77% 3.05%
IDEXX Laboratories, Inc. 6.70% 1.73%
Fair Isaac Corporation 3.11% 0.98%
ANSYS, Inc. 3.68% 0.75%
Guidewire Software, Inc. 3.03% 0.63%

Source: FactSet PA.

Insights & News: Baron Asset Fund (BARUX)

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.

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

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. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. Index performance is not fund performance. Investors cannot invest directly in an index. 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.