Prices & Performance

Prices

as of 12/14/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$9.43 -$0.17 -1.77% -5.42% -12.05% -5.37%

Performance

 

as of 11/30/18

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QTD1 YTD1 Expense Ratio2
Gross Net
BDAIX - Baron Durable Advantage Fund - I -7.02% 0.05% 1.61% 0.70%
S&P 500 Index -4.94% 5.11%

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

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 Expense Ratio2
Gross Net
BDAIX - Baron Durable Advantage Fund - I 4.26% 7.60% 1.61% 0.70%
S&P 500 Index 7.71% 10.56%

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

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 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.

Expense ratios are estimated for the current fiscal year.

This information is not currently available.

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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 $0.035 $0.000 $0.000 $0.000 $0.035 $9.91
 
NAV $9.43
Daily Change ($) -$0.17
Daily Change (%) -1.77%
MTD -5.42%
QTD -12.05%
YTD -5.37%
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BDAIX - Baron Durable Advantage Fund - I S&P 500 Index
QTD1 -7.02% -4.94%
YTD1 0.05% 5.11%
Expense Ratio2 - Gross 1.61%
Expense Ratio2 - Net 0.70%

*As of 11/30/18

*Annualized as of 11/30/18

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

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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BDAIX - Baron Durable Advantage Fund - I S&P 500 Index
QTD1 4.26% 7.71%
YTD1 7.60% 10.56%
Expense Ratio2 - Gross 1.61%
Expense Ratio2 - Net 0.70%

*As of 09/30/18

*Annualized as of 11/30/18

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

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 12/15/18

3 Years 5 Years 10 Years Since Inception

This information is not currently available.

Select Year
Record Date 11/28/2018
Ex Date 11/29/2018
Payable Date 11/30/2018
Income $0.035
Return of Capital $0.000
Short-Term Capital Gain $0.000
Long-Term Capital Gain $0.000
Total $0.035
Re-Invest NAV $9.91
Calendar-Yr Return

Portfolio Characteristics

 

as of 09/30/18

Baron Durable Advantage Fund S&P 500 Index
Net Assets$4.03 million
# of Equity Securities / % of Net Assets36 / 91.2%
Active Share81.1%
Median Market Cap$73.42 billion$21.62 billion
Weighted Average Market Cap$219.93 billion$247.19 billion
EPS Growth (3-5 year forecast)13.0%13.6%
Price/Sales Ratio3.62.2
Price/Earnings Ratio (trailing 12-month)23.919.2
Price/Book Ratio5.03.1
Current Expense Ratio Date12/29/2017

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 11/30/18

Open All Close All Holding Sector % of Net Assets

UnitedHealth Group Incorporated

UnitedHealth Group Incorporated (UNH) is a diversified health and well-being company with $200 billion in revenue that operates across four segments: United Healthcare, Optum Health, OptumInsight, and OptumRX. The company serves 134 million individuals in all 50 states and more than 125 countries.

Health Care 5.5%

Microsoft Corporation

Microsoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products. Over the last five years it has built a cloud business to a run rate of over $20bn. This includes its Infrastructure-as-a-service Azure business, Office 365 and Dynamics 365 (Microsoft's CRM offering).

Information Technology 5.2%

Mastercard Incorporated

Mastercard Incorporated (MA) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks.

Information Technology 4.4%

Alphabet Inc.

Alphabet Inc. (GOOG) (formerly Google Inc.) is the world's most recognized and dominant online search provider, as well as the owner and operator of YouTube. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.

Communication Services 4.3%

Moody’s Corporation

Moody's Corporation (MCO) is the second largest credit rating agency providing research, professional services, and risk management software for financial institutions.

Financials 4.1%

S&P Global Inc.

S&P Global Inc. (SPGI) is the largest credit rating agency and also provides benchmarks, analytics, and data to the financial and commodities markets.

Financials 4.0%

CME Group, Inc.

CME Group, Inc. (CME) is the world's largest and most diversified derivatives marketplace. Its exchanges support trading of futures and options across a variety of asset classes, including interest rates, equity indexes, energy, agricultural commodities, currencies, and metals.

Financials 3.9%

Danaher Corporation

Health Care 3.7%

Apple, Inc.

Apple, Inc. (AAPL) designs, manufactures, and markets consumer electronics, computer software, and online services. Its products include the iPhone, iPad, Mac personal computer, Apple smartwatch, Apple TV, and HomePod.

Information Technology 3.5%

BlackRock Inc.

BlackRock Inc. (BLK) is the largest global asset management firm with over $6 trillion in assets. The company came to dominate the asset management industry through key acquisitions of product and distribution. It is best known for its iShare ETFs, and its products cover nearly all categories and geographies.

Financials 3.4%

Total

42.0%

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

as of 09/30/18

Name Sector % of Net Assets

Microsoft Corporation

Information Technology 5.0%

UnitedHealth Group Incorporated

Health Care 4.8%

Mastercard Incorporated

Information Technology 4.6%

Alphabet Inc. - Cl C

Communication Services 4.4%

Apple, Inc.

Information Technology 4.1%

S&P Global Inc.

Financials 4.0%

Moody’s Corporation

Financials 3.7%

Electronic Arts Inc.

Communication Services 3.5%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 3.3%

BlackRock Inc.

Financials 3.3%

CME Group, Inc.

Financials 3.1%

ACTIVISION BLIZZARD INC COM

Communication Services 3.0%

Danaher Corporation

Health Care 2.8%

Home Depot, Inc.

Consumer Discretionary 2.7%

TE Connectivity Ltd.

Information Technology 2.6%

Constellation Brands, Inc. - Cl A

Consumer Staples 2.5%

Naspers Limited - ADR

Communication Services 2.4%

Accenture plc

Information Technology 2.4%

Charter Communications, Inc. - Cl - A

Communication Services 2.3%

Agilent Technologies, Inc.

Health Care 2.2%

Equinix, Inc.

Real Estate 2.2%

Mettler-Toledo International, Inc.

Health Care 2.2%

Booking Holdings Inc

Consumer Discretionary 2.2%

ASML Holding N.V.

Information Technology 2.1%

AbbVie Inc.

Health Care 1.8%

The Sherwin-Williams Company

Materials 1.8%

Illinois Tool Works Inc.

Industrials 1.7%

Costco Wholesale Corporation

Consumer Staples 1.6%

Taiwan Semiconductor Manufacturing Company Ltd. - ADR

Information Technology 1.5%

Fastenal Co.

Industrials 1.4%

The Estée Lauder Companies Inc.

Consumer Staples 1.4%

KEYENCE CORPORATION

Information Technology 1.4%

Biogen, Inc.

Health Care 1.2%

A.O. Smith Corporation

Industrials 1.1%

Texas Instruments Incorporated

Information Technology 0.9%

Elanco Animal Health Incorporated

Health Care 0.0%

GICS SECTOR BREAKDOWN

As of 11/30/18

As of 11/30/18

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

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
Apple, Inc. 4.04% 0.83%
Microsoft Corporation 5.01% 0.76%
Mastercard Incorporated 4.52% 0.59%
UnitedHealth Group Incorporated 4.99% 0.43%
Alphabet Inc. 4.61% 0.31%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Electronic Arts Inc. 4.01% -0.62%
Naspers Limited 2.75% -0.40%
BlackRock Inc. 3.57% -0.18%
S&P Global Inc. 4.46% -0.15%
ASML Holding N.V. 2.38% -0.12%

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: The Fund invests primarily in equity securities, which are subject to price fluctuations in the stock market. In addition, because the Fund invests primarily in large-cap company securities, it may underperform other funds during periods when the Fund’s securities are out of favor.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The index is unmanaged. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The S&P 500 Index and the Fund are with dividends, which positively impact the performance results. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund.

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

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.