Prices & Performance

Prices

as of 06/15/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$10.69 $0.02 0.19% 3.89% 5.53% 6.90%

Performance

 

as of 05/31/18

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QTD1 YTD1 Expense Ratio2
Gross Net
BDAIX - Baron Durable Advantage Fund - I 1.58% 2.90% 1.61% 0.70%
S&P 500 Index 2.80% 2.02%

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.

This information is not currently available.

 
NAV $10.69
Daily Change ($) $0.02
Daily Change (%) 0.19%
MTD 3.89%
QTD 5.53%
YTD 6.90%
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BDAIX - Baron Durable Advantage Fund - I S&P 500 Index
QTD1 1.58% 2.80%
YTD1 2.90% 2.02%
Expense Ratio2 - Gross 1.61%
Expense Ratio2 - Net 0.70%

*As of 05/31/18

*Annualized as of 05/31/18

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 06/17/18

3 Years 5 Years 10 Years Since Inception

This information is not currently available.

Portfolio Characteristics

 

as of 03/31/18

Baron Durable Advantage Fund S&P 500 Index
Net Assets$2.95 million
# of Equity Securities / % of Net Assets38/97.6%
Median Market Cap$56.50 billion$20.88 billion
Weighted Average Market Cap$168.03 billion$198.80 billion
EPS Growth (3-5 year forecast)14.2%12.8%
Price/Sales Ratio3.42.1
Price/Earnings Ratio (trailing 12-month)41.019.2

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 05/31/18

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 4.5%

Microsoft Corporation

Microsoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products.

Information Technology 4.4%

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 4.4%

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 4.2%

Electronic Arts Inc.

Electronic Arts Inc. (EA) is a global leader in digital interactive entertainment. The company develops, markets, publishes, and distributes games, content, and services consumers can use on a variety of platforms, such as game consoles, PCs, mobile phones, and tablets.

Information Technology 4.0%

Moody’s Corporation

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

Financials 3.9%

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.

Information Technology 3.8%

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 3.6%

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%

TE Connectivity Ltd.

TE Connectivity Ltd. (TEL) designs and manufactures connectivity and sensor solutions made to withstand harsh environments in industries such as automotive, industrial equipment, data communication systems, aerospace, defense, medical, oil and gas, consumer electronics, energy, and subsea communications.

Information Technology 3.0%

Total

39.3%

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

as of 03/31/18

Name Sector % of Net Assets

S&P Global Inc.

Financials 5.0%

Microsoft Corporation

Information Technology 4.9%

Mastercard Incorporated

Information Technology 4.7%

UnitedHealth Group Incorporated

Health Care 4.0%

Moody’s Corporation

Financials 4.0%

Electronic Arts Inc.

Information Technology 3.9%

Alphabet Inc. - Cl C

Information Technology 3.9%

Apple, Inc.

Information Technology 3.8%

TE Connectivity Ltd.

Information Technology 3.7%

BlackRock Inc.

Financials 3.6%

Naspers Limited - ADR

Consumer Discretionary 3.5%

CME Group, Inc.

Financials 3.1%

Home Depot, Inc.

Consumer Discretionary 3.0%

Equinix, Inc.

Real Estate 2.8%

Danaher Corporation

Health Care 2.8%

Constellation Brands, Inc. - Cl A

Consumer Staples 2.7%

GCI lLiberty, Inc.-Cl - A

Consumer Discretionary 2.6%

ASML Holding N.V.

Information Technology 2.3%

Accenture plc

Information Technology 2.3%

AbbVie Inc.

Health Care 2.2%

Illinois Tool Works Inc.

Industrials 2.1%

ACTIVISION BLIZZARD INC COM

Information Technology 2.1%

Mettler-Toledo International, Inc.

Health Care 2.1%

KEYENCE CORPORATION

Information Technology 2.1%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 2.0%

Taiwan Semiconductor Manufacturing Company Ltd. - ADR

Information Technology 1.8%

Agilent Technologies, Inc.

Health Care 1.8%

The Sherwin-Williams Company

Materials 1.6%

Booking Holdings Inc

Consumer Discretionary 1.6%

A.O. Smith Corporation

Industrials 1.5%

Waters Corporation

Health Care 1.5%

Costco Wholesale Corporation

Consumer Staples 1.5%

Fastenal Co.

Industrials 1.4%

Biogen, Inc.

Health Care 1.3%

WH Group Limited

Consumer Staples 1.2%

Rockwell Automation, Inc.

Industrials 1.1%

The Estée Lauder Companies Inc.

Consumer Staples 1.1%

Texas Instruments Incorporated

Information Technology 1.0%

GICS SECTOR BREAKDOWN

As of 05/31/18

As of 05/31/18

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

Contributors/Detractors

Quarterly as of 03/31/18

Top Contributors Average Weight Contribution
Mastercard Incorporated 4.73% 0.66%
S&P Global Inc. 4.64% 0.56%
Moody’s Corporation 3.78% 0.36%
CME Group, Inc. 3.07% 0.34%
Microsoft Corporation 4.87% 0.32%

Quarterly as of 03/31/18

Top Detractors Average Weight Contribution
Naspers Limited 3.76% -0.56%
Biogen, Inc. 1.30% -0.28%
Equinix, Inc. 3.09% -0.24%
Home Depot, Inc. 3.52% -0.21%
AbbVie Inc. 1.84% -0.20%

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.

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.

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.