Prices & Performance

Prices

as of 09/18/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$23.89 $0.35 1.49% -2.17% 14.31% 31.70%

Performance

 

as of 08/31/18

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QTD1 YTD1 1 Year 3 Years Since Inception Expense Ratio2
Gross Net
BDFFX - Baron Discovery Fund 16.84% 34.62% 44.98% 25.60% 20.49% 1.47% 1.35%
Russell 2000 Growth Index 8.05% 18.53% 30.72% 16.36% 12.90%
S&P 500 Index 7.10% 9.94% 19.66% 16.11% 14.07%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

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 Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.

as of 06/30/18

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QTD1 YTD1 1 Year 3 Years Since Inception Expense Ratio2
Gross Net
BDFFX - Baron Discovery Fund 16.76% 15.22% 25.35% 15.50% 17.37% 1.47% 1.35%
Russell 2000 Growth Index 7.23% 9.70% 21.86% 10.60% 11.55%
S&P 500 Index 3.43% 2.65% 14.37% 11.93% 12.95%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

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 Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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 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 Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.

Not annualized.

Expense ratios are as of the fiscal year ended 12/31/2017

as of 08/31/18

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2017 35.52% 22.17% 21.83%
2016 21.40% 11.32% 11.96%
2015 -14.73% -1.38% 1.38%
2014 13.45% 5.60% 13.69%
2013 16.70% 8.17% 10.51%

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 Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.

1Not annualized.

Expense ratios are as of the fiscal year ended 9/30/2017

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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 $0.007 $0.000 $0.000 $0.000 $0.007 $18.14 35.52%
06/27/2016 06/28/2016 06/29/2016 $0.000 $0.000 $0.000 $0.266 $0.266 $11.27 21.40%

Performance Characteristics

as of 06/30/18

3 Years Since Inception
Standard Deviation (%) 16.71 16.78
Sharpe Ratio 0.89 1.01
Alpha (%) 4.83 5.34
Beta 1.00 1.03
R-Squared (%) 75.82 75.94
Tracking Error (%) 8.22 8.24
Information Ratio 0.60 0.71
Upside Capture (%) 111.58 115.56
Downside Capture (%) 89.03 91.87

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Discovery Fund's(BDFFX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $23.89
Daily Change ($) $0.35
Daily Change (%) 1.49%
MTD -2.17%
QTD 14.31%
YTD 31.70%
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BDFFX - Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
QTD1 16.84% 8.05% 7.10%
YTD1 34.62% 18.53% 9.94%
1 Year 44.98% 30.72% 19.66%
3 Years 25.60% 16.36% 16.11%
Since Inception 20.49% 12.90% 14.07%
Expense Ratio2 - Gross 1.47%
Expense Ratio2 - Net 1.35%

*As of 08/31/18

*Annualized as of 08/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

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 Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.

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BDFFX - Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
QTD1 16.76% 7.23% 3.43%
YTD1 15.22% 9.70% 2.65%
1 Year 25.35% 21.86% 14.37%
3 Years 15.50% 10.60% 11.93%
Since Inception 17.37% 11.55% 12.95%
Expense Ratio2 - Gross 1.47%
Expense Ratio2 - Net 1.35%

*As of 06/30/18

*Annualized as of 08/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

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 Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.

as of 06/30/18

3 Years Since Inception
Standard Deviation (%) 16.71 16.78
Sharpe Ratio 0.89 1.01
Alpha (%) 4.83 5.34
Beta 1.00 1.03
R-Squared (%) 75.82 75.94
Tracking Error (%) 8.22 8.24
Information Ratio 0.60 0.71
Upside Capture (%) 111.58 115.56
Downside Capture (%) 89.03 91.87

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Discovery Fund's(BDFFX) benchmark Russell 2000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 08/31/18

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2017 35.52% 22.17% 21.83%
2016 21.40% 11.32% 11.96%
2015 -14.73% -1.38% 1.38%
2014 13.45% 5.60% 13.69%
2013 16.70% 8.17% 10.51%

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 Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.

1Not annualized.

Expense ratios are as of the fiscal year ended 9/30/2017

Select Year
Record Date 11/27/2017 06/27/2016
Ex Date 11/28/2017 06/28/2016
Payable Date 11/29/2017 06/29/2016
Income $0.007 $0.000
Return of Capital $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000
Long-Term Capital Gain $0.000 $0.266
Total $0.007 $0.266
Re-Invest NAV $18.14 $11.27
Calendar-Yr Return 35.52% 21.40%

Portfolio Characteristics

 

as of 06/30/18

Baron Discovery Fund Russell 2000 Growth Index
Net Assets$277.07 million
# of Equity Securities / % of Net Assets60 / 94.8%
Turnover (3 Year Average)70.92%
Active Share95.4%
Median Market Cap$1.51 billion$1.01 billion
Weighted Average Market Cap$2.26 billion$2.44 billion
EPS Growth (3-5 year forecast)15.4%17.1%
Price/Earnings Ratio (trailing 12-month)19.823.4
Price/Book Ratio3.54.0
Price/Sales Ratio2.71.7
Current Expense Ratio Date9/30/2017

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 08/31/18

Open All Close All Holding Sector % of Net Assets

The Trade Desk

The Trade Desk (TTD) is a software company that enables advertising agencies to purchase advertising more efficiently and effectively. It provides the leading self-serve platform to enable data-driven digital advertising.

Information Technology 4.1%

Teladoc Health, Inc.

Teladoc, Inc. (TDOC) is the U.S.'s first and largest tele-health company, providing on-demand remote medical care using telephone and videoconferencing.

Health Care 3.6%

Myriad Genetics, Inc.

Myriad Genetics, Inc. (MYGN) operates labs in Utah and Ohio. Its labs perform sophisticated hereditary genetic tests, used for cancer prediction and treatment, compatibility with anti-depressant drugs, and visibility into inheritable genetic anomalies.

Health Care 3.4%

Mercury Systems, Inc.

Mercury Systems, Inc. (MRCY) designs, manufactures, and markets high-performance, embedded, real-time digital signal and image processing systems and software. Its customers are tier 1 defense contractors worldwide.

Industrials 3.3%

CareDx, Inc.

Health Care 2.9%

IntriCon Corporation

Health Care 2.6%

Sientra, Inc.

Sientra, Inc. (SIEN) is a medical device company. It is one of three companies that has FDA approval to market silicone gel breast implants in the United States. Through its acquisition of Miriamar Labs in 2017, Sientra is expanding into additional aesthetics areas.

Health Care 2.5%

Party City Holdco Inc.

Party City Holdco, Inc.(PRTY) manufactures and distributes specialty/decorative party goods through both wholesale (Amscan) and retail (Party City and Halloween City) channels.

Consumer Discretionary 2.4%

Americold Realty Trust

Americold Realty Trust (COLD) is the world’s largest owner of temperature-controlled warehouses. Americold’s warehouses enable “farm to fork” distribution and ensure freshness, safety, and convenience. The company’s market share is roughly 20% in the U.S. and 4.5% globally, serving over 2,600 customers.

Real Estate 2.3%

Yext, Inc.

Yext, Inc. (YEXT) is a software provider that allows companies to control and manage their information as shown by public online listings on third-party maps, apps, search engines, digital assistants, vertical directories, and social networks.

Information Technology 2.3%

Total

29.4%

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

as of 06/30/18

Name Sector % of Net Assets

Teladoc, Inc.

Health Care 4.1%

The Trade Desk

Information Technology 3.9%

Myriad Genetics, Inc.

Health Care 3.5%

Mercury Systems, Inc.

Industrials 3.1%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 3.0%

TPI Composites, Inc.

Industrials 3.0%

Novanta Inc.

Information Technology 2.9%

Americold Realty Trust

Real Estate 2.8%

Qualys, Inc.

Information Technology 2.7%

Sientra, Inc.

Health Care 2.7%

TherapeuticsMD, Inc.

Health Care 2.5%

Yext, Inc.

Information Technology 2.5%

Liberty Media Corp. - Liberty Formula One Cl A

Consumer Discretionary 2.4%

Party City Holdco Inc.

Consumer Discretionary 2.4%

Flexion Therapeutics Inc

Health Care 2.1%

Kinsale Capital Group, Inc.

Financials 2.1%

ForeScout Technologies, Inc.

Information Technology 2.0%

AxoGen, Inc.

Health Care 1.9%

Cerus Corporation

Health Care 1.9%

The KEYW Holding Corporation

Industrials 1.8%

CareDx, Inc.

Health Care 1.8%

Everspin Technologies, Inc.

Information Technology 1.7%

Acxiom Corporation

Information Technology 1.7%

Alexander & Baldwin, Inc.

Real Estate 1.7%

Varonis Systems, Inc.

Information Technology 1.7%

Coherent, Inc.

Information Technology 1.7%

Wingstop Inc.

Consumer Discretionary 1.6%

ESCO Technologies, Inc.

Industrials 1.5%

GCI lLiberty, Inc.-Cl - A

Consumer Discretionary 1.5%

IntriCon Corporation

Health Care 1.5%

Brooks Automation, Inc.

Information Technology 1.4%

SiteOne Landscape Supply, Inc.

Industrials 1.4%

Intersect ENT, Inc.

Health Care 1.3%

Red Lion Hotels Corporation

Consumer Discretionary 1.3%

RIB Software SE

Information Technology 1.3%

Hudson Ltd. Cl - A

Consumer Discretionary 1.3%

JUST EAT plc

Information Technology 1.2%

Sun Hydraulics Corporation

Industrials 1.2%

Kornit Digital Ltd.

Industrials 1.2%

Limoneira Co

Consumer Staples 1.1%

Ichor Holdings, Ltd.

Information Technology 1.1%

Emergent BioSolutions Inc.

Health Care 1.1%

2U, Inc.

Information Technology 1.0%

Raven Industries Inc

Industrials 1.0%

Envestnet, Inc.

Information Technology 1.0%

QAD Inc. - Cl A

Information Technology 0.9%

Sage Therapeutics, Inc.

Health Care 0.8%

Quotient Technology Inc.

Information Technology 0.8%

Adamas Pharmaceuticals, Inc.

Health Care 0.7%

Myovant Sciences Ltd.

Health Care 0.5%

DocuSign, Inc.

Information Technology 0.5%

nLIGHT, Inc.

Information Technology 0.4%

Adaptimmune Therapeutics plc

Health Care 0.4%

Gemphire Therapeutics Inc.

Health Care 0.4%

MACOM Technology Solutions Holdings, Inc.

Information Technology 0.4%

Corium International, Inc.

Health Care 0.4%

QAD Inc. - Cl B

Information Technology 0.3%

Liberty Expedia Holdings, Inc. Cl A

Consumer Discretionary 0.2%

Barfresh Food Group, Inc.

Consumer Staples 0.2%

Esperion Therapeutics, Inc.

Health Care 0.2%

Carbon Black, Inc.

Information Technology 0.1%

Barfresh Food Group, Inc.-Series F Warrants

Consumer Staples 0.0%

GICS SECTOR BREAKDOWN

As of 08/31/18

As of 08/31/18

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

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Sientra, Inc. 2.70% 2.21%
The Trade Desk 3.15% 2.20%
Teladoc, Inc. 4.00% 1.52%
Yext, Inc. 2.16% 0.98%
TPI Composites, Inc. 3.01% 0.91%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
Mercury Systems, Inc. 3.08% -0.64%
Esperion Therapeutics, Inc. 0.51% -0.60%
GCI Liberty, Inc. 1.79% -0.40%
Coherent, Inc. 1.87% -0.34%
CareDx, Inc. 0.40% -0.34%

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: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and 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.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2000® Growth Index measures the performance of small-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.

Definitions (provided by BAMCO, Inc.): 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 is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark 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. 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. 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 are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

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. 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.

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.