Prices & Performance

Prices

as of 11/16/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$20.41 $0.01 0.05% -1.73% -14.17% 12.51%

Performance

 

as of 10/31/18

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QTD1 YTD1 1 Year 3 Years Since Inception Expense Ratio2
Gross Net
BDFFX - Baron Discovery Fund -12.66% 14.50% 17.59% 23.47% 16.00% 1.47% 1.35%
Russell 2000 Growth Index -12.65% 1.11% 4.13% 10.72% 8.99%
S&P 500 Index -6.84% 3.01% 7.35% 11.52% 12.13%

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 09/30/18

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QTD1 YTD1 1 Year 3 Years Since Inception Expense Ratio2
Gross Net
BDFFX - Baron Discovery Fund 13.78% 31.09% 35.47% 29.82% 19.48% 1.47% 1.35%
Russell 2000 Growth Index 5.52% 15.76% 21.06% 17.98% 12.14%
S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95%

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 10/31/18

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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 09/30/18

3 Years 5 Years
Standard Deviation (%) 15.40 17.30
Sharpe Ratio 1.88 1.10
Alpha (%) 10.85 6.27
Beta 0.98 1.06
R-Squared (%) 72.63 75.74
Tracking Error (%) 8.06 8.57
Information Ratio 1.47 0.86
Upside Capture (%) 124.49 120.84
Downside Capture (%) 68.98 92.53

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 $20.41
Daily Change ($) $0.01
Daily Change (%) 0.05%
MTD -1.73%
QTD -14.17%
YTD 12.51%
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BDFFX - Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
QTD1 -12.66% -12.65% -6.84%
YTD1 14.50% 1.11% 3.01%
1 Year 17.59% 4.13% 7.35%
3 Years 23.47% 10.72% 11.52%
Since Inception 16.00% 8.99% 12.13%
Expense Ratio2 - Gross 1.47%
Expense Ratio2 - Net 1.35%

*As of 10/31/18

*Annualized as of 10/31/18

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 13.78% 5.52% 7.71%
YTD1 31.09% 15.76% 10.56%
1 Year 35.47% 21.06% 17.91%
3 Years 29.82% 17.98% 17.31%
Since Inception 19.48% 12.14% 13.95%
Expense Ratio2 - Gross 1.47%
Expense Ratio2 - Net 1.35%

*As of 09/30/18

*Annualized as of 10/31/18

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 09/30/18

3 Years 5 Years
Standard Deviation (%) 15.40 17.30
Sharpe Ratio 1.88 1.10
Alpha (%) 10.85 6.27
Beta 0.98 1.06
R-Squared (%) 72.63 75.74
Tracking Error (%) 8.06 8.57
Information Ratio 1.47 0.86
Upside Capture (%) 124.49 120.84
Downside Capture (%) 68.98 92.53

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 10/31/18

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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 09/30/18

Baron Discovery Fund Russell 2000 Growth Index
Net Assets$394.02 million
# of Equity Securities / % of Net Assets62 / 91.5%
Turnover (3 Year Average)67.99%
Active Share94.8%
Median Market Cap$1.70 billion$1.04 billion
Weighted Average Market Cap$2.36 billion$2.69 billion
EPS Growth (3-5 year forecast)20.0%18.2%
Price/Earnings Ratio (trailing 12-month)18.322.2
Price/Book Ratio3.74.1
Price/Sales Ratio3.21.7
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 10/31/18

Open All Close All Holding Sector % of Net Assets

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 3.6%

CareDx, Inc.

CareDx, Inc. (CDNA) is a diagnostic company that uses next generation sequencing to accurately map the complex characteristics of transplant patients to ensure proper organ matches pre-transplant and to monitor for rejection and optimize proper post-transplant immunosuppression drug regimens.

Health Care 3.5%

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 3.5%

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 3.3%

Intersect ENT, Inc.

Intersect ENT's (XENT) Propel and Propel Mini implants are drug-eluting bioabsorbable scaffolds designed to deliver localized steroids in patients after a sinus surgery procedure (FESS). Its newly approved SINUVA implant is an in-office treatment for post-surgical recurrence of polyps.

Health Care 3.1%

Teladoc Health, Inc.

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

Health Care 2.8%

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 2.5%

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 2.4%

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 Miramar Labs in 2017, Sientra is expanding into additional aesthetics areas.

Health Care 2.2%

QTS Realty Trust, Inc.

QTS Realty Trust (QTS) is an operator of 25 data center assets in 13 markets, representing 2.7 million square feet of available space and 670 megawatts of power. The company has products for large wholesale and smaller retail colocation, and is the only player that sells space directly through Amazon.

Real Estate 2.2%

Total

29.1%

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

as of 09/30/18

Name Sector % of Net Assets

The Trade Desk

Information Technology 3.8%

CareDx, Inc.

Health Care 3.5%

Teladoc Health Inc.

Health Care 3.2%

Mercury Systems, Inc.

Industrials 3.2%

Myriad Genetics, Inc.

Health Care 3.0%

Intersect ENT, Inc.

Health Care 2.9%

IntriCon Corporation

Health Care 2.4%

Sientra, Inc.

Health Care 2.3%

TherapeuticsMD, Inc.

Health Care 2.3%

Americold Realty Trust

Real Estate 2.2%

TPI Composites, Inc.

Industrials 2.2%

Yext, Inc.

Information Technology 2.1%

QTS Realty Trust, Inc.

Real Estate 2.1%

Party City Holdco Inc.

Consumer Discretionary 2.1%

Acxiom Corporation

Information Technology 2.0%

Cerus Corporation

Health Care 1.9%

Flexion Therapeutics Inc

Health Care 1.8%

Qualys, Inc.

Information Technology 1.8%

ForeScout Technologies, Inc.

Information Technology 1.8%

Alexander & Baldwin, Inc.

Real Estate 1.7%

Kinsale Capital Group, Inc.

Financials 1.7%

Liberty Media Corp. - Liberty Formula One Cl A

Communication Services 1.7%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.7%

Sun Hydraulics Corporation

Industrials 1.6%

Ichor Holdings, Ltd.

Information Technology 1.5%

Everspin Technologies, Inc.

Information Technology 1.5%

Hudson Ltd. Cl - A

Consumer Discretionary 1.4%

Limoneira Co

Consumer Staples 1.4%

Ra Medical Systems, Inc.

Health Care 1.4%

Brooks Automation, Inc.

Information Technology 1.4%

Red Lion Hotels Corporation

Consumer Discretionary 1.4%

Coherent, Inc.

Information Technology 1.3%

Bloom Energy Corporation

Industrials 1.3%

Endava plc -ADR

Information Technology 1.3%

GCI lLiberty, Inc.-Cl - A

Communication Services 1.2%

Varonis Systems, Inc.

Information Technology 1.2%

ESCO Technologies, Inc.

Industrials 1.2%

RIB Software SE

Information Technology 1.2%

Kornit Digital Ltd.

Industrials 1.1%

Esperion Therapeutics, Inc.

Health Care 1.1%

QAD Inc. - Cl A

Information Technology 1.1%

Wingstop Inc.

Consumer Discretionary 1.0%

Emergent BioSolutions Inc.

Health Care 1.0%

AxoGen, Inc.

Health Care 1.0%

Novanta Inc.

Information Technology 1.0%

Myovant Sciences Ltd.

Health Care 0.9%

SiteOne Landscape Supply, Inc.

Industrials 0.9%

Envestnet, Inc.

Information Technology 0.8%

Luxfer Holdings PLC

Industrials 0.8%

Raven Industries Inc

Industrials 0.8%

Tenable Holdings, Inc.

Information Technology 0.8%

MACOM Technology Solutions Holdings, Inc.

Information Technology 0.7%

JUST EAT plc

Consumer Discretionary 0.7%

Corium International, Inc.

Health Care 0.7%

Par Technology Corp/Del

Information Technology 0.6%

Adaptimmune Therapeutics plc

Health Care 0.6%

2U, Inc.

Information Technology 0.6%

Sage Therapeutics, Inc.

Health Care 0.5%

Adamas Pharmaceuticals, Inc.

Health Care 0.4%

QAD Inc. - Cl B

Information Technology 0.2%

Liberty Expedia Holdings, Inc. Cl A

Consumer Discretionary 0.2%

Eventbrite, Inc. - Class A

Communication Services 0.2%

Barfresh Food Group, Inc.

Consumer Staples 0.1%

Barfresh Food Group, Inc.-Series F Warrants

Consumer Staples 0.0%

GICS SECTOR BREAKDOWN

As of 10/31/18

As of 10/31/18

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

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
CareDx, Inc. 2.44% 2.27%
The Trade Desk 3.89% 2.03%
Teladoc Health, Inc. 3.89% 1.69%
Mercury Systems, Inc. 3.27% 1.34%
Acxiom Corporation 2.12% 1.12%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Flexion Therapeutics Inc. 1.85% -0.62%
Intersect ENT, Inc. 2.15% -0.46%
Red Rock Resorts, Inc. 2.47% -0.44%
The KEYW Holding Corporation 0.62% -0.31%
AxoGen, Inc. 1.19% -0.27%

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.