Prices & Performance

Prices

as of 07/16/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$20.22 -$0.20 -0.98% -0.93% -0.93% 19.72%

Performance

 

as of 05/31/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFFX - Baron Discovery Fund -5.99% 12.43% 1.39% 21.86% 12.19% 13.96% 1.40% 1.35%
Russell 2000 Growth Index -4.60% 11.76% -6.88% 11.72% 8.32% 8.08%
S&P 500 Index -2.56% 10.73% 3.78% 11.72% 9.66% 11.36%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 06/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFFX - Baron Discovery Fund 1.04% 20.84% 5.33% 23.71% 11.77% 15.18% 1.40% 1.35%
Russell 2000 Growth Index 2.75% 20.36% -0.49% 14.69% 8.63% 9.36%
S&P 500 Index 4.30% 18.54% 10.42% 14.19% 10.71% 12.51%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 06/30/19

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2018 0.42% -9.31% -4.38%
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.

2Expense ratios are as of the fiscal year ended 9/30/2018

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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 $0.000 $0.000 $0.000 $1.500 $1.500 $19.10 0.42%
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 06/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 19.99 19.71 19.50
Sharpe Ratio 1.12 0.55 0.74
Alpha (%) 7.30 3.00 5.26
Beta 1.07 1.04 1.06
R-Squared (%) 87.13 83.31 82.80
Tracking Error (%) 7.28 8.08 8.14
Information Ratio 1.24 0.39 0.72
Upside Capture (%) 124.61 109.78 116.74
Downside Capture (%) 97.33 98.98 96.35

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 $20.22
Daily Change ($) -$0.20
Daily Change (%) -0.98%
MTD -0.93%
QTD -0.93%
YTD 19.72%
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BDFFX - Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
QTD1 -5.99% -4.60% -2.56%
YTD1 12.43% 11.76% 10.73%
1 Year 1.39% -6.88% 3.78%
3 Years 21.86% 11.72% 11.72%
5 Years 12.19% 8.32% 9.66%
Since Inception 13.96% 8.08% 11.36%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 1.35%

*As of 05/31/19

*Annualized as of 06/30/19

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 1.04% 2.75% 4.30%
YTD1 20.84% 20.36% 18.54%
1 Year 5.33% -0.49% 10.42%
3 Years 23.71% 14.69% 14.19%
5 Years 11.77% 8.63% 10.71%
Since Inception 15.18% 9.36% 12.51%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 1.35%

*As of 06/30/19

*Annualized as of 06/30/19

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 06/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 19.99 19.71 19.50
Sharpe Ratio 1.12 0.55 0.74
Alpha (%) 7.30 3.00 5.26
Beta 1.07 1.04 1.06
R-Squared (%) 87.13 83.31 82.80
Tracking Error (%) 7.28 8.08 8.14
Information Ratio 1.24 0.39 0.72
Upside Capture (%) 124.61 109.78 116.74
Downside Capture (%) 97.33 98.98 96.35

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 06/30/19

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2018 0.42% -9.31% -4.38%
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.

2Expense ratios are as of the fiscal year ended 9/30/2018

Select Year
Record Date 11/28/2018 11/27/2017 06/27/2016
Ex Date 11/29/2018 11/28/2017 06/28/2016
Payable Date 11/30/2018 11/29/2017 06/29/2016
Income $0.000 $0.007 $0.000
Return of Capital $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000
Long-Term Capital Gain $1.500 $0.000 $0.266
Total $1.500 $0.007 $0.266
Re-Invest NAV $19.10 $18.14 $11.27
Calendar-Yr Return 0.42% 35.52% 21.40%

Portfolio Characteristics

 

as of 06/30/19

Baron Discovery Fund Russell 2000 Growth Index
Net Assets$558.66 million
# of Equity Securities / % of Net Assets67 / 93.8%
Turnover (3 Year Average)55.25%
Active Share94.3%
Median Market Cap$1.56 billion$0.94 billion
Weighted Average Market Cap$2.45 billion$2.51 billion
EPS Growth (3-5 year forecast)19.6%16.3%
Price/Earnings Ratio (trailing 12-month)33.722.6
Price/Book Ratio3.93.8
Price/Sales Ratio3.21.6
Current Expense Ratio Date9/30/2018

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 06/30/19

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.
We believe Mercury is uniquely positioned to sell high-speed computing and storage subsystems to nearly all large U.S. defense contractors. Its products, which allow customers to more rapidly and cheaply develop their own solutions, are used to acquire sensor data, digitize and process the data, and then deliver it for analysis and interpretation. We think at least $10 billion of internal tier-1 business can be outsourced in addition to the current market for outsourced defense electronics of about $2 to $2.5 billion, providing Mercury with a multi-year growth opportunity.

Industrials 3.2%

Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. (KNSL) is a specialty insurance company. Kinsale focuses exclusively on the excess and surplus lines (E&S) market, which includes risks that are unique or hard to place in the standard insurance market.
We believe Kinsale is a well-run insurer that should grow book value per share much faster than peers. Its small size and low-cost technology platform give Kinsale the rare ability to achieve double-digit premium growth while delivering industry-leading underwriting margins. Management is highly regarded, has decades of experience in the E&S market, and previously ran a successful insurer that was sold at a premium valuation. We believe Kinsale has a long runway for growth in an attractive segment of the P&C insurance market.

Financials 2.9%

ViewRay Incorporated

ViewRay Incorporated (VRAY) designs and manufactures equipment used in the radiation treatment of cancer. Its premier product, MRIdian, combines a linear accelerator (linac) with a low powered MRI machine, enabling real time, accurate, and faster radiation therapy.
MRgRT (magnetic resonance guided radiation therapy) has the ability to change the standard of care in cancer treatment by providing better outcomes with lower toxicity. There are 14,000 linacs installed worldwide as of 2018, of which only 27 are MRgRT. Each year, 1,000 linacs are sold, so we expect the base to grow to over 20,000 by 2035. If 20% of all systems sold are MRgRT, it represents a 280 machine opportunity that we think is particularly appealing given that there are currently only two players in the MRgRT market.

Health Care 2.9%

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.
Americold operates in a relatively stable industry, since food consumption is tied to population growth and cold storage is essential for food distribution. Its proprietary data systems are a competitive advantage, in our view. Management believes cash flow could grow by high single digits per year, an attractive rate compared with other REITs. Large acquisitions could also drive growth. We believe the company’s valuation is attractive, its growth prospects are solid, and it benefits from being in a less cyclical business.

Real Estate 2.9%

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.
Myriad Genetics has superior tests in at least four categories. While it has lost market share in its breast and ovarian hereditary cancer testing business as a result of a 2013 court decision striking down its patents on the so-called BRCA genes, we believe Myriad Genetics will more than compensate with new products, including anti-depressant drug compatibility (2016 acquisition of Assurex) and inheritable genetic anomalies (2018 acquisition of Counsyl). We think high incremental profitability will result from leveraging its current sales force to sell new products.

Health Care 2.7%

RIB Software SE

RIB Software SE (RIB.GR) is a software company with a flagship application called iTWO. The application has 5D modeling capability enabling construction clients to manage a project from start to finish via one platform. The company is expanding its distribution channel via supply chain and cloud initiatives.
RIB's iTWO brings technology to the construction industry, which has underutilized technology to date. Whereas 13.4% of GDP is in global software, only 1% of construction spending is in software. iTWO uniquely combines 3D modeling with time and cost management, something that differentiates the product from its competitors. RIB has been expanding its distribution of iTWO technology via yTWO, its supply chain initiative, and mTWO, a cloud initiative in partnership with Microsoft.

Information Technology 2.7%

SiteOne Landscape Supply, Inc.

SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in the U.S. Through its network of 477 branches in 44 states, the company offers a broad selection of products such as irrigation supplies, herbicides, landscape accessories, and outdoor lighting.
SiteOne is a market leader with exposure to residential and non-residential construction cycles. With under 10% of a large fragmented market, the company has significant opportunities to consolidate through accretive deals. The wholesale landscape market is growing faster than GDP, with consumers investing in their exteriors as extensions of their homes. In our view, SiteOne has an experienced management team with a strong M&A track record at larger public companies and a stock price that is valued at a discount to other dominant distributors, reflecting room for growth.

Industrials 2.5%

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.
CareDx is the market leader in transplant diagnostics, with presence in nearly all U.S. and EU centers. It is looking to grow with a new kidney transplant test called AlloSure, which launched in 2018. AlloSure addresses a $2 billion market and has higher margins than CareDx's other tests. We believe that with the launch of AlloSure, sales can grow from $77 million in 2018 to over $300 million in 2022 as penetration increases.

Health Care 2.4%

Endava plc

Endava plc (DAVA) provides outsourced software development to business customers.
Endava benefits from growing demand for IT services from businesses around the world. The company's competitive differentiation comes from its ability to hire and retain highly skilled, low-cost software engineers primarily in Eastern Europe. Endava's strong technical capabilities and differentiated labor pool enable the company to work on higher-value client projects with better pricing power than peers. We believe Endava will continue gaining share in a large, growing market by adding new clients and increasing wallet share with existing clients.

Information Technology 2.3%

Veracyte, Inc.

Veracyte, Inc. (VCYT) is a leading genomic diagnostics company that allows physicians to make diagnosis and treatment decisions for thyroid cancer, lung cancer, and idiopathic pulmonary fibrosis without expensive, invasive biopsy procedures.
Veracyte uses advanced genomic technology, clinical science, and machine learning in its tests, which are highly accurate and the leaders in every category. The company has around $2 billion of current available market opportunity, and has the potential to bring more tests to market based on its extensive genomic database.

Health Care 2.3%

Total

26.8%

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

as of 06/30/19

Name Sector % of Net Assets

Mercury Systems, Inc.

Industrials 3.2%

Americold Realty Trust

Real Estate 2.9%

Kinsale Capital Group, Inc.

Financials 2.9%

ViewRay Incorporated

Health Care 2.9%

RIB Software SE

Information Technology 2.7%

Myriad Genetics, Inc.

Health Care 2.7%

SiteOne Landscape Supply, Inc.

Industrials 2.5%

CareDx, Inc.

Health Care 2.4%

Endava plc -ADR

Information Technology 2.3%

Silk Road Medical, Inc.

Health Care 2.3%

Veracyte, Inc.

Health Care 2.3%

TPI Composites, Inc.

Industrials 2.3%

Rexford Industrial Realty, Inc.

Real Estate 2.2%

Floor & Decor Holdings, Inc.

Consumer Discretionary 2.1%

The Trade Desk

Information Technology 2.0%

Yext, Inc.

Information Technology 2.0%

ForeScout Technologies, Inc.

Information Technology 1.9%

Boyd Gaming Corporation

Consumer Discretionary 1.9%

Trex Company, Inc.

Industrials 1.8%

Cerus Corporation

Health Care 1.8%

Cubic Corporation

Industrials 1.8%

Helios Technologies, Inc.

Industrials 1.7%

Emergent BioSolutions Inc.

Health Care 1.7%

Kornit Digital Ltd.

Industrials 1.7%

Esperion Therapeutics, Inc.

Health Care 1.6%

Sientra, Inc.

Health Care 1.6%

Teladoc Health Inc.

Health Care 1.6%

Ichor Holdings, Ltd.

Information Technology 1.5%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.5%

TherapeuticsMD, Inc.

Health Care 1.5%

Revance Therapeutics, Inc.

Health Care 1.5%

Qualys, Inc.

Information Technology 1.4%

Par Technology Corp/Del

Information Technology 1.4%

ESCO Technologies, Inc.

Industrials 1.3%

Liberty Media Corp. - Liberty Formula One Cl A

Communication Services 1.2%

Limoneira Co

Consumer Staples 1.2%

Nova Measuring Instruments Ltd.

Information Technology 1.2%

Thunder Bridge Acquisition, Ltd.

Unclassified 1.1%

Accelerate Diagnostics Inc

Health Care 1.1%

Bloom Energy Corporation

Industrials 1.1%

Luxfer Holdings PLC

Industrials 1.1%

Novanta Inc.

Information Technology 1.1%

Sage Therapeutics, Inc.

Health Care 1.0%

The RealReal, Inc.

Consumer Discretionary 1.0%

Blue Prism Group plc

Information Technology 1.0%

Fiverr International Ltd.

Industrials 0.9%

LiveRamp Holdings, Inc.

Information Technology 0.9%

AxoGen, Inc.

Health Care 0.9%

Aerie Pharmaceuticals, Inc.

Health Care 0.9%

Intersect ENT, Inc.

Health Care 0.8%

Alexander & Baldwin, Inc.

Real Estate 0.8%

Wingstop Inc.

Consumer Discretionary 0.8%

2U, Inc.

Information Technology 0.7%

Everspin Technologies, Inc.

Information Technology 0.7%

GCI lLiberty, Inc.-Cl - A

Communication Services 0.7%

Varonis Systems, Inc.

Information Technology 0.6%

Envestnet, Inc.

Information Technology 0.6%

JUST EAT plc

Consumer Discretionary 0.5%

Anaplan, Inc.

Information Technology 0.5%

Studio City International Holdings Limited - ADR Cl - A

Consumer Discretionary 0.5%

Raven Industries Inc

Industrials 0.4%

Inspire Medical Systems, Inc.

Health Care 0.4%

Revolve Group LLC - Class a

Consumer Discretionary 0.3%

Myovant Sciences Ltd.

Health Care 0.3%

Ra Medical Systems, Inc.

Health Care 0.3%

Coherent, Inc.

Information Technology 0.2%

Barfresh Food Group, Inc.

Consumer Staples 0.1%

Barfresh Food Group, Inc. Restricted

Consumer Staples 0.0%

GICS SECTOR BREAKDOWN

As of 06/30/19

As of 06/30/19

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

Contributors/Detractors

Quarterly as of 06/30/19

Top Contributors Average Weight Contribution
Endava plc 1.98% 0.82%
Kinsale Capital Group, Inc. 2.70% 0.78%
Silk Road Medical, Inc. 1.87% 0.75%
RIB Software SE 2.65% 0.61%
SiteOne Landscape Supply, Inc. 2.59% 0.55%

Quarterly as of 06/30/19

Top Detractors Average Weight Contribution
TherapeuticsMD, Inc. 1.79% -1.10%
2U, Inc. 1.32% -1.03%
Sientra, Inc. 2.00% -0.69%
Intersect ENT, Inc. 1.42% -0.57%
Myriad Genetics, Inc. 2.76% -0.50%

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.