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Overview

Objective & Strategy

S

The Fund invests primarily in small-sized U.S. companies. It invests in a select number of high-growth businesses that tend to be in an early phase of their lifecycles. Diversified.

Fund Facts

2018 Baron Investment Conference

Fund Snapshot

As of Jun 17, 2019

NAV $20.36
Daily Change ($) $0.33
Daily Change (%) 1.65%
YTD 19.13%
Inception Date 9/30/2013

Fund Highlights

Morningstar Rating

Overall (out of 588 Funds)

4 stars

Ratings based on risk-adjusted returns as of 03/31/2019
Category:US Fund Small Growth

Equity Style

Risk & Return1

Portfolio Management

Laird Bieger Portfolio Manager

years of exp 22

years at baron 19

Randolph Gwirtzman Portfolio Manager

years of exp 22

years at baron 17

1Source: FactSet SPAR.

Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box—size is displayed along the vertical axis and style is displayed along the horizontal axis.

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings. For the period ended 12/31/2018 the Baron Discovery Fund was awarded 5-star Morningstar Rating for the 3-year and 5-star for the 5-year. Morningstar 3-year star rating is based on risk adjusted returns with 583 funds in category; and 5-year star rating is based on risk adjusted returns with 516 funds in category.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© Morningstar 2018. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.

Prices & Performance

Prices

as of 06/17/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$20.36 $0.33 1.65% 5.77% -0.49% 19.13%

Performance

 

as of 05/31/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFIX - Baron Discovery Fund - I -5.91% 12.64% 1.69% 22.19% 12.47% 14.25% 1.12% 1.10%
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 03/31/19

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YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFIX - Baron Discovery Fund - I 19.72% 22.02% 27.65% 12.18% 15.99% 1.12% 1.10%
Russell 2000 Growth Index 17.14% 3.85% 14.87% 8.41% 9.26%
S&P 500 Index 13.65% 9.50% 13.51% 10.91% 12.25%

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.

1Not annualized.

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

as of 05/31/19

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2018 0.64% -9.31% -4.38%
2017 35.83% 22.17% 21.83%
2016 21.73% 11.32% 11.96%
2015 -14.53% -1.38% 1.38%
2014 13.80% 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 $19.33 0.64%
11/27/2017 11/28/2017 11/29/2017 $0.038 $0.000 $0.000 $0.000 $0.038 $18.30 35.83%
06/27/2016 06/28/2016 06/29/2016 $0.000 $0.000 $0.000 $0.266 $0.266 $11.35 21.73%

Performance Characteristics

as of 03/31/19

3 Years 5 Years Since Inception
Standard Deviation (%) 18.74 19.76 19.26
Sharpe Ratio 1.41 0.58 0.80
Alpha (%) 10.67 3.47 6.12
Beta 1.06 1.05 1.05
R-Squared (%) 85.00 82.71 81.73
Tracking Error (%) 7.33 8.27 8.28
Information Ratio 1.74 0.46 0.81
Upside Capture (%) 131.70 112.97 118.57
Downside Capture (%) 85.11 100.08 93.99

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

 
NAV $20.36
Daily Change ($) $0.33
Daily Change (%) 1.65%
MTD 5.77%
QTD -0.49%
YTD 19.13%
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BDFIX - Baron Discovery Fund - I Russell 2000 Growth Index S&P 500 Index
QTD1 -5.91% -4.60% -2.56%
YTD1 12.64% 11.76% 10.73%
1 Year 1.69% -6.88% 3.78%
3 Years 22.19% 11.72% 11.72%
5 Years 12.47% 8.32% 9.66%
Since Inception 14.25% 8.08% 11.36%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 1.10%

*As of 05/31/19

*Annualized as of 05/31/19

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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BDFIX - Baron Discovery Fund - I Russell 2000 Growth Index S&P 500 Index
YTD1 19.72% 17.14% 13.65%
1 Year 22.02% 3.85% 9.50%
3 Years 27.65% 14.87% 13.51%
5 Years 12.18% 8.41% 10.91%
Since Inception 15.99% 9.26% 12.25%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 1.10%

*As of 03/31/19

*Annualized as of 05/31/19

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 03/31/19

3 Years 5 Years Since Inception
Standard Deviation (%) 18.74 19.76 19.26
Sharpe Ratio 1.41 0.58 0.80
Alpha (%) 10.67 3.47 6.12
Beta 1.06 1.05 1.05
R-Squared (%) 85.00 82.71 81.73
Tracking Error (%) 7.33 8.27 8.28
Information Ratio 1.74 0.46 0.81
Upside Capture (%) 131.70 112.97 118.57
Downside Capture (%) 85.11 100.08 93.99

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

as of 05/31/19

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2018 0.64% -9.31% -4.38%
2017 35.83% 22.17% 21.83%
2016 21.73% 11.32% 11.96%
2015 -14.53% -1.38% 1.38%
2014 13.80% 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 $0.038 $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 $0.038 $0.266
Re-Invest NAV $19.33 $18.30 $11.35
Calendar-Yr Return 0.64% 35.83% 21.73%

Portfolio Characteristics

 

as of 03/31/19

Baron Discovery Fund Russell 2000 Growth Index
Net Assets$515.31 million
# of Equity Securities / % of Net Assets66 / 93.2%
Turnover (3 Year Average)55.65%
Active Share94.3%
Median Market Cap$1.46 billion$0.86 billion
Weighted Average Market Cap$2.30 billion$2.65 billion
EPS Growth (3-5 year forecast)18.9%16.7%
Price/Earnings Ratio (trailing 12-month)26.720.2
Price/Book Ratio3.63.4
Price/Sales Ratio2.71.5
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 05/31/19

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 3.4%

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.
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 3.1%

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 3.1%

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 a less-commoditized segment of the P&C insurance market.

 Financials 3.0%

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 2.8%

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 2.5%

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%

Endava plc

 Information Technology 2.4%

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.
The Trade Desk benefits from a visionary founder and CEO Jeff Green, who has built a unique culture of excellence and customer focus, in our view. As advertising becomes increasingly more digital and automated, we expect The Trade Desk to remain the key vendor to ad agencies engaged in such efforts. We estimate the company has 10% market share in programmatic ad buying, which uses software to purchase digital advertising. Programmatic buying today represents only $10 billion out of $640 billion in global advertising.

 Information Technology 2.3%

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 $65 million in 2018 (to date) to $225 million in 2022 as penetration increases.

 Health Care 2.3%

Total

 27.4%

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

as of 03/31/19

Name Sector % of Net Assets

Mercury Systems, Inc.

 Industrials 3.4%

Myriad Genetics, Inc.

 Health Care 3.3%

Americold Realty Trust

 Real Estate 2.7%

SiteOne Landscape Supply, Inc.

 Industrials 2.7%

The Trade Desk

 Information Technology 2.5%

RIB Software SE

 Information Technology 2.5%

Yext, Inc.

 Information Technology 2.5%

Intersect ENT, Inc.

 Health Care 2.4%

Sientra, Inc.

 Health Care 2.4%

Kinsale Capital Group, Inc.

 Financials 2.3%

2U, Inc.

 Information Technology 2.3%

CareDx, Inc.

 Health Care 2.2%

ViewRay Incorporated

 Health Care 2.2%

TPI Composites, Inc.

 Industrials 2.2%

TherapeuticsMD, Inc.

 Health Care 2.2%

Qualys, Inc.

 Information Technology 2.1%

Floor & Decor Holdings, Inc.

 Consumer Discretionary 2.1%

Rexford Industrial Realty, Inc.

 Real Estate 2.0%

Cerus Corporation

 Health Care 2.0%

Boyd Gaming Corporation

 Consumer Discretionary 1.9%

Coherent, Inc.

 Information Technology 1.7%

Red Rock Resorts, Inc. - Cl. A

 Consumer Discretionary 1.7%

ForeScout Technologies, Inc.

 Information Technology 1.7%

Ichor Holdings, Ltd.

 Information Technology 1.6%

Flexion Therapeutics Inc

 Health Care 1.6%

Revance Therapeutics, Inc.

 Health Care 1.6%

Teladoc Health Inc.

 Health Care 1.5%

Limoneira Co

 Consumer Staples 1.5%

Kornit Digital Ltd.

 Industrials 1.4%

Sun Hydraulics Corporation

Industrials 1.4%

Esperion Therapeutics, Inc.

 Health Care 1.4%

Bloom Energy Corporation

 Industrials 1.3%

Endava plc -ADR

 Information Technology 1.2%

LiveRamp Holdings, Inc.

 Information Technology 1.2%

Cubic Corporation

 Industrials 1.2%

Par Technology Corp/Del

 Information Technology 1.2%

Luxfer Holdings PLC

 Industrials 1.2%

Liberty Media Corp. - Liberty Formula One Cl A

 Communication Services 1.2%

Novanta Inc.

 Information Technology 1.1%

ESCO Technologies, Inc.

 Industrials 1.1%

Emergent BioSolutions Inc.

 Health Care 1.1%

Nova Measuring Instruments Ltd.

 Information Technology 1.1%

Accelerate Diagnostics Inc

 Health Care 1.1%

AxoGen, Inc.

 Health Care 1.0%

GCI lLiberty, Inc.-Cl - A

 Communication Services 1.0%

Alexander & Baldwin, Inc.

 Real Estate 1.0%

Potbelly Corporation

 Consumer Discretionary 1.0%

Everspin Technologies, Inc.

 Information Technology 0.9%

Sage Therapeutics, Inc.

 Health Care 0.9%

IntriCon Corporation

 Health Care 0.9%

Myovant Sciences Ltd.

 Health Care 0.8%

Wingstop Inc.

 Consumer Discretionary 0.7%

QAD Inc. - Cl A

 Information Technology 0.6%

JUST EAT plc

 Consumer Discretionary 0.6%

Envestnet, Inc.

 Information Technology 0.6%

Raven Industries Inc

 Industrials 0.6%

QTS Realty Trust, Inc.

 Real Estate 0.5%

Anaplan, Inc.

 Information Technology 0.5%

Studio City International Holdings Limited - ADR Cl - A

 Consumer Discretionary 0.5%

Party City Holdco Inc.

 Consumer Discretionary 0.5%

Inspire Medical Systems, Inc.

 Health Care 0.4%

InflaRx N.V.

 Health Care 0.4%

Ra Medical Systems, Inc.

 Health Care 0.3%

Red Lion Hotels Corporation

 Consumer Discretionary 0.2%

Barfresh Food Group, Inc.

 Consumer Staples 0.1%

QAD Inc. - Cl B

 Information Technology 0.1%

Guardant Health, Inc.

 Health Care 0.1%

Barfresh Food Group, Inc. Restricted

 Consumer Staples 0.0%

GICS SECTOR BREAKDOWN

As of 05/31/19

As of 05/31/19

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

Contributors/Detractors

Quarterly as of 03/31/19

Top Contributors Average Weight Contribution
The Trade Desk 2.61% 1.52%
Mercury Systems, Inc. 3.58% 1.19%
Yext, Inc. 2.54% 1.02%
ForeScout Technologies, Inc. 1.67% 0.83%
TherapeuticsMD, Inc. 2.61% 0.75%

Quarterly as of 03/31/19

Top Detractors Average Weight Contribution
Sientra, Inc. 1.61% -0.56%
Ra Medical Systems, Inc. 0.85% -0.44%
Hudson Ltd. 0.12% -0.23%
Esperion Therapeutics, Inc. 1.51% -0.21%
Revance Therapeutics, Inc. 0.87% -0.13%

Source: FactSet PA.

Insights & News

  • Baron Discovery Fund Named in Morningstar’s Prospects That Are “Worth a Look”

    03/27/19

    Baron Discovery Fund, co-managed by Randy Gwirtzman and Laird Bieger, was highlighted in Morningstar’s FundInvestor as an “intriguing, open small-cap option” among the most recent list of Morningstar Prospects. Download a free copy of FundInvestor by visiting the website.

  • Baron Discovery Fund and Baron Global Advantage Fund Added to Morningstar’s Prospects List

    02/10/19

    Baron is pleased to announce that Morningstar has added Baron Discovery Fund and Baron Global Advantage Fund to its “Prospects” list of up-and-coming or under-the-radar strategies that Morningstar Manager Research thinks might be worthy of full coverage someday. Currently, Baron Growth Fund, Baron Asset Fund, Baron Small Cap Fund, Baron Partners Fund, and Baron Emerging Markets Fund all have full coverage by Morningstar.

  • Randy Gwirtzman Appears on CNBC's "Squawk Box"

    10/12/18

    On October 12, Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, appeared on CNBC’s “Squawk Box” program to discuss his thoughts on the current investment landscape. To view the full segment, visit www.cnbc.com.

  • Investor's Business Daily Highlights Baron Discovery Fund

    09/10/18

    In the September 10 edition of "Best Mutual Funds Special Report 2018," Investor's Business Daily highlighted Baron Discovery Fund, quoting Randy Gwirtzman and Laird Bieger and discussing some of their stock picks. To read the full article, visit www.investors.com.

  • Randy Gwirtzman Appears on CNBC’s "Worldwide Exchange"

    08/20/18

    On August 20, 2018, Baron Discovery Fund Portfolio Manager Randy Gwirtzman appeared on CNBC’s “Worldwide Exchange” program featuring "America's top-performing fund managers." Gwirtzman discussed his investment strategy, several of Baron Discovery Fund’s holdings, and his outlook on capital markets. View the full interview, "Small-cap Fund Manager Posting Big Returns,” at www.cnbc.com.

  • Randy Gwirtzman Quoted by The Wall Street Journal in Article on Small Cap Stock Rally

    05/17/18

    In the May 17th, 2018 issue of The Wall Street Journal, Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, offered his thoughts on the current investment environment as it relates to the rally in small cap stocks. You can read the full article, "Small Stocks Speed Past Large Caps," at www.wsj.com. (Subscription required to access).

  • Randy Gwirtzman on CNBC's "Squawk Box"

    11/02/17

    Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, appeared on the November 2, 2017 segment of CNBC’s “Squawk Box” program to discuss some of his top stock picks, including a high-end robotics company.  Watch a clip from the segment at www.cnbc.com.

  • Randy Gwirtzman appears on CNBC's "Squawk Box"

    10/05/17

    Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, appeared on the October 5, 2017 segment of CNBC’s “Squawk Box” program in a discussion on how he finds opportunities in the markets as stocks reach record levels. View a clip from the segment on www.cnbc.com.

  • Randy Gwirtzman appears on CNBC's "Squawk Box"

    08/28/17

    Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, appeared on the August 28, 2017 segment of CNBC's "Squawk Box" program in a discussion on the likely impact of Hurricane Harvey on gasoline and oil prices. View a clip from the segment at www.cnbc.com.

  • Reuters Quotes Laird Bieger on Opportunities Created by the Decline in Sell-side Research

    08/08/17

    A Reuters article on August 7, 2017 quoted Baron Discovery Fund Portfolio Manager Laird Bieger on how the dwindling numbers of sell-side researchers open the door to research-driven, actively managed firms to discover overlooked and potentially undervalued stocks. Bieger gave Impinj Inc (PI), a maker of radio frequency identification devices with a $1 billion market cap, as an example. He met with company management when there were no sell-side analysts covering the firm, and invested in it. Five analysts now cover the company, whose shares are up significantly year-to-date. Read the article ("Funds target 'unknown' stocks as Wall Street cuts analyst jobs," by David Randall) at www.reuters.com.

     

    Portfolio holdings may change over time. Current and future portfolio holdings are subject to risk.
    Portfolio holdings as a percentage of net assets as of June 30, 2017 for securities mentioned are as follows: Impinj Inc. (PI) – Baron Discovery Fund (1.2%)

Documents

Summary Prospectus 01/28/19
Prospectus 01/28/19
SAI 01/28/19
Fact Sheet 03/31/19
Baron Investment Funds Trust Semi-Annual Financial Report 03/31/19
Baron Investment Funds Trust Annual Financial Report 09/30/18
XBRL Filings 06/07/18

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.

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Disclosure

Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED

BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).

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