View As:

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

Fund Snapshot

As of Feb 20, 2019

NAV $20.32
Daily Change ($) $0.10
Daily Change (%) 0.49%
YTD 18.90%
Inception Date 9/30/2013

Fund Highlights

Morningstar Rating

Overall (out of 583 Funds)

5 stars

Ratings based on risk-adjusted returns as of 12/31/2018
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 02/20/19

scroll to view all
NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$20.32 $0.10 0.49% 6.44% 18.90% 18.90%

Performance

 

as of 01/31/19

scroll to view all
QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFIX - Baron Discovery Fund - I 11.70% 11.70% 7.59% 27.83% 12.08% 15.03% 1.12% 1.10%
Russell 2000 Growth Index 11.55% 11.55% -2.63% 15.55% 7.83% 8.56%
S&P 500 Index 8.01% 8.01% -2.31% 14.02% 10.96% 11.59%

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 12/31/18

scroll to view all
1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFIX - Baron Discovery Fund - I 0.64% 18.50% 10.11% 12.88% 1.23% 1.10%
Russell 2000 Growth Index -9.31% 7.24% 5.13% 6.47%
S&P 500 Index -4.38% 9.26% 8.49% 10.15%

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.

1Not annualized.

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

as of 01/31/19

scroll to view all
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.

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

scroll to view all
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
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 12/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 19.32 19.06 18.90
Sharpe Ratio 0.91 0.50 0.65
Alpha (%) 10.37 4.93 6.11
Beta 1.07 1.05 1.06
R-Squared (%) 86.04 80.43 80.22
Tracking Error (%) 7.32 8.47 8.46
Information Ratio 1.54 0.59 0.76
Upside Capture (%) 133.88 114.41 119.49
Downside Capture (%) 88.73 94.16 94.16

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 $20.32
Daily Change ($) $0.10
Daily Change (%) 0.49%
MTD 6.44%
QTD 18.90%
YTD 18.90%
scroll to view all
BDFIX - Baron Discovery Fund - I Russell 2000 Growth Index S&P 500 Index
QTD1 11.70% 11.55% 8.01%
YTD1 11.70% 11.55% 8.01%
1 Year 7.59% -2.63% -2.31%
3 Years 27.83% 15.55% 14.02%
5 Years 12.08% 7.83% 10.96%
Since Inception 15.03% 8.56% 11.59%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 1.10%

*As of 01/31/19

*Annualized as of 01/31/19

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.

scroll to view all
BDFIX - Baron Discovery Fund - I Russell 2000 Growth Index S&P 500 Index
1 Year 0.64% -9.31% -4.38%
3 Years 18.50% 7.24% 9.26%
5 Years 10.11% 5.13% 8.49%
Since Inception 12.88% 6.47% 10.15%
Expense Ratio2 - Gross 1.23%
Expense Ratio2 - Net 1.10%

*As of 12/31/18

*Annualized as of 01/31/19

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 12/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 19.32 19.06 18.90
Sharpe Ratio 0.91 0.50 0.65
Alpha (%) 10.37 4.93 6.11
Beta 1.07 1.05 1.06
R-Squared (%) 86.04 80.43 80.22
Tracking Error (%) 7.32 8.47 8.46
Information Ratio 1.54 0.59 0.76
Upside Capture (%) 133.88 114.41 119.49
Downside Capture (%) 88.73 94.16 94.16

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 01/31/19

scroll to view all
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.

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

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 35.83% 21.73%

Portfolio Characteristics

 

as of 12/31/18

Baron Discovery Fund Russell 2000 Growth Index
Net Assets$338.15 million
# of Equity Securities / % of Net Assets65 / 90.3%
Turnover (3 Year Average)67.13%
Active Share94.5%
Median Market Cap$1.30 billion$0.79 billion
Weighted Average Market Cap$1.72 billion$2.20 billion
EPS Growth (3-5 year forecast)20.3%17.5%
Price/Earnings Ratio (trailing 12-month)17.817.1
Price/Book Ratio2.83.1
Price/Sales Ratio2.21.3
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 01/31/19

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 3.9%

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 3.4%

TPI Composites, Inc.

TPI Composites, Inc. (TPIC) is the only independent global manufacturer of composite wind blades for the wind energy market. The company provides wind blades to the industry's leading original equipment manufacturers, including GE Wind, Vestas, Siemens Gamesa, the Nordex Group, Senvion, and Enercon.
The wind industry is shifting to a predominantly outsourced wind blade manufacturing model to achieve more cost-effective production. We believe TPI is well-positioned to capitalize on this trend, as well as the growth trends of the wind industry. The company has long-term supply agreements with customers that provide contracted volumes allowing for significant revenue visibility. TPI plans to double its revenues to $2 billion by 2021 by continuing to sign new agreements and diversifying its revenue into transportation industry opportunities such as electric vehicles.

 Industrials 2.9%

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.
The company's Propel implants improve the outcomes of FESS by holding open the sinus passageways, reducing postoperative inflammation and scarring. The company's target market in the U.S. is two million patients, or a $3 billion total addressable market, including about 1.3 million Propel patients (worth $1.9 billion) and 635,000 SINUVA patients (worth $1.3 billion). Intersect's devices are used in one out of nine sinus surgeries, suggesting a large growth opportunity for the company.

 Health Care 2.8%

Qualys, Inc.

Qualys, Inc. (QLYS) provides information technology security risk and compliance management solutions. The company offers cloud-based software products for vulnerability management, policy compliance, web application scanning, malware detection, and associated security products.
Qualys delivers cloud-based network security services. It has over 10,300 accounts, including most of the Fortune 100, which generate recurring subscription revenues. Revenue renewal rates are consistently high. It is leveraging its trusted position in Vulnerability Management to introduce new products, including cloud agents, Web Application Scanning, Web Application Firewall, malware protection, and mobile device security. We believe new products will accelerate top-line growth and expand the company's total addressable market from $700 million to the multi-billions.

 Information Technology 2.7%

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 2.7%

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 2.6%

TherapeuticsMD, Inc.

TherapeuticsMD, Inc. (TXMD) is a specialty pharmaceutical company focused on the hormone replacement therapy market. It has two key drug candidates for menopausal symptoms and vulvar vaginal atrophy, which affects sexual comfort in older women.
TherapeuticsMD has two hormone replacement therapy drugs (one approved and one expected October 2018). Its active pharmaceutical ingredients (APIs) have been well established from a safety and effectiveness standpoint, and the current market for the drugs is in the billions worldwide. The company also has an approved birth control product. It has created a series of unique IP barriers (many of which have patent protection) that involve the ability to mix and/or deliver its APIs in hormone replacement therapy. We expect significant revenue growth starting in 2019.

 Health Care 2.6%

Boyd Gaming Corporation

Boyd Gaming Corporation (BYD) is a gaming operator with 24 properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, and Mississippi. The Las Vegas market contributes to 45% of Boyd’s EBITDA, while regional assets account for the rest.
Over the past few years, the company has introduced several programs to lower its cost structure and improve its margins. These programs have resulted in margin improvement of 250 basis points in the past two years, and management believes there is potential for generating an additional 250 to 300 basis points. The company has also successfully refinanced $3 billion of debt and increased its cash flow, which we think will continue to grow with recently completed acquisitions. Management has indicated it will use the cash to increase dividends and repurchase stock.

 Consumer Discretionary 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.
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 2.4%

Total

 28.5%

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

as of 12/31/18

Name Sector % of Net Assets

Mercury Systems, Inc.

 Industrials 3.9%

Myriad Genetics, Inc.

 Health Care 3.2%

Intersect ENT, Inc.

 Health Care 3.2%

CareDx, Inc.

 Health Care 3.0%

TPI Composites, Inc.

 Industrials 2.9%

The Trade Desk

 Information Technology 2.7%

Americold Realty Trust

 Real Estate 2.6%

Yext, Inc.

 Information Technology 2.6%

ViewRay Incorporated

 Health Care 2.2%

Qualys, Inc.

 Information Technology 2.2%

TherapeuticsMD, Inc.

 Health Care 2.1%

Kinsale Capital Group, Inc.

 Financials 2.1%

Cerus Corporation

 Health Care 2.0%

Party City Holdco Inc.

 Consumer Discretionary 1.8%

Sun Hydraulics Corporation

Industrials 1.7%

Boyd Gaming Corporation

 Consumer Discretionary 1.7%

Teladoc Health Inc.

 Health Care 1.7%

Limoneira Co

 Consumer Staples 1.7%

ForeScout Technologies, Inc.

 Information Technology 1.6%

Alexander & Baldwin, Inc.

 Real Estate 1.6%

Liberty Media Corp. - Liberty Formula One Cl A

 Communication Services 1.6%

Red Rock Resorts, Inc. - Cl. A

 Consumer Discretionary 1.5%

SiteOne Landscape Supply, Inc.

 Industrials 1.5%

RIB Software SE

 Information Technology 1.5%

Ichor Holdings, Ltd.

 Information Technology 1.5%

Endava plc -ADR

 Information Technology 1.4%

ESCO Technologies, Inc.

 Industrials 1.4%

Esperion Therapeutics, Inc.

 Health Care 1.4%

Sientra, Inc.

 Health Care 1.4%

Flexion Therapeutics Inc

 Health Care 1.3%

Hudson Ltd. Cl - A

 Consumer Discretionary 1.3%

IntriCon Corporation

 Health Care 1.2%

Luxfer Holdings PLC

 Industrials 1.2%

Ra Medical Systems, Inc.

 Health Care 1.2%

Everspin Technologies, Inc.

 Information Technology 1.2%

Kornit Digital Ltd.

 Industrials 1.1%

Potbelly Corporation

 Consumer Discretionary 1.1%

LiveRamp Holdings, Inc.

 Information Technology 1.1%

Cubic Corporation

 Industrials 1.1%

GCI lLiberty, Inc.-Cl - A

 Communication Services 1.1%

Emergent BioSolutions Inc.

 Health Care 1.1%

Par Technology Corp/Del

 Information Technology 1.0%

Novanta Inc.

 Information Technology 1.0%

Varonis Systems, Inc.

 Information Technology 1.0%

Brooks Automation, Inc.

 Information Technology 0.9%

Coherent, Inc.

 Information Technology 0.9%

QAD Inc. - Cl A

 Information Technology 0.9%

Wingstop Inc.

 Consumer Discretionary 0.9%

Nova Measuring Instruments Ltd.

 Information Technology 0.9%

Studio City International Holdings Limited - ADR Cl - A

 Consumer Discretionary 0.9%

Accelerate Diagnostics Inc

 Health Care 0.9%

Raven Industries Inc

 Industrials 0.8%

Myovant Sciences Ltd.

 Health Care 0.7%

QTS Realty Trust, Inc.

 Real Estate 0.7%

Envestnet, Inc.

 Information Technology 0.7%

Red Lion Hotels Corporation

 Consumer Discretionary 0.7%

JUST EAT plc

 Consumer Discretionary 0.7%

AxoGen, Inc.

 Health Care 0.5%

2U, Inc.

 Information Technology 0.5%

Anaplan, Inc.

 Information Technology 0.5%

Sage Therapeutics, Inc.

 Health Care 0.4%

Tenable Holdings, Inc.

 Information Technology 0.3%

Bloom Energy Corporation

 Industrials 0.3%

Guardant Health, Inc.

 Health Care 0.2%

QAD Inc. - Cl B

 Information Technology 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 01/31/19

As of 01/31/19

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

Contributors/Detractors

Quarterly as of 12/31/18

Top Contributors Average Weight Contribution
Corium International, Inc. 0.09% 0.23%
Studio City International Holdings Limited 0.88% 0.16%
Anaplan, Inc. 0.38% 0.14%
PAR Technology Corporation 0.68% 0.08%
Guardant Health, Inc. 0.19% 0.07%

Quarterly as of 12/31/18

Top Detractors Average Weight Contribution
IntriCon Corporation 1.64% -1.11%
Teladoc Health, Inc. 2.20% -1.08%
Sientra, Inc. 1.98% -1.07%
Myriad Genetics, Inc. 2.94% -0.98%
TherapeuticsMD, Inc. 2.10% -0.93%

Source: FactSet PA.

Insights & News

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

    10/11/18

    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%)

  • Barron's Interviews Randy Gwirtzman and Laird Bieger on Baron Discovery Fund

    08/02/17

    Barron's homepage today features a Q&A interview with co-portfolio managers Randy Gwirtzman and Laird Bieger, who discussed Baron Discovery Fund and some of their favorite companies. "You haven't heard of them yet, but you will," Gwirtzman said about the portfolio stocks. Read the article at www.barrons.com. (Subscription required to access).

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

    07/27/17

    Randy Gwirtzman, co-portfolio manager of Baron Discovery Fund, appeared on CNBC's "Squawk Box" on Friday, July 28 in a discussion with anchors Becky Quick, Joe Kernen, Andrew Ross Sorkin, and Lindsey Group chief market analyst Peter Boockvar. Tune in to the replay at www.cnbc.com to learn more about where they are seeing value plays in the markets and how the Fed's unwinding of its balance sheet could impact investors.

Documents

Summary Fact Sheet 12/30/18
Baron Investment Funds Trust Annual Financial Report 09/30/18
Baron Investment Funds Trust Semi-Annual Financial Report 03/31/18
XBRL Filings 06/07/18
Summary Prospectus 01/28/19
SAI 01/28/19
Prospectus 01/28/19

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.

Subscribe for updates

© Baron 2019 All rights reserved

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).

View as: