Prices & Performance

Prices

as of 02/20/19

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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

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFUX - Baron Discovery Fund - R6 11.70% 11.70% 7.65% 27.84% 12.08% 15.03% 1.10% 1.09%
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

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1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFUX - Baron Discovery Fund - R6 0.64% 18.51% 10.11% 12.88% 1.22% 1.09%
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.

Not annualized.

as of 01/31/19

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2018 0.64% -9.31% -4.38%
2017 35.85% 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

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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
11/27/2017 11/28/2017 11/29/2017 $0.040 $0.000 $0.000 $0.000 $0.040 $18.30 35.85%
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 (%) 19.31 19.06 18.89
Sharpe Ratio 0.91 0.50 0.65
Alpha (%) 10.38 4.93 6.12
Beta 1.07 1.05 1.06
R-Squared (%) 86.05 80.43 80.22
Tracking Error (%) 7.31 8.47 8.45
Information Ratio 1.54 0.59 0.76
Upside Capture (%) 133.83 114.38 119.46
Downside Capture (%) 88.63 94.11 94.11

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Discovery Fund's(BDFUX) 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%
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BDFUX - Baron Discovery Fund - R6 Russell 2000 Growth Index S&P 500 Index
QTD1 11.70% 11.55% 8.01%
YTD1 11.70% 11.55% 8.01%
1 Year 7.65% -2.63% -2.31%
3 Years 27.84% 15.55% 14.02%
5 Years 12.08% 7.83% 10.96%
Since Inception 15.03% 8.56% 11.59%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.09%

*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.

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BDFUX - Baron Discovery Fund - R6 Russell 2000 Growth Index S&P 500 Index
1 Year 0.64% -9.31% -4.38%
3 Years 18.51% 7.24% 9.26%
5 Years 10.11% 5.13% 8.49%
Since Inception 12.88% 6.47% 10.15%
Expense Ratio2 - Gross 1.22%
Expense Ratio2 - Net 1.09%

*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 (%) 19.31 19.06 18.89
Sharpe Ratio 0.91 0.50 0.65
Alpha (%) 10.38 4.93 6.12
Beta 1.07 1.05 1.06
R-Squared (%) 86.05 80.43 80.22
Tracking Error (%) 7.31 8.47 8.45
Information Ratio 1.54 0.59 0.76
Upside Capture (%) 133.83 114.38 119.46
Downside Capture (%) 88.63 94.11 94.11

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

as of 01/31/19

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Year Baron Discovery Fund Russell 2000 Growth Index S&P 500 Index
2018 0.64% -9.31% -4.38%
2017 35.85% 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 $0.040 $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 $0.040 $0.266
Re-Invest NAV $19.33 $18.30 $11.35
Calendar-Yr Return 35.85% 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

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.