Prices & Performance

Prices

as of 04/22/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$20.59 $0.17 0.83% 0.64% 0.64% 20.48%

Performance

 

as of 02/28/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFUX - Baron Discovery Fund - R6 21.07% 21.07% 23.52% 31.53% 12.36% 16.50% 1.10% 1.09%
Russell 2000 Growth Index 18.75% 18.75% 6.70% 18.27% 8.16% 9.69%
S&P 500 Index 11.48% 11.48% 4.68% 15.28% 10.67% 12.05%

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
BDFUX - Baron Discovery Fund - R6 19.72% 22.02% 27.66% 12.18% 15.99% 1.10% 1.09%
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.

Not annualized.

as of 03/31/19

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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.

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 $0.040 $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 03/31/19

3 Years 5 Years Since Inception
Standard Deviation (%) 18.73 19.75 19.25
Sharpe Ratio 1.41 0.58 0.80
Alpha (%) 10.68 3.47 6.13
Beta 1.06 1.05 1.05
R-Squared (%) 85.01 82.72 81.73
Tracking Error (%) 7.32 8.26 8.28
Information Ratio 1.75 0.46 0.81
Upside Capture (%) 131.65 112.94 118.55
Downside Capture (%) 84.98 100.02 93.94

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 $20.59
Daily Change ($) $0.17
Daily Change (%) 0.83%
MTD 0.64%
QTD 0.64%
YTD 20.48%
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BDFUX - Baron Discovery Fund - R6 Russell 2000 Growth Index S&P 500 Index
QTD1 21.07% 18.75% 11.48%
YTD1 21.07% 18.75% 11.48%
1 Year 23.52% 6.70% 4.68%
3 Years 31.53% 18.27% 15.28%
5 Years 12.36% 8.16% 10.67%
Since Inception 16.50% 9.69% 12.05%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.09%

*As of 02/28/19

*Annualized as of 03/31/19

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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BDFUX - Baron Discovery Fund - R6 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 27.66% 14.87% 13.51%
5 Years 12.18% 8.41% 10.91%
Since Inception 15.99% 9.26% 12.25%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.09%

*As of 03/31/19

*Annualized as of 03/31/19

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 (%) 18.73 19.75 19.25
Sharpe Ratio 1.41 0.58 0.80
Alpha (%) 10.68 3.47 6.13
Beta 1.06 1.05 1.05
R-Squared (%) 85.01 82.72 81.73
Tracking Error (%) 7.32 8.26 8.28
Information Ratio 1.75 0.46 0.81
Upside Capture (%) 131.65 112.94 118.55
Downside Capture (%) 84.98 100.02 93.94

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 03/31/19

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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.

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 $0.040 $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 0.64% 35.85% 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 03/31/19

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%

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 3.3%

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 2.7%

SiteOne Landscape Supply, Inc.

SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in the U.S. Through its network of 477 branches in 44 states, the company offers a broad selection of products such as irrigation supplies, herbicides, landscape accessories, and outdoor lighting.  
SiteOne is a market leader with exposure to residential and non-residential construction cycles. Organic growth of 7-8% in the past two years has accelerated significantly in 2018 to over 20%. With less than 10% of a large, fragmented market, the company has significant opportunities to consolidate through accretive deals. Its experienced management team has a strong M&A track record at larger public companies, and its stock is valued at a discount to other dominant distributors, reflecting room for growth, in our view.

Industrials 2.7%

Yext, Inc.

Yext, Inc. (YEXT) provides software that enables companies to control and manage their information as shown by public online listings on third-party maps, apps, search engines, digital assistants, vertical directories, and social networks.
Yext is the leader in business information data management. It is led by a strong senior management team, most of whom are veterans of Salesforce. We believe Yext can ultimately grow its revenue by five times today’s levels, and be a key digital directory for businesses through its cloud-based services. As sales expand, we expect the company to dramatically increase both its profitability and cash flow.

Information Technology 2.5%

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 2.5%

The Trade Desk

The Trade Desk (TTD) is a software company that enables advertising agencies to purchase advertising more efficiently and effectively. It provides the leading self-serve platform to enable data-driven digital advertising.
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 2.5%

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 and reducing postoperative inflammation and scarring. The company's target market in the U.S. is $2 million patients, or a $3 billion total addressable market, which includes 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 2.4%

Sientra, Inc.

Sientra, Inc. (SIEN) is a medical device company. It is one of three companies that has FDA approval to market silicone gel breast implants in the United States. Through its acquisition of Miramar Labs in 2017, Sientra is expanding into additional aesthetics areas.
Surgical breast implants are a $1.1 to $1.2 billion worldwide market, of which the U.S. market is roughly $650 million. There are only three U.S. companies making breast implants, and we think it is unlikely there will be more any time soon, as it takes years to gain FDA approval. Sientra has started to reestablish itself after a voluntary recall halted sales for six months from 2015 to 2016. Sientra is also entering a potential multi-billion dollar market for the control of sweat, odor, and hair in the underarm area.

Health Care 2.4%

2U, Inc.

2U, Inc. (TWOU) is a leading education technology company with cloud-based SaaS technology and services that enable not-for-profit colleges and universities to deliver high-quality online degree programs.
2U is benefiting from a rise in demand and has a huge pipeline of potential programs. As a result, we believe 2U should be able to sustain growth rates of over 30% during the next five years. We believe 2U also has several important competitive advantages that help distinguish it: first-mover advantage with established credibility among top-tier universities, marketing scale and expertise, willingness to invest meaningful risk capital in each program, and long-term contracts with penalties for non-renewal.

Information Technology 2.3%

Total

26.7%

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 03/31/19

As of 03/31/19

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

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.