Prices & Performance

Prices

as of 12/12/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$21.17 $0.23 1.10% -1.53% 7.71% 24.04%

Performance

 

as of 11/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFUX - Baron Discovery Fund - R6 9.39% 25.97% 11.14% 19.78% 13.38% 15.09% 1.10% 1.09%
Russell 2000 Growth Index 8.90% 25.61% 10.93% 12.15% 9.48% 9.45%
S&P 500 Index 5.87% 27.63% 16.11% 14.88% 10.98% 12.96%

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 09/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BDFUX - Baron Discovery Fund - R6 -4.84% 15.16% -11.75% 16.33% 13.19% 13.83% 1.10% 1.09%
Russell 2000 Growth Index -4.17% 15.34% -9.63% 9.79% 9.08% 8.18%
S&P 500 Index 1.70% 20.55% 4.25% 13.39% 10.84% 12.27%

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 11/30/19

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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
11/25/2019 11/26/2019 11/27/2019 $0.000 $0.000 $0.000 $0.029 $0.029 $21.42
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 09/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 20.05 19.25 19.29
Sharpe Ratio 0.74 0.64 0.68
Alpha (%) 5.65 3.86 5.18
Beta 1.07 1.03 1.06
R-Squared (%) 87.33 82.61 82.88
Tracking Error (%) 7.25 8.05 8.04
Information Ratio 0.90 0.51 0.70
Upside Capture (%) 119.34 110.96 116.41
Downside Capture (%) 96.33 95.55 95.60

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 $21.17
Daily Change ($) $0.23
Daily Change (%) 1.10%
MTD -1.53%
QTD 7.71%
YTD 24.04%
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BDFUX - Baron Discovery Fund - R6 Russell 2000 Growth Index S&P 500 Index
QTD1 9.39% 8.90% 5.87%
YTD1 25.97% 25.61% 27.63%
1 Year 11.14% 10.93% 16.11%
3 Years 19.78% 12.15% 14.88%
5 Years 13.38% 9.48% 10.98%
Since Inception 15.09% 9.45% 12.96%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.09%

*As of 11/30/19

*Annualized as of 11/30/19

1Not annualized.

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

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

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BDFUX - Baron Discovery Fund - R6 Russell 2000 Growth Index S&P 500 Index
QTD1 -4.84% -4.17% 1.70%
YTD1 15.16% 15.34% 20.55%
1 Year -11.75% -9.63% 4.25%
3 Years 16.33% 9.79% 13.39%
5 Years 13.19% 9.08% 10.84%
Since Inception 13.83% 8.18% 12.27%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.09%

*As of 09/30/19

*Annualized as of 11/30/19

1Not annualized.

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

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

as of 09/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 20.05 19.25 19.29
Sharpe Ratio 0.74 0.64 0.68
Alpha (%) 5.65 3.86 5.18
Beta 1.07 1.03 1.06
R-Squared (%) 87.33 82.61 82.88
Tracking Error (%) 7.25 8.05 8.04
Information Ratio 0.90 0.51 0.70
Upside Capture (%) 119.34 110.96 116.41
Downside Capture (%) 96.33 95.55 95.60

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 11/30/19

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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 11/25/2019 11/28/2018 11/27/2017 06/27/2016
Ex Date 11/26/2019 11/29/2018 11/28/2017 06/28/2016
Payable Date 11/27/2019 11/30/2018 11/29/2017 06/29/2016
Income $0.000 $0.000 $0.040 $0.000
Return of Capital $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000
Long-Term Capital Gain $0.029 $1.500 $0.000 $0.266
Total $0.029 $1.500 $0.040 $0.266
Re-Invest NAV $21.42 $19.33 $18.30 $11.35
Calendar-Yr Return 0.64% 35.85% 21.73%

Portfolio Characteristics

 

as of 09/30/19

Baron Discovery Fund Russell 2000 Growth Index
Net Assets$538.91 million
# of Equity Securities / % of Net Assets66 / 92.3%
Turnover (3 Year Average)56.39%
Active Share94.3%
Median Market Cap$1.67 billion$0.86 billion
Weighted Average Market Cap$2.43 billion$2.46 billion
EPS Growth (3-5 year forecast)18.6%16.3%
Price/Earnings Ratio (trailing 12-month)34.221.9
Price/Book Ratio3.73.5
Price/Sales Ratio2.81.5
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 11/30/19

Open All Close All Holding Sector % of Net Assets

Kinsale Capital Group, Inc.

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

Financials 3.2%

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 2.9%

Emergent BioSolutions Inc.

Emergent BioSolutions Inc. (EBS) specializes in vaccines and treatments against exposure to the worst biological and viral strains, including anthrax, smallpox, and botulism. It also markets commercial products to protect travelers against cholera and typhoid and a nasal spray antidote for opioid overdoses.
Emergent's anthrax and smallpox vaccines are currently being stocked by the U.S. government. The stocks need to be refreshed every four to five years on a rolling basis due to shelf life, providing recurring revenues. Beyond this, Emergent is working to broaden its base of products to auto-injectors, contract manufacturing, and other vaccines and treatments. It has an active M&A program and is one of the few, if not the only, suppliers on many of its products.

Health Care 2.7%

Floor & Decor Holdings, Inc.

Floor & Decor Holdings, Inc. (FND) is a specialty retailer of hard-surface flooring (tile, vinyl, wood, stone, and laminate) and accessories in the U.S. By sourcing directly from vendors, Floor & Decor can sell at low prices. It operates 106 low-cost warehouse stores catering to professional contractors.
We view Floor & Decor as a differentiated, high-growth retailer offering a broader assortment of low-cost quantities than its competitors. The company currently holds a 5% market share in the highly fragmented, $20 billion U.S. hard-surface flooring market, where we think it will continue to gain share. We believe the replacement of carpet with hard-surface flooring, which we see as a secular shift in the flooring industry, will aid growth. The company has delivered exceptional compound growth for years, and we are excited about its plan to expand from 106 stores to 400.

Consumer Discretionary 2.7%

SiteOne Landscape Supply, Inc.

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

Industrials 2.7%

Veracyte, Inc.

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

Health Care 2.6%

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%

Revance Therapeutics, Inc.

Health Care 2.5%

Endava plc

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

Information Technology 2.4%

Americold Realty Trust

Americold Realty Trust (COLD) is the world’s largest owner of temperature-controlled warehouses. Americold’s warehouses enable “farm to fork” distribution and ensure freshness, safety, and convenience. The company’s market share is roughly 20% in the U.S. and 4.5% globally, serving over 2,600 customers.
Americold operates in a relatively stable industry, since food consumption is tied to population growth and cold storage is essential for food distribution. Its proprietary data systems are a competitive advantage, in our view. Management believes cash flow could grow by high single digits per year, an attractive rate compared with other REITs. Large acquisitions could also drive growth. We believe the company’s valuation is attractive, its growth prospects are solid, and it benefits from being in a less cyclical business.

Real Estate 2.3%

Total

26.5%

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

as of 09/30/19

Name Sector % of Net Assets

Kinsale Capital Group, Inc.

Financials 3.8%

Mercury Systems, Inc.

Industrials 3.5%

RIB Software SE

Information Technology 3.1%

Americold Realty Trust

Real Estate 3.1%

Floor & Decor Holdings, Inc.

Consumer Discretionary 3.1%

Emergent BioSolutions Inc.

Health Care 2.8%

SiteOne Landscape Supply, Inc.

Industrials 2.7%

TPI Composites, Inc.

Industrials 2.5%

Rexford Industrial Realty, Inc.

Real Estate 2.5%

Trex Company, Inc.

Industrials 2.4%

TherapeuticsMD, Inc.

Health Care 2.4%

Endava plc -ADR

Information Technology 2.3%

Veracyte, Inc.

Health Care 2.3%

ForeScout Technologies, Inc.

Information Technology 2.2%

Cubic Corporation

Industrials 2.0%

Silk Road Medical, Inc.

Health Care 2.0%

Revance Therapeutics, Inc.

Health Care 2.0%

Sientra, Inc.

Health Care 1.9%

Medallia Inc.

Information Technology 1.9%

Teladoc Health Inc.

Health Care 1.8%

Kornit Digital Ltd.

Industrials 1.7%

Ichor Holdings, Ltd.

Information Technology 1.6%

Repay Holdings Corporation Cl - A

Information Technology 1.6%

Nova Measuring Instruments Ltd.

Information Technology 1.5%

Par Technology Corp/Del

Information Technology 1.5%

Cerus Corporation

Health Care 1.5%

Varonis Systems, Inc.

Information Technology 1.5%

Myriad Genetics, Inc.

Health Care 1.5%

Liberty Media Corp. - Liberty Formula One Cl A

Communication Services 1.4%

Yext, Inc.

Information Technology 1.4%

Ping Identity Corporation

Information Technology 1.3%

Helios Technologies, Inc.

Industrials 1.3%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.3%

Boyd Gaming Corporation

Consumer Discretionary 1.3%

ESCO Technologies, Inc.

Industrials 1.3%

Qualys, Inc.

Information Technology 1.3%

Esperion Therapeutics, Inc.

Health Care 1.3%

Advanced Drainage Systems, Inc.

Industrials 1.2%

Alexander & Baldwin, Inc.

Real Estate 1.1%

LiveRamp Holdings, Inc.

Information Technology 1.0%

AxoGen, Inc.

Health Care 1.0%

Limoneira Co

Consumer Staples 1.0%

Accelerate Diagnostics Inc

Health Care 0.9%

Future plc

Communication Services 0.9%

Inogen, Inc.

Health Care 0.9%

Dynatrace Holdings LLC

Information Technology 0.8%

Raven Industries Inc

Industrials 0.8%

CareDx, Inc.

Health Care 0.7%

Luxfer Holdings PLC

Industrials 0.7%

Blue Prism Group plc

Information Technology 0.7%

Everspin Technologies, Inc.

Information Technology 0.7%

New Relic, Inc.

Information Technology 0.6%

The RealReal, Inc.

Consumer Discretionary 0.6%

Inspire Medical Systems, Inc.

Health Care 0.6%

ViewRay Incorporated

Health Care 0.5%

Sage Therapeutics, Inc.

Health Care 0.5%

Envestnet, Inc.

Information Technology 0.5%

Studio City International Holdings Limited - ADR Cl - A

Consumer Discretionary 0.4%

Fiverr International Ltd.

Consumer Discretionary 0.3%

Intersect ENT, Inc.

Health Care 0.3%

Wingstop Inc.

Consumer Discretionary 0.3%

The Trade Desk

Information Technology 0.3%

Novanta Inc.

Information Technology 0.2%

10X Genomics, Inc.

Health Care 0.1%

Ra Medical Systems, Inc.

Health Care 0.1%

Barfresh Food Group, Inc. Restricted

Consumer Staples 0.0%

Barfresh Food Group, Inc.

Consumer Staples 0.0%

GICS SECTOR BREAKDOWN

As of 11/30/19

As of 11/30/19

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

Contributors/Detractors

Quarterly as of 09/30/19

Top Contributors Average Weight Contribution
TherapeuticsMD, Inc. 1.82% 0.70%
Floor & Decor Holdings, Inc. 2.53% 0.53%
Trex Company, Inc. 2.05% 0.48%
Mercury Systems, Inc. 3.42% 0.45%
Kinsale Capital Group, Inc. 3.34% 0.43%

Quarterly as of 09/30/19

Top Detractors Average Weight Contribution
ViewRay Incorporated 1.64% -1.92%
Silk Road Medical, Inc. 2.12% -0.80%
Bloom Energy Corporation 0.49% -0.66%
CareDx, Inc. 1.09% -0.52%
TPI Composites, Inc. 2.24% -0.52%

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.