Prices & Performance

Prices

as of 09/18/18

scroll to view all
NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$18.34 -$0.01 -0.05% -2.29% 4.86% 19.25%

Performance

 

as of 08/31/18

scroll to view all
QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFGFX - Baron Focused Growth Fund 7.32% 22.04% 26.44% 15.98% 11.97% 9.41% 11.59% 1.40% 1.35%
Russell 2500 Growth Index 8.75% 17.50% 30.18% 16.34% 14.63% 12.17% 8.57%
S&P 500 Index 7.10% 9.94% 19.66% 16.11% 14.52% 10.86% 8.85%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 06/30/18

scroll to view all
QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFGFX - Baron Focused Growth Fund 12.62% 13.72% 20.36% 9.83% 10.83% 8.81% 11.32% 1.40% 1.35%
Russell 2500 Growth Index 5.53% 8.04% 21.53% 10.86% 13.87% 11.38% 8.23%
S&P 500 Index 3.43% 2.65% 14.37% 11.93% 13.42% 10.17% 8.58%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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.

1Not annualized.

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.

Expense ratios are as of the fiscal year ended 12/31/2017

as of 08/31/18

scroll to view all
Year Baron Focused Growth Fund Russell 2500 Growth Index S&P 500 Index
2017 26.36% 24.46% 21.83%
2016 0.67% 9.73% 11.96%
2015 -2.42% -0.19% 1.38%
2014 2.35% 7.05% 13.69%
2013 25.69% 40.65% 32.39%
2012 15.96% 16.13% 16.00%
2011 -1.42% -1.57% 2.11%
2010 25.17% 28.86% 15.06%
2009 33.77% 41.66% 26.46%
2008 -39.06% -41.50% -37.00%
2007 15.25% 9.69% 5.49%
2006 26.63% 12.26% 15.79%
2005 4.51% 8.17% 4.91%
2004 50.24% 14.59% 10.88%
2003 40.01% 46.32% 28.68%
2002 -8.44% -29.09% -22.06%
2001 -24.33% -10.83% -11.93%
2000 -6.00% -16.09% -9.10%
1999 19.87% 55.48% 21.04%
1998 36.17% 3.10% 28.58%
1997 38.38% 14.76% 33.36%
1996 6.83% -2.81% 12.11%

1Not annualized.

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.

Expense ratios are as of the fiscal year ended 12/31/2017

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
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $0.165 $0.165 $15.73 26.36%
09/27/2017 09/28/2017 09/29/2017 $0.000 $0.000 $0.000 $0.160 $0.160 $14.99 26.36%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $0.182 $0.182 $12.24 0.67%
10/05/2016 10/06/2016 10/07/2016 $0.000 $0.000 $0.000 $0.566 $0.566 $12.67 0.67%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $0.257 $0.257 $13.21 -2.42%
09/23/2015 09/24/2015 09/25/2015 $0.021 $0.000 $0.000 $0.482 $0.503 $12.85 -2.42%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $0.074 $0.074 $13.75 2.35%
09/22/2014 09/23/2014 09/24/2014 $0.000 $0.000 $0.000 $0.012 $0.012 $13.82 2.35%
09/25/2013 09/26/2013 09/27/2013 $0.171 $0.000 $0.000 $0.000 $0.171 $13.10 25.69%
12/13/2010 12/14/2010 12/15/2010 $0.326 $0.000 $0.000 $0.000 $0.326 $9.47 25.17%
12/28/2009 12/29/2009 12/30/2009 $0.126 $0.125 $0.000 $0.000 $0.251 $8.25 33.77%
12/19/2008 12/22/2008 12/23/2008 $0.000 $0.400 $0.000 $0.000 $0.400 $5.98 -39.06%

Performance Characteristics

as of 06/30/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 13.27 12.84 17.97 20.69
Sharpe Ratio 0.69 0.81 0.47 0.44
Alpha (%) 1.18 -0.55 -1.06 5.05
Beta 0.81 0.84 0.88 0.77
R-Squared (%) 64.84 72.29 87.08 67.43
Tracking Error (%) 8.24 7.06 6.84 12.83
Information Ratio -0.12 -0.43 -0.38 0.24
Upside Capture (%) 86.61 84.42 84.39 89.80
Downside Capture (%) 83.51 90.63 88.32 76.28

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Focused Growth Fund's(BFGFX) benchmark (Russell 2500 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $18.34
Daily Change ($) -$0.01
Daily Change (%) -0.05%
MTD -2.29%
QTD 4.86%
YTD 19.25%
scroll to view all
BFGFX - Baron Focused Growth Fund Russell 2500 Growth Index S&P 500 Index
QTD1 7.32% 8.75% 7.10%
YTD1 22.04% 17.50% 9.94%
1 Year 26.44% 30.18% 19.66%
3 Years 15.98% 16.34% 16.11%
5 Years 11.97% 14.63% 14.52%
10 Years 9.41% 12.17% 10.86%
Since Inception 11.59% 8.57% 8.85%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 1.35%

*As of 08/31/18

*Annualized as of 08/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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
BFGFX - Baron Focused Growth Fund Russell 2500 Growth Index S&P 500 Index
QTD1 12.62% 5.53% 3.43%
YTD1 13.72% 8.04% 2.65%
1 Year 20.36% 21.53% 14.37%
3 Years 9.83% 10.86% 11.93%
5 Years 10.83% 13.87% 13.42%
10 Years 8.81% 11.38% 10.17%
Since Inception 11.32% 8.23% 8.58%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 1.35%

*As of 06/30/18

*Annualized as of 08/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 06/30/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 13.27 12.84 17.97 20.69
Sharpe Ratio 0.69 0.81 0.47 0.44
Alpha (%) 1.18 -0.55 -1.06 5.05
Beta 0.81 0.84 0.88 0.77
R-Squared (%) 64.84 72.29 87.08 67.43
Tracking Error (%) 8.24 7.06 6.84 12.83
Information Ratio -0.12 -0.43 -0.38 0.24
Upside Capture (%) 86.61 84.42 84.39 89.80
Downside Capture (%) 83.51 90.63 88.32 76.28

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Focused Growth Fund's(BFGFX) benchmark (Russell 2500 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 08/31/18

scroll to view all
Year Baron Focused Growth Fund Russell 2500 Growth Index S&P 500 Index
2017 26.36% 24.46% 21.83%
2016 0.67% 9.73% 11.96%
2015 -2.42% -0.19% 1.38%
2014 2.35% 7.05% 13.69%
2013 25.69% 40.65% 32.39%
2012 15.96% 16.13% 16.00%
2011 -1.42% -1.57% 2.11%
2010 25.17% 28.86% 15.06%
2009 33.77% 41.66% 26.46%
2008 -39.06% -41.50% -37.00%
2007 15.25% 9.69% 5.49%
2006 26.63% 12.26% 15.79%
2005 4.51% 8.17% 4.91%
2004 50.24% 14.59% 10.88%
2003 40.01% 46.32% 28.68%
2002 -8.44% -29.09% -22.06%
2001 -24.33% -10.83% -11.93%
2000 -6.00% -16.09% -9.10%
1999 19.87% 55.48% 21.04%
1998 36.17% 3.10% 28.58%
1997 38.38% 14.76% 33.36%
1996 6.83% -2.81% 12.11%

1Not annualized.

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.

Expense ratios are as of the fiscal year ended 12/31/2017

Select Year
Record Date 11/27/2017 09/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 09/22/2014 09/25/2013 12/13/2010 12/28/2009 12/19/2008
Ex Date 11/28/2017 09/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 09/23/2014 09/26/2013 12/14/2010 12/29/2009 12/22/2008
Payable Date 11/29/2017 09/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 09/24/2014 09/27/2013 12/15/2010 12/30/2009 12/23/2008
Income $0.000 $0.000 $0.000 $0.000 $0.000 $0.021 $0.000 $0.000 $0.171 $0.326 $0.126 $0.000
Return of Capital $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.125 $0.400
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Long-Term Capital Gain $0.165 $0.160 $0.182 $0.566 $0.257 $0.482 $0.074 $0.012 $0.000 $0.000 $0.000 $0.000
Total $0.165 $0.160 $0.182 $0.566 $0.257 $0.503 $0.074 $0.012 $0.171 $0.326 $0.251 $0.400
Re-Invest NAV $15.73 $14.99 $12.24 $12.67 $13.21 $12.85 $13.75 $13.82 $13.10 $9.47 $8.25 $5.98
Calendar-Yr Return 26.36% 26.36% 0.67% 0.67% -2.42% -2.42% 2.35% 2.35% 25.69% 25.17% 33.77% -39.06%

Portfolio Characteristics

 

as of 06/30/18

Baron Focused Growth Fund Russell 2500 Growth Index
Net Assets$220.10 million
# of Equity Securities / % of Net Assets14 / 99.9%
Turnover (3 Year Average)11.85%
Active Share98.6%
Median Market Cap$7.41 billion$1.31 billion
Weighted Average Market Cap$16.10 billion$4.97 billion
EPS Growth (3-5 year forecast)18.9%15.6%
Price/Earnings Ratio (trailing 12-month)23.824.1
Price/Book Ratio3.74.5
Price/Sales Ratio4.22.0
Current Expense Ratio Date12/31/2017

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 08/31/18

Open All Close All Holding Sector % of Net Assets

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 14 resorts across Colorado, Utah, Lake Tahoe, Whistler Blackstone in Canada, Perisher in Australia and Stowe in Vermont. It is also closing on 4 other ski resorts in Vermont, New Hampshire, Colorado, and Washington.

Consumer Discretionary 17.1%

CoStar Group, Inc.

CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.

Industrials 13.0%

Tesla, Inc.

Tesla, Inc. (TSLA) manufactures purely electric automobiles, energy storage, and solar solutions. It offers a sedan (Model S), a CUV (Model X), and battery-based energy storage. Tesla is now producing and delivering its highly anticipated lower cost vehicle, Model 3, with a base price of $35,000.

Consumer Discretionary 11.4%

Hyatt Hotels Corp.

Hyatt Hotels Corp. (H) is a global hospitality company with 737 Hyatt-branded properties representing 187,630 keys. The company's brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.

Consumer Discretionary 11.1%

FactSet Research Systems, Inc.

FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.

Financials 7.2%

Iridium Communications Inc.

Iridium Communications Inc. (IRDM) provides mobile voice and data communications services to businesses, U.S. and foreign governments, non-governmental organizations, and consumers, using a constellation of low-earth orbiting satellites.

Telecommunication Services 6.4%

Manchester United plc

Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.

Consumer Discretionary 6.1%

Choice Hotels International, Inc.

Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,853 hotels and an additional 956 properties under development. Its franchise contracts are typically long term, many as long as 20 years. Brands include Quality Inn, Comfort Inn, Comfort Suites, and Sleep Inn.

Consumer Discretionary 4.9%

Guidewire Software, Inc.

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.

Information Technology 4.3%

Space Exploration Technologies Corp.

Space Exploration Technologies Corp. (SPACEX.A) is a private company that designs, manufactures, and launches rockets and spacecrafts into space. SpaceX is aiming to revolutionize space technology, including reusable orbital launch systems.

Industrials 4.2%

Total

85.7%

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

as of 06/30/18

Name Sector % of Net Assets

Vail Resorts, Inc.

Consumer Discretionary 17.0%

Tesla, Inc.

Consumer Discretionary 14.0%

CoStar Group, Inc.

Industrials 13.1%

Hyatt Hotels Corp.

Consumer Discretionary 11.9%

FactSet Research Systems, Inc.

Financials 6.8%

Iridium Communications Inc. - Pfd

Telecommunication Services 5.5%

Choice Hotels International, Inc.

Consumer Discretionary 5.2%

Manchester United plc

Consumer Discretionary 5.1%

Guidewire Software, Inc.

Information Technology 4.1%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 3.9%

Arch Capital Group Ltd.

Financials 3.6%

Benefitfocus, Inc.

Information Technology 3.4%

American Homes 4 Rent - Cl A

Real Estate 2.3%

Space Exploration Technologies Corp. Series H Preferred Stock

Industrials 2.2%

Space Exploration Technologies Corp. - Cl. A

Industrials 1.5%

Space Exploration Technologies Corp. - Cl. C

Industrials 0.2%

Space Exploration Technologies Corp.-Series I Preferred Stock

Industrials 0.1%

GICS SECTOR BREAKDOWN

As of 08/31/18

As of 08/31/18

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

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Vail Resorts, Inc. 15.89% 3.56%
Tesla, Inc. 13.04% 3.41%
Iridium Communications Inc. 4.87% 1.74%
CoStar Group, Inc. 12.86% 1.71%
Benefitfocus, Inc. 3.37% 1.13%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
Arch Capital Group Ltd. 3.87% -0.34%
Choice Hotels International, Inc. 5.77% -0.25%
FactSet Research Systems, Inc. 7.17% -0.03%
Denali Therapeutics Inc. 0.85% -0.02%

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: The Fund is non-diversified, which increases volatility of the Fund’s returns and exposes it to greater risk of loss in any given period.  Specific risks associated with investing in small and medium-sized companies include that the securities may be thinly traded and more difficult to sell during market downturns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2500™ Growth Index measures the performance of small to medium-sized 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. 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.