Prices & Performance

Prices

as of 02/20/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$17.85 $0.09 0.51% 5.87% 10.46% 10.46%

Performance

 

as of 01/31/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFGUX - Baron Focused Growth Fund - R6 4.33% 4.33% 1.51% 15.47% 7.93% 13.99% 10.89% 1.10% 1.10%
Russell 2500 Growth Index 11.91% 11.91% -1.37% 16.21% 9.02% 16.78% 7.81%
S&P 500 Index 8.01% 8.01% -2.31% 14.02% 10.96% 15.00% 8.38%

1Not annualized.

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

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 Fund's transfer agency expenses may be reduced by the 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 above.

as of 12/31/18

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1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFGUX - Baron Focused Growth Fund - R6 4.07% 10.00% 5.96% 12.51% 10.73% 1.10% 1.10%
Russell 2500 Growth Index -7.47% 8.11% 6.19% 14.76% 7.30%
S&P 500 Index -4.38% 9.26% 8.49% 13.12% 8.04%

1Not annualized.

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

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 Fund's transfer agency expenses may be reduced by the 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 above.

1Not annualized.

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 Fund's transfer agency expenses may be reduced by the 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 above.

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

as of 01/31/19

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Year Baron Focused Growth Fund Russell 2500 Growth Index S&P 500 Index
2018 4.07% -7.47% -4.38%
2017 26.67% 24.46% 21.83%
2016 0.97% 9.73% 11.96%
2015 -2.12% -0.19% 1.38%
2014 2.54% 7.05% 13.69%
2013 26.09% 40.65% 32.39%
2012 16.17% 16.13% 16.00%
2011 -1.11% -1.57% 2.11%
2010 25.39% 28.86% 15.06%
2009 33.94% 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.

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 Fund's transfer agency expenses may be reduced by the 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 above.

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

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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
09/24/2018 09/25/2018 09/26/2018 $0.000 $0.000 $0.000 $0.169 $0.169 $18.55
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $0.165 $0.165 $16.02 26.67%
09/27/2017 09/28/2017 09/29/2017 $0.002 $0.000 $0.000 $0.160 $0.162 $15.26 26.67%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $0.182 $0.182 $12.44 0.97%
10/05/2016 10/06/2016 10/07/2016 $0.000 $0.000 $0.000 $0.566 $0.566 $12.87 0.97%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $0.257 $0.257 $13.37 -2.12%
09/23/2015 09/24/2015 09/25/2015 $0.058 $0.000 $0.000 $0.482 $0.540 $13.00 -2.12%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $0.074 $0.074 $13.91 2.54%
09/22/2014 09/23/2014 09/24/2014 $0.000 $0.000 $0.000 $0.012 $0.012 $13.97 2.54%
09/25/2013 09/26/2013 09/27/2013 $0.198 $0.000 $0.000 $0.000 $0.198 $13.21 26.09%
12/13/2010 12/14/2010 12/15/2010 $0.326 $0.000 $0.000 $0.000 $0.326 $9.50 25.39%
12/28/2009 12/29/2009 12/30/2009 $0.126 $0.125 $0.000 $0.000 $0.251 $8.25 33.94%
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 12/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 15.00 14.49 16.56
Sharpe Ratio 0.60 0.37 0.73
Alpha (%) 3.67 0.90 -0.15
Beta 0.78 0.84 0.87
R-Squared (%) 65.82 73.21 83.41
Tracking Error (%) 9.40 7.88 7.12
Information Ratio 0.20 -0.03 -0.32
Upside Capture (%) 93.78 89.90 86.04
Downside Capture (%) 79.97 87.97 87.05

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

 
NAV $17.85
Daily Change ($) $0.09
Daily Change (%) 0.51%
MTD 5.87%
QTD 10.46%
YTD 10.46%
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BFGUX - Baron Focused Growth Fund - R6 Russell 2500 Growth Index S&P 500 Index
QTD1 4.33% 11.91% 8.01%
YTD1 4.33% 11.91% 8.01%
1 Year 1.51% -1.37% -2.31%
3 Years 15.47% 16.21% 14.02%
5 Years 7.93% 9.02% 10.96%
10 Years 13.99% 16.78% 15.00%
Since Inception 10.89% 7.81% 8.38%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.10%

*As of 01/31/19

*Annualized as of 01/31/19

1Not annualized.

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

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 Fund's transfer agency expenses may be reduced by the 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 above.

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BFGUX - Baron Focused Growth Fund - R6 Russell 2500 Growth Index S&P 500 Index
1 Year 4.07% -7.47% -4.38%
3 Years 10.00% 8.11% 9.26%
5 Years 5.96% 6.19% 8.49%
10 Years 12.51% 14.76% 13.12%
Since Inception 10.73% 7.30% 8.04%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.10%

*As of 12/31/18

*Annualized as of 01/31/19

1Not annualized.

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

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 Fund's transfer agency expenses may be reduced by the 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 above.

as of 12/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 15.00 14.49 16.56
Sharpe Ratio 0.60 0.37 0.73
Alpha (%) 3.67 0.90 -0.15
Beta 0.78 0.84 0.87
R-Squared (%) 65.82 73.21 83.41
Tracking Error (%) 9.40 7.88 7.12
Information Ratio 0.20 -0.03 -0.32
Upside Capture (%) 93.78 89.90 86.04
Downside Capture (%) 79.97 87.97 87.05

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Focused Growth Fund's(BFGUX) benchmark Russell 2500 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 Focused Growth Fund Russell 2500 Growth Index S&P 500 Index
2018 4.07% -7.47% -4.38%
2017 26.67% 24.46% 21.83%
2016 0.97% 9.73% 11.96%
2015 -2.12% -0.19% 1.38%
2014 2.54% 7.05% 13.69%
2013 26.09% 40.65% 32.39%
2012 16.17% 16.13% 16.00%
2011 -1.11% -1.57% 2.11%
2010 25.39% 28.86% 15.06%
2009 33.94% 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.

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 Fund's transfer agency expenses may be reduced by the 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 above.

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

Select Year
Record Date 09/24/2018 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 09/25/2018 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 09/26/2018 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 $0.002 $0.000 $0.000 $0.000 $0.058 $0.000 $0.000 $0.198 $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 $0.000 $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 $0.000
Long-Term Capital Gain $0.169 $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 $0.169 $0.165 $0.162 $0.182 $0.566 $0.257 $0.540 $0.074 $0.012 $0.198 $0.326 $0.251 $0.400
Re-Invest NAV $18.55 $16.02 $15.26 $12.44 $12.87 $13.37 $13.00 $13.91 $13.97 $13.21 $9.50 $8.25 $5.98
Calendar-Yr Return 26.67% 26.67% 0.97% 0.97% -2.12% -2.12% 2.54% 2.54% 26.09% 25.39% 33.94% -39.06%

Portfolio Characteristics

 

as of 12/31/18

Baron Focused Growth Fund Russell 2500 Growth Index
Net Assets$203.81 million
# of Equity Securities / % of Net Assets15 / 99.5%
Turnover (3 Year Average)9.21%
Active Share98.5%
Median Market Cap$6.50 billion$1.03 billion
Weighted Average Market Cap$15.21 billion$4.68 billion
EPS Growth (3-5 year forecast)18.9%17.1%
Price/Earnings Ratio (trailing 12-month)18.418.2
Price/Book Ratio3.33.6
Price/Sales Ratio3.51.6
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 01/31/19

Open All Close All Holding Sector % of Net Assets

Tesla, Inc.

Tesla, Inc. (TSLA) manufactures purely electric automobiles including a sedan (Model S), a CUV (Model X), mass market sedan (Model 3). In addition, through acquisition and internal development, the company offers energy generation solutions (solar) and battery-based energy storage.
In our view, Tesla could continue to grow its business rapidly at least through 2020. We believe its strong engineer talent pool, first mover advantage, scale with its existing facilities, $5 billion Giga battery plant, expanding production capacity to China and Europe, solar activity, and recognized brand could potentially result in a market capitalization of >$100 billion in two to three years and more thereafter.

Consumer Discretionary 13.0%

CoStar Group, Inc.

CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
CoStar has built a proprietary database through primary and data collection research over a 20-year period, creating high barriers to entry. We think the conversion of legacy Loopnet search customers to CoStar suite customers should add $200mm+ of recurring revenue with almost no cost, and we believe the conversion of Loopnet listing customers can be even more material. CoStar has expanded into the apartment space via several acquisitions, and we think it can grow its apartment marketing offerings at a 20% sustainable rate with few incremental costs.

Industrials 12.8%

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 18 resorts in the U.S., Canada, and Australia, including Vail and Breckenridge in Colorado, Whistler Blackcomb in Canada, and Stowe in Vermont. Its RockResorts brand offers luxury ski lodging properties.
Most of Vail's revenues come from its ski resorts. The company has been upgrading its properties to offer new and higher quality services and amenities and summer recreational activities, which we believe should help attract more visitors and allow it to continue to raise lift ticket prices. Vail is also focused on increasing season-pass sales and has been acquiring resorts to enhance the attractiveness of its multi-resort season pass. The company generates strong free cash flow that it is using for increased dividends and debt reduction.

Consumer Discretionary 12.0%

Hyatt Hotels Corp.

Hyatt Hotels Corp. (H) is a global hospitality company with 754 Hyatt-branded properties representing 190,978 keys. The company's brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.
We believe Hyatt has a significant opportunity to market more of its brands globally, given an undersupply of rooms in developing countries. Compared to its competitors, Hyatt has the least brand penetration across the globe and the largest pipeline of unit growth. We believe its new online availability of rooms and strong balance sheet, coupled with the continued recovery in the global lodging industry, give Hyatt an opportunity to generate strong growth. The resulting potential increased cash flow could be used for continued share repurchases and further acquisitions.

Consumer Discretionary 11.2%

FactSet Research Systems, Inc.

FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
FactSet serves only a small part of the addressable market, which we estimate is roughly $20 billion annually. The company has been taking market share and offering broader data sets and more advanced portfolio analytics than its competitors, and has a highly regarded customer service model. FactSet has also been expanding into the fixed income and wealth management markets. Its products are sticky, leading to retention rates of over 95% and high visibility. FactSet generates robust free cash flow, which it has returned to shareholders via share repurchases and dividends.

Financials 7.7%

Iridium Communications Inc.

Iridium Communications Inc. (IRDM) provides mobile voice and data communications services to businesses, governments, and consumers, using a constellation of low- earth orbiting satellites.
We believe Iridium's assets are hard to replicate. They are capital intensive and complex and provide the company with the unique ability to cover the entire globe. The company's recurring voice business is stable and provides steady cash flow. In our view, Aireon, Machine to Machine, and other new products should allow Iridium to substantially grow its cash flow, reduce leverage, and create significant shareholder value over time.

Communication Services 7.0%

Benefitfocus, Inc.

Benefitfocus, Inc. (BNFT) is a leading provider of cloud-based benefits software for consumers, employers, insurance carriers, and brokers. The company offers an integrated suite of solutions to help customers more efficiently shop for, enroll in, manage, and exchange benefits information.
Benefitfocus is modernizing the benefits administration process, resulting in lower health care costs, lower administrative costs, and higher employee satisfaction. The company serves less than 1,000 of 18,000 domestic employers and can continue to sell more modules to existing customers. The company now boasts over 20 million users on its platform, and can help enable insurers reach these potential consumers in a lower-cost, higher-conversion model than traditional brokers. We think the company is scaling well, and margins should expand meaningfully over time.

Information Technology 5.9%

Choice Hotels International, Inc.

Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,922 hotels and an additional 1,050 properties under development. Its franchise contracts are long term, with many as long as 20 years. Brands include Quality Inn, Comfort Inn, ComfortSuites, and Sleep Inn.
Choice has a strong franchising business with recurring revenue. It has demonstrated consistent profitability across up and down cycles through increased rates and occupancy, new unit growth, and increased royalty rates. The company has a strong pipeline of new hotel franchises, and is looking to expand the number of upscale brands in its portfolio through acquisitions and new brand creations like Cambria Suites and Ascend Collection. It is also selling its systems to third-party hotels, which we think will generate significant income over time.

Consumer Discretionary 5.6%

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.
We believe SpaceX could leverage its unique inventory of reusable rockets to reduce the costs of space launches, capture a growing portion of the available addressable market, and continue to build a track record of success. As launch costs decline, we believe more companies will offer services with space capabilities, increasing the need for rockets. With low launch costs, we expect SpaceX to have an advantage in building its new constellation of satellite-based broadband services.

Industrials 5.2%

Manchester United plc

Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Manchester United is a global brand with a proven history of success. Our investment is based on our belief that the team will benefit from more robust monetization of its global audience, an estimated fan base of 659 million people; expanding pay TV rights; and new, high margin revenue streams, including global licensing, e-commerce, and subscription services.

Communication Services 5.0%

Total

85.4%

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

as of 12/31/18

Name Sector % of Net Assets

Tesla, Inc.

Consumer Discretionary 14.7%

Vail Resorts, Inc.

Consumer Discretionary 14.1%

CoStar Group, Inc.

Industrials 11.6%

Hyatt Hotels Corp.

Consumer Discretionary 11.3%

FactSet Research Systems, Inc.

Financials 7.4%

Iridium Communications Inc. - Pfd

Communication Services 6.9%

Choice Hotels International, Inc.

Consumer Discretionary 5.3%

Manchester United plc

Communication Services 5.1%

Benefitfocus, Inc.

Information Technology 5.0%

Guidewire Software, Inc.

Information Technology 4.0%

Arch Capital Group Ltd.

Financials 3.9%

Space Exploration Technologies Corp. Series H Preferred Stock

Industrials 2.7%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 2.5%

American Homes 4 Rent - Cl A

Real Estate 2.2%

Space Exploration Technologies Corp. - Cl. A

Industrials 1.9%

Bloom Energy Corporation

Industrials 0.5%

Space Exploration Technologies Corp. - Cl. C

Industrials 0.3%

Space Exploration Technologies Corp.-Series I Preferred Stock

Industrials 0.1%

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
Tesla, Inc. 13.50% 2.60%
Benefitfocus, Inc. 4.38% 0.38%

Quarterly as of 12/31/18

Top Detractors Average Weight Contribution
Vail Resorts, Inc. 15.63% -3.47%
CoStar Group, Inc. 11.89% -2.60%
Hyatt Hotels Corp. 11.08% -1.73%
Iridium Communications Inc. 7.26% -1.32%
Guidewire Software, Inc. 4.12% -0.92%

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.