This is a focused Fund that invests mainly in small- and mid-sized U.S. companies with significant growth potential. A substantial percentage of the Fund's assets are in its top 10 holdings. Non-diversified.
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Share Class
S-M
This is a focused Fund that invests mainly in small- and mid-sized U.S. companies with significant growth potential. A substantial percentage of the Fund's assets are in its top 10 holdings. Non-diversified.
As of Feb 20, 2019
NAV | $17.85 |
---|---|
Daily Change ($) | $0.09 |
Daily Change (%) | 0.51% |
YTD | 10.46% |
Inception Date | 5/31/1996 |
Ron Baron Portfolio Manager
years of exp 49
years at baron 37
David Baron Portfolio Manager
years of exp 17
years at baron 14
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box—size is displayed along the vertical axis and style is displayed along the horizontal axis.
as of 02/20/19
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$17.85 | $0.09 | 0.51% | 5.87% | 10.46% | 10.46% |
as of 01/31/19
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
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
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
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% |
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% |
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.
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
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
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% |
as of 12/31/18
Baron Focused Growth Fund | Russell 2500 Growth Index | |
---|---|---|
Net Assets | $203.81 million | |
# of Equity Securities / % of Net Assets | 15 / 99.5% | |
Turnover (3 Year Average) | 9.21% | |
Active Share | 98.5% | |
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) | 18.4 | 18.2 |
Price/Book Ratio | 3.3 | 3.6 |
Price/Sales Ratio | 3.5 | 1.6 |
Current Expense Ratio Date | 12/31/2017 |
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.
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. |
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. |
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. |
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. |
Consumer Discretionary | 11.2% | |
FactSet Research Systems, Inc.FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community. |
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. |
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. |
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. |
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. |
Industrials | 5.2% | |
Manchester United plcManchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing. |
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% |
As of 01/31/19
As of 01/31/19
Colors of Sub-Industry bars correspond to the GICS sector chart.
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.
12/13/18
In "The Journal Report," The Wall Street Journal's monthly review of mutual funds and ETFs, Baron Opportunity Fund and Baron Focused Growth Fund ranked among top performing funds in their respective peer groups for year-to-date total returns through November 30, 2018 according to Lipper. To view the full list of "Category Kings," visit http://www.wsj.com.
Lipper Funds Category Average is not weighted and represents the straight average of annualized returns of each of the funds in the category.
11/06/18
In "The Journal Report," The Wall Street Journal's monthly review of mutual funds and ETFs, Baron Opportunity Fund and Baron Focused Growth Fund ranked among top performing funds in their respective peer groups for year-to-date total returns through October 31, 2018 according to Lipper. To view the full list of "Category Kings," visit www.wsj.com.
Lipper Funds Category Average is not weighted and represents the straight average of annualized returns of each of the funds in the category.
06/29/18
Baron Capital is pleased to announce the addition of co-portfolio managers for Baron Growth Fund, Baron Partners Fund, and Baron Focused Growth Fund, effective August 28, 2018. Neal Rosenberg, Michael Baron, and David Baron will each join Ron Baron as a co-portfolio manager for Baron Growth Fund, Baron Partners Fund, and Baron Focused Growth Fund, respectively.
01/08/18
In a recent interview with The Wall Street Journal, Ron Baron talked about what makes his investment process distinctive. Read the interview at www.wsj.com (Subscription required to access).
06/30/17
We are pleased to announce that David Baron has been appointed to the position of Assistant Portfolio Manager for Baron Focused Growth Fund. We view the role of assistant portfolio manager as a stepping stone to co-management and ultimately portfolio manager. David will also continue in his current role as research analyst. He has served as research analyst, studying leisure, gaming and entertainment, resorts and real estate businesses for thirteen years. For more information, please contact us.
Summary Fact Sheet | 12/30/18 |
---|---|
Baron Select Funds Semi-Annual Financial Report | 06/30/18 |
XBRL Filings | 05/21/18 |
Summary Prospectus | 04/30/18 |
Prospectus | 04/30/18 |
SAI | 04/30/18 |
Baron Select Funds Annual Financial Report | 12/31/17 |
The information provided herein is derived from a portion of the Baron Fund's prospectus (the ”Prospectus”). The Prospectus contains additional information about the Baron Funds. You should carefully read the Prospectus before investing in any of the Baron Funds.
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.
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Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).