Prices & Performance

Prices

as of 12/07/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$26.85 -$0.78 -2.82% -4.11% -13.44% 5.42%

Performance

 

as of 11/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFTHX - Baron Fifth Avenue Growth Fund -9.74% 9.93% 9.25% 14.34% 12.88% 14.82% 8.76% 1.12% 1.00%
Russell 1000 Growth Index -7.98% 7.75% 8.59% 13.97% 13.04% 16.54% 9.64%
S&P 500 Index -4.94% 5.11% 6.27% 12.16% 11.12% 14.31% 8.69%

1Not annualized.

2Expense ratios are based on fiscal year ended 9/30/16, restated to reflect current expense waivers.

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 09/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFTHX - Baron Fifth Avenue Growth Fund 5.94% 21.79% 29.03% 22.41% 16.56% 12.80% 9.64% 1.12% 1.00%
Russell 1000 Growth Index 9.17% 17.09% 26.30% 20.55% 16.58% 14.31% 10.39%
S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 9.18%

1Not annualized.

2Expense ratios are based on fiscal year ended 9/30/16, restated to reflect current expense waivers.

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 based on fiscal year ended 9/30/16, restated to reflect current expense waivers.

as of 11/30/18

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Year Baron Fifth Avenue Growth Fund Russell 1000 Growth Index S&P 500 Index
2017 40.64% 30.21% 21.83%
2016 -2.06% 7.08% 11.96%
2015 6.33% 5.67% 1.38%
2014 8.08% 13.05% 13.69%
2013 35.44% 33.48% 32.39%
2012 20.85% 15.26% 16.00%
2011 -2.58% 2.64% 2.11%
2010 10.57% 16.71% 15.06%
2009 31.15% 37.21% 26.46%
2008 -38.92% -38.44% -37.00%
2007 5.64% 11.81% 5.49%
2006 10.17% 9.07% 15.79%
2005 8.48% 5.26% 4.91%
2004 9.70% 6.71% 10.77%

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 based on fiscal year ended 9/30/16, restated to reflect current expense waivers.

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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
06/25/2010 06/28/2010 06/29/2010 $0.023 $0.000 $0.000 $0.000 $0.023 $8.68 10.57%
05/27/2009 05/28/2009 05/29/2009 $0.010 $0.000 $0.000 $0.174 $0.184 $7.42 31.15%
12/19/2008 12/22/2008 12/23/2008 $0.000 $0.000 $0.000 $0.598 $0.598 $6.91 -38.92%
12/19/2007 12/20/2007 12/21/2007 $0.000 $0.000 $0.000 $1.120 $1.120 $12.61 5.64%

Performance Characteristics

as of 09/30/18

3 Years 5 Years 10 Years
Standard Deviation (%) 13.56 13.33 17.22
Sharpe Ratio 1.59 1.21 0.72
Alpha (%) -1.90 -2.24 -2.53
Beta 1.20 1.16 1.11
R-Squared (%) 80.98 81.16 88.38
Tracking Error (%) 6.25 6.02 6.09
Information Ratio 0.30 0.00 -0.25
Upside Capture (%) 113.71 108.81 104.33
Downside Capture (%) 130.46 126.01 118.08

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Fifth Avenue Growth Fund's(BFTHX) benchmark (Russell 1000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $26.85
Daily Change ($) -$0.78
Daily Change (%) -2.82%
MTD -4.11%
QTD -13.44%
YTD 5.42%
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BFTHX - Baron Fifth Avenue Growth Fund Russell 1000 Growth Index S&P 500 Index
QTD1 -9.74% -7.98% -4.94%
YTD1 9.93% 7.75% 5.11%
1 Year 9.25% 8.59% 6.27%
3 Years 14.34% 13.97% 12.16%
5 Years 12.88% 13.04% 11.12%
10 Years 14.82% 16.54% 14.31%
Since Inception 8.76% 9.64% 8.69%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 1.00%

*As of 11/30/18

*Annualized as of 11/30/18

1Not annualized.

2Expense ratios are based on fiscal year ended 9/30/16, restated to reflect current expense waivers.

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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BFTHX - Baron Fifth Avenue Growth Fund Russell 1000 Growth Index S&P 500 Index
QTD1 5.94% 9.17% 7.71%
YTD1 21.79% 17.09% 10.56%
1 Year 29.03% 26.30% 17.91%
3 Years 22.41% 20.55% 17.31%
5 Years 16.56% 16.58% 13.95%
10 Years 12.80% 14.31% 11.97%
Since Inception 9.64% 10.39% 9.18%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 1.00%

*As of 09/30/18

*Annualized as of 11/30/18

1Not annualized.

2Expense ratios are based on fiscal year ended 9/30/16, restated to reflect current expense waivers.

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 09/30/18

3 Years 5 Years 10 Years
Standard Deviation (%) 13.56 13.33 17.22
Sharpe Ratio 1.59 1.21 0.72
Alpha (%) -1.90 -2.24 -2.53
Beta 1.20 1.16 1.11
R-Squared (%) 80.98 81.16 88.38
Tracking Error (%) 6.25 6.02 6.09
Information Ratio 0.30 0.00 -0.25
Upside Capture (%) 113.71 108.81 104.33
Downside Capture (%) 130.46 126.01 118.08

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Fifth Avenue Growth Fund's(BFTHX) benchmark (Russell 1000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

This information is not currently available.

as of 11/30/18

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Year Baron Fifth Avenue Growth Fund Russell 1000 Growth Index S&P 500 Index
2017 40.64% 30.21% 21.83%
2016 -2.06% 7.08% 11.96%
2015 6.33% 5.67% 1.38%
2014 8.08% 13.05% 13.69%
2013 35.44% 33.48% 32.39%
2012 20.85% 15.26% 16.00%
2011 -2.58% 2.64% 2.11%
2010 10.57% 16.71% 15.06%
2009 31.15% 37.21% 26.46%
2008 -38.92% -38.44% -37.00%
2007 5.64% 11.81% 5.49%
2006 10.17% 9.07% 15.79%
2005 8.48% 5.26% 4.91%
2004 9.70% 6.71% 10.77%

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 based on fiscal year ended 9/30/16, restated to reflect current expense waivers.

Select Year
Record Date 06/25/2010 05/27/2009 12/19/2008 12/19/2007
Ex Date 06/28/2010 05/28/2009 12/22/2008 12/20/2007
Payable Date 06/29/2010 05/29/2009 12/23/2008 12/21/2007
Income $0.023 $0.010 $0.000 $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 $0.000 $0.174 $0.598 $1.120
Total $0.023 $0.184 $0.598 $1.120
Re-Invest NAV $8.68 $7.42 $6.91 $12.61
Calendar-Yr Return 10.57% 31.15% -38.92% 5.64%

Portfolio Characteristics

 

as of 09/30/18

Baron Fifth Avenue Growth Fund Russell 1000 Growth Index
Net Assets$305.82 million
# of Equity Securities / % of Net Assets33 / 94.0%
Turnover (3 Year Average)14.02%
Active Share75.7%
Median Market Cap$49.26 billion$12.99 billion
Weighted Average Market Cap$335.41 billion$319.33 billion
EPS Growth (3-5 year forecast)27.6%17.4%
Price/Earnings Ratio (trailing 12-month)32.326.0
Price/Book Ratio6.16.6
Price/Sales Ratio7.43.3
Current Expense Ratio Date9/30/2017

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 10/31/18

Open All Close All Holding Sector % of Net Assets

Amazon.com, Inc.

Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing value and convenience to its customers. It also operates the industry-leading cloud infrastructure business Amazon Web Services.

Consumer Discretionary 14.5%

Alibaba Group Holding Limited

Alibaba Group Holding Limited (BABA) is the largest e- commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao and Tmall. It also owns a third of Ant Financial, which operates China's largest third-party online payment vendor Alipay.

Consumer Discretionary 4.8%

Alphabet Inc.

Alphabet Inc. (GOOG) (formerly Google Inc.) is the world's most recognized and dominant online search provider, as well as the owner and operator of YouTube. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.

Communication Services 4.7%

Mastercard Incorporated

Mastercard Incorporated (MA) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks.

Information Technology 4.7%

Visa, Inc.

Visa, Inc. (V) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks.

Information Technology 4.2%

Illumina, Inc.

Illumina, Inc. (ILMN) is the recognized leader in next-generation DNA sequencing platforms.

Health Care 4.1%

Intuitive Surgical, Inc.

Intuitive Surgical, Inc. (ISRG) manufactures and markets the da Vinci Surgical System, a robotic surgical system used for minimally invasive procedures.

Health Care 3.8%

Activision Blizzard, Inc.

Activision Blizzard, Inc. (ATVI) is a global leader in digital interactive entertainment. The company develops, markets, publishes, and distributes games, content, and services on consoles, PCs, and mobile. Key game franchises include Call of Duty, Destiny, World of Warcraft, Overwatch, and Candy Crush.

Communication Services 3.8%

Facebook, Inc.

Facebook, Inc. (FB) is the world's largest social network with over 1.5 billion active monthly users, 1 billion mobile users, and over 750 million daily active users. Instagram and Whatsapp are also part of the Facebook network.

Communication Services 3.7%

CME Group, Inc.

CME Group, Inc. (CME) is the world's largest and most diversified derivatives marketplace. Its exchanges support trading of futures and options across a variety of asset classes, including interest rates, equity indexes, energy, agricultural commodities, currencies, and metals.

Financials 3.6%

Total

51.9%

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

as of 09/30/18

Name Sector % of Net Assets

Amazon.com, Inc.

Consumer Discretionary 16.4%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 5.0%

Mastercard Incorporated

Information Technology 4.7%

Illumina, Inc.

Health Care 4.3%

Visa, Inc.

Information Technology 4.1%

ACTIVISION BLIZZARD INC COM

Communication Services 4.1%

Alphabet Inc. - Cl C

Communication Services 3.9%

Intuitive Surgical, Inc.

Health Care 3.8%

Facebook, Inc.

Communication Services 3.6%

Veeva Systems Inc. Cl - A

Health Care 3.1%

CME Group, Inc.

Financials 2.9%

Equinix, Inc.

Real Estate 2.8%

Booking Holdings Inc

Consumer Discretionary 2.8%

Apple, Inc.

Information Technology 2.7%

Naspers Limited

Communication Services 2.6%

ASML Holding N.V.

Information Technology 2.4%

The Charles Schwab Corp.

Financials 2.4%

Vertex Pharmaceuticals Incorporated

Health Care 2.4%

EPAM Systems, Inc.

Information Technology 2.2%

Worldpay, Inc.

Information Technology 2.2%

Sage Therapeutics, Inc.

Health Care 1.9%

Red Hat, Inc.

Information Technology 1.7%

S&P Global Inc.

Financials 1.6%

Wix.com Ltd.

Information Technology 1.5%

Ctrip.com International, Ltd.

Consumer Discretionary 1.5%

Splunk, Inc.

Information Technology 1.4%

Expedia Group, Inc.

Consumer Discretionary 1.3%

Pagseguro Digital Ltd

Information Technology 1.3%

Biogen, Inc.

Health Care 1.0%

Tesla, Inc.

Consumer Discretionary 0.8%

Alphabet Inc. - Cl A

Communication Services 0.8%

Dropbox Inc-Class a

Information Technology 0.6%

Meituan Dianping

Consumer Discretionary 0.2%

Elanco Animal Health Incorporated

Health Care 0.0%

GICS SECTOR BREAKDOWN

As of 10/31/18

As of 10/31/18

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

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
Amazon.com, Inc. 16.28% 2.69%
Illumina, Inc. 4.11% 1.15%
Veeva Systems Inc. 2.51% 0.94%
Mastercard Incorporated 4.71% 0.61%
Intuitive Surgical, Inc. 3.40% 0.59%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Alibaba Group Holding Limited 5.73% -0.66%
Facebook, Inc. 4.13% -0.63%
Naspers Limited 2.98% -0.45%
Ctrip.com International, Ltd. 1.69% -0.45%
The Stars Group Inc. 0.75% -0.39%

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 invests primarily in equity securities, which are subject to price fluctuations in the stock market. 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 S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The Russell 1000® Growth Index measures the performance of large-sized U.S. companies that are classified as growth. The indexes and the Fund are with dividends, which positively impact the performance results. 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.