Prices & Performance

Prices

as of 12/12/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$33.30 $0.08 0.24% -2.37% 4.48% 30.45%

Performance

 

as of 11/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFTIX - Baron Fifth Avenue Growth Fund - I 7.02% 33.62% 22.95% 23.84% 14.33% 14.75% 9.79% 0.82% 0.75%
Russell 1000 Growth Index 7.38% 32.40% 21.01% 19.79% 13.71% 15.23% 10.34%
S&P 500 Index 5.87% 27.63% 16.11% 14.88% 10.98% 13.44% 9.15%

1Not annualized.

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

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 09/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BFTIX - Baron Fifth Avenue Growth Fund - I -1.32% 24.86% 3.73% 18.68% 14.08% 14.39% 9.42% 0.82% 0.75%
Russell 1000 Growth Index 1.49% 23.30% 3.71% 16.89% 13.39% 14.94% 9.95%
S&P 500 Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 8.85%

1Not annualized.

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

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

as of 11/30/19

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Year Baron Fifth Avenue Growth Fund Russell 1000 Growth Index S&P 500 Index
2018 1.39% -1.51% -4.38%
2017 40.97% 30.21% 21.83%
2016 -1.76% 7.08% 11.96%
2015 6.61% 5.67% 1.38%
2014 8.34% 13.05% 13.69%
2013 35.73% 33.48% 32.39%
2012 21.20% 15.26% 16.00%
2011 -2.28% 2.64% 2.11%
2010 10.67% 16.71% 15.06%
2009 31.43% 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.

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.

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

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Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
11/25/2019 11/26/2019 11/27/2019 $0.000 $0.000 $0.000 $0.988 $0.988 $33.96
12/01/2014 12/02/2014 12/03/2014 $0.023 $0.000 $0.000 $0.000 $0.023 $17.71 8.34%
06/25/2010 06/28/2010 06/29/2010 $0.050 $0.000 $0.000 $0.000 $0.050 $8.67 10.67%
05/27/2009 05/28/2009 05/29/2009 $0.010 $0.000 $0.000 $0.174 $0.184 $7.42 31.43%
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 09/30/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.23 15.29 15.59
Sharpe Ratio 1.13 0.86 0.89
Alpha (%) 0.80 -0.53 -1.69
Beta 1.06 1.11 1.11
R-Squared (%) 85.70 87.34 87.91
Tracking Error (%) 5.81 5.62 5.60
Information Ratio 0.31 0.12 -0.10
Upside Capture (%) 102.43 108.46 104.78
Downside Capture (%) 92.34 112.02 113.99

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

 
NAV $33.30
Daily Change ($) $0.08
Daily Change (%) 0.24%
MTD -2.37%
QTD 4.48%
YTD 30.45%
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BFTIX - Baron Fifth Avenue Growth Fund - I Russell 1000 Growth Index S&P 500 Index
QTD1 7.02% 7.38% 5.87%
YTD1 33.62% 32.40% 27.63%
1 Year 22.95% 21.01% 16.11%
3 Years 23.84% 19.79% 14.88%
5 Years 14.33% 13.71% 10.98%
10 Years 14.75% 15.23% 13.44%
Since Inception 9.79% 10.34% 9.15%
Expense Ratio2 - Gross 0.82%
Expense Ratio2 - Net 0.75%

*As of 11/30/19

*Annualized as of 11/30/19

1Not annualized.

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

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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BFTIX - Baron Fifth Avenue Growth Fund - I Russell 1000 Growth Index S&P 500 Index
QTD1 -1.32% 1.49% 1.70%
YTD1 24.86% 23.30% 20.55%
1 Year 3.73% 3.71% 4.25%
3 Years 18.68% 16.89% 13.39%
5 Years 14.08% 13.39% 10.84%
10 Years 14.39% 14.94% 13.24%
Since Inception 9.42% 9.95% 8.85%
Expense Ratio2 - Gross 0.82%
Expense Ratio2 - Net 0.75%

*As of 09/30/19

*Annualized as of 11/30/19

1Not annualized.

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

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 09/30/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.23 15.29 15.59
Sharpe Ratio 1.13 0.86 0.89
Alpha (%) 0.80 -0.53 -1.69
Beta 1.06 1.11 1.11
R-Squared (%) 85.70 87.34 87.91
Tracking Error (%) 5.81 5.62 5.60
Information Ratio 0.31 0.12 -0.10
Upside Capture (%) 102.43 108.46 104.78
Downside Capture (%) 92.34 112.02 113.99

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

as of 11/30/19

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Year Baron Fifth Avenue Growth Fund Russell 1000 Growth Index S&P 500 Index
2018 1.39% -1.51% -4.38%
2017 40.97% 30.21% 21.83%
2016 -1.76% 7.08% 11.96%
2015 6.61% 5.67% 1.38%
2014 8.34% 13.05% 13.69%
2013 35.73% 33.48% 32.39%
2012 21.20% 15.26% 16.00%
2011 -2.28% 2.64% 2.11%
2010 10.67% 16.71% 15.06%
2009 31.43% 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.

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.

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

Select Year
Record Date 11/25/2019 12/01/2014 06/25/2010 05/27/2009 12/19/2008 12/19/2007
Ex Date 11/26/2019 12/02/2014 06/28/2010 05/28/2009 12/22/2008 12/20/2007
Payable Date 11/27/2019 12/03/2014 06/29/2010 05/29/2009 12/23/2008 12/21/2007
Income $0.000 $0.023 $0.050 $0.010 $0.000 $0.000
Return of Capital $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Long-Term Capital Gain $0.988 $0.000 $0.000 $0.174 $0.598 $1.120
Total $0.988 $0.023 $0.050 $0.184 $0.598 $1.120
Re-Invest NAV $33.96 $17.71 $8.67 $7.42 $6.91 $12.61
Calendar-Yr Return 8.34% 10.67% 31.43% -38.92% 5.64%

Portfolio Characteristics

 

as of 09/30/19

Baron Fifth Avenue Growth Fund Russell 1000 Growth Index
Net Assets$308.35 million
# of Equity Securities / % of Net Assets34 / 97.4%
Turnover (3 Year Average)14.66%
Active Share79.5%
Median Market Cap$43.93 billion$12.55 billion
Weighted Average Market Cap$247.19 billion$328.97 billion
EPS Growth (3-5 year forecast)21.7%15.0%
Price/Earnings Ratio (trailing 12-month)38.925.6
Price/Book Ratio6.67.1
Price/Sales Ratio7.23.4
Current Expense Ratio Date9/30/2018

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Holdings

as of 11/30/19

Open All Close All Holding Sector % of Net Assets

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.
Amazon's market share of U.S. online retail sales is over 30%, while its share of global online retail sales is less than 5%. Amazon has numerous avenues for new revenue growth opportunities, including consumer staples, apparel, international expansion, digital media offerings, office and industrial supplies, private label, pharmacy services, and advertising. We believe Amazon represents a unique opportunity to invest in the secular growth of both online retail and cloud computing. We estimate that Amazon Web Services will account for over 50% of Amazon's value over time.

Consumer Discretionary 11.4%

Mastercard Incorporated

Mastercard Incorporated (MA) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks.
Mastercard benefits from consumer spending growth and the secular shift from cash to electronic payments. Most of the revenue comes from international markets, where consumer spending and the adoption rate of electronic payments are rising quickly. Margins should continue expanding due to operating leverage. The company generates significant free cash flow, which is being used for acquisitions and share repurchases. We believe Mastercard enjoys high barriers to entry given its well-established brand, ubiquitous acceptance network, and extensive banking relationships.

Information Technology 5.9%

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.
With over 670 million active buyers and over 10 million merchants, we believe Alibaba is poised to benefit disproportionately from the increased penetration of internet, mobile, and e-commerce in China. It enjoys more than 70% market share of all e-commerce transactions in China, and we expect it to continue growing at a rate of more than 20% for years to come. We also see significant positive optionality in Alibaba's cloud computing, data management, and electronic payment platforms.

Consumer Discretionary 5.7%

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.
Alphabet is the largest beneficiary of a secular shift of advertising from all other mediums to online and mobile. Data is becoming increasingly important, and Alphabet has processed and indexed more data than any other company. Alphabet's leadership position in artificial intelligence allows it to leverage its large data sets to quickly improve its products, and subsidiary Waymo provides entry into autonomous driving. We believe Alphabet has the greatest collection of engineering talent of any company we cover, which should allow it to grow and innovate for years to come.

Communication Services 4.9%

Visa, Inc.

Visa, Inc. (V) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks.
Visa benefits from consumer spending growth and the secular shift from cash to electronic payments. We expect accelerating revenue growth in Europe as pricing for legacy Visa Europe is reset higher. Margins should continue expanding due to operating leverage. The company generates significant free cash flow, which is being returned to shareholders through dividends and share repurchases. We believe Visa enjoys high barriers to entry given its well established brand, ubiquitous merchant acceptance network, and extensive banking relationships.

Information Technology 4.8%

Veeva Systems Inc.

Veeva Systems Inc. (VEEV) is a leading cloud software provider focused on the life sciences market, with products including multi-channel customer relationship management (CRM) and enterprise content management (Vault) offerings. Veeva is now expanding beyond life sciences with its QualityOne product.
Veeva addresses a roughly $8 - $9 billion total available market through its current product line. In 2015, its TAM was around $5 billion. The company employs a "land and expand" strategy in which it expands Veeva CRM services across divisions and cross-sells new products. As a vertical SaaS company, Veeva maintains high margins by selling into a concentrated target customer base, enabling the company to spend less on sales and marketing and more narrowly target its R&D investment. We expect Veeva to leverage its products beyond its core pharma market over the coming years.

Health Care 4.6%

Intuitive Surgical, Inc.

Intuitive Surgical, Inc. (ISRG) manufactures and markets the da Vinci Surgical System, a robotic surgical system used for minimally invasive surgical procedures.
We believe a large number of medical procedures that are currently performed using open surgery will be performed using Intuitive Surgical’s da Vinci System in the future. Robotic surgery is less invasive than open surgery, and patients experience less blood loss, less nerve damage, reduced pain, and faster recovery. Intuitive generates a large and growing portion of its revenue from recurring procedures. We expect the company’s revenue and earnings to grow at attractive rates as procedure volumes increase.

Health Care 4.4%

Illumina, Inc.

Illumina, Inc. (ILMN) is the recognized leader in next- generation DNA sequencing platforms.
Illumina has a dominant position in DNA sequencing technology, which is increasingly being used for patient care in the diagnosis and treatment of cancer and in reproductive health. We believe the company has a large addressable market and is in the early stages of its growth. Illumina's R&D spend as a percentage of sales is significantly higher than that of its peers, which allows the company to continue to innovate. The company has an attractive razor/razorblade business model with strong recurring revenue and profit margins that we believe have room to expand.

Health Care 4.4%

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.
Facebook is a unique social platform whose users continue to demonstrate stickiness and high engagement. Advertisers want to be where users are, and Facebook's ability to analyze, target, and show clear, demonstrable, and rising returns on investment makes the platform particularly attractive to them. We believe the company is still in the middle innings of monetizing its vast customer base. In addition, we see significant positive optionality from eventual monetization opportunities in search, video, publishing, Whatsapp, Messenger, and Oculus.

Communication Services 4.0%

Fidelity National Information Services, Inc.

Fidelity National Information Services, Inc. (FIS) provides technology solutions for merchants, banks, and capital markets firms globally. The company provides software, services, and outsourcing solutions to banks and credit unions. It also enables merchants to accept electronic payments.
The company's merger with Worldpay will create a leading provider of technology and processing solutions across financial services and payments. The combination should sustainably accelerate organic revenue growth into the high single digits. Based on the track record of both companies' management teams, we believe initial synergy projections will prove conservative in terms of magnitude and timing, which should drive meaningful margin expansion and earnings growth.

Information Technology 3.8%

Total

53.9%

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

as of 09/30/19

Name Sector % of Net Assets

Amazon.com, Inc.

Consumer Discretionary 11.7%

Mastercard Incorporated

Information Technology 5.9%

Veeva Systems Inc. Cl - A

Health Care 5.0%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 5.0%

Visa, Inc.

Information Technology 4.8%

Illumina, Inc.

Health Care 4.4%

Intuitive Surgical, Inc.

Health Care 4.3%

Alphabet Inc. - Cl C

Communication Services 4.1%

Fidelity National Information Services, Inc.

Information Technology 3.8%

Facebook, Inc.

Communication Services 3.7%

CME Group, Inc. Cl - A

Financials 3.7%

Equinix, Inc.

Real Estate 3.7%

ASML Holding N.V.

Information Technology 3.1%

EPAM Systems, Inc.

Information Technology 3.0%

Pagseguro Digital Ltd

Information Technology 3.0%

S&P Global Inc.

Financials 2.3%

The Charles Schwab Corp.

Financials 2.3%

Splunk, Inc.

Information Technology 2.2%

Vertex Pharmaceuticals Incorporated

Health Care 2.1%

Sage Therapeutics, Inc.

Health Care 2.1%

IAC/InterActiveCorp

Communication Services 2.0%

Wix.com Ltd.

Information Technology 1.7%

Booking Holdings Inc

Consumer Discretionary 1.5%

Twilio Inc. (Class A Shares)

Information Technology 1.5%

Datadog, Inc. - Class A

Information Technology 1.5%

RingCentral, Inc.

Information Technology 1.4%

StoneCo Ltd.

Information Technology 1.3%

MercadoLibre, Inc.

Consumer Discretionary 1.3%

Naspers Limited

Consumer Discretionary 1.2%

Kotak Mahindra Bank Ltd

Financials 1.1%

Adyen B.V.

Information Technology 1.0%

Alphabet Inc. - Cl A

Communication Services 0.8%

Ctrip.com International, Ltd.

Consumer Discretionary 0.6%

CrowdStrike, Inc.

Information Technology 0.2%

10X Genomics, Inc.

Health Care 0.1%

GICS SECTOR BREAKDOWN

As of 11/30/19

As of 11/30/19

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

Contributors/Detractors

Quarterly as of 09/30/19

Top Contributors Average Weight Contribution
Alphabet Inc. 4.57% 0.50%
ASML Holding N.V. 2.78% 0.48%
Equinix, Inc. 3.32% 0.46%
PagSeguro Digital Ltd. 2.90% 0.44%
Worldpay, Inc. 1.32% 0.31%

Quarterly as of 09/30/19

Top Detractors Average Weight Contribution
Amazon.com, Inc. 12.16% -0.99%
Illumina, Inc. 4.29% -0.82%
Sage Therapeutics, Inc. 2.42% -0.58%
Wix.com Ltd. 1.94% -0.36%
SmileDirectClub 0.10% -0.30%

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.