Prices & Performance

Prices

as of 03/20/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$73.20 -$0.48 -0.65% 0.73% 19.67% 19.67%

Performance

 

as of 02/28/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BGRFX - Baron Growth Fund 18.80% 18.80% 14.23% 18.36% 8.80% 17.39% 13.05% 1.29% 1.29%
Russell 2000 Growth Index 18.75% 18.75% 6.70% 18.27% 8.16% 17.69% 8.07%
S&P 500 Index 11.48% 11.48% 4.68% 15.28% 10.67% 16.67% 9.84%

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 12/31/18

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1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BGRFX - Baron Growth Fund -2.92% 9.35% 5.49% 13.49% 12.34% 1.29% 1.29%
Russell 2000 Growth Index -9.31% 7.24% 5.13% 13.52% 7.35%
S&P 500 Index -4.38% 9.26% 8.49% 13.12% 9.41%
Morningstar Mid-Cap Growth Category Average -6.65% 7.27% 5.61% 13.16%

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.

Expense ratios are as of the fiscal year ended 9/30/2017

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 02/28/19

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Year Baron Growth Fund Russell 2000 Growth Index S&P 500 Index
2018 -2.92% -9.31% -4.38%
2017 27.04% 22.17% 21.83%
2016 6.04% 11.32% 11.96%
2015 -4.31% -1.38% 1.38%
2014 4.40% 5.60% 13.69%
2013 38.32% 43.30% 32.39%
2012 16.43% 14.59% 16.00%
2011 1.24% -2.91% 2.11%
2010 24.01% 29.09% 15.06%
2009 34.24% 34.47% 26.46%
2008 -39.18% -38.54% -37.00%
2007 6.59% 7.05% 5.49%
2006 15.50% 13.35% 15.79%
2005 5.71% 4.15% 4.91%
2004 26.61% 14.31% 10.88%
2003 31.75% 48.54% 28.68%
2002 -12.29% -30.26% -22.06%
2001 12.67% -9.23% -11.93%
2000 -4.59% -22.43% -9.10%
1999 44.71% 43.09% 21.04%
1998 0.10% 1.23% 28.58%
1997 31.07% 12.95% 33.36%
1996 27.72% 11.26% 22.96%
1995 52.54% 31.04% 37.58%

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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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
11/28/2018 11/29/2018 11/30/2018 $0.000 $0.000 $0.000 $5.129 $5.129 $69.36 -2.92%
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $7.902 $7.902 $67.65 27.04%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $7.638 $7.638 $60.21 6.04%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $6.025 $6.025 $64.16 -4.31%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $3.224 $3.224 $70.91 4.40%
11/25/2013 11/26/2013 11/27/2013 $0.000 $0.000 $0.132 $1.593 $1.725 $70.57 38.32%
07/08/2013 07/09/2013 07/10/2013 $0.072 $0.000 $0.000 $0.000 $0.072 $63.70 38.32%
12/26/2012 12/27/2012 12/28/2012 $0.105 $0.000 $0.000 $0.000 $0.105 $53.17 16.43%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.000 $5.592 $5.592 $53.47 16.43%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.825 $0.825 $49.15 1.24%
05/27/2009 05/28/2009 05/29/2009 $0.000 $0.000 $0.000 $0.040 $0.040 $33.08 34.24%
07/16/2008 07/17/2008 07/18/2008 $0.000 $0.000 $0.000 $0.012 $0.012 $44.67 -39.18%
12/19/2007 12/20/2007 12/21/2007 $0.000 $0.000 $0.000 $2.497 $2.497 $50.63 6.59%
11/17/2006 11/20/2006 11/21/2006 $0.000 $0.000 $0.000 $2.537 $2.537 $49.53 15.50%
11/21/2005 11/22/2005 11/23/2005 $0.000 $0.000 $0.000 $2.054 $2.054 $45.93 5.71%
11/14/2001 11/15/2001 11/16/2001 $0.000 $0.000 $0.280 $1.358 $1.638 $27.89 12.67%
11/15/2000 11/16/2000 11/17/2000 $0.000 $0.000 $0.000 $3.190 $3.190 $27.73 -4.59%
10/27/1999 10/28/1999 10/29/1999 $0.000 $0.000 $0.000 $1.883 $1.883 $27.45 44.71%
12/27/1998 12/28/1998 12/29/1998 $0.035 $0.000 $0.000 $0.000 $0.035 $24.75 0.10%
12/26/1997 12/29/1997 12/30/1997 $0.017 $0.000 $0.000 $0.056 $0.073 $24.23 31.07%
12/26/1996 12/27/1996 12/30/1996 $0.091 $0.000 $0.155 $0.009 $0.255 $18.73 27.72%
12/26/1995 12/27/1995 12/28/1995 $0.037 $0.000 $0.105 $0.000 $0.142 $14.91 52.54%

Performance Characteristics

as of 12/31/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 14.81 13.61 15.41 17.22
Sharpe Ratio 0.56 0.36 0.85 0.58
Alpha (%) 3.28 1.44 2.64 6.78
Beta 0.81 0.76 0.78 0.69
R-Squared (%) 83.92 83.86 89.24 79.12
Tracking Error (%) 6.71 6.68 6.51 10.55
Information Ratio 0.31 0.05 0.00 0.47
Upside Capture (%) 94.05 82.39 82.56 82.86
Downside Capture (%) 80.72 76.82 72.40 62.52

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Growth Fund's(BGRFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $73.20
Daily Change ($) -$0.48
Daily Change (%) -0.65%
MTD 0.73%
QTD 19.67%
YTD 19.67%
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BGRFX - Baron Growth Fund Russell 2000 Growth Index S&P 500 Index
QTD1 18.80% 18.75% 11.48%
YTD1 18.80% 18.75% 11.48%
1 Year 14.23% 6.70% 4.68%
3 Years 18.36% 18.27% 15.28%
5 Years 8.80% 8.16% 10.67%
10 Years 17.39% 17.69% 16.67%
Since Inception 13.05% 8.07% 9.84%
Expense Ratio2 - Gross 1.29%
Expense Ratio2 - Net 1.29%

*As of 02/28/19

*Annualized as of 02/28/19

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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BGRFX - Baron Growth Fund Russell 2000 Growth Index S&P 500 Index Morningstar Mid-Cap Growth Category Average
1 Year -2.92% -9.31% -4.38% -6.65%
3 Years 9.35% 7.24% 9.26% 7.27%
5 Years 5.49% 5.13% 8.49% 5.61%
10 Years 13.49% 13.52% 13.12% 13.16%
Since Inception 12.34% 7.35% 9.41%
Expense Ratio2 - Gross 1.29%
Expense Ratio2 - Net 1.29%

*As of 12/31/18

*Annualized as of 02/28/19

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 12/31/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 14.81 13.61 15.41 17.22
Sharpe Ratio 0.56 0.36 0.85 0.58
Alpha (%) 3.28 1.44 2.64 6.78
Beta 0.81 0.76 0.78 0.69
R-Squared (%) 83.92 83.86 89.24 79.12
Tracking Error (%) 6.71 6.68 6.51 10.55
Information Ratio 0.31 0.05 0.00 0.47
Upside Capture (%) 94.05 82.39 82.56 82.86
Downside Capture (%) 80.72 76.82 72.40 62.52

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Growth Fund's(BGRFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 02/28/19

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Year Baron Growth Fund Russell 2000 Growth Index S&P 500 Index
2018 -2.92% -9.31% -4.38%
2017 27.04% 22.17% 21.83%
2016 6.04% 11.32% 11.96%
2015 -4.31% -1.38% 1.38%
2014 4.40% 5.60% 13.69%
2013 38.32% 43.30% 32.39%
2012 16.43% 14.59% 16.00%
2011 1.24% -2.91% 2.11%
2010 24.01% 29.09% 15.06%
2009 34.24% 34.47% 26.46%
2008 -39.18% -38.54% -37.00%
2007 6.59% 7.05% 5.49%
2006 15.50% 13.35% 15.79%
2005 5.71% 4.15% 4.91%
2004 26.61% 14.31% 10.88%
2003 31.75% 48.54% 28.68%
2002 -12.29% -30.26% -22.06%
2001 12.67% -9.23% -11.93%
2000 -4.59% -22.43% -9.10%
1999 44.71% 43.09% 21.04%
1998 0.10% 1.23% 28.58%
1997 31.07% 12.95% 33.36%
1996 27.72% 11.26% 22.96%
1995 52.54% 31.04% 37.58%

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.

Select Year
Record Date 11/28/2018 11/27/2017 11/28/2016 12/02/2015 12/01/2014 11/25/2013 07/08/2013 12/26/2012 11/28/2012 11/28/2011 05/27/2009 07/16/2008 12/19/2007 11/17/2006 11/21/2005 11/14/2001 11/15/2000 10/27/1999 12/27/1998 12/26/1997 12/26/1996 12/26/1995
Ex Date 11/29/2018 11/28/2017 11/29/2016 12/03/2015 12/02/2014 11/26/2013 07/09/2013 12/27/2012 11/29/2012 11/29/2011 05/28/2009 07/17/2008 12/20/2007 11/20/2006 11/22/2005 11/15/2001 11/16/2000 10/28/1999 12/28/1998 12/29/1997 12/27/1996 12/27/1995
Payable Date 11/30/2018 11/29/2017 11/30/2016 12/04/2015 12/03/2014 11/27/2013 07/10/2013 12/28/2012 11/30/2012 11/30/2011 05/29/2009 07/18/2008 12/21/2007 11/21/2006 11/23/2005 11/16/2001 11/17/2000 10/29/1999 12/29/1998 12/30/1997 12/30/1996 12/28/1995
Income $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.072 $0.105 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.035 $0.017 $0.091 $0.037
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 $0.000 $0.000 $0.000 $0.000 $0.000 $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 $0.132 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.280 $0.000 $0.000 $0.000 $0.000 $0.155 $0.105
Long-Term Capital Gain $5.129 $7.902 $7.638 $6.025 $3.224 $1.593 $0.000 $0.000 $5.592 $0.825 $0.040 $0.012 $2.497 $2.537 $2.054 $1.358 $3.190 $1.883 $0.000 $0.056 $0.009 $0.000
Total $5.129 $7.902 $7.638 $6.025 $3.224 $1.725 $0.072 $0.105 $5.592 $0.825 $0.040 $0.012 $2.497 $2.537 $2.054 $1.638 $3.190 $1.883 $0.035 $0.073 $0.255 $0.142
Re-Invest NAV $69.36 $67.65 $60.21 $64.16 $70.91 $70.57 $63.70 $53.17 $53.47 $49.15 $33.08 $44.67 $50.63 $49.53 $45.93 $27.89 $27.73 $27.45 $24.75 $24.23 $18.73 $14.91
Calendar-Yr Return -2.92% 27.04% 6.04% -4.31% 4.40% 38.32% 38.32% 16.43% 16.43% 1.24% 34.24% -39.18% 6.59% 15.50% 5.71% 12.67% -4.59% 44.71% 0.10% 31.07% 27.72% 52.54%

Portfolio Characteristics

 

as of 12/31/18

Baron Growth Fund Russell 2000 Growth Index
Net Assets$5.40 billion
# of Equity Securities / % of Net Assets59 / 101.4%
Turnover (3 Year Average)3.33%
Active Share97.1%
Median Market Cap$3.35 billion$0.79 billion
Weighted Average Market Cap$7.52 billion$2.20 billion
EPS Growth (3-5 year forecast)17.8%17.5%
Price/Earnings Ratio (trailing 12-month)23.917.1
Price/Book Ratio3.23.1
Price/Sales Ratio3.11.3
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 02/28/19

Open All Close All Holding Sector % of Net Assets

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 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 6.8%

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 6.0%

MSCI, Inc.

MSCI, Inc. (MSCI) provides investment decision support tools to global investment institutions.
We believe MSCI, the de-facto standard for measuring global market performance, is well-positioned to benefit from the continuing development of emerging markets, passive investing, and the growth of global financial assets. We believe the company's indexes remain the global standard for cross-border investing and will continue to be selected by institutions when issuing new mandates. Both the index and multi-asset portfolio and risk analytics products are mission critical and deeply embedded in its clients’ workflows.

Financials 5.2%

Arch Capital Group Ltd.

Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Arch Capital is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines. Arch has a compensation system that rewards long-term profitability rather than short-term premium growth. In our view, management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less risk.

Financials 5.1%

Gartner, Inc.

Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Gartner has a vast addressable market, which management estimates exceeds $70 billion annually, implying a penetration rate of less than 3%. IT is rapidly changing and growing in strategic importance, leading users to turn to third-party providers for insight into trends. The low price of Gartner’s research relative to its value has created strong renewal trends, with retention rates running above 100%. We think management can improve results with its recent acquisition of CEB, accelerating growth towards 15%+ over the next three years.

Information Technology 4.9%

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 4.6%

ANSYS, Inc.

ANSYS, Inc. (ANSS) is the market leader in simulation-driven product development. Engineers use its simulation software to test the effects of real world forces on a design without a physical model.
ANSYS's software allows engineers to test a broad range of designs, enabling lower development costs, reduced time to market, and optimized products. The company has high recurring revenue and customer retention rates in excess of 95%. It generates high margins due to the scalability of its software and significant levels of free cash flow, which it has reinvested in R&D and niche acquisitions. The company has also increased the pace of its share repurchases, and has a strong long-term opportunity and an attractive valuation, in our view.

Information Technology 4.1%

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 3.7%

Primerica, Inc.

Primerica, Inc. (PRI) is a leading provider of term life insurance and investment products to middle income households in the U.S. and Canada.
As the responsibility for retirement savings shifts from employer pensions to individuals, Primerica serves a growing need for financial planning in an underserved customer segment. Primerica has a variable-cost sales model that uniquely positions it to reach customers in a cost-efficient manner. The company is growing its sales force and increasing productivity, leading to higher sales and asset-based fees. Primerica generates significant excess capital, which is being returned to shareholders through share repurchases and dividends.

Financials 3.6%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
IDEXX has continued to benefit from secular growth spending on pets, due to a growing human-animal bond, favorable demographics, increased use of diagnostics, and enhanced focus on preventative care. We think IDEXX has the best menu of diagnostics, which it has continuously improved by spending six times more on R&D annually than all its competitors combined. The company's products are sold via a razor/razorblade model, which creates high retention rates and incremental margins. IDEXX generates strong cash flow, which it has returned to shareholders via repurchases.

Health Care 3.6%

Total

47.6%

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

as of 12/31/18

Name Sector % of Long Positions

Vail Resorts, Inc.

Consumer Discretionary 8.1%

CoStar Group, Inc.

Industrials 5.3%

Gartner, Inc.

Information Technology 5.2%

Arch Capital Group Ltd.

Financials 5.1%

MSCI, Inc.

Financials 4.9%

FactSet Research Systems, Inc.

Financials 4.6%

IDEXX Laboratories, Inc.

Health Care 3.9%

Choice Hotels International, Inc.

Consumer Discretionary 3.9%

ANSYS, Inc.

Information Technology 3.9%

Bright Horizons Family Solutions, Inc.

Consumer Discretionary 3.5%

Primerica, Inc.

Financials 3.3%

Gaming and Leisure Properties, Inc.

Real Estate 3.2%

SS&C Technologies Holdings, Inc.

Information Technology 3.1%

Iridium Communications Inc.

Communication Services 2.5%

Morningstar, Inc.

Financials 2.3%

Douglas Emmett, Inc.

Real Estate 2.3%

Bio-Techne Corporation

Health Care 2.2%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.1%

Benefitfocus, Inc.

Information Technology 1.8%

Manchester United plc

Communication Services 1.8%

Penn National Gaming, Inc.

Consumer Discretionary 1.8%

Guidewire Software, Inc.

Information Technology 1.7%

Alexandria Real Estate Equities, Inc.

Real Estate 1.6%

Trex Company, Inc.

Industrials 1.6%

MAXIMUS, Inc.

Information Technology 1.6%

Mettler-Toledo International, Inc.

Health Care 1.3%

West Pharmaceutical Services, Inc.

Health Care 1.2%

Cohen & Steers, Inc.

Financials 1.2%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.2%

Kinsale Capital Group, Inc.

Financials 1.0%

Oaktree Capital Group, LLC

Financials 1.0%

Littelfuse, Inc.

Information Technology 0.9%

Pegasystems, Inc.

Information Technology 0.9%

Church & Dwight Co., Inc.

Consumer Staples 0.8%

2U, Inc.

Information Technology 0.8%

Wix.com Ltd.

Information Technology 0.7%

The Carlyle Group

Financials 0.7%

Performance Food Group Company

Consumer Staples 0.6%

Alexander's, Inc.

Real Estate 0.5%

Neogen Corp.

Health Care 0.5%

Moelis & Company

Financials 0.5%

Iridium Communications Inc. - Pfd

Communication Services 0.5%

Ollie’s Bargain Outlet Holdings, Inc.

Consumer Discretionary 0.4%

Altair Engineering Inc.

Information Technology 0.4%

Bloom Energy Corporation

Industrials 0.4%

LendingTree, Inc.

Financials 0.4%

Under Armour, Inc. Cl A

Consumer Discretionary 0.4%

Air Lease Corp.

Industrials 0.4%

American Assets Trust, Inc.

Real Estate 0.3%

Boyd Gaming Corporation

Consumer Discretionary 0.3%

Denali Therapeutics Inc

Health Care 0.3%

Houlihan Lokey, Inc.

Financials 0.3%

Essent Group Ltd.

Financials 0.3%

Dick's Sporting Goods, Inc.

Consumer Discretionary 0.2%

Albany Intl Corp-Cl a

Industrials 0.1%

Dechra Pharmaceuticals PLC

Health Care 0.1%

Schrödinger, Inc.- Series E Preferred Stock

Health Care 0.1%

BrightView Holdings, Inc.

Industrials 0.0%

Cision Ltd.

Information Technology 0.0%

Windy City Investments Holdings, L.L.C.-2

Financials 0.0%

Windy City Investments Holdings, L.L.C.

Financials 0.0%

GICS SECTOR BREAKDOWN

As of 02/28/19

As of 02/28/19

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

Contributors/Detractors

Quarterly as of 12/31/18

Top Contributors Average Weight Contribution
Benefitfocus, Inc. 1.52% 0.16%
Church & Dwight Co., Inc. 0.80% 0.07%
American Assets Trust, Inc. 0.30% 0.02%

Quarterly as of 12/31/18

Top Detractors Average Weight Contribution
Vail Resorts, Inc. 8.49% -1.85%
Gartner, Inc. 5.31% -1.07%
IDEXX Laboratories, Inc. 3.99% -1.07%
Penn National Gaming, Inc. 1.95% -1.05%
CoStar Group, Inc. 5.20% -1.05%

Source: FactSet PA.

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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: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. 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 Russell 2000® Growth Index measures the performance of small-sized U.S. 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. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. 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.

The prospective performance of the companies discussed herein is based on our internal analysis and reflect our opinions only. We cannot promise future returns and our opinions are a reflection of our best judgment at the time of publication. Our views are not intended as recommendations or investment advice to any person and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investing in the stock market is always risky. Current and future portfolio holdings in the Baron Funds are subject to risk.

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.