Prices & Performance

Prices

as of 10/12/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$75.19 $1.15 1.55% -9.51% -9.51% 8.11%

Performance

 

as of 08/31/18

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BGRIX - Baron Growth Fund - I 10.47% 22.27% 32.27% 17.68% 13.88% 11.83% 13.73% 1.04% 1.04%
Russell 2000 Growth Index 8.05% 18.53% 30.72% 16.36% 14.20% 11.57% 8.68%
S&P 500 Index 7.10% 9.94% 19.66% 16.11% 14.52% 10.86% 10.20%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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 09/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BGRIX - Baron Growth Fund - I 7.94% 19.47% 25.86% 17.93% 11.90% 12.67% 13.57% 1.04% 1.04%
Russell 2000 Growth Index 5.52% 15.76% 21.06% 17.98% 12.14% 12.65% 8.54%
S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 10.19%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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 for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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 09/30/18

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Year Baron Growth Fund Russell 2000 Growth Index S&P 500 Index
2017 27.35% 22.17% 21.83%
2016 6.31% 11.32% 11.96%
2015 -4.06% -1.38% 1.38%
2014 4.66% 5.60% 13.69%
2013 38.69% 43.30% 32.39%
2012 16.74% 14.59% 16.00%
2011 1.51% -2.91% 2.11%
2010 24.32% 29.09% 15.06%
2009 34.44% 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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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.

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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
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $7.902 $7.902 $69.51 27.35%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $7.638 $7.638 $61.54 6.31%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $6.025 $6.025 $65.26 -4.06%
06/24/2015 06/25/2015 06/26/2015 $0.022 $0.000 $0.000 $0.000 $0.022 $76.83 -4.06%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $3.224 $3.224 $71.85 4.66%
11/25/2013 11/26/2013 11/27/2013 $0.000 $0.000 $0.132 $1.593 $1.725 $71.28 38.69%
07/08/2013 07/09/2013 07/10/2013 $0.072 $0.000 $0.000 $0.000 $0.072 $64.27 38.69%
12/26/2012 12/27/2012 12/28/2012 $0.260 $0.000 $0.000 $0.000 $0.260 $53.57 16.74%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.000 $5.592 $5.592 $54.01 16.74%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.825 $0.825 $49.48 1.51%
05/27/2009 05/28/2009 05/29/2009 $0.000 $0.000 $0.000 $0.040 $0.040 $33.08 34.44%
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 09/30/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 10.94 11.28 16.25 16.92
Sharpe Ratio 1.57 1.01 0.76 0.66
Alpha (%) 5.06 3.18 2.38 7.21
Beta 0.70 0.70 0.79 0.68
R-Squared (%) 73.01 77.58 90.43 78.63
Tracking Error (%) 6.97 6.80 6.52 10.58
Information Ratio -0.01 -0.04 0.00 0.48
Upside Capture (%) 86.64 82.27 82.09 82.77
Downside Capture (%) 65.98 70.32 72.75 61.08

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

 
NAV $75.19
Daily Change ($) $1.15
Daily Change (%) 1.55%
MTD -9.51%
QTD -9.51%
YTD 8.11%
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BGRIX - Baron Growth Fund - I Russell 2000 Growth Index S&P 500 Index
QTD1 10.47% 8.05% 7.10%
YTD1 22.27% 18.53% 9.94%
1 Year 32.27% 30.72% 19.66%
3 Years 17.68% 16.36% 16.11%
5 Years 13.88% 14.20% 14.52%
10 Years 11.83% 11.57% 10.86%
Since Inception 13.73% 8.68% 10.20%
Expense Ratio2 - Gross 1.04%
Expense Ratio2 - Net 1.04%

*As of 08/31/18

*Annualized as of 09/30/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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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BGRIX - Baron Growth Fund - I Russell 2000 Growth Index S&P 500 Index
QTD1 7.94% 5.52% 7.71%
YTD1 19.47% 15.76% 10.56%
1 Year 25.86% 21.06% 17.91%
3 Years 17.93% 17.98% 17.31%
5 Years 11.90% 12.14% 13.95%
10 Years 12.67% 12.65% 11.97%
Since Inception 13.57% 8.54% 10.19%
Expense Ratio2 - Gross 1.04%
Expense Ratio2 - Net 1.04%

*As of 09/30/18

*Annualized as of 09/30/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2017

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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 09/30/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 10.94 11.28 16.25 16.92
Sharpe Ratio 1.57 1.01 0.76 0.66
Alpha (%) 5.06 3.18 2.38 7.21
Beta 0.70 0.70 0.79 0.68
R-Squared (%) 73.01 77.58 90.43 78.63
Tracking Error (%) 6.97 6.80 6.52 10.58
Information Ratio -0.01 -0.04 0.00 0.48
Upside Capture (%) 86.64 82.27 82.09 82.77
Downside Capture (%) 65.98 70.32 72.75 61.08

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

as of 09/30/18

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Year Baron Growth Fund Russell 2000 Growth Index S&P 500 Index
2017 27.35% 22.17% 21.83%
2016 6.31% 11.32% 11.96%
2015 -4.06% -1.38% 1.38%
2014 4.66% 5.60% 13.69%
2013 38.69% 43.30% 32.39%
2012 16.74% 14.59% 16.00%
2011 1.51% -2.91% 2.11%
2010 24.32% 29.09% 15.06%
2009 34.44% 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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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.

Select Year
Record Date 11/27/2017 11/28/2016 12/02/2015 06/24/2015 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 11/28/2017 11/29/2016 12/03/2015 06/25/2015 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 11/29/2017 11/30/2016 12/04/2015 06/26/2015 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 $0.022 $0.000 $0.000 $0.072 $0.260 $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 $7.902 $7.638 $6.025 $0.000 $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 $7.902 $7.638 $6.025 $0.022 $3.224 $1.725 $0.072 $0.260 $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 $69.51 $61.54 $65.26 $76.83 $71.85 $71.28 $64.27 $53.57 $54.01 $49.48 $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 27.35% 6.31% -4.06% -4.06% 4.66% 38.69% 38.69% 16.74% 16.74% 1.51% 34.44% -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 09/30/18

Baron Growth Fund Russell 2000 Growth Index
Net Assets$6.99 billion
# of Equity Securities / % of Net Assets58 / 98.8%
Turnover (3 Year Average)3.64%
Active Share95.6%
Median Market Cap$4.43 billion$1.04 billion
Weighted Average Market Cap$9.14 billion$2.69 billion
EPS Growth (3-5 year forecast)14.9%18.2%
Price/Earnings Ratio (trailing 12-month)25.322.2
Price/Book Ratio4.24.1
Price/Sales Ratio3.61.7
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 09/30/18

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 14 resorts across Colorado, Utah, Lake Tahoe, Whistler Blackstone in Canada, Perisher in Australia and Stowe in Vermont. It is also closing on 4 other ski resorts in Vermont, New Hampshire, Colorado, and Washington.

Consumer Discretionary 8.2%

CoStar Group, Inc.

CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.

Industrials 5.2%

Gartner, Inc.

Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.

Information Technology 5.1%

MSCI, Inc.

MSCI, Inc. (MSCI) provides investment decision support tools to global investment institutions.

Financials 4.6%

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.

Financials 4.5%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.

Health Care 4.3%

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.

Information Technology 4.0%

FactSet Research Systems, Inc.

FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.

Financials 4.0%

Choice Hotels International, Inc.

Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,883 hotels and an additional 1,024 properties under development. Its franchise contracts are long term, many as long as 20 years. Brands include Quality Inn, Comfort Inn, Comfort Suites, and Sleep Inn.

Consumer Discretionary 3.6%

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.

Financials 3.3%

Total

46.8%

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

as of 09/30/18

Name Sector % of Net Assets

Vail Resorts, Inc.

Consumer Discretionary 8.2%

CoStar Group, Inc.

Industrials 5.2%

Gartner, Inc.

Information Technology 5.1%

MSCI, Inc.

Financials 4.6%

Arch Capital Group Ltd.

Financials 4.5%

IDEXX Laboratories, Inc.

Health Care 4.3%

FactSet Research Systems, Inc.

Financials 4.0%

ANSYS, Inc.

Information Technology 4.0%

Choice Hotels International, Inc.

Consumer Discretionary 3.6%

Primerica, Inc.

Financials 3.3%

SS&C Technologies Holdings, Inc.

Information Technology 3.1%

Bright Horizons Family Solutions, Inc.

Consumer Discretionary 2.9%

Gaming and Leisure Properties, Inc.

Real Estate 2.7%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.6%

Bio-Techne Corporation

Health Care 2.5%

Iridium Communications Inc.

Communication Services 2.4%

Morningstar, Inc.

Financials 2.1%

Douglas Emmett, Inc.

Real Estate 2.0%

Penn National Gaming, Inc.

Consumer Discretionary 2.0%

Trex Company, Inc.

Industrials 1.7%

Guidewire Software, Inc.

Information Technology 1.7%

Manchester United plc

Communication Services 1.7%

MAXIMUS, Inc.

Information Technology 1.4%

Alexandria Real Estate Equities, Inc.

Real Estate 1.3%

Benefitfocus, Inc.

Information Technology 1.3%

Pinnacle Entertainment, Inc.

Consumer Discretionary 1.3%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.2%

Cohen & Steers, Inc.

Financials 1.2%

Mettler-Toledo International, Inc.

Health Care 1.2%

West Pharmaceutical Services, Inc.

Health Care 1.2%

Pegasystems, Inc.

Information Technology 0.9%

Bloom Energy Corporation

Industrials 0.9%

Kinsale Capital Group, Inc.

Financials 0.9%

2U, Inc.

Information Technology 0.9%

Oaktree Capital Group, LLC

Financials 0.9%

The Carlyle Group

Financials 0.8%

Under Armour, Inc. Cl A

Consumer Discretionary 0.8%

Littelfuse, Inc.

Information Technology 0.8%

Church & Dwight Co., Inc.

Consumer Staples 0.7%

Air Lease Corp.

Industrials 0.7%

Wix.com Ltd.

Information Technology 0.7%

Moelis & Company

Financials 0.6%

Neogen Corp.

Health Care 0.5%

Performance Food Group Company

Consumer Staples 0.5%

Alexander's, Inc.

Real Estate 0.5%

Boyd Gaming Corporation

Consumer Discretionary 0.4%

LendingTree, Inc.

Financials 0.4%

Iridium Communications Inc. - Pfd

Communication Services 0.4%

Ollie’s Bargain Outlet Holdings, Inc.

Consumer Discretionary 0.4%

Altair Engineering Inc.

Information Technology 0.4%

Houlihan Lokey, Inc.

Financials 0.3%

Essent Group Ltd.

Financials 0.3%

Dick's Sporting Goods, Inc.

Consumer Discretionary 0.3%

American Assets Trust, Inc.

Real Estate 0.2%

Denali Therapeutics Inc

Health Care 0.2%

Cision Ltd.

Information Technology 0.1%

Albany Intl Corp-Cl a

Industrials 0.0%

Ellie Mae, Inc.

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 09/30/18

As of 09/30/18

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

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
Iridium Communications Inc. 2.49% 0.86%
Gartner, Inc. 4.73% 0.84%
Bio-Techne Corporation 2.17% 0.71%
Primerica, Inc. 3.18% 0.61%
IDEXX Laboratories, Inc. 4.21% 0.58%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Red Rock Resorts, Inc. 1.46% -0.29%
Littelfuse, Inc. 0.89% -0.12%
Douglas Emmett, Inc. 2.12% -0.12%
2U, Inc. 0.96% -0.09%
Neogen Corp. 0.60% -0.06%

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: 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.

Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher.

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.

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.