Prices & Performance

Prices

as of 11/19/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$20.56 -$0.27 -1.30% -1.96% -11.03% -13.60%

Performance

 

as of 10/31/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BIGFX - Baron International Growth Fund -9.26% -11.88% -7.71% 5.92% 4.57% 10.20% 1.41% 1.20%
MSCI ACWI ex USA Index -8.13% -10.97% -8.24% 4.37% 1.63% 7.09%
MSCI ACWI ex USA IMI Growth Index -9.60% -11.94% -8.90% 4.54% 2.77% 7.99%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, 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 Since Inception Expense Ratio2
Gross Net
BIGFX - Baron International Growth Fund -2.56% -2.89% 4.18% 12.05% 6.53% 11.40% 1.41% 1.20%
MSCI ACWI ex USA Index 0.71% -3.09% 1.76% 9.97% 4.12% 8.09%
MSCI ACWI ex USA IMI Growth Index -0.53% -2.59% 3.22% 10.70% 5.51% 9.18%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, 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 12/31/17, restated to reflect current expense waivers.

as of 10/31/18

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Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2017 36.94% 27.19% 32.25%
2016 1.14% 4.50% 0.06%
2015 1.23% -5.66% -0.26%
2014 -2.33% -3.87% -2.77%
2013 21.61% 15.29% 15.85%
2012 17.80% 16.83% 16.69%
2011 -16.35% -13.71% -14.66%
2010 24.22% 11.15% 15.90%
2009 44.69% 41.45% 40.90%

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 12/31/17, 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
09/24/2018 09/25/2018 09/26/2018 $0.000 $0.000 $0.051 $0.049 $0.100 $23.19
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $0.745 $0.745 $23.30 36.94%
09/27/2017 09/28/2017 09/29/2017 $0.000 $0.000 $0.000 $0.101 $0.101 $22.81 36.94%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $0.158 $0.158 $18.31 1.14%
10/05/2016 10/06/2016 10/07/2016 $0.010 $0.000 $0.000 $0.001 $0.011 $19.45 1.14%
12/02/2015 12/03/2015 12/04/2015 $0.079 $0.000 $0.000 $0.009 $0.088 $18.31 1.23%
09/23/2015 09/24/2015 09/25/2015 $0.004 $0.000 $0.000 $0.019 $0.023 $17.29 1.23%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $0.389 $0.389 $18.28 -2.33%
09/22/2014 09/23/2014 09/24/2014 $0.003 $0.000 $0.000 $0.149 $0.153 $18.76 -2.33%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.957 $0.957 $13.33 -16.35%
09/07/2011 09/08/2011 09/09/2011 $0.040 $0.000 $0.054 $0.244 $0.338 $15.16 -16.35%
09/27/2010 09/28/2010 09/29/2010 $0.000 $0.000 $0.211 $0.000 $0.211 $15.38 24.22%
12/28/2009 12/29/2009 12/30/2009 $0.000 $0.000 $0.360 $0.000 $0.360 $14.15 44.69%

Performance Characteristics

as of 09/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 10.40 10.92 14.99
Sharpe Ratio 1.08 0.55 0.74
Alpha (%) 3.55 3.04 4.32
Beta 0.84 0.84 0.85
R-Squared (%) 76.64 74.75 84.31
Tracking Error (%) 5.33 5.76 6.44
Information Ratio 0.39 0.42 0.51
Upside Capture (%) 90.32 91.25 93.20
Downside Capture (%) 64.74 71.83 73.42

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

 
NAV $20.56
Daily Change ($) -$0.27
Daily Change (%) -1.30%
MTD -1.96%
QTD -11.03%
YTD -13.60%
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BIGFX - Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 -9.26% -8.13% -9.60%
YTD1 -11.88% -10.97% -11.94%
1 Year -7.71% -8.24% -8.90%
3 Years 5.92% 4.37% 4.54%
5 Years 4.57% 1.63% 2.77%
Since Inception 10.20% 7.09% 7.99%
Expense Ratio2 - Gross 1.41%
Expense Ratio2 - Net 1.20%

*As of 10/31/18

*Annualized as of 10/31/18

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, 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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BIGFX - Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 -2.56% 0.71% -0.53%
YTD1 -2.89% -3.09% -2.59%
1 Year 4.18% 1.76% 3.22%
3 Years 12.05% 9.97% 10.70%
5 Years 6.53% 4.12% 5.51%
Since Inception 11.40% 8.09% 9.18%
Expense Ratio2 - Gross 1.41%
Expense Ratio2 - Net 1.20%

*As of 09/30/18

*Annualized as of 10/31/18

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, 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 Since Inception
Standard Deviation (%) 10.40 10.92 14.99
Sharpe Ratio 1.08 0.55 0.74
Alpha (%) 3.55 3.04 4.32
Beta 0.84 0.84 0.85
R-Squared (%) 76.64 74.75 84.31
Tracking Error (%) 5.33 5.76 6.44
Information Ratio 0.39 0.42 0.51
Upside Capture (%) 90.32 91.25 93.20
Downside Capture (%) 64.74 71.83 73.42

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

as of 10/31/18

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Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2017 36.94% 27.19% 32.25%
2016 1.14% 4.50% 0.06%
2015 1.23% -5.66% -0.26%
2014 -2.33% -3.87% -2.77%
2013 21.61% 15.29% 15.85%
2012 17.80% 16.83% 16.69%
2011 -16.35% -13.71% -14.66%
2010 24.22% 11.15% 15.90%
2009 44.69% 41.45% 40.90%

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 12/31/17, restated to reflect current expense waivers.

Select Year
Record Date 09/24/2018 11/27/2017 09/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 09/22/2014 11/28/2011 09/07/2011 09/27/2010 12/28/2009
Ex Date 09/25/2018 11/28/2017 09/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 09/23/2014 11/29/2011 09/08/2011 09/28/2010 12/29/2009
Payable Date 09/26/2018 11/29/2017 09/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 09/24/2014 11/30/2011 09/09/2011 09/29/2010 12/30/2009
Income $0.000 $0.000 $0.000 $0.000 $0.010 $0.079 $0.004 $0.000 $0.003 $0.000 $0.040 $0.000 $0.000
Return of Capital $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.051 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.054 $0.211 $0.360
Long-Term Capital Gain $0.049 $0.745 $0.101 $0.158 $0.001 $0.009 $0.019 $0.389 $0.149 $0.957 $0.244 $0.000 $0.000
Total $0.100 $0.745 $0.101 $0.158 $0.011 $0.088 $0.023 $0.389 $0.153 $0.957 $0.338 $0.211 $0.360
Re-Invest NAV $23.19 $23.30 $22.81 $18.31 $19.45 $18.31 $17.29 $18.28 $18.76 $13.33 $15.16 $15.38 $14.15
Calendar-Yr Return 36.94% 36.94% 1.14% 1.14% 1.23% 1.23% -2.33% -2.33% -16.35% -16.35% 24.22% 44.69%

Portfolio Characteristics

 

as of 09/30/18

Baron International Growth Fund MSCI ACWI ex USA Index
Net Assets$285.05 million
# of Equity Securities / % of Net Assets94 / 86.1%
Turnover (3 Year Average)41.14%
Active Share94.5%
Median Market Cap$9.96 billion$7.64 billion
Weighted Average Market Cap$32.01 billion$61.93 billion
EPS Growth (3-5 year forecast)18.6%10.5%
Price/Earnings Ratio (trailing 12-month)21.113.8
Price/Book Ratio2.51.6
Price/Sales Ratio2.31.2
Current Expense Ratio Date12/31/2017

The Net Assets include all share classes combined.

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

Holdings

as of 10/31/18

Open All Close All Holding Sector % of Net Assets

AstraZeneca PLC

AstraZeneca PLC (AZN) is a global biopharmaceutical that, since 2013, has followed a strategy based on a pipeline-driven transformation and a focus on three main therapy areas based on its core competencies: oncology, cardiovascular and metabolic diseases, and respiratory illnesses.

Health Care 2.8%

Constellation Software, Inc.

Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates approximately 200 small- and medium-sized software businesses. These businesses allow customers across a wide range of verticals to automate key activities, with the goal of saving on labor costs.

Information Technology 2.0%

Golar LNG Ltd.

Golar LNG Ltd. (GLNG) owns and operates a fleet of Liquefied Natural Gas (LNG) vessels and floating regasification units. Golar is also developing floating liquefaction units (FLNG) and is now operating the world's first FLNG conversion, the Golar FLNG-Hilli.

Energy 2.0%

Danone SA

Danone SA (BN.FP) is a global packaged food company that manufactures dairy and plant-based products, baby nutrition, medical nutrition, and bottled water products. Worldwide, Danone is the top producer of fresh dairy and the second largest producer of baby nutrition and bottled water.

Consumer Staples 1.9%

Domino's Pizza Enterprises Ltd.

Domino’s Pizza Enterprises Ltd. (DMP.AU) is the master franchisee of the Domino’s Pizza brand in Australia, New Zealand, select European countries, and Japan. It is the largest franchisee of Domino’s outside the U.S. and the leader in technological innovation among all of Domino’s master franchisees globally.

Consumer Discretionary 1.9%

argenx SE

Argenx SE (ARGX) is a biotech company developing antibodies for the treatment of autoimmune disorders and cancer based on the uniquely powerful immune system of llamas.

Health Care 1.9%

Nokia Corporation

Information Technology 1.8%

Linde Public Limited Company

Materials 1.7%

Mellanox Technologies Ltd.

Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.

Information Technology 1.6%

Takeda Pharmaceutical Company Limited

Health Care 1.6%

Total

19.2%

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

as of 09/30/18

Name Sector % of Net Assets

AstraZeneca PLC

Health Care 2.6%

Constellation Software, Inc.

Information Technology 2.0%

Danone SA

Consumer Staples 1.9%

Domino's Pizza Enterprises Ltd.

Consumer Discretionary 1.8%

Wix.com Ltd.

Information Technology 1.8%

Recruit Holdings Co., Ltd.

Industrials 1.7%

Abcam plc

Health Care 1.7%

Fresenius Medical Care AG & Co. KGaA

Health Care 1.6%

argenx SE - ADR

Health Care 1.6%

Takeda Pharmaceutical Company Limited

Health Care 1.5%

Eurofins Scientific SE

Health Care 1.5%

Golar LNG Ltd.

Energy 1.5%

Nokia Corporation - ADR

Information Technology 1.5%

Mitsubishi UFJ Financial Group, Inc. ADR

Financials 1.4%

Aena SME, S.A.

Industrials 1.4%

Tullow Oil plc

Energy 1.4%

Worldpay, Inc.

Information Technology 1.4%

Linde AG - Tendered

Materials 1.3%

Encana Corp.

Energy 1.3%

Mellanox Technologies Ltd.

Information Technology 1.3%

Arch Capital Group Ltd.

Financials 1.3%

Experian plc

Industrials 1.2%

Sony Corporation

Consumer Discretionary 1.2%

Technopro Holdings, Inc.

Industrials 1.2%

Landis+Gyr AG

Information Technology 1.1%

Glenveagh Properties PLC

Consumer Discretionary 1.1%

Telesites, S.A.B. de C.V.

Communication Services 1.1%

Ryanair Holdings plc - ADR

Industrials 1.1%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 1.1%

Arco Platform, Ltd. - Class a

Consumer Discretionary 1.1%

Koninklijke Vopak N.V.

Energy 1.0%

Pagseguro Digital Ltd

Information Technology 1.0%

Tencent Holdings, Ltd.

Communication Services 1.0%

Industria de Diseño Textil, S.A.

Consumer Discretionary 1.0%

Agilent Technologies, Inc.

Health Care 1.0%

KEYENCE CORPORATION

Information Technology 1.0%

Interxion Holding N.V.

Information Technology 1.0%

MonotaRO Co., Ltd.

Industrials 1.0%

KBC Group NV

Financials 1.0%

Momo Inc. Spon - ADR

Communication Services 0.9%

Intertek Group plc

Industrials 0.9%

Amorepacific Corporation

Consumer Staples 0.9%

FANUC Corp.

Industrials 0.9%

America Movil-ADR Series L

Communication Services 0.9%

RIB Software SE

Information Technology 0.9%

ZOZO, Inc.

Consumer Discretionary 0.9%

Rentokil Initial Plc

Industrials 0.9%

Dechra Pharmaceuticals PLC

Health Care 0.8%

Komplett Bank ASA

Financials 0.8%

Endava plc -ADR

Information Technology 0.8%

The Stars Group Inc.

Consumer Discretionary 0.8%

Sodexo S.A.

Consumer Discretionary 0.8%

SoftBank Group Corp.

Communication Services 0.8%

Julius Baer Group Ltd.

Financials 0.8%

Sms Co Ltd

Industrials 0.8%

WH Group Limited

Consumer Staples 0.8%

Sberbank of Russia PJSC-ADR

Financials 0.8%

Horizon Discovery Group plc

Health Care 0.8%

YPF S.A. - ADR

Energy 0.8%

NEXTDC Limited

Information Technology 0.8%

Square Enix Holdings Co., Ltd.

Communication Services 0.8%

KOSÉ Corporation

Consumer Staples 0.7%

Cimpress N.V.

Industrials 0.7%

Symrise AG

Materials 0.7%

China Tower Corporation Limited - Cl - H

Communication Services 0.7%

Adaptimmune Therapeutics plc

Health Care 0.7%

Zai Lab Limited -Adr

Health Care 0.7%

BNP Paribas S.A.

Financials 0.6%

Vivendi SA

Communication Services 0.6%

Tata Global Beverages Limited

Consumer Staples 0.5%

Kotak Mahindra Bank Ltd

Financials 0.5%

KB Financial Group Inc.

Financials 0.5%

Housing Development Finance Corporation Limited

Financials 0.5%

Suncor Energy Inc.

Energy 0.5%

Yandex N.V.

Communication Services 0.5%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 0.5%

Mercari Inc

Consumer Discretionary 0.5%

BlackBerry Limited

Information Technology 0.5%

Opera Limited -ADR

Information Technology 0.5%

Britannia Industries Limited

Consumer Staples 0.4%

Titan Co. Ltd.

Consumer Discretionary 0.4%

Kangde Xin Composite Material

Materials 0.4%

JM Financial

Financials 0.4%

Bolsas y Mercados Argentinos S.A.

Financials 0.3%

Smiles Fidelidade S.A.

Communication Services 0.3%

Godrej Properties Limited

Real Estate 0.3%

Haitong Securities Co., Ltd. - Cl H

Financials 0.3%

PT Tower Bersama Infrastructure, Tbk.

Communication Services 0.3%

Itaú Unibanco Holding S.A. -ADR

Financials 0.3%

Kingdee International Software Group Co. Ltd.

Information Technology 0.3%

Baidu, Inc.

Communication Services 0.3%

WANdisco plc

Information Technology 0.3%

Midea Group Co., Ltd.- A

Consumer Discretionary 0.2%

Lekoil, Ltd.

Energy 0.1%

GICS SECTOR BREAKDOWN

As of 10/31/18

As of 10/31/18

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

As of 10/31/18

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
Wix.com Ltd. 2.10% 0.31%
Recruit Holdings Co., Ltd. 1.56% 0.30%
AstraZeneca PLC 2.51% 0.30%
MonotaRO Co., Ltd. 1.29% 0.29%
Worldpay, Inc. 1.28% 0.27%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
The Stars Group Inc. 0.88% -0.33%
Dechra Pharmaceuticals PLC 0.77% -0.31%
Opera Limited 0.51% -0.24%
WANdisco plc 0.45% -0.23%
Mellanox Technologies Ltd. 1.75% -0.23%

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: Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. This may result in greater share price volatility. Securities of small and medium-sized companies may be thinly traded and more difficult to sell. 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 Baron Capital, Inc.): The MSCI ACWI indexes cited are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI ACWI Growth Index Net USD measures the equity market performance of large and mid cap growth securities across developed and emerging markets. The MSCI ACWI Index Net USD measures the equity market performance of large and mid cap securities across developed and emerging markets. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, 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.