Prices & Performance

Prices

as of 09/18/18

scroll to view all
NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$23.34 $0.06 0.26% -2.79% -3.35% -3.51%

Performance

 

as of 08/31/18

scroll to view all
QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BINIX - Baron International Growth Fund - I -0.58% -0.74% 9.59% 11.68% 8.68% 12.01% 1.13% 0.95%
MSCI ACWI ex USA Index 0.25% -3.53% 3.18% 8.08% 5.43% 8.11%
MSCI ACWI ex USA IMI Growth Index 0.44% -1.64% 6.12% 9.68% 7.11% 9.37%

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 06/30/18

scroll to view all
QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BINIX - Baron International Growth Fund - I -2.15% -0.17% 16.27% 9.41% 10.35% 12.30% 1.13% 0.95%
MSCI ACWI ex USA Index -2.61% -3.77% 7.28% 5.07% 5.99% 8.23%
MSCI ACWI ex USA IMI Growth Index -1.46% -2.07% 10.43% 6.84% 7.51% 9.50%

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 08/31/18

scroll to view all
Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2017 37.33% 27.19% 32.25%
2016 1.35% 4.50% 0.06%
2015 1.48% -5.66% -0.26%
2014 -2.07% -3.87% -2.77%
2013 21.89% 15.29% 15.85%
2012 18.17% 16.83% 16.69%
2011 -16.13% -13.71% -14.66%
2010 24.54% 11.15% 15.90%
2009 44.89% 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.

scroll to view all
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 $0.745 $0.745 $23.58 37.33%
09/27/2017 09/28/2017 09/29/2017 $0.000 $0.000 $0.000 $0.101 $0.101 $23.06 37.33%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $0.158 $0.158 $18.48 1.35%
10/05/2016 10/06/2016 10/07/2016 $0.010 $0.000 $0.000 $0.001 $0.011 $19.62 1.35%
12/02/2015 12/03/2015 12/04/2015 $0.128 $0.000 $0.000 $0.009 $0.137 $18.43 1.48%
09/23/2015 09/24/2015 09/25/2015 $0.031 $0.000 $0.000 $0.019 $0.050 $17.44 1.48%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $0.389 $0.389 $18.43 -2.07%
09/22/2014 09/23/2014 09/24/2014 $0.040 $0.000 $0.000 $0.149 $0.189 $18.90 -2.07%
09/25/2013 09/26/2013 09/27/2013 $0.001 $0.000 $0.000 $0.000 $0.001 $18.59 21.89%
09/24/2012 09/25/2012 09/26/2012 $0.027 $0.000 $0.000 $0.000 $0.027 $15.36 18.17%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.957 $0.957 $13.38 -16.13%
09/07/2011 09/08/2011 09/09/2011 $0.090 $0.000 $0.054 $0.244 $0.388 $15.20 -16.13%
09/27/2010 09/28/2010 09/29/2010 $0.000 $0.000 $0.211 $0.000 $0.211 $15.44 24.54%
12/28/2009 12/29/2009 12/30/2009 $0.000 $0.000 $0.360 $0.000 $0.360 $14.17 44.89%

Performance Characteristics

as of 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 11.41 11.56 15.13
Sharpe Ratio 0.77 0.86 0.80
Alpha (%) 4.88 4.95 5.04
Beta 0.86 0.88 0.85
R-Squared (%) 84.20 77.98 84.83
Tracking Error (%) 4.84 5.61 6.40
Information Ratio 0.90 0.78 0.64
Upside Capture (%) 99.05 100.84 95.59
Downside Capture (%) 70.82 70.91 73.22

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

 
NAV $23.34
Daily Change ($) $0.06
Daily Change (%) 0.26%
MTD -2.79%
QTD -3.35%
YTD -3.51%
scroll to view all
BINIX - Baron International Growth Fund - I MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 -0.58% 0.25% 0.44%
YTD1 -0.74% -3.53% -1.64%
1 Year 9.59% 3.18% 6.12%
3 Years 11.68% 8.08% 9.68%
5 Years 8.68% 5.43% 7.11%
Since Inception 12.01% 8.11% 9.37%
Expense Ratio2 - Gross 1.13%
Expense Ratio2 - Net 0.95%

*As of 08/31/18

*Annualized as of 08/31/18

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.

scroll to view all
BINIX - Baron International Growth Fund - I MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 -2.15% -2.61% -1.46%
YTD1 -0.17% -3.77% -2.07%
1 Year 16.27% 7.28% 10.43%
3 Years 9.41% 5.07% 6.84%
5 Years 10.35% 5.99% 7.51%
Since Inception 12.30% 8.23% 9.50%
Expense Ratio2 - Gross 1.13%
Expense Ratio2 - Net 0.95%

*As of 06/30/18

*Annualized as of 08/31/18

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 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 11.41 11.56 15.13
Sharpe Ratio 0.77 0.86 0.80
Alpha (%) 4.88 4.95 5.04
Beta 0.86 0.88 0.85
R-Squared (%) 84.20 77.98 84.83
Tracking Error (%) 4.84 5.61 6.40
Information Ratio 0.90 0.78 0.64
Upside Capture (%) 99.05 100.84 95.59
Downside Capture (%) 70.82 70.91 73.22

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

as of 08/31/18

scroll to view all
Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2017 37.33% 27.19% 32.25%
2016 1.35% 4.50% 0.06%
2015 1.48% -5.66% -0.26%
2014 -2.07% -3.87% -2.77%
2013 21.89% 15.29% 15.85%
2012 18.17% 16.83% 16.69%
2011 -16.13% -13.71% -14.66%
2010 24.54% 11.15% 15.90%
2009 44.89% 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 11/27/2017 09/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 09/22/2014 09/25/2013 09/24/2012 11/28/2011 09/07/2011 09/27/2010 12/28/2009
Ex Date 11/28/2017 09/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 09/23/2014 09/26/2013 09/25/2012 11/29/2011 09/08/2011 09/28/2010 12/29/2009
Payable Date 11/29/2017 09/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 09/24/2014 09/27/2013 09/26/2012 11/30/2011 09/09/2011 09/29/2010 12/30/2009
Income $0.000 $0.000 $0.000 $0.010 $0.128 $0.031 $0.000 $0.040 $0.001 $0.027 $0.000 $0.090 $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 $0.000
Short-Term Capital Gain $0.000 $0.000 $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 $0.745 $0.101 $0.158 $0.001 $0.009 $0.019 $0.389 $0.149 $0.000 $0.000 $0.957 $0.244 $0.000 $0.000
Total $0.745 $0.101 $0.158 $0.011 $0.137 $0.050 $0.389 $0.189 $0.001 $0.027 $0.957 $0.388 $0.211 $0.360
Re-Invest NAV $23.58 $23.06 $18.48 $19.62 $18.43 $17.44 $18.43 $18.90 $18.59 $15.36 $13.38 $15.20 $15.44 $14.17
Calendar-Yr Return 37.33% 37.33% 1.35% 1.35% 1.48% 1.48% -2.07% -2.07% 21.89% 18.17% -16.13% -16.13% 24.54% 44.89%

Portfolio Characteristics

 

as of 06/30/18

Baron International Growth Fund MSCI ACWI ex USA Index
Net Assets$258.28 million
# of Equity Securities / % of Net Assets85 / 88.4%
Turnover (3 Year Average)39.21%
Active Share93.6%
Median Market Cap$11.30 billion$7.77 billion
Weighted Average Market Cap$39.38 billion$63.08 billion
EPS Growth (3-5 year forecast)12.8%11.0%
Price/Earnings Ratio (trailing 12-month)21.113.9
Price/Book Ratio2.51.6
Price/Sales Ratio2.61.2
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 08/31/18

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 2.6%

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 2.1%

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 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 2.0%

Abcam plc

Abcam plc (abc.ln) sells research grade antibodies and other life sciences tools to scientists who use Abcam's products in their search for treatments for human disease. The company sources products from more than 400 suppliers and also manufactures products in-house.

Health Care 1.8%

TechnoPro Holdings, Inc.

TechnoPro Holdings, Inc. (6028.JT) is a major engineering staffing company in Japan, dispatching qualified staffers in areas including software development, electrical engineering, machinery, life sciences, and R&D.

Industrials 1.8%

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 1.8%

Wix.com Ltd.

Wix.com Ltd. (WIX) is an internet company providing an operating system to help micro businesses build and maintain websites and operate their businesses. Wix has over 120 million registered users and over three million premium users.

Information Technology 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 1.7%

Recruit Holdings Co., Ltd.

Recruit Holdings Co., Ltd. (6098.JT) is a Japan-based company that owns and operates multiple recruiting, staffing, and classified media websites in the U.S., Japan, Australia, and Europe. Recruit has been active in M&A, especially outside Japan. It acquired popular U.S. job search engine Indeed in 2012.

Industrials 1.6%

Total

19.1%

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

as of 06/30/18

Name Sector % of Net Assets

Wix.com Ltd.

Information Technology 2.6%

Constellation Software, Inc.

Information Technology 2.4%

Mellanox Technologies Ltd.

Information Technology 2.0%

argenx SE - ADR

Health Care 2.0%

Technopro Holdings, Inc.

Industrials 1.9%

Danone SA

Consumer Staples 1.8%

Domino's Pizza Enterprises Ltd.

Consumer Discretionary 1.8%

AstraZeneca PLC

Health Care 1.8%

Golar LNG Ltd.

Energy 1.7%

Eurofins Scientific SE

Health Care 1.6%

Abcam plc

Health Care 1.6%

Aena SME, S.A.

Industrials 1.6%

Takeda Pharmaceutical Company Limited

Health Care 1.6%

Recruit Holdings Co., Ltd.

Industrials 1.5%

Fresenius Medical Care AG & Co. KGaA

Health Care 1.5%

Nokia Corporation - ADR

Information Technology 1.5%

MonotaRO Co., Ltd.

Industrials 1.4%

Tencent Holdings, Ltd.

Information Technology 1.4%

RIB Software SE

Information Technology 1.3%

Intertek Group plc

Industrials 1.2%

Amorepacific Corporation

Consumer Staples 1.2%

Alibaba Group Holding Limited - ADR

Information Technology 1.2%

KEYENCE CORPORATION

Information Technology 1.2%

Encana Corp.

Energy 1.2%

Tullow Oil plc

Energy 1.2%

Rentokil Initial Plc

Industrials 1.2%

Linde AG - Tendered

Materials 1.2%

START TODAY CO., LTD

Consumer Discretionary 1.1%

Sms Co Ltd

Information Technology 1.1%

Interxion Holding N.V.

Information Technology 1.1%

Sberbank of Russia PJSC-ADR

Financials 1.1%

Momo Inc. Spon - ADR

Information Technology 1.1%

NEXTDC Limited

Information Technology 1.1%

Square Enix Holdings Co., Ltd.

Information Technology 1.1%

Ryanair Holdings plc - ADR

Industrials 1.1%

Mitsubishi UFJ Financial Group, Inc. ADR

Financials 1.1%

Julius Baer Group Ltd.

Financials 1.1%

Sony Corporation

Consumer Discretionary 1.1%

Experian plc

Industrials 1.1%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 1.1%

Yandex N.V.

Information Technology 1.0%

Kotak Mahindra Bank Ltd

Financials 1.0%

Industria de Diseño Textil, S.A.

Consumer Discretionary 1.0%

Arch Capital Group Ltd.

Financials 1.0%

KOSÉ Corporation

Consumer Staples 1.0%

Landis+Gyr AG

Information Technology 1.0%

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

Telecommunication Services 1.0%

Cimpress N.V.

Industrials 1.0%

China Construction Bank Corporation

Financials 1.0%

Worldpay, Inc.

Information Technology 1.0%

The Stars Group Inc.

Consumer Discretionary 1.0%

America Movil-ADR Series L

Telecommunication Services 0.9%

FANUC Corp.

Industrials 0.9%

Agilent Technologies, Inc.

Health Care 0.9%

Baidu, Inc.

Information Technology 0.8%

Zai Lab Limited -Adr

Health Care 0.8%

Pagseguro Digital Ltd

Information Technology 0.8%

Symrise AG

Materials 0.7%

KB Financial Group Inc.

Financials 0.7%

Horizon Discovery Group plc

Health Care 0.7%

YPF S.A. - ADR

Energy 0.7%

Tata Global Beverages Limited

Consumer Staples 0.7%

KBC Group NV

Financials 0.7%

Komplett Bank ASA

Financials 0.7%

Midea Group Co., Ltd.- A

Consumer Discretionary 0.7%

JM Financial

Financials 0.7%

BNP Paribas S.A.

Financials 0.6%

Bolsas y Mercados Argentinos S.A.

Financials 0.6%

Vivendi SA

Consumer Discretionary 0.6%

Titan Co. Ltd.

Consumer Discretionary 0.6%

Smiles Fidelidade S.A.

Consumer Discretionary 0.6%

Godrej Properties Limited

Real Estate 0.6%

Maruti Suzuki India Lmtd.

Consumer Discretionary 0.6%

Kangde Xin Composite Material

Materials 0.6%

BlackBerry Limited

Information Technology 0.5%

Britannia Industries Limited

Consumer Staples 0.5%

Kingdee International Software Group Co. Ltd.

Information Technology 0.5%

Suncor Energy Inc.

Energy 0.5%

Haitong Securities Co., Ltd. - Cl H

Financials 0.5%

WANdisco plc

Information Technology 0.4%

Mercari Inc

Information Technology 0.4%

Adaptimmune Therapeutics plc

Health Care 0.3%

PT Tower Bersama Infrastructure, Tbk.

Telecommunication Services 0.3%

Divi's Laboratories Ltd.

Health Care 0.3%

Lekoil, Ltd.

Energy 0.1%

GICS SECTOR BREAKDOWN

As of 08/31/18

As of 08/31/18

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

As of 08/31/18

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Wix.com Ltd. 2.19% 0.51%
Constellation Software, Inc. 2.39% 0.32%
Domino's Pizza Enterprises Ltd. 1.58% 0.31%
Mellanox Technologies Ltd. 1.83% 0.25%
MonotaRO Co., Ltd. 1.00% 0.22%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
YPF S.A. 1.08% -0.42%
Bolsas y Mercados Argentinos S.A. 0.95% -0.42%
PagSeguro Digital Ltd. 1.23% -0.37%
FANUC Corp. 1.02% -0.28%
Sberbank of Russia PJSC 1.18% -0.27%

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.