Prices & Performance

Prices

as of 05/24/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$22.20 $0.10 0.45% -3.10% 0.36% 21.84%

Performance

 

as of 04/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIOIX - Baron Opportunity Fund - I 3.57% 25.74% 22.15% 25.30% 15.41% 16.74% 7.43% 1.11% 1.11%
Russell 3000 Growth Index 4.41% 21.30% 16.61% 18.40% 14.17% 16.83% 4.74%
S&P 500 Index 4.05% 18.25% 13.49% 14.87% 11.63% 15.32% 6.13%

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 03/31/19

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIOIX - Baron Opportunity Fund - I 21.40% 20.46% 24.24% 12.27% 17.99% 7.26% 1.11% 1.11%
Russell 3000 Growth Index 16.18% 12.06% 16.40% 13.10% 17.44% 4.52%
S&P 500 Index 13.65% 9.50% 13.51% 10.91% 15.92% 5.94%

1Not annualized.

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

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

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

as of 04/30/19

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Year Baron Opportunity Fund Russell 3000 Growth Index S&P 500 Index
2018 8.35% -2.12% -4.38%
2017 40.88% 29.59% 21.83%
2016 -4.56% 7.39% 11.96%
2015 1.45% 5.09% 1.38%
2014 -1.40% 12.44% 13.69%
2013 37.90% 34.23% 32.39%
2012 14.04% 15.21% 16.00%
2011 -5.93% 2.18% 2.11%
2010 25.74% 17.64% 15.06%
2009 62.08% 37.01% 26.46%
2008 -46.06% -38.44% -37.00%
2007 21.10% 11.40% 5.49%
2006 12.14% 9.46% 15.79%
2005 7.05% 5.17% 4.91%
2004 25.59% 6.93% 10.88%
2003 73.80% 30.97% 28.68%
2002 -29.01% -28.03% -22.06%
2001 -3.62% -19.63% -11.93%
2000 -38.98% -23.60% -2.45%

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

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

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Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
11/28/2018 11/29/2018 11/30/2018 $0.000 $0.000 $0.000 $0.926 $0.926 $19.85 8.35%
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $2.649 $2.649 $17.54 40.88%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $1.891 $1.891 $14.74 -4.56%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $1.817 $1.817 $17.18 1.45%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $1.030 $1.030 $18.14 -1.40%
11/25/2013 11/26/2013 11/27/2013 $0.000 $0.000 $0.588 $0.615 $1.202 $18.85 37.90%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.000 $0.240 $0.240 $14.92 14.04%
11/15/2000 11/16/2000 11/17/2000 $0.000 $0.000 $0.026 $0.000 $0.026 $7.20 -38.98%

Performance Characteristics

as of 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.21 16.86 17.01
Sharpe Ratio 1.52 0.68 1.03
Alpha (%) 5.19 -2.62 -1.26
Beta 1.12 1.19 1.13
R-Squared (%) 82.21 77.65 81.16
Tracking Error (%) 6.58 8.33 7.60
Information Ratio 1.19 -0.10 0.07
Upside Capture (%) 124.96 118.21 113.39
Downside Capture (%) 95.16 144.05 126.89

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Opportunity Fund's(BIOIX) benchmark (Russell 3000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $22.20
Daily Change ($) $0.10
Daily Change (%) 0.45%
MTD -3.10%
QTD 0.36%
YTD 21.84%
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BIOIX - Baron Opportunity Fund - I Russell 3000 Growth Index S&P 500 Index
QTD1 3.57% 4.41% 4.05%
YTD1 25.74% 21.30% 18.25%
1 Year 22.15% 16.61% 13.49%
3 Years 25.30% 18.40% 14.87%
5 Years 15.41% 14.17% 11.63%
10 Years 16.74% 16.83% 15.32%
Since Inception 7.43% 4.74% 6.13%
Expense Ratio2 - Gross 1.11%
Expense Ratio2 - Net 1.11%

*As of 04/30/19

*Annualized as of 04/30/19

1Not annualized.

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

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

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BIOIX - Baron Opportunity Fund - I Russell 3000 Growth Index S&P 500 Index
YTD1 21.40% 16.18% 13.65%
1 Year 20.46% 12.06% 9.50%
3 Years 24.24% 16.40% 13.51%
5 Years 12.27% 13.10% 10.91%
10 Years 17.99% 17.44% 15.92%
Since Inception 7.26% 4.52% 5.94%
Expense Ratio2 - Gross 1.11%
Expense Ratio2 - Net 1.11%

*As of 03/31/19

*Annualized as of 04/30/19

1Not annualized.

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

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

as of 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.21 16.86 17.01
Sharpe Ratio 1.52 0.68 1.03
Alpha (%) 5.19 -2.62 -1.26
Beta 1.12 1.19 1.13
R-Squared (%) 82.21 77.65 81.16
Tracking Error (%) 6.58 8.33 7.60
Information Ratio 1.19 -0.10 0.07
Upside Capture (%) 124.96 118.21 113.39
Downside Capture (%) 95.16 144.05 126.89

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Opportunity Fund's(BIOIX) benchmark (Russell 3000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 04/30/19

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Year Baron Opportunity Fund Russell 3000 Growth Index S&P 500 Index
2018 8.35% -2.12% -4.38%
2017 40.88% 29.59% 21.83%
2016 -4.56% 7.39% 11.96%
2015 1.45% 5.09% 1.38%
2014 -1.40% 12.44% 13.69%
2013 37.90% 34.23% 32.39%
2012 14.04% 15.21% 16.00%
2011 -5.93% 2.18% 2.11%
2010 25.74% 17.64% 15.06%
2009 62.08% 37.01% 26.46%
2008 -46.06% -38.44% -37.00%
2007 21.10% 11.40% 5.49%
2006 12.14% 9.46% 15.79%
2005 7.05% 5.17% 4.91%
2004 25.59% 6.93% 10.88%
2003 73.80% 30.97% 28.68%
2002 -29.01% -28.03% -22.06%
2001 -3.62% -19.63% -11.93%
2000 -38.98% -23.60% -2.45%

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

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

Select Year
Record Date 11/28/2018 11/27/2017 11/28/2016 12/02/2015 12/01/2014 11/25/2013 11/28/2012 11/15/2000
Ex Date 11/29/2018 11/28/2017 11/29/2016 12/03/2015 12/02/2014 11/26/2013 11/29/2012 11/16/2000
Payable Date 11/30/2018 11/29/2017 11/30/2016 12/04/2015 12/03/2014 11/27/2013 11/30/2012 11/17/2000
Income $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Return of Capital $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 $0.588 $0.000 $0.026
Long-Term Capital Gain $0.926 $2.649 $1.891 $1.817 $1.030 $0.615 $0.240 $0.000
Total $0.926 $2.649 $1.891 $1.817 $1.030 $1.202 $0.240 $0.026
Re-Invest NAV $19.85 $17.54 $14.74 $17.18 $18.14 $18.85 $14.92 $7.20
Calendar-Yr Return 8.35% 40.88% -4.56% 1.45% -1.40% 37.90% 14.04% -38.98%

Portfolio Characteristics

 

as of 03/31/19

Baron Opportunity Fund Russell 3000 Growth Index
Net Assets$449.35 million
# of Equity Securities / % of Net Assets62 / 94.3%
Turnover (3 Year Average)33.80%
Active Share72.4%
Median Market Cap$16.54 billion$1.67 billion
Weighted Average Market Cap$191.27 billion$268.77 billion
EPS Growth (3-5 year forecast)25.2%14.8%
Price/Earnings Ratio (trailing 12-month)29.722.4
Price/Book Ratio6.55.8
Price/Sales Ratio6.32.8
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 04/30/19

Open All Close All Holding Sector % of Net Assets

Amazon.com, Inc.

Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing value and convenience to its customers. It also operates the industry-leading cloud infrastructure business Amazon Web Services.
Amazon's market share of U.S. online retail sales is over 30%, while its share of global online retail sales is less than 5%. Amazon has numerous avenues for new revenue growth opportunities, including consumer staples, apparel, international expansion, digital media offerings, office and industrial supplies, private label, pharmacy services, and advertising. We believe Amazon represents a unique opportunity to invest in the secular growth of both online retail and cloud computing. We estimate that Amazon Web Services will account for over 50% of Amazon's value over time.

Consumer Discretionary 6.1%

Microsoft Corporation

Microsoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products. Over the last five years, it has built a $35 billion cloud business. This includes its infrastructure-as-a-service Azure business, Office 365, and Dynamics 365 (Microsoft's CRM offering).
Microsoft is led by Satya Nadella, who has refocused the company on cloud computing and AI. He has been quite successful thus far, with Microsoft's commercial cloud business now representing over 25% of its revenues and growing at a 45% rate. The company's strong moat is based on the wide reach of its sales channel into enterprises, its hybrid cloud offering, its positioning in the public cloud market, high barriers to entry, and high switching costs. We believe Microsoft can grow by double digits for the next five years.

Information Technology 5.8%

Guidewire Software, Inc.

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Guidewire is a small player in a vast addressable market and has been benefiting from the inevitable need for P&C insurers to upgrade 30-year-old systems. The company offers best-in-class functionality, as evidenced by its growing installed base and 100% retention rates, and we believe it has a significant amount of off- balance sheet revenue. We think the company’s launch of data and digital applications meaningfully expand the total addressable market, and growing demand for cloud deployments could increase prices by two to three times.

Information Technology 5.5%

Alphabet Inc.

Alphabet Inc. (GOOG) (formerly Google Inc.) is the world's most recognized and dominant online search provider, as well as the owner and operator of YouTube. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Alphabet is the largest beneficiary of a secular shift of advertising from all other mediums to online and mobile. Data is becoming increasingly important, and Alphabet has processed and indexed more data than any other company. Alphabet's leadership position in artificial intelligence allows it to leverage its large data sets to quickly improve its products, and subsidiary Waymo provides entry into autonomous driving. We believe Alphabet has the greatest collection of engineering talent of any company we cover, which should allow it to grow and innovate for years to come.

Communication Services 4.9%

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 4.0%

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.
argenx's main product, ARGX-113, which treats a rare muscle weakness disorder, showed positive results in a recent clinical trial and has potentially broad applicability in ameliorating overactive antibody-based diseases. We expect the share price to increase as the company proves its products' effectiveness in multiple autoantibody disorders.

Health Care 2.6%

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 CoStar suite should grow at mid-teens rates, and we believe that the new Loopnet marketing platform can grow even faster. The Apartments.com platform has emerged as the dominant multifamily ILS and should revenue in excess of 20%. The company is starting to expand into Europe, creating additional greenfield opportunities that should offer high margin growth. Costar's balance sheet and cash generation creates M&A optionality.

Industrials 2.5%

Sage Therapeutics, Inc.

SAGE Therapeutics, Inc. (SAGE) is developing treatments for central nervous system disorders, particularly for depression. Lead asset SAGE-547 is being developed for postpartum depression (PPD) and major depressive disorder, with initial PPD commercialization expected this year.
We believe SAGE-547 has the ability to change the paradigm in treatment of postpartum depression. Confidence comes from strong Phase 2 and 3 results and the FDA's identification of SAGE-547 as a breakthrough drug. SAGE is also led by a talented CEO, Jeff Jones, who has 20+ years of experience in central nervous system-based development as a former CMO of Forest Labs. In our view, SAGE has impressive data for a major depression drug.

Health Care 2.4%

SS&C Technologies Holdings, Inc.

SS&C Technologies Holdings, Inc. (SSNC) is a leading provider of mission-critical software products and services for the financial services industry. SS&C offers tools and services for portfolio management and accounting, financial modeling, trading, treasury, and fund administration.
We believe SS&C has meaningful runway in its $200 billion total addressable market. The company has emerged as the largest independent alternative fund administrator. Its scale, focus, and technological advantage should allow it to take share from smaller, less sophisticated competitors, driving mid-single digit annual growth. The recent acquisitions of DST, Eze, and Intralinks extends SS&C into long only administration and data rooms. SS&C has an excellent M&A track record and should be able to successfully integrate these deals while generating meaningful synergies.

Information Technology 2.3%

Electronic Arts Inc.

Electronic Arts Inc. (EA) is a global leader in digital interactive entertainment. The company develops, markets, publishes, and distributes games, content, and services consumers can use on a variety of platforms, such as game consoles, PCs, mobile phones, and tablets.
There are a number of strong tailwinds that should benefit the company going forward, including the shift to digital in gaming, mobile gaming, advertising, and eSports; growth in the virtual reality market; and international expansion. We believe that over the next five years, Electronic Arts could increase revenues at a mid to upper single-digit compounded annual growth rate, continue to expand margins through the shift to digital, and return meaningful cash to shareholders.

Communication Services 2.1%

Total

38.2%

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

as of 03/31/19

Name Sector % of Net Assets

Amazon.com, Inc.

Consumer Discretionary 5.9%

Microsoft Corporation

Information Technology 5.5%

Guidewire Software, Inc.

Information Technology 5.2%

Alphabet Inc. - Cl C

Communication Services 5.1%

Gartner, Inc.

Information Technology 4.5%

argenx SE - ADR

Health Care 2.6%

CoStar Group, Inc.

Industrials 2.5%

Tesla, Inc.

Consumer Discretionary 2.5%

Electronic Arts Inc.

Communication Services 2.4%

Sage Therapeutics, Inc.

Health Care 2.4%

SS&C Technologies Holdings, Inc.

Information Technology 2.3%

Mellanox Technologies Ltd.

Information Technology 2.1%

Equinix, Inc.

Real Estate 2.0%

Mastercard Incorporated

Information Technology 2.0%

Visa, Inc.

Information Technology 1.9%

Wix.com Ltd.

Information Technology 1.9%

Adobe, Inc.

Information Technology 1.7%

The Charles Schwab Corp.

Financials 1.6%

NVIDIA Corporation

Information Technology 1.6%

Yext, Inc.

Information Technology 1.6%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 1.5%

The Trade Desk

Information Technology 1.5%

IAC/InterActiveCorp

Communication Services 1.4%

Vertex Pharmaceuticals Incorporated

Health Care 1.4%

Expedia Group, Inc.

Consumer Discretionary 1.3%

Illumina, Inc.

Health Care 1.3%

Netflix, Inc.

Communication Services 1.3%

ServiceNow, Inc.

Information Technology 1.3%

LiveRamp Holdings, Inc.

Information Technology 1.3%

2U, Inc.

Information Technology 1.2%

Take-Two Interactive Software, Inc.

Communication Services 1.2%

Intuitive Surgical, Inc.

Health Care 1.2%

Edwards Lifesciences Corp.

Health Care 1.1%

Ceridian HCM Holding Inc.

Information Technology 1.1%

RingCentral, Inc.

Information Technology 1.1%

Arco Platform, Ltd. - Class a

Consumer Discretionary 1.1%

MarketAxess Holdings Inc.

Financials 1.0%

Gds Holdings Limited - Adr

Information Technology 1.0%

salesforce.com, inc.

Information Technology 1.0%

Benefitfocus, Inc.

Information Technology 1.0%

Manchester United plc

Communication Services 0.9%

Splunk, Inc.

Information Technology 0.9%

ANSYS, Inc.

Information Technology 0.9%

Verisk Analytics, Inc.

Industrials 0.9%

Guardant Health, Inc.

Health Care 0.9%

Proofpoint, Inc.

Information Technology 0.8%

Spotify Technology S.A.

Communication Services 0.7%

Arrowhead Pharmaceuticals, Inc.

Health Care 0.7%

Paypal Holdings Inc

Information Technology 0.7%

Pagseguro Digital Ltd

Information Technology 0.6%

Acceleron Pharma Inc.

Health Care 0.6%

Concho Resources, Inc.

Energy 0.6%

Neurocrine Biosciences, Inc.

Health Care 0.6%

Alexandria Real Estate Equities, Inc.

Real Estate 0.6%

SBA Communications Corp.

Real Estate 0.5%

Zillow Group, Inc. - Cl. A

Communication Services 0.4%

Opera Limited -ADR

Information Technology 0.4%

Veeva Systems Inc. Cl - A

Health Care 0.3%

MercadoLibre, Inc.

Consumer Discretionary 0.2%

Lyft, Inc. - Class A

Industrials 0.2%

Anaplan, Inc.

Information Technology 0.2%

Coupa Software Inc.

Information Technology 0.1%

GICS SECTOR BREAKDOWN

As of 04/30/19

As of 04/30/19

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

Contributors/Detractors

Quarterly as of 03/31/19

Top Contributors Average Weight Contribution
Sage Therapeutics, Inc. 2.33% 1.25%
Amazon.com, Inc. 5.95% 1.15%
Guidewire Software, Inc. 5.18% 1.09%
CoStar Group, Inc. 2.63% 0.92%
Microsoft Corporation 5.42% 0.88%

Quarterly as of 03/31/19

Top Detractors Average Weight Contribution
Tesla, Inc. 2.96% -0.54%
Stamps.com Inc. 0.52% -0.26%
Take-Two Interactive Software, Inc. 1.13% -0.11%
Aquantia Corp. 0.50% -0.11%
Zillow Group, Inc. 0.14% -0.07%

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: Securities issued by small and medium sized companies may be thinly traded and may be more difficult to sell during market downturns. Companies propelled by innovation, including technology advances and new business models, may present the risk of rapid change and product obsolescence, and their success may be difficult to predict for the long term.  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.

The indexes are unmanaged. The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe comprised of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market, 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.