Prices & Performance: Baron Opportunity Fund (BIOIX)

Prices

as of 03/18/24

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$42.18 $0.35 0.84% -0.75% 12.27% 12.27%

Performance

as of 12/31/23

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1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIOIX - Baron Opportunity Fund - I 49.98% -1.26% 20.71% 14.08% 9.14% 1.06% 1.06%
Russell 3000 Growth Index 41.21% 8.08% 18.85% 14.33% 6.75%
S&P 500 Index 26.29% 10.00% 15.69% 12.03% 7.40%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term 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.

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.

The Fund’s 3- , 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Performance Characteristics: BIOIX

as of 12/31/23

3 Years 5 Years 10 Years
Standard Deviation (%) 24.71 24.58 20.96
Sharpe Ratio -0.14 0.76 0.61
Alpha (%) -8.74 0.84 -1.09
Beta 1.10 1.08 1.11
R-Squared (%) 84.38 83.95 81.05
Tracking Error (%) 9.98 9.99 9.31
Information Ratio -0.93 0.19 -0.03
Upside Capture (%) 86.91 107.09 110.47
Downside Capture (%) 118.11 105.12 119.24

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 $42.18
Daily Change ($) $0.35
Daily Change (%) $0.35
MTD -0.75%
QTD 12.27%
YTD 12.27%
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BIOIX - Baron Opportunity Fund - I Russell 3000 Growth Index S&P 500 Index
QTD1 13.12% 9.25% 7.11%
YTD1 13.12% 9.25% 7.11%
1 Year 53.65% 43.97% 30.45%
3 Years 0.65% 11.37% 11.91%
5 Years 19.74% 17.98% 14.76%
10 Years 14.83% 15.09% 12.70%
Since Inception 9.64% 7.10% 7.66%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 1.06%

*As of 02/29/24

*Annualized as of 02/29/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term 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.

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.

The Fund’s 3- , 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

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BIOIX - Baron Opportunity Fund - I Russell 3000 Growth Index S&P 500 Index
1 Year 49.98% 41.21% 26.29%
3 Years -1.26% 8.08% 10.00%
5 Years 20.71% 18.85% 15.69%
10 Years 14.08% 14.33% 12.03%
Since Inception 9.14% 6.75% 7.40%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 1.06%

*As of 12/31/23

*Annualized as of 02/29/24

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2022.

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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term 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.

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.

The Fund’s 3- , 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

as of 12/31/23

3 Years 5 Years 10 Years
Standard Deviation (%) 24.71 24.58 20.96
Sharpe Ratio -0.14 0.76 0.61
Alpha (%) -8.74 0.84 -1.09
Beta 1.10 1.08 1.11
R-Squared (%) 84.38 83.95 81.05
Tracking Error (%) 9.98 9.99 9.31
Information Ratio -0.93 0.19 -0.03
Upside Capture (%) 86.91 107.09 110.47
Downside Capture (%) 118.11 105.12 119.24

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 02/29/24

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Year Baron Opportunity Fund Russell 3000 Growth Index S&P 500 Index
2023 49.98% 41.21% 26.29%
2022 -42.83% -28.97% -18.11%
2021 12.29% 25.85% 28.71%
2020 89.28% 38.26% 18.40%
2019 40.60% 35.85% 31.49%
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.

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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term 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.

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.

2Expense ratios are as of the fiscal year ended 9/30/2022.

The Fund’s 3- , 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Record Date 11/22/2021 11/23/2020 11/25/2019 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 11/23/2021 11/24/2020 11/26/2019 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 11/24/2021 11/25/2020 11/27/2019 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 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $2.0076 $0.1878 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.5876 $0.0000 $0.0260
Long-Term Capital Gain $1.5956 $2.5970 $1.6760 $0.9258 $2.6493 $1.8905 $1.8170 $1.0304 $0.6148 $0.2400 $0.0000
Total $3.6032 $2.7848 $1.6760 $0.9258 $2.6493 $1.8905 $1.8170 $1.0304 $1.2024 $0.2400 $0.0260
Re-Invest NAV $45.39 $37.38 $23.46 $19.85 $17.54 $14.74 $17.18 $18.14 $18.85 $14.92 $7.20
Calendar-Yr Return 12.29% 89.28% 8.35% 40.88% -4.56% 1.45% -1.40% 37.90% 14.04% -38.98%

Portfolio Characteristics

as of 12/31/23

Baron Opportunity Fund Russell 3000 Growth Index
Net Assets$1.13 billion
# of Issuers / % of Net Assets45 / 98.3%
Turnover (3 Year Average)30.01%
Active Share63.1%
Median Market Cap$35.28 billion$2.29 billion
Weighted Average Market Cap$805.77 billion$1.05 trillion
EPS Growth (3-5 year forecast)29.1%18.1%
Price/Earnings Ratio (trailing 12-month)51.433.3
Price/Book Ratio7.68.1
Price/Sales Ratio8.23.9

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.

Contributors/Detractors

Quarterly as of 12/31/23

Top Contributors Average Weight Contribution
Microsoft Corporation 14.55% 2.95%
Amazon.com, Inc. 6.49% 1.36%
NVIDIA Corporation 8.69% 1.28%
CrowdStrike Holdings, Inc. 2.05% 1.00%
Gartner, Inc. 3.19% 0.97%

Source: FactSet PA.

Insights & News: Baron Opportunity Fund (BIOIX)

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. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. 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.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All GICS structure changes that have occurred since 2016 have been applied retroactively in historical holdings-based analyses, including performance attribution. The Adviser may have reclassified/classified certain securities in or out of a sub-industry within a sector. Such reclassifications are not supported by S&P or MSCI.