Prices & Performance

Prices

as of 04/20/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$19.69 -$0.25 -1.25% 2.45% 2.45% 11.88%

Performance

 

as of 03/31/18

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio
Gross Net
BIOIX - Baron Opportunity Fund - I 9.20% 33.67% 12.68% 13.20% 10.98% 6.58% 1.14% 1.14%
Russell 3000 Growth Index 1.48% 21.06% 12.57% 15.32% 11.31% 4.12%
S&P 500 Index -0.76% 13.99% 10.78% 13.31% 9.49% 5.75%

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 9/30/2016

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 9/30/2016

as of 03/31/18

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Year Baron Opportunity Fund Russell 3000 Growth Index S&P 500 Index
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.

Expense ratios are as of the fiscal year ended 9/30/2016

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Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $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 03/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 15.25 15.22 19.74
Sharpe Ratio 0.80 0.85 0.54
Alpha (%) -2.02 -4.00 -1.55
Beta 1.21 1.19 1.17
R-Squared (%) 77.29 67.67 84.78
Tracking Error (%) 7.64 8.88 8.14
Information Ratio 0.01 -0.24 -0.04
Upside Capture (%) 115.06 111.19 114.96
Downside Capture (%) 132.00 150.14 125.83

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 $19.69
Daily Change ($) -$0.25
Daily Change (%) -1.25%
MTD 2.45%
QTD 2.45%
YTD 11.88%
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BIOIX - Baron Opportunity Fund - I Russell 3000 Growth Index S&P 500 Index
YTD1 9.20% 1.48% -0.76%
1 Year 33.67% 21.06% 13.99%
3 Years 12.68% 12.57% 10.78%
5 Years 13.20% 15.32% 13.31%
10 Years 10.98% 11.31% 9.49%
Since Inception 6.58% 4.12% 5.75%
Expense Ratio - Gross 1.14%
Expense Ratio - Net 1.14%

*As of 03/31/18

*Annualized as of 03/31/18

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 9/30/2016

as of 03/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 15.25 15.22 19.74
Sharpe Ratio 0.80 0.85 0.54
Alpha (%) -2.02 -4.00 -1.55
Beta 1.21 1.19 1.17
R-Squared (%) 77.29 67.67 84.78
Tracking Error (%) 7.64 8.88 8.14
Information Ratio 0.01 -0.24 -0.04
Upside Capture (%) 115.06 111.19 114.96
Downside Capture (%) 132.00 150.14 125.83

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.

This information is not currently available.

as of 03/31/18

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Year Baron Opportunity Fund Russell 3000 Growth Index S&P 500 Index
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.

Expense ratios are as of the fiscal year ended 9/30/2016

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

Portfolio Characteristics

 

as of 03/31/18

Baron Opportunity Fund Russell 3000 Growth Index
Net Assets$332.04 million
# of Equity Securities / % of Net Assets55/94.2%
Turnover (3 Year Average)36.59%
Active Shares(%)72.60
Median Market Cap$16.76 billion$1.89 billion
Weighted Average Market Cap$202.71 billion$215.69 billion
Expense Ratio (as of FYE 09/17)1.14%
EPS Growth (3-5 year forecast)21.4%15.6%
Price/Earnings Ratio (trailing 12-month)40.623.8
Price/Book Ratio6.65.3
Price/Sales Ratio6.22.7

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 03/31/18

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.

Consumer Discretionary 6.5%

Guidewire Software, Inc.

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.

Information Technology 5.0%

Microsoft Corporation

Microsoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products.

Information Technology 4.5%

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.

Information Technology 4.5%

Gartner, Inc.

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

Information Technology 4.0%

Apple, Inc.

Apple, Inc. (AAPL) designs, manufactures, and markets consumer electronics, computer software, and online services. Its products include the iPhone, iPad, Mac personal computer, Apple smartwatch, Apple TV, and HomePod.

Information Technology 3.4%

CoStar Group, Inc.

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

Industrials 3.4%

Tesla, Inc.

Tesla, Inc. (TSLA) manufactures purely electric automobiles, energy storage, and solar solutions. It offers a sedan (Model S), a CUV (Model X), and battery-based energy storage. Tesla is now producing and delivering its highly anticipated lower cost vehicle, Model 3, with a base price of $35,000.

Consumer Discretionary 3.0%

Mastercard Incorporated

Mastercard Incorporated (MA) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks.

Information Technology 2.5%

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.

Information Technology 2.3%

Total

39.1%

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

as of 03/31/18

Name Sector % of Net Assets

Amazon.com, Inc.

Consumer Discretionary 6.5%

Guidewire Software, Inc.

Information Technology 5.0%

Microsoft Corporation

Information Technology 4.5%

Alphabet Inc. - Cl C

Information Technology 4.5%

Gartner, Inc.

Information Technology 4.0%

Apple, Inc.

Information Technology 3.4%

CoStar Group, Inc.

Industrials 3.4%

Tesla, Inc.

Consumer Discretionary 3.0%

Mastercard Incorporated

Information Technology 2.5%

Electronic Arts Inc.

Information Technology 2.3%

Tencent Holdings, Ltd.

Information Technology 2.2%

Wix.com Ltd.

Information Technology 2.1%

ServiceNow, Inc.

Information Technology 2.0%

SS&C Technologies Holdings, Inc.

Information Technology 2.0%

Alibaba Group Holding Limited - ADR

Information Technology 1.9%

The Charles Schwab Corp.

Financials 1.9%

argenx SE - ADR

Health Care 1.8%

Sage Therapeutics, Inc.

Health Care 1.8%

Netflix, Inc.

Consumer Discretionary 1.8%

Expedia Group, Inc.

Consumer Discretionary 1.7%

Visa, Inc.

Information Technology 1.7%

Adobe Systems Incorporated

Information Technology 1.5%

Equinix, Inc.

Real Estate 1.5%

Acxiom Corporation

Information Technology 1.5%

Booking Holdings Inc

Consumer Discretionary 1.5%

Facebook, Inc.

Information Technology 1.4%

Manchester United plc

Consumer Discretionary 1.3%

MarketAxess Holdings Inc.

Financials 1.3%

Illumina, Inc.

Health Care 1.3%

Vertex Pharmaceuticals Incorporated

Health Care 1.3%

Intuitive Surgical, Inc.

Health Care 1.2%

Edwards Lifesciences Corp.

Health Care 1.2%

Zillow Group, Inc. - Cl. C

Information Technology 1.2%

Benefitfocus, Inc.

Information Technology 1.1%

Pagseguro Digital Ltd

Information Technology 1.1%

Proofpoint, Inc.

Information Technology 1.0%

Yext, Inc.

Information Technology 1.0%

2U, Inc.

Information Technology 1.0%

Splunk, Inc.

Information Technology 1.0%

salesforce.com, inc.

Information Technology 1.0%

Stamps.com Inc.

Information Technology 0.9%

SBA Communications Corp.

Real Estate 0.9%

Mellanox Technologies Ltd.

Information Technology 0.9%

Varonis Systems, Inc.

Information Technology 0.9%

Concho Resources, Inc.

Energy 0.9%

Verisk Analytics, Inc.

Industrials 0.9%

Dropbox Inc-Class a

Information Technology 0.9%

Adamas Pharmaceuticals, Inc.

Health Care 0.8%

The Trade Desk

Information Technology 0.8%

Acceleron Pharma Inc.

Health Care 0.6%

Snap, Inc.

Information Technology 0.6%

Zscaler Inc

Information Technology 0.5%

Biogen, Inc.

Health Care 0.5%

ANSYS, Inc.

Information Technology 0.4%

Gemphire Therapeutics Inc.

Health Care 0.3%

GICS SECTOR BREAKDOWN

As of 03/31/18

As of 03/31/18

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

Contributors/Detractors

Quarterly as of 03/31/18

Top Contributors Average Weight Contribution
Amazon.com, Inc. 7.24% 1.63%
Netflix, Inc. 1.92% 0.87%
CoStar Group, Inc. 3.68% 0.79%
Wix.com Ltd. 2.04% 0.70%
SS&C Technologies Holdings, Inc. 2.09% 0.61%

Quarterly as of 03/31/18

Top Detractors Average Weight Contribution
Tesla, Inc. 4.24% -0.39%
Adamas Pharmaceuticals, Inc. 0.81% -0.32%
Acxiom Corporation 1.78% -0.29%
Expedia Group, Inc. 2.05% -0.22%
Apple, Inc. 1.05% -0.16%

Source: FactSet PA.

Insights & News

Documents

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.

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.

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.