Prices & Performance

Prices

as of 07/16/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$59.48 -$0.22 -0.37% 3.55% 3.55% 19.61%

Performance

 

as of 06/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BPTIX - Baron Partners Fund - I 11.60% 15.50% 18.46% 13.51% 15.96% 11.55% 13.29% 1.53% 1.53%
Russell Midcap Growth Index 3.16% 5.40% 18.52% 10.73% 13.37% 10.45% 9.80%
S&P 500 Index 3.43% 2.65% 14.37% 11.93% 13.42% 10.17% 9.64%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 12/31/2017

as of 06/30/18

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Year Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
2017 31.91% 25.27% 21.83%
2016 4.29% 7.33% 11.96%
2015 -2.43% -0.20% 1.38%
2014 10.56% 11.90% 13.69%
2013 48.02% 35.74% 32.39%
2012 16.70% 15.81% 16.00%
2011 -5.52% -1.65% 2.11%
2010 31.93% 26.38% 15.06%
2009 28.36% 46.29% 26.46%
2008 -46.67% -44.32% -37.00%
2007 11.34% 11.43% 5.49%
2006 21.55% 10.66% 15.79%
2005 14.37% 12.10% 4.91%
2004 42.35% 15.48% 10.88%
2003 34.95% 42.71% 28.68%
2002 -18.07% -27.41% -22.06%
2001 -15.71% -20.15% -11.93%
2000 4.82% -11.75% -9.10%
1999 18.42% 51.29% 21.04%
1998 11.68% 17.86% 28.58%
1997 49.88% 22.54% 33.36%
1996 16.13% 17.48% 22.96%
1995 36.94% 33.98% 37.58%
1994 4.76% -2.16% 1.32%
1993 28.78% 11.19% 10.08%
1992 16.83% 7.75% 9.66%

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 12/31/2017

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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
09/23/2015 09/24/2015 09/25/2015 $0.222 $0.000 $0.000 $0.000 $0.222 $35.80
09/24/2008 09/25/2008 09/26/2008 $0.000 $0.000 $0.170 $0.556 $0.726 $18.78 -46.67%
12/19/2007 12/20/2007 12/21/2007 $0.000 $0.000 $0.474 $0.588 $1.062 $23.84 11.34%
03/26/2007 03/27/2007 03/28/2007 $0.000 $0.000 $0.000 $0.051 $0.051 $23.11 11.34%
11/17/2006 11/20/2006 11/21/2006 $0.000 $0.000 $0.000 $0.061 $0.061 $22.37 21.55%
12/20/2005 12/21/2005 12/22/2005 $0.000 $0.000 $0.355 $0.020 $0.375 $18.50 14.37%
03/21/2005 03/22/2005 03/23/2005 $0.000 $0.000 $0.000 $0.406 $0.406 $16.35 14.37%
11/22/2004 11/23/2004 11/24/2004 $0.000 $0.000 $0.000 $0.353 $0.353 $15.65 42.35%
03/29/2004 03/30/2004 03/31/2004 $0.000 $0.000 $0.000 $0.074 $0.074 $13.63 42.35%
11/24/2003 11/25/2003 11/26/2003 $0.000 $0.000 $0.000 $1.362 $1.362 $11.84 34.95%

Performance Characteristics

as of 06/30/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 16.84 15.92 20.56 24.00
Sharpe Ratio 0.76 0.98 0.55 0.45
Alpha (%) -0.24 -0.75 0.55 3.88
Beta 1.33 1.28 1.09 1.04
R-Squared (%) 75.99 77.38 86.33 69.52
Tracking Error (%) 9.02 8.17 7.76 13.27
Information Ratio 0.31 0.32 0.14 0.26
Upside Capture (%) 133.57 126.52 113.11 117.13
Downside Capture (%) 141.45 136.29 114.13 108.85

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

 
NAV $59.48
Daily Change ($) -$0.22
Daily Change (%) -0.37%
MTD 3.55%
QTD 3.55%
YTD 19.61%
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BPTIX - Baron Partners Fund - I Russell Midcap Growth Index S&P 500 Index
QTD1 11.60% 3.16% 3.43%
YTD1 15.50% 5.40% 2.65%
1 Year 18.46% 18.52% 14.37%
3 Years 13.51% 10.73% 11.93%
5 Years 15.96% 13.37% 13.42%
10 Years 11.55% 10.45% 10.17%
Since Inception 13.29% 9.80% 9.64%
Expense Ratio2 - Gross 1.53%
Expense Ratio2 - Net 1.53%

*As of 06/30/18

*Annualized as of 06/30/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 06/30/18

3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 16.84 15.92 20.56 24.00
Sharpe Ratio 0.76 0.98 0.55 0.45
Alpha (%) -0.24 -0.75 0.55 3.88
Beta 1.33 1.28 1.09 1.04
R-Squared (%) 75.99 77.38 86.33 69.52
Tracking Error (%) 9.02 8.17 7.76 13.27
Information Ratio 0.31 0.32 0.14 0.26
Upside Capture (%) 133.57 126.52 113.11 117.13
Downside Capture (%) 141.45 136.29 114.13 108.85

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

as of 06/30/18

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Year Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
2017 31.91% 25.27% 21.83%
2016 4.29% 7.33% 11.96%
2015 -2.43% -0.20% 1.38%
2014 10.56% 11.90% 13.69%
2013 48.02% 35.74% 32.39%
2012 16.70% 15.81% 16.00%
2011 -5.52% -1.65% 2.11%
2010 31.93% 26.38% 15.06%
2009 28.36% 46.29% 26.46%
2008 -46.67% -44.32% -37.00%
2007 11.34% 11.43% 5.49%
2006 21.55% 10.66% 15.79%
2005 14.37% 12.10% 4.91%
2004 42.35% 15.48% 10.88%
2003 34.95% 42.71% 28.68%
2002 -18.07% -27.41% -22.06%
2001 -15.71% -20.15% -11.93%
2000 4.82% -11.75% -9.10%
1999 18.42% 51.29% 21.04%
1998 11.68% 17.86% 28.58%
1997 49.88% 22.54% 33.36%
1996 16.13% 17.48% 22.96%
1995 36.94% 33.98% 37.58%
1994 4.76% -2.16% 1.32%
1993 28.78% 11.19% 10.08%
1992 16.83% 7.75% 9.66%

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 12/31/2017

Select Year
Record Date 09/23/2015 09/24/2008 12/19/2007 03/26/2007 11/17/2006 12/20/2005 03/21/2005 11/22/2004 03/29/2004 11/24/2003
Ex Date 09/24/2015 09/25/2008 12/20/2007 03/27/2007 11/20/2006 12/21/2005 03/22/2005 11/23/2004 03/30/2004 11/25/2003
Payable Date 09/25/2015 09/26/2008 12/21/2007 03/28/2007 11/21/2006 12/22/2005 03/23/2005 11/24/2004 03/31/2004 11/26/2003
Income $0.222 $0.000 $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 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.170 $0.474 $0.000 $0.000 $0.355 $0.000 $0.000 $0.000 $0.000
Long-Term Capital Gain $0.000 $0.556 $0.588 $0.051 $0.061 $0.020 $0.406 $0.353 $0.074 $1.362
Total $0.222 $0.726 $1.062 $0.051 $0.061 $0.375 $0.406 $0.353 $0.074 $1.362
Re-Invest NAV $35.80 $18.78 $23.84 $23.11 $22.37 $18.50 $16.35 $15.65 $13.63 $11.84
Calendar-Yr Return -46.67% 11.34% 11.34% 21.55% 14.37% 14.37% 42.35% 42.35% 34.95%

Portfolio Characteristics

 

as of 06/30/18

Baron Partners Fund Russell Midcap Growth Index
Net Assets$2.26 billion
# of Equity Securities / % of Net Assets27 / 125.5%
Turnover (3 Year Average)19.33%
Active Share (%)96.0
Median Market Cap$10.62 billion$8.78 billion
Weighted Average Market Cap$35.50 billion$15.44 billion
EPS Growth (3-5 year forecast)17.7%16.4%
Price/Earnings Ratio (trailing 12-month)26.925.1
Price/Book Ratio3.95.6
Price/Sales Ratio4.52.4
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 06/30/18

Open All Close All Holding Sector % of Long Positions

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 13.4%

CoStar Group, Inc.

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

Industrials 12.7%

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 14 resorts across Colorado, Utah, Lake Tahoe, Whistler Blackstone in Canada, Perisher in Australia and Stowe in Vermont. It is also closing on 4 other ski resorts in Vermont, New Hampshire, Colorado, and Washington.

Consumer Discretionary 9.0%

Hyatt Hotels Corp.

Hyatt Hotels Corp. (H) is a global hospitality company with 737 Hyatt-branded properties representing 187,630 keys. The company's brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.

Consumer Discretionary 7.1%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.

Health Care 6.9%

Arch Capital Group Ltd.

Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.

Financials 6.7%

FactSet Research Systems, Inc.

FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.

Financials 5.4%

The Charles Schwab Corp.

The Charles Schwab Corp. (SCHW) is a discount brokerage firm offering securities brokerage and other financial services to individual investors directly and through independent financial advisors.

Financials 5.2%

Zillow Group, Inc.

Zillow Group, Inc. (ZG) operates the leading residential real estate websites in the U.S., including Zillow.com, Trulia.com, StreetEasy.com, and Hotpads.com. The company sells advertising on its sites to real estate brokerages, home builders, lenders, and home service providers.

Information Technology 4.2%

Space Exploration Technologies Corp.

Space Exploration Technologies Corp. (SPACEX.A) is a private company that designs, manufactures, and launches rockets and spacecrafts into space. SpaceX is aiming to revolutionize space technology, including reusable orbital launch systems.

Industrials 4.0%

Total

74.6%

Long Equity Exposure

125.5%

Cash & Equivalents

-25.5%

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

as of 06/30/18

Name Sector % of Long Positions

Tesla, Inc.

Consumer Discretionary 13.4%

CoStar Group, Inc.

Industrials 12.7%

Vail Resorts, Inc.

Consumer Discretionary 9.0%

Hyatt Hotels Corp.

Consumer Discretionary 7.1%

IDEXX Laboratories, Inc.

Health Care 6.9%

Arch Capital Group Ltd.

Financials 6.7%

FactSet Research Systems, Inc.

Financials 5.4%

The Charles Schwab Corp.

Financials 5.2%

Zillow Group, Inc. - Cl. A

Information Technology 4.2%

Gartner, Inc.

Information Technology 4.0%

Manchester United plc

Consumer Discretionary 3.9%

Guidewire Software, Inc.

Information Technology 3.7%

Gaming and Leisure Properties, Inc.

Real Estate 2.5%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.0%

Space Exploration Technologies Corp. Series H Preferred Stock

Industrials 1.8%

Amazon.com, Inc.

Consumer Discretionary 1.8%

Fastenal Co.

Industrials 1.5%

Douglas Emmett, Inc.

Real Estate 1.4%

Air Lease Corp.

Industrials 1.3%

Space Exploration Technologies Corp. - Cl. A

Industrials 1.3%

Benefitfocus, Inc.

Information Technology 0.9%

Norwegian Cruise Line Holdings, Ltd.

Consumer Discretionary 0.8%

Space Exploration Technologies Corp.-Series I Preferred Stock

Industrials 0.7%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 0.5%

Align Technology, Inc.

Health Care 0.5%

MGM Growth Properties LLC

Real Estate 0.4%

Space Exploration Technologies Corp. - Cl. C

Industrials 0.2%

HEICO Corporation Common Stock

Industrials 0.1%

MGM Resorts International

Consumer Discretionary 0.1%

HEICO Corporation Cl - A

Industrials 0.0%

Windy City Investments Holdings, L.L.C.

Financials 0.0%

Windy City Investments Holdings, L.L.C.-2

Financials 0.0%

GICS SECTOR BREAKDOWN

As of 06/30/18

As of 06/30/18

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

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Tesla, Inc. 15.66% 4.03%
Vail Resorts, Inc. 10.52% 2.33%
CoStar Group, Inc. 15.66% 2.08%
IDEXX Laboratories, Inc. 8.63% 1.23%
Gartner, Inc. 5.06% 0.67%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
Arch Capital Group Ltd. 8.97% -0.79%
Fastenal Co. 2.18% -0.26%
Norwegian Cruise Line Holdings, Ltd. 1.23% -0.13%
MGM Resorts International 0.44% -0.13%
Marriott Vacations Worldwide Corp. 0.82% -0.10%

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: Specific risks associated with non-diversification and leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of loss in any given period. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell Midcap™ Growth Index measures the performance of medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large-cap U.S. companies. The Russell Midcap Growth Index, the S&P 500 Index and the Fund are with dividends, 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.