Prices & Performance

Prices

as of 04/22/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$58.18 -$0.28 -0.48% 1.94% 1.94% 19.07%

Performance

 

as of 02/28/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BPTUX - Baron Partners Fund - R6 17.93% 17.93% 9.88% 22.14% 10.02% 19.38% 12.96% 1.52% 1.52%
Russell Midcap Growth Index 18.03% 18.03% 9.85% 17.20% 10.18% 18.52% 9.81%
S&P 500 Index 11.48% 11.48% 4.68% 15.28% 10.67% 16.67% 9.54%

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 03/31/19

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BPTUX - Baron Partners Fund - R6 16.80% 10.88% 17.49% 10.06% 18.15% 12.87% 1.52% 1.52%
Russell Midcap Growth Index 19.62% 11.51% 15.06% 10.89% 17.60% 9.84%
S&P 500 Index 13.65% 9.50% 13.51% 10.91% 15.92% 9.59%

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 03/31/19

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Year Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
2018 -1.75% -4.75% -4.38%
2017 31.88% 25.27% 21.83%
2016 4.32% 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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 16.26 17.16 18.40
Sharpe Ratio 1.00 0.54 0.96
Alpha (%) 1.59 -1.71 -0.98
Beta 1.07 1.14 1.11
R-Squared (%) 75.78 77.58 84.52
Tracking Error (%) 8.05 8.33 7.44
Information Ratio 0.30 -0.10 0.07
Upside Capture (%) 120.49 115.44 111.62
Downside Capture (%) 127.19 133.52 121.56

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

 
NAV $58.18
Daily Change ($) -$0.28
Daily Change (%) -0.48%
MTD 1.94%
QTD 1.94%
YTD 19.07%
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BPTUX - Baron Partners Fund - R6 Russell Midcap Growth Index S&P 500 Index
QTD1 17.93% 18.03% 11.48%
YTD1 17.93% 18.03% 11.48%
1 Year 9.88% 9.85% 4.68%
3 Years 22.14% 17.20% 15.28%
5 Years 10.02% 10.18% 10.67%
10 Years 19.38% 18.52% 16.67%
Since Inception 12.96% 9.81% 9.54%
Expense Ratio2 - Gross 1.52%
Expense Ratio2 - Net 1.52%

*As of 02/28/19

*Annualized as of 03/31/19

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.

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BPTUX - Baron Partners Fund - R6 Russell Midcap Growth Index S&P 500 Index
YTD1 16.80% 19.62% 13.65%
1 Year 10.88% 11.51% 9.50%
3 Years 17.49% 15.06% 13.51%
5 Years 10.06% 10.89% 10.91%
10 Years 18.15% 17.60% 15.92%
Since Inception 12.87% 9.84% 9.59%
Expense Ratio2 - Gross 1.52%
Expense Ratio2 - Net 1.52%

*As of 03/31/19

*Annualized as of 03/31/19

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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 16.26 17.16 18.40
Sharpe Ratio 1.00 0.54 0.96
Alpha (%) 1.59 -1.71 -0.98
Beta 1.07 1.14 1.11
R-Squared (%) 75.78 77.58 84.52
Tracking Error (%) 8.05 8.33 7.44
Information Ratio 0.30 -0.10 0.07
Upside Capture (%) 120.49 115.44 111.62
Downside Capture (%) 127.19 133.52 121.56

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

as of 03/31/19

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Year Baron Partners Fund Russell Midcap Growth Index S&P 500 Index
2018 -1.75% -4.75% -4.38%
2017 31.88% 25.27% 21.83%
2016 4.32% 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 03/31/19

Baron Partners Fund Russell Midcap Growth Index
Net Assets$2.27 billion
# of Equity Securities / % of Net Assets29 / 128.4%
Turnover (3 Year Average)15.85%
Active Share95.3%
Median Market Cap$11.75 billion$8.72 billion
Weighted Average Market Cap$18.62 billion$17.44 billion
EPS Growth (3-5 year forecast)16.916.4
Price/Earnings Ratio (trailing 12-month)25.722.7
Price/Book Ratio3.75.4
Price/Sales Ratio3.72.4
Current Expense Ratio Date12/31/2018

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 03/31/19

Open All Close All Holding Sector % of Long Positions

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 14.0%

Tesla, Inc.

Tesla, Inc. (TSLA) manufactures purely electric automobiles including a sedan (Model S), a CUV (Model X), mass market sedan (Model 3). In addition, through acquisition and internal development, the company offers energy generation solutions (solar) and battery-based energy storage.
In our view, Tesla could continue to grow its business rapidly at least through 2020. We believe its strong engineer talent pool, first mover advantage, scale with its existing facilities, $5 billion Giga battery plant, expanding production capacity to China and Europe, solar activity, and recognized brand could potentially result in a market capitalization of >$100 billion in two to three years and more thereafter.

Consumer Discretionary 10.7%

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.
Arch Capital is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines. Arch has a compensation system that rewards long-term profitability rather than short-term premium growth. In our view, management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less risk.

Financials 7.8%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
IDEXX has continued to benefit from secular growth spending on pets, due to a growing human-animal bond, favorable demographics, increased use of diagnostics, and enhanced focus on preventative care. We think IDEXX has the best menu of diagnostics, which it has continuously improved by spending six times more on R&D annually than all its competitors combined. The company's products are sold via a razor/razorblade model, which creates high retention rates and incremental margins. IDEXX generates strong cash flow, which it has returned to shareholders via repurchases.

Health Care 6.9%

Vail Resorts, Inc.

Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 20 resorts in the U.S., Canada, and Australia, including Vail and Breckenridge in Colorado, Whistler Blackcomb in Canada, and Stowe in Vermont. Its RockResorts brand offers luxury ski lodging properties.
Most of Vail's revenues come from its ski resorts. The company has been upgrading its properties to offer new and higher quality services and amenities and summer recreational activities, which we believe should help attract more visitors and allow it to continue to raise lift ticket prices. Vail is also focused on increasing season-pass sales and has been acquiring resorts to enhance the attractiveness of its multi-resort season pass. The company generates strong free cash flow that it is using for increased dividends, debt reduction, and share buybacks.

Consumer Discretionary 6.9%

FactSet Research Systems, Inc.

FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
FactSet serves only a small part of the addressable market, which we estimate is roughly $20 billion annually. The company has been taking market share and offering broader data sets and more advanced portfolio analytics than its competitors, and has a highly regarded customer service model. FactSet has also been expanding into the fixed income and wealth management markets. Its products are sticky, leading to retention rates of over 95% and high visibility. FactSet generates robust free cash flow, which it has returned to shareholders via share repurchases and dividends.

Financials 6.6%

Hyatt Hotels Corp.

Hyatt Hotels Corp. (H) is a global hospitality company with 843 Hyatt-branded properties representing 208,207 keys. The company's brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.
We believe Hyatt has a significant opportunity to market more of its brands globally, given an undersupply of rooms in developing countries. Compared to its competitors, Hyatt has the least brand penetration across the globe and the largest pipeline of unit growth. We believe its new online availability of rooms and strong balance sheet, coupled with the continued recovery in the global lodging industry, give Hyatt an opportunity to generate strong growth. The resulting potential increased cash flow could be used for continued share repurchases and further acquisitions.

Consumer Discretionary 6.5%

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.
We believe SpaceX could leverage its unique inventory of reusable rockets to reduce the costs of space launches, capture a growing portion of the available addressable market, and continue to build a track record of success. As launch costs decline, we believe more companies will offer services with space capabilities, increasing the need for rockets. With low launch costs, we expect SpaceX to have an advantage in building its new constellation of satellite-based broadband services.

Industrials 4.8%

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 4.4%

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.
Schwab’s emphasis on earning customer trust has made it a sterling brand in financial services, in our view. Schwab’s stability stands out, given the credit-related struggles of some of its traditional and discount-brokerage competitors. We believe the company’s investor services division is well positioned to take share from traditional brokerages. Its institutional business has continued to gain RIA relationships. We expect organic growth to hold above 10% once interest rates normalize.

Financials 4.3%

Total

72.9%

Long Equity Exposure

128.4%

Cash & Equivalents

-28.4%

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

as of 03/31/19

Name Sector % of Long Positions

CoStar Group, Inc.

Industrials 14.0%

Tesla, Inc.

Consumer Discretionary 10.7%

Arch Capital Group Ltd.

Financials 7.8%

IDEXX Laboratories, Inc.

Health Care 6.9%

Vail Resorts, Inc.

Consumer Discretionary 6.9%

FactSet Research Systems, Inc.

Financials 6.6%

Hyatt Hotels Corp.

Consumer Discretionary 6.5%

Gartner, Inc.

Information Technology 4.4%

The Charles Schwab Corp.

Financials 4.3%

Guidewire Software, Inc.

Information Technology 4.0%

Manchester United plc

Communication Services 3.5%

Gaming and Leisure Properties, Inc.

Real Estate 2.7%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.7%

Zillow Group, Inc. - Cl. A

Communication Services 2.6%

Space Exploration Technologies Corp. Series H Preferred Stock

Industrials 2.2%

Align Technology, Inc.

Health Care 2.0%

Space Exploration Technologies Corp. - Cl. A

Industrials 1.5%

Douglas Emmett, Inc.

Real Estate 1.4%

Fastenal Co.

Industrials 1.3%

Benefitfocus, Inc.

Information Technology 1.3%

Spotify Technology S.A.

Communication Services 1.1%

Norwegian Cruise Line Holdings, Ltd.

Consumer Discretionary 1.0%

Space Exploration Technologies Corp.-Series I Preferred Stock

Industrials 0.9%

Air Lease Corp.

Industrials 0.9%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 0.7%

MGM Growth Properties LLC

Real Estate 0.4%

HEICO Corporation Common Stock

Industrials 0.4%

MSCI, Inc.

Financials 0.4%

NVIDIA Corporation

Information Technology 0.3%

HEICO Corporation Cl - A

Industrials 0.3%

Space Exploration Technologies Corp. - Cl. C

Industrials 0.2%

Activision Blizzard, Inc.

Communication Services 0.1%

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

Financials 0.0%

Windy City Investments Holdings, L.L.C.

Financials 0.0%

GICS SECTOR BREAKDOWN

As of 03/31/19

As of 03/31/19

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

Contributors/Detractors

Quarterly as of 03/31/19

Top Contributors Average Weight Contribution
CoStar Group, Inc. 16.68% 5.53%
Arch Capital Group Ltd. 9.95% 1.97%
FactSet Research Systems, Inc. 7.97% 1.83%
IDEXX Laboratories, Inc. 8.62% 1.71%
Marriott Vacations Worldwide Corp. 3.52% 1.08%

Quarterly as of 03/31/19

Top Detractors Average Weight Contribution
Tesla, Inc. 15.61% -2.82%
Interactive Brokers Group, Inc. 0.02% -0.01%

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.