Prices & Performance

Prices

as of 08/23/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$25.95 -$0.64 -2.41% -1.03% 0.78% 24.94%

Performance

 

as of 07/31/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BREFX - Baron Real Estate Fund 1.83% 26.24% 2.99% 7.74% 5.54% 13.04% 1.32% 1.32%
MSCI USA IMI Extended Real Estate Index 1.48% 21.69% 7.90% 6.98% 9.40% 12.33%
MSCI US REIT Index 1.20% 18.48% 10.25% 1.83% 6.69% 10.50%
S&P 500 Index 1.44% 20.24% 7.99% 13.36% 11.34% 13.13%

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 06/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BREFX - Baron Real Estate Fund 4.17% 23.98% 0.82% 8.89% 4.72% 12.95% 1.32% 1.32%
MSCI USA IMI Extended Real Estate Index 3.57% 19.91% 7.82% 8.22% 8.79% 12.27%
MSCI US REIT Index 0.99% 17.07% 9.66% 2.81% 6.44% 10.46%
S&P 500 Index 4.30% 18.54% 10.42% 14.19% 10.71% 13.08%

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 12/31/2017

as of 07/31/19

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2018 -22.22% -10.73% -5.83% -4.38%
2017 31.04% 18.04% 3.74% 21.83%
2016 -2.01% 8.24% 7.14% 11.96%
2015 -4.65% 2.27% 1.28% 1.38%
2014 16.61% 17.96% 28.82% 13.69%
2013 27.12% 17.44% 1.26% 32.39%
2012 42.60% 27.00% 16.47% 16.00%
2011 0.63% -2.26% 7.48% 2.11%
2010 26.60% 24.81% 26.98% 15.06%

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 $2.063 $2.063 $22.90 -22.22%
09/24/2018 09/25/2018 09/26/2018 $0.000 $0.000 $0.000 $0.437 $0.437 $27.12 -22.22%
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $1.412 $1.412 $29.06 31.04%
10/05/2016 10/06/2016 10/07/2016 $0.000 $0.000 $0.000 $0.082 $0.082 $23.29 -2.01%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $0.458 $0.458 $24.56 -4.65%
09/23/2015 09/24/2015 09/25/2015 $0.011 $0.000 $0.000 $0.011 $0.022 $24.29 -4.65%
12/01/2014 12/02/2014 12/03/2014 $0.026 $0.000 $0.000 $0.000 $0.026 $25.46 16.61%
09/25/2013 09/26/2013 09/27/2013 $0.000 $0.000 $0.006 $0.015 $0.020 $20.46 27.12%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.193 $0.113 $0.306 $16.81 42.60%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.092 $0.092 $11.52 0.63%
09/07/2011 09/08/2011 09/09/2011 $0.004 $0.000 $0.111 $0.006 $0.121 $11.75 0.63%

as of 05/31/19

Yields — SCT Shares | BREFX  
Unsubsidized SEC 30-Day Yield 0.01%
Subsidized SEC 30-Day Yield 0.01%
Distribution Yield 0.00%

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Performance Characteristics

as of 06/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 15.85 16.08 16.68
Sharpe Ratio 0.47 0.24 0.75
Alpha (%) -0.25 -4.62 0.22
Beta 1.15 1.14 1.06
R-Squared (%) 88.35 85.48 85.92
Tracking Error (%) 5.74 6.41 6.31
Information Ratio 0.12 -0.64 0.11
Upside Capture (%) 111.81 98.62 105.23
Downside Capture (%) 113.64 125.72 104.98

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREFX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $25.95
Daily Change ($) -$0.64
Daily Change (%) -2.41%
MTD -1.03%
QTD 0.78%
YTD 24.94%
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BREFX - Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 1.83% 1.48% 1.20% 1.44%
YTD1 26.24% 21.69% 18.48% 20.24%
1 Year 2.99% 7.90% 10.25% 7.99%
3 Years 7.74% 6.98% 1.83% 13.36%
5 Years 5.54% 9.40% 6.69% 11.34%
Since Inception 13.04% 12.33% 10.50% 13.13%
Expense Ratio2 - Gross 1.32%
Expense Ratio2 - Net 1.32%

*As of 07/31/19

*Annualized as of 07/31/19

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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BREFX - Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 4.17% 3.57% 0.99% 4.30%
YTD1 23.98% 19.91% 17.07% 18.54%
1 Year 0.82% 7.82% 9.66% 10.42%
3 Years 8.89% 8.22% 2.81% 14.19%
5 Years 4.72% 8.79% 6.44% 10.71%
Since Inception 12.95% 12.27% 10.46% 13.08%
Expense Ratio2 - Gross 1.32%
Expense Ratio2 - Net 1.32%

*As of 06/30/19

*Annualized as of 07/31/19

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 06/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 15.85 16.08 16.68
Sharpe Ratio 0.47 0.24 0.75
Alpha (%) -0.25 -4.62 0.22
Beta 1.15 1.14 1.06
R-Squared (%) 88.35 85.48 85.92
Tracking Error (%) 5.74 6.41 6.31
Information Ratio 0.12 -0.64 0.11
Upside Capture (%) 111.81 98.62 105.23
Downside Capture (%) 113.64 125.72 104.98

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREFX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 07/31/19

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2018 -22.22% -10.73% -5.83% -4.38%
2017 31.04% 18.04% 3.74% 21.83%
2016 -2.01% 8.24% 7.14% 11.96%
2015 -4.65% 2.27% 1.28% 1.38%
2014 16.61% 17.96% 28.82% 13.69%
2013 27.12% 17.44% 1.26% 32.39%
2012 42.60% 27.00% 16.47% 16.00%
2011 0.63% -2.26% 7.48% 2.11%
2010 26.60% 24.81% 26.98% 15.06%

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 09/24/2018 11/27/2017 10/05/2016 12/02/2015 09/23/2015 12/01/2014 09/25/2013 11/28/2012 11/28/2011 09/07/2011
Ex Date 11/29/2018 09/25/2018 11/28/2017 10/06/2016 12/03/2015 09/24/2015 12/02/2014 09/26/2013 11/29/2012 11/29/2011 09/08/2011
Payable Date 11/30/2018 09/26/2018 11/29/2017 10/07/2016 12/04/2015 09/25/2015 12/03/2014 09/27/2013 11/30/2012 11/30/2011 09/09/2011
Income $0.000 $0.000 $0.000 $0.000 $0.000 $0.011 $0.026 $0.000 $0.000 $0.000 $0.004
Return of Capital $0.000 $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 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.006 $0.193 $0.000 $0.111
Long-Term Capital Gain $2.063 $0.437 $1.412 $0.082 $0.458 $0.011 $0.000 $0.015 $0.113 $0.092 $0.006
Total $2.063 $0.437 $1.412 $0.082 $0.458 $0.022 $0.026 $0.020 $0.306 $0.092 $0.121
Re-Invest NAV $22.90 $27.12 $29.06 $23.29 $24.56 $24.29 $25.46 $20.46 $16.81 $11.52 $11.75
Calendar-Yr Return -22.22% -22.22% 31.04% -2.01% -4.65% -4.65% 16.61% 27.12% 42.60% 0.63% 0.63%

as of 05/31/19

Yields — SCT Shares | BREFX  
Unsubsidized SEC 30-Day Yield 0.01%
Subsidized SEC 30-Day Yield 0.01%
Distribution Yield 0.00%

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Portfolio Characteristics

 

as of 06/30/19

Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index
Net Assets$587.36 million
# of Equity Securities / % of Net Assets45 / 98.1%
Turnover (3 Year Average)51.81%
Active Share80.5%
Median Market Cap$8.76 billion$2.45 billion
Weighted Average Market Cap$20.18 billion$46.03 billion
EPS Growth (3-5 year forecast)12.8%9.8%
Price/Earnings Ratio (trailing 12-month)22.223.8
Price/Book Ratio2.32.1
Price/Sales Ratio1.82.2
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 07/31/19

Open All Close All Holding Sector % of Net Assets

CBRE Group, Inc.

CBRE Group, Inc. (CBRE) is a leading commercial real estate services company with the leading market share in all of its major businesses.
We believe CBRE will gain meaningfully from the recovery in the commercial real estate industry. Its leasing and investment sales units have high incremental margins, and we believe its profitability will improve with healthier end markets. We also believe the market underappreciates the value associated with CBRE’s property management unit, given its growing, highly recurring revenue stream and open-ended growth prospects. CBRE is also one of the world’s leading managers of real estate assets.

Real Estate 7.7%

Equinix, Inc.

Equinix, Inc. (EQIX) is a network neutral operator of 200 data centers across 52 metros and 24 countries in North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers.
We believe Equinix continues to benefit from several key long-term trends, including growth in internet traffic, IT outsourcing, cloud computing, and mobility. Equinix began operating as a REIT in early 2015 and, with the improved cost of capital, announced several strategic global acquisitions (doubling topline from 2015 to 2018). We believe these acquisitions will create meaningful synergies and further enhance Equinix's global platform. We also believe Equinix can continue to outgrow the market organically and supplement growth with prudent acquisitions.

Real Estate 5.3%

MGM Resorts International

MGM Resorts International (MGM) is a casino hospitality company with properties in Macau, Las Vegas, and other regions across the U.S. 80% of its EBITDA is in the U.S., while 20% is from Macau. The company owns a 70% stake in gaming REIT MGM Growth Properties and a 56% stake in MGM China.
MGM Resorts has an attractive pipeline of projects, in our view, with ongoing upgrades to its recently opened casino in Massachusetts, the completion of its redeveloped Park MGM casino in Las Vegas and the ramping of its MGM Cotai casino. Combined with its MGM 2020 plan which should add further EBITDA growth, we think these projects should add significant value. While the company is levered, we believe it will lower leverage organically as the new projects open and the company continues to return capital to shareholders through increased dividends and share buybacks.

Consumer Discretionary 5.2%

Masco Corporation

Masco Corporation (MAS) is a global leader in the design, manufacture, marketing and distribution of branded building products, including plumbing, paint, cabinets and windows.  Most brands have #1 or #2 positions.  Sales are 79% North America and 83% driven by repair/remodel spending.  HQ in Loivonia, MI.
Masco Corporation (MAS) is a blue chip building products company with a portfolio of market leading brands in attractive product categories, a healthy balance sheet and a capable management team.  Recently Masco announced its likely exit from its underperforming and more cyclical business lines (windows and cabinets) this year, with proceeds most likely used for share repurchases.  We believe the pro forma company (plumbing, paint) would be a uniquely high quality, stable and growing business, and will deserve a higher valuation multiple.

Industrials 5.2%

GDS Holdings Limited

GDS Holdings Limited (GDS) is a China-based operator of data centers with 16 data centers, five markets, and more than 100,000 square meters in service. More than 50% of its revenue comes from Chinese internet companies
We believe that as the preferred provider to Alibaba and Tencent, GDS is poised to benefit from the exploding growth in cloud computing in China. Cloud adoption is still in its infancy in China and GDS is capturing more than its fair share of incremental deployments due to its proven track record and carrier-neutral value proposition.

Information Technology 5.1%

Norwegian Cruise Line Holdings, Ltd.

Norwegian Cruise Line Holdings, Ltd. (NCLH) is a global cruise line operator with itineraries in North America, the Mediterranean, the Baltics, Central America, Bermuda, and the Caribbean. It is the smallest of the three big cruise lines, with 26 ships under the Norwegian, Oceania and Regent brands.
The industry is still underpenetrated and while capacity is expected to accelerate from 5% to 7% the next few years, it is not impacting net yields. We think Norwegian should benefit the most from this new supply as it has a new ship coming online every year through 2027. These new ships command higher pricing and help further increase net yields, which are already at peak levels. In our view, this should lead to stronger margins and higher cash flow, which can be invested in new ships, used to pay down debt or returned to investors through dividends and share repurchases.

Consumer Discretionary 4.4%

InterXion Holding N.V.

Interxion Holding N.V. (INXN) is a European provider of cloud and carrier-neutral colocation data center services. It has 55 data centers across 13 cities in 11 countries, over 140,000 square meters of equipped space, and 2,000 customers.
With its expansive pan-European footprint, we think Interxion is well positioned to benefit from strong secular tailwinds as the European market is still in the early stages of cloud adoption and IT outsourcing, roughly two years behind the U.S. Interxion has a sticky customer base with low churn and network effects and 95% recurring revenue. We believe it also benefits from significant barriers to entry, as it takes three to four years to plan, permit, and build a data center.

Information Technology 4.0%

Brookfield Asset Management, Inc.

Brookfield Asset Management, Inc. (BAM) is a leading global alternative asset manager and one of the largest investors in real assets with $365 billion in AUM and $150 billion fee-bearing capital. Brookfield focuses on real estate, renewable power, infrastructure, and private equity assets.
Brookfield's underling assets generate high levels of predictable and sustainable cash flows, require minimal capital expenditures, and have solid barriers to entry, in our view. Growth opportunities include the ability to further scale its asset management business, an increased occupancy in office assets, new development opportunities in water infrastructure (desalination, irrigation, etc.) and technology infrastructure assets (data centers, fiber, cell phone towers, smart city sensors), and additional platform acquisitions.

Financials 3.7%

D.R. Horton, Inc.

D.R. Horton, Inc. (DHI) is the largest homebuilder in the U.S. In FY2014, the company sold 29,000 single family homes at an average price of $272K per home for total revenue of $8.0 billion. The company operates in 27 states in the U.S. It was founded in 1978 by Donald R. Horton in Texas.
New single-family home construction activity in the U.S. remains ~35% below long- term average levels and ~65% below peak levels, and is expected to grow significantly over the next few years. D.R.Horton is the largest homebuilder, with a broad geographic presence and product offering. The company has a long land position and a well-capitalized balance sheet, and is led by a capable management team, in our view. We think valuation is attractive relative to the company's growth prospects.

Consumer Discretionary 3.7%

Royal Caribbean Cruises Ltd.

Royal Caribbean Cruises Ltd. (RCL) is a global cruise operator with itineraries in North America, the Mediterranean, the Baltics, and Asia. It has 60 ships with 135,520 berths, and plans to bring on a new ship every year for at least the next four years.
The industry remains underpenetrated, and while industry capacity is accelerating from 5% to 7% the next few years, it is not impacting yields. We think Royal should benefit from this increased supply, as it has a new ship coming online every year through 2027. These new ships command higher pricing and help further increase yields, which we think should lead to stronger margins and higher cash flow that can be invested in new ships or returned to investors while Royal maintains its investment-grade balance sheet.

Consumer Discretionary 3.5%

Total

47.8%

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

as of 06/30/19

Name Sector % of Net Assets

CBRE Group, Inc.

Real Estate 7.5%

Equinix, Inc.

Real Estate 5.5%

MGM Resorts International

Consumer Discretionary 5.5%

Gds Holdings Limited - Adr

Information Technology 4.8%

Norwegian Cruise Line Holdings, Ltd.

Consumer Discretionary 4.6%

Interxion Holding N.V.

Information Technology 4.1%

Masco Corporation

Industrials 3.9%

Royal Caribbean Cruises Ltd.

Consumer Discretionary 3.7%

Brookfield Asset Management, Inc.

Financials 3.6%

Boyd Gaming Corporation

Consumer Discretionary 3.1%

American Tower Corp.

Real Estate 2.7%

Alexandria Real Estate Equities, Inc.

Real Estate 2.6%

Penn National Gaming, Inc.

Consumer Discretionary 2.6%

D.R. Horton, Inc.

Consumer Discretionary 2.6%

MGM Growth Properties LLC

Real Estate 2.5%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.4%

Americold Realty Trust

Real Estate 2.4%

Gaming and Leisure Properties, Inc.

Real Estate 2.1%

Vulcan Materials Company

Materials 2.1%

Hudson Pacific Properties, Inc.

Real Estate 2.0%

Trex Company, Inc.

Industrials 2.0%

Prologis, Inc.

Real Estate 2.0%

Lennar Corporation - Cl A

Consumer Discretionary 2.0%

SiteOne Landscape Supply, Inc.

Industrials 1.9%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.8%

Invitation Homes, Inc.

Real Estate 1.7%

CoStar Group, Inc.

Industrials 1.5%

Owens Corning

Industrials 1.3%

Installed Building Products, Inc.

Consumer Discretionary 1.3%

Equity LifeStyle Properties, Inc.

Real Estate 1.2%

JBG SMITH Properties

Real Estate 1.2%

The Sherwin-Williams Company

Materials 1.2%

Kilroy Realty Corporation

Real Estate 1.1%

SBA Communications Corp.

Real Estate 1.1%

Douglas Emmett, Inc.

Real Estate 1.1%

Home Depot, Inc.

Consumer Discretionary 1.1%

China Tower Corporation Limited - Cl - H

Communication Services 1.1%

NEXTDC Limited

Information Technology 0.8%

Forestar Group Inc.

Real Estate 0.6%

Hyatt Hotels Corp.

Consumer Discretionary 0.4%

QTS Realty Trust, Inc.

Real Estate 0.4%

Hilton Grand Vacations, Inc.

Consumer Discretionary 0.3%

Park Hotels & Resorts Inc.

Real Estate 0.3%

Lowe's Companies, Inc.

Consumer Discretionary 0.3%

Hilton Worldwide Holdings, Inc.

Consumer Discretionary 0.1%

GICS SECTOR BREAKDOWN

As of 07/31/19

As of 07/31/19

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

Contributors/Detractors

Quarterly as of 06/30/19

Top Contributors Average Weight Contribution
MGM Resorts International 4.91% 0.62%
Equinix, Inc. 5.40% 0.62%
InterXion Holding N.V. 4.40% 0.59%
SiteOne Landscape Supply, Inc. 2.34% 0.47%
Caesars Entertainment Corporation 1.03% 0.35%

Quarterly as of 06/30/19

Top Detractors Average Weight Contribution
Red Rock Resorts, Inc. 2.05% -0.37%
Lowe's Companies, Inc. 1.88% -0.37%
Hilton Grand Vacations Inc. 1.85% -0.30%
Penn National Gaming, Inc. 2.97% -0.20%
Norwegian Cruise Line Holdings, Ltd. 4.94% -0.14%

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: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. 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 MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund include reinvestment of interest, capital gains and 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.