The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
Institutional Investors
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Overview
Objective & Strategy
SCT
Fund Facts
Fund Snapshot
As of Dec 14, 2018
| NAV | $9.27 |
|---|---|
| Daily Change ($) | -$0.05 |
| Daily Change (%) | -0.54% |
| YTD | -4.97% |
| Inception Date | 12/29/2017 |
Equity Style
Portfolio Management
Jeffrey Kolitch Portfolio Manager
years of exp 26
years at baron 13
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box—size is displayed along the vertical axis and style is displayed along the horizontal axis.
Prices & Performance
Prices
as of 12/14/18
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $9.27 | -$0.05 | -0.54% | -2.01% | -5.21% | -4.97% |
Performance
as of 11/30/18
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| QTD1 | YTD1 | Expense Ratio2 | |||
|---|---|---|---|---|---|
| Gross | Net | ||||
| BRIIX - Baron Real Estate Income Fund - I | -3.27% | -3.02% | 1.71% | 0.80% | |
| MSCI US REIT Index | 1.45% | 2.79% | |||
1Not annualized.
2Expense ratios are estimated for the current fiscal year.
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 09/30/18
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| QTD1 | YTD1 | Expense Ratio2 | |||
|---|---|---|---|---|---|
| Gross | Net | ||||
| BRIIX - Baron Real Estate Income Fund - I | 0.41% | 0.26% | 1.71% | 0.80% | |
| MSCI US REIT Index | 0.78% | 1.32% | |||
1Not annualized.
2Expense ratios are estimated for the current fiscal year.
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 estimated for the current fiscal year.
This information is not currently available.
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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 |
|---|---|---|---|---|---|---|---|---|---|
| 09/24/2018 | 09/25/2018 | 09/26/2018 | $0.140 | $0.000 | $0.000 | $0.000 | $0.140 | $9.73 | |
| 06/26/2018 | 06/27/2018 | 06/28/2018 | $0.054 | $0.000 | $0.000 | $0.000 | $0.054 | $9.77 | |
| 04/17/2018 | 04/18/2018 | 04/19/2018 | $0.049 | $0.000 | $0.000 | $0.000 | $0.049 | $9.49 |
as of 11/30/18
| Yields — SCT Shares | BRIIX | |
|---|---|
| Unsubsidized SEC 30-Day Yield | -2.95% |
| Subsidized SEC 30-Day Yield | 2.02% |
| Distribution Yield | 5.91% |
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.
| NAV | $9.27 |
|---|---|
| Daily Change ($) | -$0.05 |
| Daily Change (%) | -0.54% |
| MTD | -2.01% |
| QTD | -5.21% |
| YTD | -4.97% |
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| BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
|---|---|---|
| QTD1 | -3.27% | 1.45% |
| YTD1 | -3.02% | 2.79% |
| Expense Ratio2 - Gross | 1.71% | |
| Expense Ratio2 - Net | 0.80% |
*As of 11/30/18
*Annualized as of 11/30/18
1Not annualized.
2Expense ratios are estimated for the current fiscal year.
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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| BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
|---|---|---|
| QTD1 | 0.41% | 0.78% |
| YTD1 | 0.26% | 1.32% |
| Expense Ratio2 - Gross | 1.71% | |
| Expense Ratio2 - Net | 0.80% |
*As of 09/30/18
*Annualized as of 11/30/18
1Not annualized.
2Expense ratios are estimated for the current fiscal year.
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 12/15/18
| 3 Years | 5 Years | 10 Years | Since Inception |
|---|
This information is not currently available.
Select Year
| Record Date | 09/24/2018 | 06/26/2018 | 04/17/2018 |
|---|---|---|---|
| Ex Date | 09/25/2018 | 06/27/2018 | 04/18/2018 |
| Payable Date | 09/26/2018 | 06/28/2018 | 04/19/2018 |
| Income | $0.140 | $0.054 | $0.049 |
| Return of Capital | $0.000 | $0.000 | $0.000 |
| Short-Term Capital Gain | $0.000 | $0.000 | $0.000 |
| Long-Term Capital Gain | $0.000 | $0.000 | $0.000 |
| Total | $0.140 | $0.054 | $0.049 |
| Re-Invest NAV | $9.73 | $9.77 | $9.49 |
| Calendar-Yr Return |
as of 11/30/18
| Yields — SCT Shares | BRIIX | |
|---|---|
| Unsubsidized SEC 30-Day Yield | -2.95% |
| Subsidized SEC 30-Day Yield | 2.02% |
| Distribution Yield | 5.91% |
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 09/30/18
| Baron Real Estate Income Fund | MSCI US REIT Index | |
|---|---|---|
| Net Assets | $2.99 million | |
| # of Equity Securities / % of Net Assets | 45 / 97.0% | |
| Active Share | 63.4% | |
| Median Market Cap | $7.78 billion | $3.19 billion |
| Weighted Average Market Cap | $17.40 billion | $16.75 billion |
| EPS Growth (3-5 year forecast) | 10.4% | 6.5% |
| Price/Earnings Ratio (trailing 12-month) | 24.1 | 29.1 |
| Price/Book Ratio | 2.4 | 2.0 |
| Price/Sales Ratio | 4.0 | 6.3 |
| Current Expense Ratio Date | 12/29/2017 |
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 11/30/18
| Holding | Sector | % of Net Assets | |
|---|---|---|---|
American Tower Corp.American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with close to 170,000 towers in 13 countries on five continents. |
Real Estate | 6.5% | |
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. |
Real Estate | 5.8% | |
Americold Realty TrustAmericold Realty Trust (COLD) is the world’s largest owner of temperature-controlled warehouses. Americold’s warehouses enable “farm to fork” distribution and ensure freshness, safety, and convenience. The company’s market share is roughly 20% in the U.S. and 4.5% globally, serving over 2,600 customers. |
Real Estate | 5.3% | |
Equity ResidentialEquity Residential (EQR) is the largest U.S. apartment REIT with a portfolio valued at $40 billion focused largely on coastal markets, such as New York City, Washington, D.C., Los Angeles, Boston, and San Francisco. |
Real Estate | 4.0% | |
AvalonBay Communities, Inc.AvalonBay Communities (AVB) is a REIT that owns, develops, redevelops, acquires, and manages high quality apartment communities in high- barrier-to-entry U.S. coastal markets. AvalonBay was formed in 1998 through the merger of Avalon Properties and Bay Apartment Communities. |
Real Estate | 3.9% | |
Digital Realty Trust, Inc.Digital Realty Trust, Inc. (DLR), organized as a REIT, is the largest global provider of large-scale data center services to enterprises, cloud providers and network operators. The Company has 200 properties in 30 metro areas around the globe with 32 million rentable square feet available. |
Real Estate | 3.9% | |
MGM Resorts InternationalMGM Resorts International (MGM) is a casino hospitality company with properties in Macau, Las Vegas, and other regions across the U.S. 75% of its EBITDA is in the U.S., while 25% is from Macau. The company owns a 74.5% stake in gaming REIT MGM Growth Properties and a 56% stake in MGM China. |
Consumer Discretionary | 3.8% | |
Prologis, Inc.Prologis, Inc. (PLD) is a real estate investment trust that owns a $40 billion global industrial portfolio. It was formed through the 2011 merger of AMB and legacy ProLogis. |
Real Estate | 3.6% | |
QTS Realty Trust, Inc.QTS Realty Trust (QTS) is an operator of 25 data center assets in 13 markets, representing 2.7 million square feet of available space and 670 megawatts of power. The company has products for large wholesale and smaller retail colocation, and is the only player that sells space directly through Amazon. |
Real Estate | 3.5% | |
Crown Castle International Corp.Crown Castle International Corp. (CCI) provides telecommunications and fiber infrastructure through 40,000 macro towers and 60,000 fiber route miles, which primarily support low-powered cellular networks known as small cells. |
Real Estate | 3.2% | |
Total |
43.5% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 09/30/18
| Name | Sector | % of Net Assets |
|---|---|---|
Equinix, Inc. |
Real Estate | 6.4% |
American Tower Corp. |
Real Estate | 5.4% |
Americold Realty Trust |
Real Estate | 4.9% |
Digital Realty Trust, Inc. |
Real Estate | 3.8% |
MGM Resorts International |
Consumer Discretionary | 3.6% |
Prologis, Inc. |
Real Estate | 3.6% |
QTS Realty Trust, Inc. |
Real Estate | 3.3% |
Crown Castle International Corp. |
Real Estate | 3.1% |
AvalonBay Communities, Inc. |
Real Estate | 3.0% |
Equity Residential |
Real Estate | 3.0% |
Penn National Gaming, Inc. |
Consumer Discretionary | 2.9% |
CyrusOne Inc. |
Real Estate | 2.7% |
Invitation Homes, Inc. |
Real Estate | 2.7% |
Gds Holdings Limited - Adr |
Information Technology | 2.7% |
Host Hotels & Resorts, Inc. |
Real Estate | 2.4% |
Duke Realty Corporation |
Real Estate | 2.4% |
Gaming and Leisure Properties, Inc. |
Real Estate | 2.3% |
Marriott Vacations Worldwide Corp. |
Consumer Discretionary | 2.1% |
Park Hotels & Resort Inc. |
Real Estate | 2.1% |
Kennedy-Wilson Holdings, Inc. |
Real Estate | 2.1% |
Vornado Realty Trust |
Real Estate | 2.1% |
American Homes 4 Rent - Cl A |
Real Estate | 2.0% |
Hudson Pacific Properties, Inc. |
Real Estate | 1.9% |
Kilroy Realty Corporation |
Real Estate | 1.8% |
Boston Properties, Inc. |
Real Estate | 1.7% |
Sun Communities, Inc. |
Real Estate | 1.7% |
Equity LifeStyle Properties, Inc. |
Real Estate | 1.7% |
SL Green Realty Corp. |
Real Estate | 1.6% |
Alexandria Real Estate Equities, Inc. |
Real Estate | 1.5% |
MGM Growth Properties LLC |
Real Estate | 1.5% |
NEXTDC Limited |
Information Technology | 1.5% |
Extended Stay America, Inc. |
Consumer Discretionary | 1.4% |
Sunstone Hotel Investors, Inc. |
Real Estate | 1.4% |
Simon Property Group, Inc. |
Real Estate | 1.4% |
Pebblebrook Hotel Trust |
Real Estate | 1.4% |
JCDecaux S.A. |
Communication Services | 1.3% |
Douglas Emmett, Inc. |
Real Estate | 0.9% |
Rexford Industrial Realty, Inc. |
Real Estate | 0.9% |
Red Rock Resorts, Inc. - Cl. A |
Consumer Discretionary | 0.9% |
Wyndham Destinations, Inc. |
Consumer Discretionary | 0.9% |
Fibra UNO Administración S.A. de C.V. |
Real Estate | 0.8% |
Rayonier Inc. |
Real Estate | 0.7% |
Weyerhaeuser Company |
Real Estate | 0.6% |
Essex Property Trust, Inc. |
Real Estate | 0.6% |
Brookfield Property Partners L.P. |
Real Estate | 0.3% |
GICS SECTOR BREAKDOWN
As of 11/30/18
As of 11/30/18
Colors of Sub-Industry bars correspond to the GICS sector chart.
Contributors/Detractors
Quarterly as of 09/30/18
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| GDS Holdings Limited | 1.64% | 0.66% |
| Americold Realty Trust | 4.52% | 0.62% |
| Park Hotels & Resort Inc. | 2.91% | 0.25% |
| AvalonBay Communities, Inc. | 2.65% | 0.16% |
| Prologis, Inc. | 3.40% | 0.14% |
Quarterly as of 09/30/18
| Top Detractors | Average Weight | Contribution |
|---|---|---|
| Red Rock Resorts, Inc. | 1.47% | -0.29% |
| NEXTDC Limited | 1.48% | -0.27% |
| Hudson Pacific Properties, Inc. | 2.46% | -0.20% |
| Rayonier Inc. | 1.28% | -0.19% |
| Weyerhaeuser Company | 1.43% | -0.16% |
Source: FactSet PA.
Insights & News
Documents
| Prospectus | 04/30/18 |
|---|---|
| Summary Prospectus | 04/30/18 |
| SAI | 04/30/18 |
| XBRL Filings | 05/21/18 |
| Semi-Annual Report | 06/30/18 |
XBRL Data File
The information provided herein is derived from a portion of the Baron Fund's prospectus (the ”Prospectus”). The Prospectus contains additional information about the Baron Funds. You should carefully read the Prospectus before investing in any of the Baron Funds.
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 debt securities which are affected by changes in prevailing interest rates and the perceived credit quality of the issuer. 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 MSCI US REIT Index is an unmanaged free float-adjusted market capitalization index that measures the performance of all equity REITs in the US equity market, except for specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. Index performance is not fund performance. Investors cannot invest directly in an index.
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.
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.