Prices & Performance

Prices

as of 09/18/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$10.04 -$0.02 -0.20% -1.47% 1.62% 1.47%

Performance

 

as of 08/31/18

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QTD1 YTD1 Expense Ratio2
Gross Net
BRIIX - Baron Real Estate Income Fund - I 3.14% 2.98% 1.71% 0.80%
MSCI US REIT Index 3.65% 4.21%

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 06/30/18

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QTD1 YTD1 Expense Ratio2
Gross Net
BRIIX - Baron Real Estate Income Fund - I 6.22% -0.15% 1.71% 0.80%
MSCI US REIT Index 9.74% 0.54%

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
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 07/31/18

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -2.57%
Subsidized SEC 30-Day Yield 2.03%
Distribution Yield 0.18%

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 $10.04
Daily Change ($) -$0.02
Daily Change (%) -0.20%
MTD -1.47%
QTD 1.62%
YTD 1.47%
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BRIIX - Baron Real Estate Income Fund - I MSCI US REIT Index
QTD1 3.14% 3.65%
YTD1 2.98% 4.21%
Expense Ratio2 - Gross 1.71%
Expense Ratio2 - Net 0.80%

*As of 08/31/18

*Annualized as of 08/31/18

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 6.22% 9.74%
YTD1 -0.15% 0.54%
Expense Ratio2 - Gross 1.71%
Expense Ratio2 - Net 0.80%

*As of 06/30/18

*Annualized as of 08/31/18

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 09/18/18

3 Years 5 Years 10 Years Since Inception

This information is not currently available.

Select Year
Record Date 06/26/2018 04/17/2018
Ex Date 06/27/2018 04/18/2018
Payable Date 06/28/2018 04/19/2018
Income $0.054 $0.049
Return of Capital $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000
Long-Term Capital Gain $0.000 $0.000
Total $0.054 $0.049
Re-Invest NAV $9.77 $9.49
Calendar-Yr Return

as of 07/31/18

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -2.57%
Subsidized SEC 30-Day Yield 2.03%
Distribution Yield 0.18%

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 06/30/18

Baron Real Estate Income Fund MSCI US REIT Index
Net Assets$2.95 million
# of Equity Securities / % of Net Assets42 / 95.0%
Active Share65.3%
Median Market Cap$7.82 billion$3.35 billion
Weighted Average Market Cap$18.34 billion$16.03 billion
EPS Growth (3-5 year forecast)9.5%6.8%
Price/Earnings Ratio (trailing 12-month)28.430.4
Price/Book Ratio2.22.0
Price/Sales Ratio4.46.5
Current Expense Ratio Date12/29/2017

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 08/31/18

Open All Close All Holding Sector % of Net Assets

Equinix, Inc.

Equinix, Inc. (EQIX) is a network neutral operator of state-of-the-art data centers across 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, among others.

Real Estate 6.2%

American Tower Corp.

American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with 144,000 towers in 13 countries on five continents.

Real Estate 5.1%

Americold Realty Trust

Americold 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 4.8%

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 4.0%

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. 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 3.7%

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 3.4%

QTS Realty Trust, Inc.

Real Estate 3.2%

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 3.1%

GDS Holdings Limited

Information Technology 2.8%

Invitation Homes, Inc.

Real Estate 2.7%

Total

39.0%

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

as of 06/30/18

Name Sector % of Net Assets

American Tower Corp.

Real Estate 7.1%

Equinix, Inc.

Real Estate 6.1%

Extended Stay America, Inc.

Consumer Discretionary 4.4%

Americold Realty Trust

Real Estate 3.7%

Park Hotels & Resort Inc.

Real Estate 3.5%

Host Hotels & Resorts, Inc.

Real Estate 3.5%

MGM Resorts International

Consumer Discretionary 3.3%

Prologis, Inc.

Real Estate 3.3%

Kennedy-Wilson Holdings, Inc.

Real Estate 3.2%

Crown Castle International Corp.

Real Estate 3.0%

Hudson Pacific Properties, Inc.

Real Estate 3.0%

Digital Realty Trust, Inc.

Real Estate 2.9%

Kilroy Realty Corporation

Real Estate 2.8%

Invitation Homes, Inc.

Real Estate 2.8%

Vornado Realty Trust

Real Estate 2.7%

AvalonBay Communities, Inc.

Real Estate 2.5%

Equity Residential

Real Estate 2.4%

SL Green Realty Corp.

Real Estate 2.4%

Duke Realty Corporation

Real Estate 2.4%

Penn National Gaming, Inc.

Consumer Discretionary 2.3%

American Homes 4 Rent - Cl A

Real Estate 2.3%

Boston Properties, Inc.

Real Estate 2.0%

Weyerhaeuser Company

Real Estate 2.0%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.7%

Rayonier Inc.

Real Estate 1.7%

MGM Growth Properties LLC

Real Estate 1.6%

Pebblebrook Hotel Trust

Real Estate 1.6%

Sun Communities, Inc.

Real Estate 1.5%

NEXTDC Limited

Information Technology 1.5%

Equity LifeStyle Properties, Inc.

Real Estate 1.5%

Sunstone Hotel Investors, Inc.

Real Estate 1.4%

Simon Property Group, Inc.

Real Estate 1.4%

Gaming and Leisure Properties, Inc.

Real Estate 1.3%

Alexandria Real Estate Equities, Inc.

Real Estate 1.0%

Douglas Emmett, Inc.

Real Estate 0.9%

Rexford Industrial Realty, Inc.

Real Estate 0.9%

Fibra UNO Administración S.A. de C.V.

Real Estate 0.9%

GGP Inc.

Real Estate 0.8%

Essex Property Trust, Inc.

Real Estate 0.7%

JCDecaux S.A.

Consumer Discretionary 0.5%

Five Point Holdings LLC-Cl a

Real Estate 0.3%

Lamar Advertising Company

Real Estate 0.2%

GICS SECTOR BREAKDOWN

As of 08/31/18

As of 08/31/18

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

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Kennedy-Wilson Holdings, Inc. 3.21% 0.68%
Park Hotels & Resort Inc. 3.67% 0.60%
Penn National Gaming, Inc. 2.11% 0.59%
Host Hotels & Resorts, Inc. 3.44% 0.48%
Americold Realty Trust 2.95% 0.46%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
MGM Resorts International 3.45% -0.65%
Five Point Holdings, LLC 1.09% -0.37%
Crown Castle International Corp. 3.11% -0.06%
Taubman Centers, Inc. 0.38% -0.06%
American Tower Corp. 7.31% -0.05%

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

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.