Prices & Performance

Prices

as of 04/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$9.12 -$0.19 -2.04% -7.03% -7.03% -21.67%

Performance

 

as of 02/29/20

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QTD1 YTD1 1 Year Since Inception Expense Ratio2
Gross Net
BRIIX - Baron Real Estate Income Fund - I -4.71% -4.71% 13.59% 6.99% 7.18% 0.80%
MSCI US REIT Index -6.97% -6.97% 2.92% 4.03%

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

The 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 Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 03/31/20

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YTD1 1 Year Since Inception Expense Ratio2
Gross Net
BRIIX - Baron Real Estate Income Fund - I -15.75% -2.43% 1.04% 7.18% 0.80%
MSCI US REIT Index -27.24% -21.96% -6.87%

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

The 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 Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

1Not annualized.

The 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 Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are estimated for the current fiscal year.

as of 03/31/20

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Year Baron Real Estate Income Fund MSCI US REIT Index
2019 36.54% 24.33%
2018 -11.03% -5.83%

1Not annualized.

The 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 Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are estimated for the current fiscal year.

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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
03/25/2020 03/26/2020 03/27/2020 $0.0304 $0.0000 $0.0000 $0.0000 $0.0304
12/18/2019 12/19/2019 12/20/2019 $0.0343 $0.0000 $0.0000 $0.0000 $0.0343
09/26/2019 09/27/2019 09/30/2019 $0.0299 $0.0000 $0.0000 $0.0000 $0.0299 $10.97
06/26/2019 06/27/2019 06/28/2019 $0.0364 $0.0000 $0.0000 $0.0000 $0.0364 $10.30
03/25/2019 03/26/2019 03/27/2019 $0.0311 $0.0000 $0.0000 $0.0000 $0.0311 $10.14
12/26/2018 12/27/2018 12/28/2018 $0.0114 $0.0075 $0.0000 $0.0000 $0.0189 $8.56 -11.03%
09/24/2018 09/25/2018 09/26/2018 $0.0841 $0.0556 $0.0000 $0.0000 $0.1397 $9.73 -11.03%
06/26/2018 06/27/2018 06/28/2018 $0.0323 $0.0213 $0.0000 $0.0000 $0.0536 $9.77 -11.03%
04/17/2018 04/18/2018 04/19/2018 $0.0293 $0.0193 $0.0000 $0.0000 $0.0486 $9.49 -11.03%

as of 01/31/20

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -1.32%
Subsidized SEC 30-Day Yield 1.50%
Distribution Yield 1.11%

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 $9.12
Daily Change ($) -$0.19
Daily Change (%) -2.04%
MTD -7.03%
QTD -7.03%
YTD -21.67%
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BRIIX - Baron Real Estate Income Fund - I MSCI US REIT Index
QTD1 -4.71% -6.97%
YTD1 -4.71% -6.97%
1 Year 13.59% 2.92%
Since Inception 6.99% 4.03%
Expense Ratio2 - Gross 7.18%
Expense Ratio2 - Net 0.80%

*As of 02/29/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

The 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 Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

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BRIIX - Baron Real Estate Income Fund - I MSCI US REIT Index
YTD1 -15.75% -27.24%
1 Year -2.43% -21.96%
Since Inception 1.04% -6.87%
Expense Ratio2 - Gross 7.18%
Expense Ratio2 - Net 0.80%

*As of 03/31/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are estimated for the current fiscal year.

The 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 Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 03/31/20

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Year Baron Real Estate Income Fund MSCI US REIT Index
2019 36.54% 24.33%
2018 -11.03% -5.83%

1Not annualized.

The 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 Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are estimated for the current fiscal year.

Select Year
Record Date 03/25/2020 12/18/2019 09/26/2019 06/26/2019 03/25/2019 12/26/2018 09/24/2018 06/26/2018 04/17/2018
Ex Date 03/26/2020 12/19/2019 09/27/2019 06/27/2019 03/26/2019 12/27/2018 09/25/2018 06/27/2018 04/18/2018
Payable Date 03/27/2020 12/20/2019 09/30/2019 06/28/2019 03/27/2019 12/28/2018 09/26/2018 06/28/2018 04/19/2018
Income $0.0304 $0.0343 $0.0299 $0.0364 $0.0311 $0.0114 $0.0841 $0.0323 $0.0293
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0075 $0.0556 $0.0213 $0.0193
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Total $0.0304 $0.0343 $0.0299 $0.0364 $0.0311 $0.0189 $0.1397 $0.0536 $0.0486
Re-Invest NAV $10.97 $10.30 $10.14 $8.56 $9.73 $9.77 $9.49
Calendar-Yr Return -11.03% -11.03% -11.03% -11.03%

as of 01/31/20

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -1.32%
Subsidized SEC 30-Day Yield 1.50%
Distribution Yield 1.11%

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 12/31/19

Baron Real Estate Income Fund MSCI US REIT Index
Net Assets$4.52 million
# of Equity Securities / % of Net Assets33 / 97.5%
Turnover (2 Year Average)59.95%
Active Share68.5%
Median Market Cap$12.82 billion$3.29 billion
Weighted Average Market Cap$24.53 billion$19.54 billion
EPS Growth (3-5 year forecast)9.6%5.3%
Price/Earnings Ratio (trailing 12-month)49.730.0
Price/Book Ratio2.62.2
Price/Sales Ratio4.46.9
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 02/29/20

Open All Close All Holding Sector % of Net Assets

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.
In our view, industrial real estate has attractive fundamentals, with organic growth that is among the highest across all real estate asset types. Strengthening demand, driven by the growth of e-commerce (2/3 of retail growth), and the need for infill locations to service "last mile" delivery, continues to absorb elevated supply deliveries. Given Prologis's assets, markets, management, and balance sheet, we believe the company is well-positioned to continue benefiting from this favorable fundamental backdrop.

Real Estate 6.9%

American Tower Corp.

American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with more than 170,000 towers in 17 countries on five continents.
Increasing demand for wireless voice and data coverage is driving leasing activity for wireless carriers. Because zoning for new towers is difficult to obtain, leasing on an existing tower (tenant colocation) is typically the best option. American Tower has been expanding internationally, bringing the U.S. tower model to new markets. We expect new tenants and higher colocation activity to drive continued strong organic cash flow growth. In addition, we believe American Tower will continue to acquire tower portfolios opportunistically.

Real Estate 6.2%

GDS Holdings Limited

GDS Holdings Limited (GDS) is a China-based operator of data centers with over 50 data centers, five markets, and approximately 200,000 square meters in service. More than 50% of its revenue comes from  top 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 the early stages 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 6.0%

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 secular trends, including growth in internet traffic, IT outsourcing, cloud computing, and mobility. As data and customer needs become more global, Equinix should also benefit from its leading global data center platform with 200 centers in over 50 cities. We believe Equinix can continue to grow through new data center development, rent increases, and the addition of value-added services supplemented by accretive acquisitions that increase market penetration and reach.

Real Estate 5.5%

Invitation Homes, Inc.

Invitation Homes, Inc. (INVH) is the largest single-family home rental and management company in the U.S. with over 80,000 homes across 13 markets and 9 states.
Invitation Homes owns single-family rental homes in high density and premier markets in the U.S. The company maintains internal repair and maintenance teams, allowing ample opportunity to reduce turn/leasing times and associated costs while driving rent growth against a backdrop of housing undersupply in the U.S. As the largest operator in the sector, Invitation Homes continues to look for opportunities to scale its platform in existing markets by acquiring homes and potentially partnering with builders to off-take newly built homes.

Real Estate 5.3%

Rexford Industrial Realty, Inc.

Rexford Industrial Realty, Inc. (REXR) is a real estate investment trust (REIT) that owns a $1 billion (and growing) industrial portfolio concentrated in Southern California. The company was founded in 2001, and its IPO was in July 2013.
Rexford is a high growth industrial REIT run by an entrepreneurial management team. The $4.5 billion portfolio is concentrated in Southern California infill markets, which have strong demand/supply fundamentals and high barriers to entry. We think the company has the ability to grow cash flow at a double digit annual rate through organic means and via acquisitions in a highly fragmented market. We believe Rexford has superior growth prospects relative to its peers, and trades at a reasonable valuation.

Real Estate 4.1%

Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (ARE) is the largest pure-play landlord and developer for the life sciences industry. The company designs and improves space for lease to pharmaceutical, biotech, and life sciences companies, scientific research institutions, universities, and government institutions.
In our opinion, Alexandria Real Estate is positioned to benefit from the aging U.S. population, ongoing health care needs, new drugs, and more capital infusions into biotech and health care. Core portfolio growth is driven by a mark-to-market growth opportunity, annual rent bumps, and occupancy gains. We think Alexandria has the potential to double in size by building out its development, redevelopment, and land holding pipeline.

Real Estate 3.9%

Brookfield Infrastructure Partners L.P.

Brookfield Infrastructure Partners L.P. (BIP) is one of the largest owners and operators of diversified global infrastructure businesses, including utilities, transport, energy, and data infrastucture.
Brookfield Infrastructure owns high-quality assets with contracted cash and growing cash flows. Brookfield has a stable and growing dividend yield and ample opportunity to grow cash flow through embedded contracted increases supplemented by a funnel of acquisitions given the significant capital required to maintain and expand critical infrastructure and stressed government budgets globally. We believe the company can sustainably earn 12% to 15% returns on equity and grow cash flow by 5-9% annually. Lastly, we have great confidence in Brookfield's proven management team.

Utilities 3.7%

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.
We believe that QTS, with the simplification of its product offerings, will be an attractive option for companies seeking to outsource their data center needs. QTS has proven effective in acquiring assets with a low cost basis and developing them, and we believe its recent select greenfield developments are especially prudent. We believe the company can double its capacity in its existing facilities and double it again by developing the land surrounding the facilities over time. QTS is also benefiting from industrywide secular tailwinds of cloud adoption and IT outsourcing.

Real Estate 3.5%

MGM Growth Properties LLC

MGM Growth Properties (MGP) is a newly formed triple net REIT that currently holds 11 MGM assets in the U.S., including seven in Las Vegas. The triple net REIT vehicle allows MGM to monetize its real estate assets and take advantage of the valuation disparity of the assets held in the operating company.
We believe MGM Growth Properties is an attractive total return vehicle with imbedded growth through two MGM developments, both on which it holds the right of first offer, in addition to the highly fragmented regional gaming space. In our view, the company could potentially unlock the trapped real estate value within gaming assets and take advantage of the valuation disparity between real estate operating companies and real estate assets, the latter of which we estimate to be 2-4 times that of the former.

Real Estate 3.3%

Total

48.4%

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

as of 12/31/19

Name Sector % of Net Assets

Prologis, Inc.

Real Estate 7.1%

Invitation Homes, Inc.

Real Estate 6.2%

American Tower Corp.

Real Estate 6.1%

Equinix, Inc.

Real Estate 6.0%

Hudson Pacific Properties, Inc.

Real Estate 5.2%

GDS Holdings Limited - ADR

Information Technology 5.1%

MGM Resorts International

Consumer Discretionary 4.6%

Kilroy Realty Corporation

Real Estate 4.5%

Alexandria Real Estate Equities, Inc.

Real Estate 4.5%

Brookfield Infrastructure Partners L.P.

Utilities 3.8%

Rexford Industrial Realty, Inc.

Real Estate 3.7%

Americold Realty Trust

Real Estate 3.3%

Equity LifeStyle Properties, Inc.

Real Estate 3.0%

Penn National Gaming, Inc.

Consumer Discretionary 3.0%

Sun Communities, Inc.

Real Estate 2.9%

QTS Realty Trust, Inc.

Real Estate 2.9%

Duke Realty Corporation

Real Estate 2.2%

Gaming and Leisure Properties, Inc.

Real Estate 2.2%

SL Green Realty Corp.

Real Estate 2.2%

Equity Residential

Real Estate 2.1%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.0%

AvalonBay Communities, Inc.

Real Estate 1.9%

MGM Growth Properties LLC

Real Estate 1.8%

Las Vegas Sands Corporation

Consumer Discretionary 1.7%

Crown Castle International Corp.

Real Estate 1.6%

Boston Properties, Inc.

Real Estate 1.5%

Essex Property Trust, Inc.

Real Estate 1.5%

Kennedy-Wilson Holdings, Inc.

Real Estate 1.5%

Douglas Emmett, Inc.

Real Estate 1.2%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.0%

STORE Capital Corporation

Real Estate 0.8%

Weyerhaeuser Company

Real Estate 0.2%

Host Hotels & Resorts, Inc.

Real Estate 0.2%

GICS SECTOR BREAKDOWN

As of 02/29/20

As of 02/29/20

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

Contributors/Detractors

Quarterly as of 12/31/19

Top Contributors Average Weight Contribution
GDS Holdings Limited 4.74% 1.25%
MGM Resorts International 4.72% 0.91%
Penn National Gaming, Inc. 2.67% 0.88%
Hudson Pacific Properties, Inc. 4.76% 0.60%
Marriott Vacations Worldwide Corp. 2.04% 0.47%

Quarterly as of 12/31/19

Top Detractors Average Weight Contribution
Americold Realty Trust 5.28% -0.34%
Digital Realty Trust, Inc. 0.31% -0.15%
Essex Property Trust, Inc. 1.85% -0.14%
Equity Residential 2.46% -0.13%
STORE Capital Corporation 0.55% -0.06%

Source: FactSet PA.

Insights & News

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.