The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
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Share Class
SCT
The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.
As of Dec 12, 2019
NAV | $11.35 |
---|---|
Daily Change ($) | -$0.12 |
Daily Change (%) | -1.05% |
YTD | 32.29% |
Inception Date | 12/29/2017 |
Jeffrey Kolitch Portfolio Manager
years of exp 27
years at baron 14
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box—size is displayed along the vertical axis and style is displayed along the horizontal axis.
as of 12/12/19
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$11.35 | -$0.12 | -1.05% | -2.32% | 2.99% | 32.29% |
as of 11/30/19
QTD1 | YTD1 | 1 Year | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|
Gross | Net | |||||
BRIIX - Baron Real Estate Income Fund - I | 5.44% | 35.44% | 24.26% | 10.22% | 7.18% | 0.80% |
MSCI US REIT Index | -0.26% | 25.38% | 14.87% | 9.05% |
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 Adviser has reimbursed certain expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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 09/30/19
QTD1 | YTD1 | 1 Year | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|
Gross | Net | |||||
BRIIX - Baron Real Estate Income Fund - I | 6.46% | 28.44% | 13.98% | 7.93% | 7.18% | 0.80% |
MSCI US REIT Index | 7.38% | 25.71% | 16.84% | 10.12% |
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 Adviser has reimbursed certain expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.
as of 11/30/19
Year | Baron Real Estate Income Fund | MSCI US REIT Index |
---|---|---|
2018 | -11.03% | -5.83% |
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.
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 |
---|---|---|---|---|---|---|---|---|---|
09/26/2019 | 09/27/2019 | 09/30/2019 | $0.030 | $0.000 | $0.000 | $0.000 | $0.030 | $10.97 | |
06/26/2019 | 06/27/2019 | 06/28/2019 | $0.036 | $0.000 | $0.000 | $0.000 | $0.036 | $10.30 | |
03/25/2019 | 03/26/2019 | 03/27/2019 | $0.031 | $0.000 | $0.000 | $0.000 | $0.031 | $10.14 | |
12/26/2018 | 12/27/2018 | 12/28/2018 | $0.011 | $0.008 | $0.000 | $0.000 | $0.019 | $8.56 | -11.03% |
09/24/2018 | 09/25/2018 | 09/26/2018 | $0.084 | $0.056 | $0.000 | $0.000 | $0.140 | $9.73 | -11.03% |
06/26/2018 | 06/27/2018 | 06/28/2018 | $0.032 | $0.021 | $0.000 | $0.000 | $0.054 | $9.77 | -11.03% |
04/17/2018 | 04/18/2018 | 04/19/2018 | $0.029 | $0.019 | $0.000 | $0.000 | $0.049 | $9.49 | -11.03% |
as of 11/30/19
Yields — SCT Shares | BRIIX | |
---|---|
Unsubsidized SEC 30-Day Yield | 1.28% |
Subsidized SEC 30-Day Yield | 1.48% |
Distribution Yield | 3.08% |
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 | $11.35 |
---|---|
Daily Change ($) | -$0.12 |
Daily Change (%) | -1.05% |
MTD | -2.32% |
QTD | 2.99% |
YTD | 32.29% |
BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
---|---|---|
QTD1 | 5.44% | -0.26% |
YTD1 | 35.44% | 25.38% |
1 Year | 24.26% | 14.87% |
Since Inception | 10.22% | 9.05% |
Expense Ratio2 - Gross | 7.18% | |
Expense Ratio2 - Net | 0.80% |
*As of 11/30/19
*Annualized as of 11/30/19
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 Adviser has reimbursed certain expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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.
BRIIX - Baron Real Estate Income Fund - I | MSCI US REIT Index | |
---|---|---|
QTD1 | 6.46% | 7.38% |
YTD1 | 28.44% | 25.71% |
1 Year | 13.98% | 16.84% |
Since Inception | 7.93% | 10.12% |
Expense Ratio2 - Gross | 7.18% | |
Expense Ratio2 - Net | 0.80% |
*As of 09/30/19
*Annualized as of 11/30/19
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 Adviser has reimbursed certain expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and 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 12/12/19
3 Years | 5 Years | 10 Years | Since Inception |
---|
as of 11/30/19
Year | Baron Real Estate Income Fund | MSCI US REIT Index |
---|---|---|
2018 | -11.03% | -5.83% |
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.
Record Date | 09/26/2019 | 06/26/2019 | 03/25/2019 | 12/26/2018 | 09/24/2018 | 06/26/2018 | 04/17/2018 |
---|---|---|---|---|---|---|---|
Ex Date | 09/27/2019 | 06/27/2019 | 03/26/2019 | 12/27/2018 | 09/25/2018 | 06/27/2018 | 04/18/2018 |
Payable Date | 09/30/2019 | 06/28/2019 | 03/27/2019 | 12/28/2018 | 09/26/2018 | 06/28/2018 | 04/19/2018 |
Income | $0.030 | $0.036 | $0.031 | $0.011 | $0.084 | $0.032 | $0.029 |
Return of Capital | $0.000 | $0.000 | $0.000 | $0.008 | $0.056 | $0.021 | $0.019 |
Short-Term Capital Gain | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
Long-Term Capital Gain | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
Total | $0.030 | $0.036 | $0.031 | $0.019 | $0.140 | $0.054 | $0.049 |
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 11/30/19
Yields — SCT Shares | BRIIX | |
---|---|
Unsubsidized SEC 30-Day Yield | 1.28% |
Subsidized SEC 30-Day Yield | 1.48% |
Distribution Yield | 3.08% |
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.
as of 09/30/19
Baron Real Estate Income Fund | MSCI US REIT Index | |
---|---|---|
Net Assets | $4.05 million | |
# of Equity Securities / % of Net Assets | 37 / 97.0% | |
Turnover (1 Year) | 53.66% | |
Active Share | 68.5% | |
Median Market Cap | $12.62 billion | $3.33 billion |
Weighted Average Market Cap | $19.34 billion | $20.30 billion |
EPS Growth (3-5 year forecast) | 8.7% | 5.5% |
Price/Earnings Ratio (trailing 12-month) | 39.7 | 29.5 |
Price/Book Ratio | 2.5 | 2.3 |
Price/Sales Ratio | 3.7 | 7.0 |
Current Expense Ratio Date | 12/31/2018 |
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.
as of 11/30/19
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. |
Real Estate | 7.5% | |
Invitation Homes, Inc.Invitation Homes, Inc. (INVH) is the largest single-family home rental and management company in the U.S. with 82,000 homes across 13 markets and 9 states. |
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 | 5.9% | |
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 | 5.8% | |
Hudson Pacific Properties, Inc.Hudson Pacific Properties, Inc. (HPP) is an office REIT with a 15 million square foot portfolio located mostly in California (75% San Francisco, 17% Los Angeles, 7% Greater Seattle). |
Real Estate | 5.1% | |
GDS Holdings LimitedGDS Holdings Limited (GDS) is a China-based operator of data centers with over 40 data centers, five markets, and approximately 200,000 square meters in service. More than 50% of its revenue comes from Chinese internet companies |
Information Technology | 4.7% | |
MGM Resorts InternationalMGM 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. |
Consumer Discretionary | 4.7% | |
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 | 4.6% | |
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. |
Real Estate | 4.6% | |
Kilroy Realty CorporationKilroy Realty Corporation (KRC) is a REIT that owns a $9 billion West Coast office portfolio in key markets that include San Francisco, San Diego, Los Angeles, and Seattle. CEO John Kilroy owns 1.2%, or $80 million, of total stock. |
Real Estate | 4.5% | |
Total |
53.9% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 09/30/19
Name | Sector | % of Net Assets |
---|---|---|
Americold Realty Trust |
Real Estate | 6.8% |
Invitation Homes, Inc. |
Real Estate | 6.7% |
Equinix, Inc. |
Real Estate | 5.9% |
Kilroy Realty Corporation |
Real Estate | 4.6% |
MGM Resorts International |
Consumer Discretionary | 4.6% |
GDS Holdings Limited - ADR |
Information Technology | 4.6% |
Hudson Pacific Properties, Inc. |
Real Estate | 4.5% |
Prologis, Inc. |
Real Estate | 4.5% |
Alexandria Real Estate Equities, Inc. |
Real Estate | 4.1% |
Brookfield Infrastructure Partners L.P. |
Utilities | 3.7% |
Sun Communities, Inc. |
Real Estate | 3.3% |
Equity LifeStyle Properties, Inc. |
Real Estate | 3.2% |
Rexford Industrial Realty, Inc. |
Real Estate | 3.2% |
MGM Growth Properties LLC |
Real Estate | 2.9% |
American Tower Corp. |
Real Estate | 2.8% |
Penn National Gaming, Inc. |
Consumer Discretionary | 2.7% |
Equity Residential |
Real Estate | 2.7% |
AvalonBay Communities, Inc. |
Real Estate | 2.3% |
Duke Realty Corporation |
Real Estate | 2.3% |
QTS Realty Trust, Inc. |
Real Estate | 2.3% |
Essex Property Trust, Inc. |
Real Estate | 2.2% |
Marriott Vacations Worldwide Corp. |
Consumer Discretionary | 2.1% |
Gaming and Leisure Properties, Inc. |
Real Estate | 1.9% |
Extended Stay America, Inc. |
Consumer Discretionary | 1.8% |
Crown Castle International Corp. |
Real Estate | 1.7% |
Kennedy-Wilson Holdings, Inc. |
Real Estate | 1.6% |
Boston Properties, Inc. |
Real Estate | 1.4% |
Red Rock Resorts, Inc. - Cl. A |
Consumer Discretionary | 1.4% |
Douglas Emmett, Inc. |
Real Estate | 1.3% |
HCP Inc |
Real Estate | 1.0% |
Brookfield Property Partners L.P. |
Real Estate | 0.6% |
Carnival Corporation |
Consumer Discretionary | 0.6% |
Welltower Inc. |
Real Estate | 0.5% |
Weyerhaeuser Company |
Real Estate | 0.4% |
Medical Properties Trust, Inc. |
Real Estate | 0.3% |
Host Hotels & Resorts, Inc. |
Real Estate | 0.3% |
Pebblebrook Hotel Trust |
Real Estate | 0.2% |
As of 11/30/19
As of 11/30/19
Colors of Sub-Industry bars correspond to the GICS sector chart.
Quarterly as of 09/30/19
Top Contributors | Average Weight | Contribution |
---|---|---|
Americold Realty Trust | 6.52% | 0.94% |
Equinix, Inc. | 5.88% | 0.84% |
Invitation Homes, Inc. | 6.23% | 0.70% |
Brookfield Infrastructure Partners L.P. | 3.24% | 0.52% |
Sun Communities, Inc. | 3.10% | 0.48% |
Quarterly as of 09/30/19
Top Detractors | Average Weight | Contribution |
---|---|---|
Extended Stay America, Inc. | 1.95% | -0.29% |
Host Hotels & Resorts, Inc. | 0.66% | -0.10% |
Penn National Gaming, Inc. | 2.58% | -0.10% |
MGM Resorts International | 5.03% | -0.09% |
Red Rock Resorts, Inc. | 1.62% | -0.09% |
Source: FactSet PA.
10/31/19
In addition to delivering long-term capital gains, Baron Funds offers dividend income on some of its funds, as well as opportunities to invest in dividend-paying equities to supplement asset appreciation. To view the article, visit www.divideninvestor.com.
04/27/18
We are pleased to announce that David Kirshenbaum has been appointed to the position of Assistant Portfolio Manager for Baron Real Estate Income Fund. David joined Baron in 2010 to support our real estate research efforts. Among his many responsibilities, David has had a leading role in REIT research and investments. He will continue to conduct equity research in his expanded role.
For more information, please contact us.
01/04/18
Learn about Baron's three new funds: Baron Real Estate Income Fund, Baron Durable Advantage Fund, and Baron WealthBuilder Fund.
Prospectus | 04/30/19 |
---|---|
Summary Prospectus | 04/30/19 |
SAI | 04/30/19 |
Fact Sheet | 09/30/19 |
Baron Select Funds Annual Financial Report | 12/31/18 |
Baron Select Funds Semi-Annual Report | 06/30/19 |
XBRL Filings | 05/21/18 |
2018 Form 8937 | 12/31/18 |
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.
© Baron 2019 All rights reserved
Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).