Prices & Performance

Prices

as of 10/11/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$11.10 $0.05 0.45% 0.73% 0.73% 29.37%

Performance

 

as of 08/31/19

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QTD1 YTD1 1 Year Since Inception Expense Ratio2
Gross Net
BRIIX - Baron Real Estate Income Fund - I 5.01% 26.70% 9.46% 7.45% 7.18% 0.80%
MSCI US REIT Index 4.57% 22.42% 10.63% 8.91%

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

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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 09/30/19

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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.

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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
09/26/2019 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 08/31/19

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield 1.70%
Subsidized SEC 30-Day Yield -3.46%
Distribution Yield 3.01%

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 $11.10
Daily Change ($) $0.05
Daily Change (%) 0.45%
MTD 0.73%
QTD 0.73%
YTD 29.37%
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BRIIX - Baron Real Estate Income Fund - I MSCI US REIT Index
QTD1 5.01% 4.57%
YTD1 26.70% 22.42%
1 Year 9.46% 10.63%
Since Inception 7.45% 8.91%
Expense Ratio2 - Gross 7.18%
Expense Ratio2 - Net 0.80%

*As of 08/31/19

*Annualized as of 09/30/19

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.

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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 09/30/19

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 10/14/19

3 Years 5 Years 10 Years Since Inception

as of 09/30/19

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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.

Select 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 08/31/19

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield 1.70%
Subsidized SEC 30-Day Yield -3.46%
Distribution Yield 3.01%

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 09/30/19

Baron Real Estate Income Fund MSCI US REIT Index
Net Assets$4.05 million
# of Equity Securities / % of Net Assets37 / 97.0%
Turnover (1 Year)53.66%
Active Share68.5%
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)39.729.5
Price/Book Ratio2.52.3
Price/Sales Ratio3.77.0
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 09/30/19

Open All Close All Holding Sector % of Net Assets

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.
Americold operates in a relatively stable industry, since food consumption is tied to population growth and cold storage is essential for food distribution. Its proprietary data systems are a competitive advantage, in our view. Management believes cash flow could grow by high single digits per year, an attractive rate compared with other REITs. Large acquisitions could also drive growth. We believe the company’s valuation is attractive, its growth prospects are solid, and it benefits from being in a less cyclical business.

Real Estate 6.8%

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.
Invitation Homes owns single-family rental homes in high density and premier markets in the U.S. The company maintains internal repair & maintenance teams, allowing ample opportunity to reduce turn/leasing times and associated costs while driving rent growth against a backdrop of housing under-supply 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 6.7%

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 5.9%

Kilroy Realty Corporation

Kilroy Realty Corp (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.
West Coast office real estate fundamentals are healthy, as record demand growth is exceeding modest new supply growth, leading to increasing market rents. Rents have reaccelerated in San Francisco and Seattle and continue to grow in LA and San Diego. Kilroy is expecting to grow cash flow significantly over the next several years from organic opportunities and an accretive development pipeline. We believe the stock is attractively priced at a discount to NAV.

Real Estate 4.6%

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 4.6%

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 4.6%

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).
Hudson Pacific Properties is a high-quality office REIT that owns office properties in markets with high barriers to entry. Office real estate fundamentals on the West Coast are superior to those in many East Coast markets, in our view. The company has several levers for growth, including rent bumps, lease-up potential, leases maturing at below market rents, an accretive development pipeline, and an active acquisition pipeline. We believe the valuation is attractive, with the stock trading at a discount.

Real Estate 4.5%

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 4.5%

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 4.1%

Brookfield Infrastructure Partners L.P.

Brookfield Infrastructure Partners L.P. (BIP) is a diversified group of infrastructure businesses including utilities, transport and energy, and timber in North and South America, Asia, Australia, and Europe.
Nearly three-quarters of the company's earnings result from regulated businesses and/or long-term contracts in the utilities and transportation areas. We believe the company has significant growth opportunities in both timber and ports. We think timber will experience an increase in demand as real estate recovers. Brookfield's port operations, we believe, will also benefit with economic recovery.

Utilities 3.7%

Total

50.0%

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%

GICS SECTOR BREAKDOWN

As of 09/30/19

As of 09/30/19

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

Contributors/Detractors

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.

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 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.