Prices & Performance

Prices

as of 06/15/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$9.74 $0.00 0.00% 0.21% 4.15% -2.10%

Performance

 

as of 05/31/18

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QTD1 YTD1 Expense Ratio2
Gross Net
BRIIX - Baron Real Estate Income Fund - I 3.93% -2.30% 1.71% 0.80%
MSCI US REIT Index 5.29% -3.54%

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
04/17/2018 04/18/2018 04/19/2018 $0.049 $0.000 $0.000 $0.000 $0.049 $9.49

as of 05/31/18

Yields — SP Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -2.03%
Subsidized SEC 30-Day Yield 1.98%
Distribution Yield 2.06%

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 $9.74
Daily Change ($) $0.00
Daily Change (%) 0.00%
MTD 0.21%
QTD 4.15%
YTD -2.10%
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BRIIX - Baron Real Estate Income Fund - I MSCI US REIT Index
QTD1 3.93% 5.29%
YTD1 -2.30% -3.54%
Expense Ratio2 - Gross 1.71%
Expense Ratio2 - Net 0.80%

*As of 05/31/18

*Annualized as of 05/31/18

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 06/17/18

3 Years 5 Years 10 Years Since Inception

This information is not currently available.

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

as of 05/31/18

Yields — SP Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -2.03%
Subsidized SEC 30-Day Yield 1.98%
Distribution Yield 2.06%

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 03/31/18

Baron Real Estate Income Fund MSCI US REIT Index
Net Assets$2.58 million
# of Equity Securities / % of Net Assets43/94.0%
Median Market Cap$7.30 billion$3.07 billion
Weighted Average Market Cap$19.14 billion$15.02 billion
EPS Growth (3-5 year forecast)8.5%
Price/Earnings Ratio (trailing 12-month)41.0
Price/Book Ratio2.1
Price/Sales Ratio4.3

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 05/31/18

Open All Close All Holding Sector % of Net Assets

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 6.9%

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 4.7%

Extended Stay America, Inc.

Extended Stay America (STAY) is the largest owner and operator of mid-scale extended stay hotels in North America (40% of revenues from stays of 30+ nights). It owns and operates 600 hotel properties with 68,000 rooms in 44 states across the US with ~70% of operating profit derived from coastal states. 

Consumer Discretionary 4.4%

Park Hotels & Resort Inc.

Park Hotels & Resorts Inc. (PK) is a newly created lodging REIT that resulted from Hilton’s recent separation of its three business segments in January 2017. Park owns 67 premier properties with 35,000 rooms in high barrier-to-entry markets across the U.S.

Real Estate 3.8%

Host Hotels & Resorts, Inc.

Host Hotels & Resorts, Inc. (HST) is the largest hotel REIT involved in the buying, owning, redeveloping, and leasing of primarily upscale and luxury full service hotels in convention, resort, and major urban business markets. The company has interests in 94 hotels with 52,139 rooms.  

Real Estate 3.7%

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 73.5% stake in gaming REIT MGM Growth Properties and a 56% stake in MGM China.

Consumer Discretionary 3.6%

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 3.3%

Kennedy-Wilson Holdings, Inc.

Kennedy-Wilson Holdings, Inc. (KW) is a real estate investment and services company with investments in the U.S., U.K., Ireland, and Japan. It invests in residential and commercial properties, including loans secured by real estate. Its services include property management and auction sales.

Real Estate 3.2%

Hudson Pacific Properties, Inc.

Real Estate 3.1%

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 3.0%

Total

39.7%

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

as of 03/31/18

Name Sector % of Net Assets

American Tower Corp.

Real Estate 8.1%

Equinix, Inc.

Real Estate 5.4%

Digital Realty Trust, Inc.

Real Estate 4.7%

Extended Stay America, Inc.

Consumer Discretionary 3.9%

Prologis, Inc.

Real Estate 3.6%

MGM Resorts International

Consumer Discretionary 3.5%

Crown Castle International Corp.

Real Estate 3.5%

Park Hotels & Resort Inc.

Real Estate 3.5%

Kennedy-Wilson Holdings, Inc.

Real Estate 3.1%

Host Hotels & Resorts, Inc.

Real Estate 3.0%

Invitation Homes, Inc.

Real Estate 2.9%

SL Green Realty Corp.

Real Estate 2.8%

Boston Properties, Inc.

Real Estate 2.5%

Americold Realty Trust

Real Estate 2.5%

Weyerhaeuser Company

Real Estate 2.2%

Hudson Pacific Properties, Inc.

Real Estate 2.1%

Vornado Realty Trust

Real Estate 2.1%

AvalonBay Communities, Inc.

Real Estate 2.1%

Kilroy Realty Corporation

Real Estate 2.1%

Rayonier Inc.

Real Estate 1.8%

Equity LifeStyle Properties, Inc.

Real Estate 1.7%

Sun Communities, Inc.

Real Estate 1.7%

Pebblebrook Hotel Trust

Real Estate 1.6%

Duke Realty Corporation

Real Estate 1.6%

Simon Property Group, Inc.

Real Estate 1.6%

MGM Growth Properties LLC

Real Estate 1.6%

DCT Industrial Trust Inc.

Real Estate 1.5%

Five Point Holdings LLC-Cl a

Real Estate 1.5%

Equity Residential

Real Estate 1.5%

TAUBMAN CENTERS INC

Real Estate 1.5%

Sunstone Hotel Investors, Inc.

Real Estate 1.5%

Rexford Industrial Realty, Inc.

Real Estate 1.5%

Gaming and Leisure Properties, Inc.

Real Estate 1.4%

Fibra UNO Administración S.A. de C.V.

Real Estate 1.4%

Alexandria Real Estate Equities, Inc.

Real Estate 1.1%

JCDecaux S.A.

Consumer Discretionary 1.0%

Douglas Emmett, Inc.

Real Estate 1.0%

Lamar Advertising Company

Real Estate 1.0%

GGP Inc.

Real Estate 0.9%

Essex Property Trust, Inc.

Real Estate 0.8%

American Homes 4 Rent - Cl A

Real Estate 0.5%

Penn National Gaming, Inc.

Consumer Discretionary 0.5%

CyrusOne Inc.

Real Estate 0.2%

GICS SECTOR BREAKDOWN

As of 05/31/18

As of 05/31/18

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

Contributors/Detractors

Quarterly as of 03/31/18

Top Contributors Average Weight Contribution
Americold Realty Trust 1.91% 0.31%
Rayonier Inc. 1.69% 0.19%
American Tower Corp. 7.56% 0.18%
MGM Resorts International 3.29% 0.14%
Extended Stay America, Inc. 3.42% 0.07%

Quarterly as of 03/31/18

Top Detractors Average Weight Contribution
Macquarie Infrastructure Corporation 3.18% -2.42%
Equinix, Inc. 5.32% -0.38%
CyrusOne Inc. 0.91% -0.29%
GGP Inc. 1.94% -0.29%
Vornado Realty Trust 2.04% -0.25%

Source: FactSet PA.

Insights & News

Documents

Prospectus 04/30/18
Summary Prospectus 04/30/18
SAI 04/30/18
XBRL Filings 05/21/18

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.

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.

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.