Prices & Performance

Prices

as of 01/24/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$11.90 -$0.07 -0.58% 1.88% 1.88% 1.88%

Performance

 

as of 11/30/19

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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.

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 12/31/19

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1 Year Since Inception Expense Ratio2
Gross Net
BRIIX - Baron Real Estate Income Fund - I 36.54% 10.22% 7.18% 0.80%
MSCI US REIT Index 24.33% 8.21%

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 12/31/19

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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
12/18/2019 12/19/2019 12/20/2019 $0.034 $0.000 $0.000 $0.000 $0.034
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 12/31/19

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -10.29%
Subsidized SEC 30-Day Yield 1.32%
Distribution Yield 1.13%

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 $11.90
Daily Change ($) -$0.07
Daily Change (%) -0.58%
MTD 1.88%
QTD 1.88%
YTD 1.88%
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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 12/31/19

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
1 Year 36.54% 24.33%
Since Inception 10.22% 8.21%
Expense Ratio2 - Gross 7.18%
Expense Ratio2 - Net 0.80%

*As of 12/31/19

*Annualized as of 12/31/19

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 12/31/19

scroll to view all
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 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 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 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 $0.034 $0.030 $0.036 $0.031 $0.011 $0.084 $0.032 $0.029
Return of Capital $0.000 $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 $0.000
Long-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Total $0.034 $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 12/31/19

Yields — SCT Shares | BRIIX  
Unsubsidized SEC 30-Day Yield -10.29%
Subsidized SEC 30-Day Yield 1.32%
Distribution Yield 1.13%

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 12/31/19

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.
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 7.1%

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 6.2%

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 6.1%

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 6.0%

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 5.2%

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 5.1%

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 68% 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%

Kilroy Realty Corporation

Kilroy 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.
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 4.5%

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 4.5%

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 3.8%

Total

53.1%

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 12/31/19

As of 12/31/19

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.