Prices & Performance: Baron Real Estate Income Fund (BRIUX)

Prices

as of 05/29/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$11.36 $0.00 0.00% 7.17% 15.92% -2.35%

Performance

as of 03/31/20

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YTD1 1 Year Since Inception Expense Ratio2
Gross Net
BRIUX - Baron Real Estate Income Fund - R6 -15.76% -2.53% 0.99% 7.05% 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.

NAV $11.36
Daily Change ($) $0.00
Daily Change (%) 0.00%
MTD 7.17%
QTD 15.92%
YTD -2.35%
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BRIUX - Baron Real Estate Income Fund - R6 MSCI US REIT Index
QTD1 8.16% 8.18%
YTD1 -8.88% -21.28%
1 Year 2.90% -15.32%
Since Inception 4.41% -3.44%
Expense Ratio2 - Gross 5.27%
Expense Ratio2 - Net 0.80%

*As of 04/30/20

*Annualized as of 04/30/20

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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BRIUX - Baron Real Estate Income Fund - R6 MSCI US REIT Index
YTD1 -15.76% -27.24%
1 Year -2.53% -21.96%
Since Inception 0.99% -6.87%
Expense Ratio2 - Gross 7.05%
Expense Ratio2 - Net 0.80%

*As of 03/31/20

*Annualized as of 04/30/20

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 04/30/20

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Year Baron Real Estate Income Fund MSCI US REIT Index
2019 36.42% 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.

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 $10.96 $10.31 $10.14 $8.56 $9.74 $9.78 $9.50
Calendar-Yr Return -11.03% -11.03% -11.03% -11.03%

as of 03/31/20

Yields — SCT Shares | BRIUX  
Unsubsidized SEC 30-Day Yield -3.95%
Subsidized SEC 30-Day Yield 1.76%
Distribution Yield 1.34%

Portfolio Characteristics

 

as of 03/31/20

Baron Real Estate Income Fund MSCI US REIT Index
Net Assets$4.38 million
# of Equity Securities / % of Net Assets32 / 96.7%
Turnover (2 Year Average)63.19%
Active Share61.4%
Median Market Cap$11.02 billion$1.96 billion
Weighted Average Market Cap$26.36 billion$19.10 billion
EPS Growth (3-5 year forecast)11.3%5.5%
Price/Earnings Ratio (trailing 12-month)31.721.9
Price/Book Ratio1.91.5
Price/Sales Ratio2.84.9
Current Expense Ratio Date12/31/2019

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.

Contributors/Detractors

Quarterly as of 03/31/20

Top Contributors Average Weight Contribution
GDS Holdings Limited 5.90% 0.73%
Equinix, Inc. 5.96% 0.34%
Americold Realty Trust 3.13% 0.30%
QTS Realty Trust, Inc. 3.29% 0.22%
CoreSite Realty Corporation 0.16% 0.12%

Source: FactSet PA.

Insights & News: BRIUX

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.