Prices & Performance

Prices

as of 04/08/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$23.45 $1.14 5.11% 4.22% 4.22% -20.13%

Performance

 

as of 02/29/20

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BSCFX - Baron Small Cap Fund -3.85% -3.85% 7.24% 12.65% 8.75% 12.37% 9.92% 1.31% 1.31%
Russell 2000 Growth Index -8.24% -8.24% -0.72% 7.85% 6.48% 12.07% 5.89%
S&P 500 Index -8.27% -8.27% 8.19% 9.87% 9.23% 12.65% 7.21%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 03/31/20

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BSCFX - Baron Small Cap Fund -23.37% -16.24% 3.81% 3.66% 9.19% 8.78% 1.31% 1.31%
Russell 2000 Growth Index -25.76% -18.58% 0.10% 1.70% 8.89% 4.88%
S&P 500 Index -19.60% -6.98% 5.10% 6.73% 10.53% 6.56%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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.

Expense ratios are as of the fiscal year ended 9/30/2017

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 03/31/20

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Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
2019 34.50% 28.48% 31.49%
2018 -7.39% -9.31% -4.38%
2017 27.13% 22.17% 21.83%
2016 9.94% 11.32% 11.96%
2015 -5.24% -1.38% 1.38%
2014 1.69% 5.60% 13.69%
2013 37.77% 43.30% 32.39%
2012 17.98% 14.59% 16.00%
2011 -1.58% -2.91% 2.11%
2010 23.47% 29.09% 15.06%
2009 35.26% 34.47% 26.46%
2008 -40.24% -38.54% -37.00%
2007 11.69% 7.05% 5.49%
2006 11.83% 13.35% 15.79%
2005 8.34% 4.15% 4.91%
2004 22.16% 14.31% 10.88%
2003 38.82% 48.54% 28.68%
2002 -9.66% -30.26% -22.06%
2001 5.19% -9.23% -11.93%
2000 -17.53% -22.43% -9.10%
1999 70.78% 43.09% 21.04%
1998 2.23% 1.23% 28.58%
1997 3.10% -8.20% 2.87%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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.

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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
11/25/2019 11/26/2019 11/27/2019 $0.0000 $0.0000 $0.0000 $2.8191 $2.8191 $29.16
11/28/2018 11/29/2018 11/30/2018 $0.0000 $0.0000 $0.0000 $2.6130 $2.6130 $27.12 -7.39%
11/27/2017 11/28/2017 11/29/2017 $0.0000 $0.0000 $0.0000 $3.8460 $3.8460 $28.03 27.13%
11/28/2016 11/29/2016 11/30/2016 $0.0000 $0.0000 $0.0000 $5.6812 $5.6812 $25.53 9.94%
12/02/2015 12/03/2015 12/04/2015 $0.0000 $0.0000 $0.0000 $3.4129 $3.4129 $28.52 -5.24%
12/01/2014 12/02/2014 12/03/2014 $0.0000 $0.0000 $0.0000 $2.0346 $2.0346 $32.77 1.69%
11/25/2013 11/26/2013 11/27/2013 $0.0000 $0.0000 $0.0000 $1.2843 $1.2843 $33.49 37.77%
11/28/2012 11/29/2012 11/30/2012 $0.0000 $0.0000 $0.0000 $0.8010 $0.8010 $25.65 17.98%
06/22/2012 06/25/2012 06/26/2012 $0.0000 $0.0000 $0.0000 $0.0130 $0.0130 $24.07 17.98%
11/28/2011 11/29/2011 11/30/2011 $0.0000 $0.0000 $0.0000 $0.4560 $0.4560 $22.10 -1.58%
05/27/2009 05/28/2009 05/29/2009 $0.0000 $0.0000 $0.0000 $0.0010 $0.0010 $15.18 35.26%
12/19/2007 12/20/2007 12/21/2007 $0.0000 $0.0000 $0.1070 $1.5600 $1.6670 $23.79 11.69%
11/17/2006 11/20/2006 11/21/2006 $0.0000 $0.0000 $0.0000 $3.0570 $3.0570 $22.66 11.83%
11/21/2005 11/22/2005 11/23/2005 $0.0000 $0.0000 $0.0000 $0.7360 $0.7360 $22.70 8.34%
11/22/2004 11/23/2004 11/24/2004 $0.0000 $0.0000 $0.0000 $0.5530 $0.5530 $20.62 22.16%
11/20/2002 11/21/2002 11/22/2002 $0.0000 $0.0000 $0.0000 $0.3810 $0.3810 $13.74 -9.66%
11/15/2000 11/16/2000 11/17/2000 $0.0000 $0.0000 $0.0000 $0.3790 $0.3790 $14.26 -17.53%

Performance Characteristics

as of 03/31/20

3 Years 5 Years 10 Years
Standard Deviation (%) 20.94 18.31 17.16
Sharpe Ratio 0.10 0.14 0.50
Alpha (%) 3.81 2.07 1.25
Beta 0.98 0.92 0.88
R-Squared (%) 94.95 92.65 92.66
Tracking Error (%) 4.72 5.19 5.16
Information Ratio 0.79 0.38 0.06
Upside Capture (%) 99.36 90.92 88.14
Downside Capture (%) 85.45 82.73 82.64

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $23.45
Daily Change ($) $1.14
Daily Change (%) 5.11%
MTD 4.22%
QTD 4.22%
YTD -20.13%
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BSCFX - Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
QTD1 -3.85% -8.24% -8.27%
YTD1 -3.85% -8.24% -8.27%
1 Year 7.24% -0.72% 8.19%
3 Years 12.65% 7.85% 9.87%
5 Years 8.75% 6.48% 9.23%
10 Years 12.37% 12.07% 12.65%
Since Inception 9.92% 5.89% 7.21%
Expense Ratio2 - Gross 1.31%
Expense Ratio2 - Net 1.31%

*As of 02/29/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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.

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BSCFX - Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
YTD1 -23.37% -25.76% -19.60%
1 Year -16.24% -18.58% -6.98%
3 Years 3.81% 0.10% 5.10%
5 Years 3.66% 1.70% 6.73%
10 Years 9.19% 8.89% 10.53%
Since Inception 8.78% 4.88% 6.56%
Expense Ratio2 - Gross 1.31%
Expense Ratio2 - Net 1.31%

*As of 03/31/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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 03/31/20

3 Years 5 Years 10 Years
Standard Deviation (%) 20.94 18.31 17.16
Sharpe Ratio 0.10 0.14 0.50
Alpha (%) 3.81 2.07 1.25
Beta 0.98 0.92 0.88
R-Squared (%) 94.95 92.65 92.66
Tracking Error (%) 4.72 5.19 5.16
Information Ratio 0.79 0.38 0.06
Upside Capture (%) 99.36 90.92 88.14
Downside Capture (%) 85.45 82.73 82.64

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSCFX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 03/31/20

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Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
2019 34.50% 28.48% 31.49%
2018 -7.39% -9.31% -4.38%
2017 27.13% 22.17% 21.83%
2016 9.94% 11.32% 11.96%
2015 -5.24% -1.38% 1.38%
2014 1.69% 5.60% 13.69%
2013 37.77% 43.30% 32.39%
2012 17.98% 14.59% 16.00%
2011 -1.58% -2.91% 2.11%
2010 23.47% 29.09% 15.06%
2009 35.26% 34.47% 26.46%
2008 -40.24% -38.54% -37.00%
2007 11.69% 7.05% 5.49%
2006 11.83% 13.35% 15.79%
2005 8.34% 4.15% 4.91%
2004 22.16% 14.31% 10.88%
2003 38.82% 48.54% 28.68%
2002 -9.66% -30.26% -22.06%
2001 5.19% -9.23% -11.93%
2000 -17.53% -22.43% -9.10%
1999 70.78% 43.09% 21.04%
1998 2.23% 1.23% 28.58%
1997 3.10% -8.20% 2.87%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

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.

Select Year
Record Date 11/25/2019 11/28/2018 11/27/2017 11/28/2016 12/02/2015 12/01/2014 11/25/2013 11/28/2012 06/22/2012 11/28/2011 05/27/2009 12/19/2007 11/17/2006 11/21/2005 11/22/2004 11/20/2002 11/15/2000
Ex Date 11/26/2019 11/29/2018 11/28/2017 11/29/2016 12/03/2015 12/02/2014 11/26/2013 11/29/2012 06/25/2012 11/29/2011 05/28/2009 12/20/2007 11/20/2006 11/22/2005 11/23/2004 11/21/2002 11/16/2000
Payable Date 11/27/2019 11/30/2018 11/29/2017 11/30/2016 12/04/2015 12/03/2014 11/27/2013 11/30/2012 06/26/2012 11/30/2011 05/29/2009 12/21/2007 11/21/2006 11/23/2005 11/24/2004 11/22/2002 11/17/2000
Income $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.1070 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $2.8191 $2.6130 $3.8460 $5.6812 $3.4129 $2.0346 $1.2843 $0.8010 $0.0130 $0.4560 $0.0010 $1.5600 $3.0570 $0.7360 $0.5530 $0.3810 $0.3790
Total $2.8191 $2.6130 $3.8460 $5.6812 $3.4129 $2.0346 $1.2843 $0.8010 $0.0130 $0.4560 $0.0010 $1.6670 $3.0570 $0.7360 $0.5530 $0.3810 $0.3790
Re-Invest NAV $29.16 $27.12 $28.03 $25.53 $28.52 $32.77 $33.49 $25.65 $24.07 $22.10 $15.18 $23.79 $22.66 $22.70 $20.62 $13.74 $14.26
Calendar-Yr Return -7.39% 27.13% 9.94% -5.24% 1.69% 37.77% 17.98% 17.98% -1.58% 35.26% 11.69% 11.83% 8.34% 22.16% -9.66% -17.53%

Portfolio Characteristics

 

as of 03/31/20

Baron Small Cap Fund Russell 2000 Growth Index
Net Assets$3.03 billion
# of Equity Securities / % of Net Assets67 / 95.8%
Turnover (3 Year Average)17.20%
Active Share93.0%
Median Market Cap$3.28 billion$0.61 billion
Weighted Average Market Cap$7.95 billion$2.39 billion
EPS Growth (3-5 year forecast)15.1%13.5%
Price/Earnings Ratio (trailing 12-month)25.917.0
Price/Book Ratio3.02.7
Price/Sales Ratio2.11.1
Current Expense Ratio Date9/30/2019

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.

Holdings

as of 03/31/20

Open All Close All Holding Sector % of Net Assets

SBA Communications Corp.

SBA Communications Corp. (SBAC) is the third largest independent owner of wireless towers in the U.S. and has a growing presence in Canada, Central America, and Brazil. SBA owns and operates nearly 30,000 towers in total.
Consumers continue to adopt smartphones and use increasing amounts of wireless data bandwidth, forcing carriers to augment their networks. To increase network density, carriers lease space for equipment on existing and new towers. We think SBA can generate additional revenue from new lease and amendment activity, leading to strong cash flow growth. Given its strong balance sheet, we believe SBA has many opportunities to grow internationally, particularly in Brazil, where SBA has acquired over 5,000 towers.

Real Estate 4.2%

Teladoc Health, Inc.

Teladoc Health, Inc. (TDOC) is the U.S.'s first and largest tele-health company, providing on-demand remote medical care using telephone and videoconferencing in both U.S. and international markets.
Tele-health's low cost, convenience, and broad accessibility are a powerful secular growth story, and the increasing number of insurers and large employers add to that narrative. Penetration of the $30 billion addressable tele-health market is only about 1%. Teladoc is building on its highly scalable platform and commanding 75% market share, driving over 30% top-line growth. We expect growth to come from new customers, higher utilization, additional services such as behavioral health, and a shift to more per-member-per-month contracts.

Health Care 4.2%

Guidewire Software, Inc.

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Guidewire is a small player in a vast addressable market and has been benefiting from the inevitable need for P&C insurers to upgrade 30-year-old systems. The company offers best-in-class functionality, as evidenced by its growing installed base and 100% retention rates, and we believe it has a significant amount of off- balance sheet revenue. We think the company’s launch of data and digital applications meaningfully expand the total addressable market, and growing demand for cloud deployments could increase prices by two to three times.

Information Technology 3.9%

Gartner, Inc.

Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Gartner has a vast addressable market, which management estimates exceeds $70 billion annually, implying a penetration rate of less than 3%. IT is rapidly changing and growing in strategic importance, leading users to turn to third-party providers for insight into trends. The low price of Gartner’s research relative to its value has created strong renewal trends, with retention rates running above 100%. We think management can improve results with its recent acquisition of CEB, accelerating growth towards 15%+ over the next three years.

Information Technology 3.3%

ICON Plc

ICON plc (ICLR) is a leading global Contract Research Organization (CRO) providing outsourced drug development services to its pharmaceutical and biotech clients. ICON has expertise in multiple therapeutic areas.
As drug trials become increasingly complex and biopharma companies consolidate their vendor lists among top-tier providers and seek to establish stickier strategic relationships, we believe large global CROs like ICON will be the primary beneficiaries. The outsourcing trend is accelerating, driven by biopharma's need for a lower, more variable cost structure in the face of patent expirations and the inherent lack of biotech infrastructure.

Health Care 3.1%

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 2.9%

Clarivate Analytics Plc

Industrials 2.7%

SiteOne Landscape Supply, Inc.

SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in the U.S. Through its network of over 550 branches in 45 states, the company offers a broad selection of products such as irrigation supplies, herbicides, landscape accessories, and outdoor lighting.
SiteOne is a market leader with exposure to residential and non-residential construction cycles. With 11% of a large fragmented market and an experienced management team with a strong M&A track record, the company has significant opportunities to consolidate the industry through accretive deals. The core wholesale landscape market is growing faster than GDP, with consumers investing in surrounding landscapes as extensions of their homes. SiteOne is also investing in new initiatives to increase the productivity of its sales force and in-store associates and expand margins.

Industrials 2.7%

DexCom, Inc.

DexCom, Inc. (DXCM) sells a continuous glucose monitoring device for patients with diabetes.
Continuous glucose monitoring (CGM) is rapidly replacing finger sticks in the U.S. and abroad. DexCom offers the most accurate CGM sensor in the marketplace. We believe Dexcom can continue to generate attractive growth driven by continued penetration into the insulin intensive market and expansion into new markets including the much larger non-insulin intensive market, the gestational diabetes market, and the hospital market.

Health Care 2.7%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
IDEXX has continued to benefit from secular growth spending on pets, due to a growing human-animal bond, favorable demographics, increased use of diagnostics, and enhanced focus on preventative care. We think IDEXX has the best menu of diagnostics, which it has continuously improved by spending six times more on R&D annually than all its competitors combined. The company's products are sold via a razor/razorblade model, which creates high retention rates and incremental margins. IDEXX generates strong cash flow, which it has returned to shareholders via repurchases.

Health Care 2.6%

Total

32.3%

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

as of 03/31/20

Name Sector % of Net Assets

SBA Communications Corp.

Real Estate 4.2%

Teladoc Health Inc.

Health Care 4.2%

Guidewire Software, Inc.

Information Technology 3.9%

Gartner, Inc.

Information Technology 3.3%

ICON Plc

Health Care 3.1%

Americold Realty Trust

Real Estate 2.9%

DexCom, Inc.

Health Care 2.7%

SiteOne Landscape Supply, Inc.

Industrials 2.7%

Clarivate Analytics Plc

Industrials 2.7%

IDEXX Laboratories, Inc.

Health Care 2.6%

Aspen Technology, Inc.

Information Technology 2.5%

Mercury Systems, Inc.

Industrials 2.4%

Bright Horizons Family Solutions, Inc.

Consumer Discretionary 2.4%

Waste Connections, Inc.

Industrials 2.4%

Installed Building Products, Inc.

Consumer Discretionary 2.2%

Floor & Decor Holdings, Inc.

Consumer Discretionary 2.1%

PRA Health Sciences, Inc.

Health Care 2.1%

Cognex Corp.

Information Technology 2.0%

ASGN Incorporated

Industrials 2.0%

The Trade Desk

Information Technology 1.9%

John Bean Technologies Corporation

Industrials 1.8%

HealthEquity, Inc.

Health Care 1.7%

Wix.com Ltd.

Information Technology 1.7%

Repay Holdings Corporation 144

Information Technology 1.7%

The Madison Square Garden Company

Communication Services 1.6%

Mettler-Toledo International, Inc.

Health Care 1.6%

TransDigm Group, Inc.

Industrials 1.5%

WEX Inc.

Information Technology 1.4%

Ceridian HCM Holding Inc.

Information Technology 1.4%

Planet Fitness Inc - Cl a

Consumer Discretionary 1.3%

Ollie's Bargain Outlet Holdings, Inc.

Consumer Discretionary 1.1%

Houlihan Lokey, Inc.

Financials 1.1%

Vertiv Holdings LLC - PIPE

Industrials 1.1%

Trex Company, Inc.

Industrials 1.1%

Liberty Media Corp. Liberty SiriusXM - Cl C

Communication Services 1.0%

Liberty Broadband Corporation - Cl C

Communication Services 1.0%

Silk Road Medical, Inc.

Health Care 1.0%

Dechra Pharmaceuticals PLC

Health Care 1.0%

Altair Engineering Inc.

Information Technology 0.9%

Vertiv Holdings LLC

Industrials 0.9%

Berry Global Group, Inc.

Materials 0.9%

PolyOne Corporation

Materials 0.9%

Summit Materials, Inc.

Materials 0.8%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 0.8%

Helios Technologies, Inc.

Industrials 0.8%

Endava plc -ADR

Information Technology 0.7%

Kinsale Capital Group, Inc.

Financials 0.7%

Liberty Media Corp. - Liberty Formula One Cl C

Communication Services 0.7%

RBC Bearings Incorporated

Industrials 0.7%

Moelis & Company

Financials 0.7%

Ingevity Corporation

Materials 0.6%

Guardant Health, Inc.

Health Care 0.6%

Inspire Medical Systems, Inc.

Health Care 0.6%

Grid Dynamics Holdings, Inc.

Information Technology 0.6%

BRP Group, Inc.

Financials 0.5%

Cantel Medical Corp.

Health Care 0.5%

Advanced Drainage Systems, Inc.

Industrials 0.5%

Neogen Corp.

Health Care 0.4%

The Cheesecake Factory, Inc.

Consumer Discretionary 0.4%

Liberty Broadband Corporation - Cl A

Communication Services 0.4%

Quaker Chemical Corporation

Materials 0.4%

LiveRamp Holdings, Inc.

Information Technology 0.4%

Diamond Eagle Acquisition Corp. - Cl A

Unclassified 0.3%

Raven Industries Inc

Industrials 0.3%

Hudson Ltd. Cl - A

Consumer Discretionary 0.3%

Yext, Inc.

Information Technology 0.2%

Repay Holdings Corporation - Warrants (Restricted)

Information Technology 0.2%

OneSpa World, Inc. - 144 - Common

Consumer Discretionary 0.2%

Gaming and Leisure Properties, Inc.

Real Estate 0.2%

BJ's Restaurants, Inc.

Consumer Discretionary 0.2%

OneSpa World, Inc.

Consumer Discretionary 0.1%

OneSpa World, Inc.- Warrants (Restricted)

Consumer Discretionary 0.0%

GICS SECTOR BREAKDOWN

As of 03/31/20

As of 03/31/20

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

Contributors/Detractors

Quarterly as of 12/31/19

Top Contributors Average Weight Contribution
The Trade Desk 2.37% 0.87%
SiteOne Landscape Supply, Inc. 2.98% 0.68%
DexCom, Inc. 1.43% 0.55%
Teladoc Health, Inc. 2.06% 0.49%
Installed Building Products, Inc. 2.54% 0.49%

Quarterly as of 12/31/19

Top Detractors Average Weight Contribution
Mercury Systems, Inc. 1.82% -0.33%
Americold Realty Trust 2.31% -0.11%
IDEXX Laboratories, Inc. 2.55% -0.11%
Cantel Medical Corp. 1.14% -0.07%
Revolve Group 0.24% -0.07%

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: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

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. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

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.