Prices & Performance

Prices

as of 11/19/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$28.10 -$1.12 -3.83% -4.87% -16.57% -0.85%

Performance

 

as of 10/31/18

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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 -12.29% 4.23% 7.12% 12.85% 8.29% 13.49% 9.85% 1.31% 1.31%
Russell 2000 Growth Index -12.65% 1.11% 4.13% 10.72% 8.75% 13.89% 5.99%
S&P 500 Index -6.84% 3.01% 7.35% 11.52% 11.34% 13.24% 7.11%

1Not annualized.

2Expense 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 09/30/18

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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 8.65% 18.84% 25.00% 20.00% 11.98% 12.53% 10.58% 1.31% 1.31%
Russell 2000 Growth Index 5.52% 15.76% 21.06% 17.98% 12.14% 12.65% 6.70%
S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 7.50%

1Not annualized.

2Expense 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.

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 10/31/18

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Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
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.

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.

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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
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $3.846 $3.846 $28.03 27.13%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $5.681 $5.681 $25.53 9.94%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $3.413 $3.413 $28.52 -5.24%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $2.035 $2.035 $32.77 1.69%
11/25/2013 11/26/2013 11/27/2013 $0.000 $0.000 $0.000 $1.284 $1.284 $33.49 37.77%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.000 $0.801 $0.801 $25.65 17.98%
06/22/2012 06/25/2012 06/26/2012 $0.000 $0.000 $0.000 $0.013 $0.013 $24.07 17.98%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.456 $0.456 $22.10 -1.58%
05/27/2009 05/28/2009 05/29/2009 $0.000 $0.000 $0.000 $0.001 $0.001 $15.18 35.26%
12/19/2007 12/20/2007 12/21/2007 $0.000 $0.000 $0.107 $1.560 $1.667 $23.79 11.69%
11/17/2006 11/20/2006 11/21/2006 $0.000 $0.000 $0.000 $3.057 $3.057 $22.66 11.83%
11/21/2005 11/22/2005 11/23/2005 $0.000 $0.000 $0.000 $0.736 $0.736 $22.70 8.34%
11/22/2004 11/23/2004 11/24/2004 $0.000 $0.000 $0.000 $0.553 $0.553 $20.62 22.16%
11/20/2002 11/21/2002 11/22/2002 $0.000 $0.000 $0.000 $0.381 $0.381 $13.74 -9.66%
11/15/2000 11/16/2000 11/17/2000 $0.000 $0.000 $0.000 $0.379 $0.379 $14.26 -17.53%

Performance Characteristics

as of 09/30/18

3 Years 5 Years 10 Years
Standard Deviation (%) 10.76 11.95 16.88
Sharpe Ratio 1.78 0.96 0.72
Alpha (%) 6.12 2.24 1.72
Beta 0.74 0.79 0.83
R-Squared (%) 84.92 87.11 93.75
Tracking Error (%) 5.43 5.23 5.33
Information Ratio 0.37 -0.03 -0.02
Upside Capture (%) 90.75 86.56 86.21
Downside Capture (%) 59.45 77.39 79.64

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 $28.10
Daily Change ($) -$1.12
Daily Change (%) -3.83%
MTD -4.87%
QTD -16.57%
YTD -0.85%
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BSCFX - Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
QTD1 -12.29% -12.65% -6.84%
YTD1 4.23% 1.11% 3.01%
1 Year 7.12% 4.13% 7.35%
3 Years 12.85% 10.72% 11.52%
5 Years 8.29% 8.75% 11.34%
10 Years 13.49% 13.89% 13.24%
Since Inception 9.85% 5.99% 7.11%
Expense Ratio2 - Gross 1.31%
Expense Ratio2 - Net 1.31%

*As of 10/31/18

*Annualized as of 10/31/18

1Not annualized.

2Expense 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.

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BSCFX - Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
QTD1 8.65% 5.52% 7.71%
YTD1 18.84% 15.76% 10.56%
1 Year 25.00% 21.06% 17.91%
3 Years 20.00% 17.98% 17.31%
5 Years 11.98% 12.14% 13.95%
10 Years 12.53% 12.65% 11.97%
Since Inception 10.58% 6.70% 7.50%
Expense Ratio2 - Gross 1.31%
Expense Ratio2 - Net 1.31%

*As of 09/30/18

*Annualized as of 10/31/18

1Not annualized.

2Expense 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 09/30/18

3 Years 5 Years 10 Years
Standard Deviation (%) 10.76 11.95 16.88
Sharpe Ratio 1.78 0.96 0.72
Alpha (%) 6.12 2.24 1.72
Beta 0.74 0.79 0.83
R-Squared (%) 84.92 87.11 93.75
Tracking Error (%) 5.43 5.23 5.33
Information Ratio 0.37 -0.03 -0.02
Upside Capture (%) 90.75 86.56 86.21
Downside Capture (%) 59.45 77.39 79.64

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 10/31/18

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Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
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.

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.

Select Year
Record Date 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 11/28/2017 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 11/29/2017 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 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Return of Capital $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.107 $0.000 $0.000 $0.000 $0.000 $0.000
Long-Term Capital Gain $3.846 $5.681 $3.413 $2.035 $1.284 $0.801 $0.013 $0.456 $0.001 $1.560 $3.057 $0.736 $0.553 $0.381 $0.379
Total $3.846 $5.681 $3.413 $2.035 $1.284 $0.801 $0.013 $0.456 $0.001 $1.667 $3.057 $0.736 $0.553 $0.381 $0.379
Re-Invest NAV $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 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 09/30/18

Baron Small Cap Fund Russell 2000 Growth Index
Net Assets$4.68 billion
# of Equity Securities / % of Net Assets70 / 98.6%
Turnover (3 Year Average)17.80%
Active Share93.3%
Median Market Cap$4.21 billion$1.04 billion
Weighted Average Market Cap$7.71 billion$2.69 billion
EPS Growth (3-5 year forecast)22.3%18.2%
Price/Earnings Ratio (trailing 12-month)28.122.2
Price/Book Ratio4.84.1
Price/Sales Ratio2.71.7
Current Expense Ratio Date9/30/2017

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 10/31/18

Open All Close All Holding Sector % of Net Assets

Gartner, Inc.

Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.

Information Technology 4.9%

Guidewire Software, Inc.

Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.

Information Technology 3.8%

Waste Connections, Inc.

Waste Connections, Inc. (WCN) is an integrated solid-waste services company that provides solid-waste collection, transfer, disposal, and recycling services in mostly secondary markets in western and southern areas of the United States as well as Canada.

Industrials 3.1%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.

Health Care 3.0%

TransDigm Group, Inc.

TransDigm Group, Inc. (TDG), through its subsidiaries, designs, produces, and supplies engineered aerospace components for commercial and military aircraft customers in the United States.

Industrials 2.8%

Bright Horizons Family Solutions, Inc.

Bright Horizons Family Solutions, Inc. (BFAM) is the leading provider of high quality corporate sponsored child care in the U.S. and U.K., as well as other countries. It provides child care and early education services under multi-year contracts in its own or sponsor-owned centers.

Consumer Discretionary 2.8%

ASGN Incorporated

ASGN Incorporated (ASGN) is the second largest staffing firm in the U.S., providing in-demand skilled professionals. 85% of revenues are in the technology and digital/creative verticals with the balance in life sciences.

Industrials 2.7%

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.

Health Care 2.6%

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.

Health Care 2.5%

The Trade Desk

The Trade Desk (TTD) is a software company that enables advertising agencies to purchase advertising more efficiently and effectively. It provides the leading self-serve platform to enable data-driven digital advertising.

Information Technology 2.5%

Total

30.7%

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

as of 09/30/18

Name Sector % of Net Assets

Gartner, Inc.

Information Technology 4.7%

Guidewire Software, Inc.

Information Technology 3.8%

IDEXX Laboratories, Inc.

Health Care 3.1%

Teladoc Health Inc.

Health Care 3.0%

Waste Connections, Inc.

Industrials 2.8%

TransDigm Group, Inc.

Industrials 2.8%

The Ultimate Software Group, Inc.

Information Technology 2.8%

ASGN Incorporated

Industrials 2.8%

The Trade Desk

Information Technology 2.7%

ICON plc

Health Care 2.5%

Bright Horizons Family Solutions, Inc.

Consumer Discretionary 2.5%

GTT Communications, Inc.

Information Technology 2.3%

Cision Ltd.

Information Technology 2.2%

Cognex Corp.

Information Technology 2.2%

John Bean Technologies Corporation

Industrials 2.2%

SBA Communications Corp.

Real Estate 2.1%

PRA Health Sciences, Inc.

Health Care 2.1%

SiteOne Landscape Supply, Inc.

Industrials 2.1%

Wix.com Ltd.

Information Technology 2.1%

HealthEquity, Inc.

Health Care 2.0%

Aspen Technology, Inc.

Information Technology 2.0%

Acxiom Corporation

Information Technology 2.0%

WEX Inc.

Information Technology 1.9%

2U, Inc.

Information Technology 1.9%

Univar Inc.

Industrials 1.8%

Shutterfly, Inc.

Consumer Discretionary 1.7%

Mettler-Toledo International, Inc.

Health Care 1.5%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.5%

The Madison Square Garden Company

Communication Services 1.5%

Hudson Ltd. Cl - A

Consumer Discretionary 1.3%

Floor & Decor Holdings, Inc.

Consumer Discretionary 1.2%

Americold Realty Trust

Real Estate 1.2%

Mercury Systems, Inc.

Industrials 1.2%

Cantel Medical Corp.

Health Care 1.0%

Liberty SiriusXM Group - Cl C

Communication Services 1.0%

Summit Materials, Inc.

Materials 1.0%

Planet Fitness Inc - Cl a

Consumer Discretionary 1.0%

Altair Engineering Inc.

Information Technology 1.0%

Installed Building Products, Inc.

Consumer Discretionary 1.0%

Party City Holdco Inc.

Consumer Discretionary 0.9%

Camping World Holdings, Inc.

Consumer Discretionary 0.9%

RBC Bearings Incorporated

Industrials 0.9%

Moelis & Company

Financials 0.9%

DexCom, Inc.

Health Care 0.9%

The Cheesecake Factory, Inc.

Consumer Discretionary 0.9%

Berry Global Group, Inc.

Materials 0.8%

Qualys, Inc.

Information Technology 0.8%

Gaming and Leisure Properties, Inc.

Real Estate 0.8%

Ceridian HCM Holding Inc.

Information Technology 0.8%

Orion Engineered Carbons S.A.

Materials 0.7%

Wingstop Inc.

Consumer Discretionary 0.7%

Nordson Corp.

Industrials 0.7%

FleetCor Technologies, Inc.

Information Technology 0.7%

BJ's Restaurants, Inc.

Consumer Discretionary 0.6%

Sun Hydraulics Corporation

Industrials 0.6%

Abcam plc

Health Care 0.6%

Liberty Media Corp. - Liberty Formula One Cl C

Communication Services 0.6%

Yext, Inc.

Information Technology 0.6%

Raven Industries Inc

Industrials 0.6%

Houlihan Lokey, Inc.

Financials 0.6%

Ollie’s Bargain Outlet Holdings, Inc.

Consumer Discretionary 0.5%

Emerald Expositions Events, Inc.

Communication Services 0.5%

Liberty Broadband Corporation - Cl C

Communication Services 0.5%

Liberty Expedia Holdings, Inc. Cl A

Consumer Discretionary 0.4%

Cboe Global Markets, Inc.

Financials 0.4%

REV Group, Inc.

Industrials 0.3%

Avalara, Inc.

Information Technology 0.2%

Ingevity Corporation

Materials 0.2%

Liberty Broadband Corporation - Cl A

Communication Services 0.2%

SL Green Realty Corp.

Real Estate 0.2%

Eventbrite, Inc. - Class A

Communication Services 0.1%

GICS SECTOR BREAKDOWN

As of 10/31/18

As of 10/31/18

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

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
The Trade Desk 2.15% 1.09%
Teladoc Health, Inc. 2.61% 1.08%
Acxiom Corporation 1.81% 0.86%
Gartner, Inc. 4.39% 0.80%
The Ultimate Software Group, Inc. 2.56% 0.58%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Floor & Decor Holdings, Inc. 1.40% -0.67%
Shutterfly, Inc. 1.82% -0.57%
Installed Building Products, Inc. 1.32% -0.48%
Summit Materials, Inc. 1.23% -0.47%
Red Rock Resorts, Inc. 1.74% -0.36%

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: 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.