Prices & Performance

Prices

as of 11/13/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$30.85 $0.02 0.06% 1.95% 4.79% 28.86%

Performance

 

as of 10/31/19

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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 2.79% 26.40% 12.31% 15.96% 9.38% 13.18% 9.96% 1.30% 1.30%
Russell 2000 Growth Index 2.85% 18.62% 6.40% 13.22% 8.38% 13.38% 6.01%
S&P 500 Index 2.17% 23.16% 14.33% 14.91% 10.78% 13.70% 7.42%

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 09/30/19

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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 -4.72% 22.97% -4.17% 13.62% 9.64% 12.51% 9.87% 1.30% 1.30%
Russell 2000 Growth Index -4.17% 15.34% -9.63% 9.79% 9.08% 12.25% 5.90%
S&P 500 Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 7.35%

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 10/31/19

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Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
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
11/28/2018 11/29/2018 11/30/2018 $0.000 $0.000 $0.000 $2.613 $2.613 $27.12 -7.39%
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 09/30/19

3 Years 5 Years 10 Years
Standard Deviation (%) 16.73 15.60 15.91
Sharpe Ratio 0.72 0.56 0.75
Alpha (%) 4.38 1.56 1.90
Beta 0.91 0.88 0.85
R-Squared (%) 90.71 90.55 91.97
Tracking Error (%) 5.33 5.22 5.26
Information Ratio 0.72 0.11 0.05
Upside Capture (%) 98.77 88.42 87.74
Downside Capture (%) 79.13 80.60 79.88

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 $30.85
Daily Change ($) $0.02
Daily Change (%) 0.06%
MTD 1.95%
QTD 4.79%
YTD 28.86%
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BSCFX - Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
QTD1 2.79% 2.85% 2.17%
YTD1 26.40% 18.62% 23.16%
1 Year 12.31% 6.40% 14.33%
3 Years 15.96% 13.22% 14.91%
5 Years 9.38% 8.38% 10.78%
10 Years 13.18% 13.38% 13.70%
Since Inception 9.96% 6.01% 7.42%
Expense Ratio2 - Gross 1.30%
Expense Ratio2 - Net 1.30%

*As of 10/31/19

*Annualized as of 10/31/19

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
QTD1 -4.72% -4.17% 1.70%
YTD1 22.97% 15.34% 20.55%
1 Year -4.17% -9.63% 4.25%
3 Years 13.62% 9.79% 13.39%
5 Years 9.64% 9.08% 10.84%
10 Years 12.51% 12.25% 13.24%
Since Inception 9.87% 5.90% 7.35%
Expense Ratio2 - Gross 1.30%
Expense Ratio2 - Net 1.30%

*As of 09/30/19

*Annualized as of 10/31/19

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 09/30/19

3 Years 5 Years 10 Years
Standard Deviation (%) 16.73 15.60 15.91
Sharpe Ratio 0.72 0.56 0.75
Alpha (%) 4.38 1.56 1.90
Beta 0.91 0.88 0.85
R-Squared (%) 90.71 90.55 91.97
Tracking Error (%) 5.33 5.22 5.26
Information Ratio 0.72 0.11 0.05
Upside Capture (%) 98.77 88.42 87.74
Downside Capture (%) 79.13 80.60 79.88

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 10/31/19

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Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
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 11/28/2018 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 11/29/2018 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 11/30/2018 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 $0.000 $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 $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 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.107 $0.000 $0.000 $0.000 $0.000 $0.000
Long-Term Capital Gain $2.613 $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 $2.613 $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 $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 09/30/19

Baron Small Cap Fund Russell 2000 Growth Index
Net Assets$3.88 billion
# of Equity Securities / % of Net Assets70 / 96.8%
Turnover (3 Year Average)18.86%
Active Share94.2%
Median Market Cap$3.94 billion$0.86 billion
Weighted Average Market Cap$8.31 billion$2.46 billion
EPS Growth (3-5 year forecast)16.8%16.3%
Price/Earnings Ratio (trailing 12-month)31.121.9
Price/Book Ratio4.13.5
Price/Sales Ratio2.81.5
Current Expense Ratio Date9/30/2018

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 10/31/19

Open All Close All Holding Sector % of Net Assets

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 4.7%

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 3.9%

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 477 branches in 44 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 under 10% of a large fragmented market, the company has significant opportunities to consolidate through accretive deals. The wholesale landscape market is growing faster than GDP, with consumers investing in their exteriors as extensions of their homes. In our view, SiteOne has an experienced management team with a strong M&A track record at larger public companies and a stock price that is valued at a discount to other dominant distributors, reflecting room for growth.

Industrials 3.3%

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., U.K., and other countries. It provides child care and early education services under multi-year contracts in both its own centers and in sponsor-owned centers.
We think Bright Horizons has an attractive business model, characterized by high revenue and earnings visibility, low capital intensity, superior ROI, and solid cash flows. We think the company should benefit from increases in dual-income families and women in the workplace. Growth avenues include additional centers and backup services for new and existing clients, accretive acquisition or assumption of established centers in a highly fragmented market, geographic expansion, cross selling and expansion of new, higher-margin services, and greater center utilization.

Consumer Discretionary 3.1%

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 over 25,000 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 3.0%

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 2.9%

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 and Canada.
Due to high barriers to entry in the solid waste industry and the company’s avoidance of competitive urban markets, Waste Connections has been able to establish a monopoly in most areas in which it operates. More than half its revenue comes from long-term, exclusive agreements. The company has achieved best-in-class organic growth, supplemented by 2% to 4% acquisition growth, leading to strong free cash flow per share growth of around 10% a year. Management uses free cash flow for accretive acquisitions, share repurchases, and its dividend. 

Industrials 2.9%

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.
ASGN participates in segments of the professional staffing industry (scientific, IT/engineering, advertising, digital, creative, and marketing) that are experiencing robust secular growth. Focus on the non-commoditized high end of the market should allow the company to maintain industry-high organic growth rates and gross margins. We think it should benefit from increased U.S. outsourcing penetration and the shortage of skilled workers in its verticals as well. Its business model is characterized by robust operating margins and substantial free cash flow generation.

Industrials 2.8%

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.
TransDigm's parts are custom designed at the preproduction stage and are specifically approved by the Federal Aviation Administration and aircraft manufacturers. It is typically the sole supplier of 75% of the parts that it manufactures. While the company earns a modest return on original equipment parts, it earns large margins on after-market replacement parts on airframes that stay in service for decades, creating recurring cash flow used for acquisitions and shareholder dividends.

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.
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 2.6%

Total

31.9%

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

as of 09/30/19

Name Sector % of Net Assets

Guidewire Software, Inc.

Information Technology 4.5%

Gartner, Inc.

Information Technology 3.7%

Bright Horizons Family Solutions, Inc.

Consumer Discretionary 3.2%

SBA Communications Corp.

Real Estate 3.1%

SiteOne Landscape Supply, Inc.

Industrials 2.9%

Waste Connections, Inc.

Industrials 2.9%

ASGN Incorporated

Industrials 2.8%

IDEXX Laboratories, Inc.

Health Care 2.8%

ICON plc

Health Care 2.7%

TransDigm Group, Inc.

Industrials 2.7%

Floor & Decor Holdings, Inc.

Consumer Discretionary 2.6%

Aspen Technology, Inc.

Information Technology 2.5%

Americold Realty Trust

Real Estate 2.4%

WEX Inc.

Information Technology 2.3%

PRA Health Sciences, Inc.

Health Care 2.3%

Installed Building Products, Inc.

Consumer Discretionary 2.2%

The Trade Desk

Information Technology 2.2%

Teladoc Health Inc.

Health Care 2.1%

Mercury Systems, Inc.

Industrials 2.1%

Cognex Corp.

Information Technology 2.0%

John Bean Technologies Corporation

Industrials 1.9%

Wix.com Ltd.

Information Technology 1.8%

Clarivate Analytics Plc

Industrials 1.7%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.6%

The Madison Square Garden Company

Communication Services 1.5%

HealthEquity, Inc.

Health Care 1.5%

Mettler-Toledo International, Inc.

Health Care 1.4%

Cantel Medical Corp.

Health Care 1.2%

Cision Ltd.

Information Technology 1.2%

Planet Fitness Inc - Cl a

Consumer Discretionary 1.2%

Repay Holdings Corporation 144

Information Technology 1.2%

LiveRamp Holdings, Inc.

Information Technology 1.1%

Ceridian HCM Holding Inc.

Information Technology 1.1%

Liberty SiriusXM Group - Cl C

Communication Services 1.1%

RBC Bearings Incorporated

Industrials 1.1%

Trex Company, Inc.

Industrials 1.1%

DexCom, Inc.

Health Care 1.1%

Summit Materials, Inc.

Materials 1.0%

Ingevity Corporation

Materials 1.0%

Dechra Pharmaceuticals PLC

Health Care 0.9%

Hudson Ltd. Cl - A

Consumer Discretionary 0.9%

Altair Engineering Inc.

Information Technology 0.9%

The Cheesecake Factory, Inc.

Consumer Discretionary 0.9%

Berry Global Group, Inc.

Materials 0.8%

Liberty Media Corp. - Liberty Formula One Cl C

Communication Services 0.8%

Silk Road Medical, Inc.

Health Care 0.8%

Helios Technologies, Inc.

Industrials 0.8%

Liberty Broadband Corporation - Cl C

Communication Services 0.7%

Houlihan Lokey, Inc.

Financials 0.7%

Raven Industries Inc

Industrials 0.7%

Ollie's Bargain Outlet Holdings, Inc.

Consumer Discretionary 0.6%

OneSpa World, Inc. - 144 - Common

Consumer Discretionary 0.6%

Endava plc -ADR

Information Technology 0.6%

Moelis & Company

Financials 0.6%

BJ's Restaurants, Inc.

Consumer Discretionary 0.6%

Nordson Corp.

Industrials 0.6%

Advanced Drainage Systems, Inc.

Industrials 0.5%

Gaming and Leisure Properties, Inc.

Real Estate 0.5%

Inspire Medical Systems, Inc.

Health Care 0.5%

Guardant Health, Inc.

Health Care 0.4%

OneSpa World, Inc.

Consumer Discretionary 0.4%

Yext, Inc.

Information Technology 0.4%

Univar Inc.

Industrials 0.4%

Abcam plc

Health Care 0.4%

Liberty Broadband Corporation - Cl A

Communication Services 0.3%

Neogen Corp.

Health Care 0.3%

Revolve Group LLC - Class a

Consumer Discretionary 0.3%

The RealReal, Inc.

Consumer Discretionary 0.3%

Adaptive Biotechnologies Corporation

Health Care 0.2%

Pagerduty, Inc.

Information Technology 0.2%

SL Green Realty Corp.

Real Estate 0.2%

Wingstop Inc.

Consumer Discretionary 0.1%

Repay Holdings Corporation - Warrants (Restricted)

Information Technology 0.1%

OneSpa World, Inc.- Warrants (Restricted)

Consumer Discretionary 0.0%

GICS SECTOR BREAKDOWN

As of 10/31/19

As of 10/31/19

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

Contributors/Detractors

Quarterly as of 09/30/19

Top Contributors Average Weight Contribution
Floor & Decor Holdings, Inc. 2.23% 0.46%
TransDigm Group, Inc. 2.54% 0.34%
Repay Holdings Corporation 0.99% 0.32%
Americold Realty Trust 2.18% 0.29%
Mercury Systems, Inc. 1.96% 0.24%

Quarterly as of 09/30/19

Top Detractors Average Weight Contribution
2U, Inc. 0.37% -0.59%
Cision Ltd. 1.27% -0.56%
The Trade Desk 2.93% -0.55%
GTT Communications, Inc. 0.34% -0.53%
John Bean Technologies Corporation 2.12% -0.40%

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.