Prices & Performance

Prices

as of 04/22/19

scroll to view all
NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$31.45 $0.14 0.45% 2.38% 2.38% 26.10%

Performance

 

as of 02/28/19

scroll to view all
QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BSCUX - Baron Small Cap Fund - R6 20.65% 20.65% 9.80% 20.22% 8.54% 17.03% 10.18% 1.05% 1.05%
Russell 2000 Growth Index 18.75% 18.75% 6.70% 18.27% 8.16% 17.69% 6.21%
S&P 500 Index 11.48% 11.48% 4.68% 15.28% 10.67% 16.67% 7.16%

1Not annualized.

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

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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 03/31/19

scroll to view all
YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BSCUX - Baron Small Cap Fund - R6 23.18% 11.17% 18.22% 9.45% 16.37% 10.24% 1.05% 1.05%
Russell 2000 Growth Index 17.14% 3.85% 14.87% 8.41% 16.52% 6.12%
S&P 500 Index 13.65% 9.50% 13.51% 10.91% 15.92% 7.23%

1Not annualized.

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

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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 03/31/19

scroll to view all
Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
2018 -7.13% -9.31% -4.38%
2017 27.41% 22.17% 21.83%
2016 10.26% 11.32% 11.96%
2015 -5.01% -1.38% 1.38%
2014 1.95% 5.60% 13.69%
2013 38.10% 43.30% 32.39%
2012 18.30% 14.59% 16.00%
2011 -1.37% -2.91% 2.11%
2010 23.79% 29.09% 15.06%
2009 35.47% 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.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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.

scroll to view all
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 $28.25 -7.13%
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $3.846 $3.846 $29.02 27.41%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $5.681 $5.681 $26.26 10.26%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $3.413 $3.413 $29.11 -5.01%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $2.035 $2.035 $33.29 1.95%
11/25/2013 11/26/2013 11/27/2013 $0.000 $0.000 $0.000 $1.284 $1.284 $33.90 38.10%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.000 $0.801 $0.801 $25.88 18.30%
06/22/2012 06/25/2012 06/26/2012 $0.000 $0.000 $0.000 $0.013 $0.013 $24.25 18.30%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.456 $0.456 $22.24 -1.37%
05/27/2009 05/28/2009 05/29/2009 $0.000 $0.000 $0.000 $0.001 $0.001 $15.18 35.47%
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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.22 15.37 16.07
Sharpe Ratio 1.12 0.57 0.99
Alpha (%) 4.69 2.06 2.19
Beta 0.88 0.86 0.84
R-Squared (%) 88.44 90.72 92.16
Tracking Error (%) 5.53 5.27 5.33
Information Ratio 0.61 0.20 -0.03
Upside Capture (%) 96.29 87.47 87.47
Downside Capture (%) 71.73 77.74 78.31

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

 
NAV $31.45
Daily Change ($) $0.14
Daily Change (%) 0.45%
MTD 2.38%
QTD 2.38%
YTD 26.10%
scroll to view all
BSCUX - Baron Small Cap Fund - R6 Russell 2000 Growth Index S&P 500 Index
QTD1 20.65% 18.75% 11.48%
YTD1 20.65% 18.75% 11.48%
1 Year 9.80% 6.70% 4.68%
3 Years 20.22% 18.27% 15.28%
5 Years 8.54% 8.16% 10.67%
10 Years 17.03% 17.69% 16.67%
Since Inception 10.18% 6.21% 7.16%
Expense Ratio2 - Gross 1.05%
Expense Ratio2 - Net 1.05%

*As of 02/28/19

*Annualized as of 03/31/19

1Not annualized.

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

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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.

scroll to view all
BSCUX - Baron Small Cap Fund - R6 Russell 2000 Growth Index S&P 500 Index
YTD1 23.18% 17.14% 13.65%
1 Year 11.17% 3.85% 9.50%
3 Years 18.22% 14.87% 13.51%
5 Years 9.45% 8.41% 10.91%
10 Years 16.37% 16.52% 15.92%
Since Inception 10.24% 6.12% 7.23%
Expense Ratio2 - Gross 1.05%
Expense Ratio2 - Net 1.05%

*As of 03/31/19

*Annualized as of 03/31/19

1Not annualized.

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

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.22 15.37 16.07
Sharpe Ratio 1.12 0.57 0.99
Alpha (%) 4.69 2.06 2.19
Beta 0.88 0.86 0.84
R-Squared (%) 88.44 90.72 92.16
Tracking Error (%) 5.53 5.27 5.33
Information Ratio 0.61 0.20 -0.03
Upside Capture (%) 96.29 87.47 87.47
Downside Capture (%) 71.73 77.74 78.31

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

as of 03/31/19

scroll to view all
Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
2018 -7.13% -9.31% -4.38%
2017 27.41% 22.17% 21.83%
2016 10.26% 11.32% 11.96%
2015 -5.01% -1.38% 1.38%
2014 1.95% 5.60% 13.69%
2013 38.10% 43.30% 32.39%
2012 18.30% 14.59% 16.00%
2011 -1.37% -2.91% 2.11%
2010 23.79% 29.09% 15.06%
2009 35.47% 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.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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 $28.25 $29.02 $26.26 $29.11 $33.29 $33.90 $25.88 $24.25 $22.24 $15.18 $23.79 $22.66 $22.70 $20.62 $13.74 $14.26
Calendar-Yr Return -7.13% 27.41% 10.26% -5.01% 1.95% 38.10% 18.30% 18.30% -1.37% 35.47% 11.69% 11.83% 8.34% 22.16% -9.66% -17.53%

Portfolio Characteristics

 

as of 03/31/19

Baron Small Cap Fund Russell 2000 Growth Index
Net Assets$4.07 billion
# of Equity Securities / % of Net Assets70 / 97.9%
Turnover (3 Year Average)17.33%
Active Share92.7%
Median Market Cap$3.99 billion$0.86 billion
Weighted Average Market Cap$7.79 billion$2.65 billion
EPS Growth (3-5 year forecast)22.6%16.7%
Price/Earnings Ratio (trailing 12-month)26.420.2
Price/Book Ratio4.43.4
Price/Sales Ratio2.71.5
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 03/31/19

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.
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 4.3%

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%

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 3.1%

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 the majority of the areas in which it operates. More than half of its revenue comes from these long-term, exclusive agreements. The company has achieved best-in-class organic growth in its existing markets, along with leading margins. The acquisition of Progressive Waste brings new growth opportunities and significant synergies, in our view.

Industrials 3.0%

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.
The Trade Desk benefits from a visionary founder and CEO Jeff Green, who has built a unique culture of excellence and customer focus, in our view. As advertising becomes increasingly more digital and automated, we expect The Trade Desk to remain the key vendor to ad agencies engaged in such efforts. We estimate the company has 10% market share in programmatic ad buying, which uses software to purchase digital advertising. Programmatic buying today represents only $10 billion out of $640 billion in global advertising.

Information Technology 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.
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 2.7%

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 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 2.7%

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 2.6%

PRA Health Sciences, Inc.

PRA Health Sciences, Inc. (PRAH) is one of the world's largest Contract Research Organizations (CROs) by revenue, providing clinical development services to the biotechnology and pharmaceutical industries. The company provides Phase I - IV services, as well as embedded and functional outsourcing services.
As drug trials become increasingly complex, we think top-tier global CROs like PRA will benefit as biopharmaceutical companies trim vendor lists and establish stickier strategic relationships. The outsourcing trend is accelerating, driven by Big Pharma's need for a lower, more variable cost structure and lack of biotech infrastructure. With expertise in oncology, the central nervous system, inflammation, and infectious diseases, PRA has performed over 2,300 trials since 2000, and we think it is well-positioned to take share from smaller niche players.

Health Care 2.4%

Total

30.2%

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

as of 03/31/19

Name Sector % of Net Assets

Gartner, Inc.

Information Technology 4.3%

Guidewire Software, Inc.

Information Technology 3.9%

TransDigm Group, Inc.

Industrials 3.1%

Waste Connections, Inc.

Industrials 3.0%

The Trade Desk

Information Technology 2.8%

SBA Communications Corp.

Real Estate 2.7%

ASGN Incorporated

Industrials 2.7%

IDEXX Laboratories, Inc.

Health Care 2.7%

Bright Horizons Family Solutions, Inc.

Consumer Discretionary 2.6%

PRA Health Sciences, Inc.

Health Care 2.4%

ICON plc

Health Care 2.4%

Cognex Corp.

Information Technology 2.2%

2U, Inc.

Information Technology 2.2%

SiteOne Landscape Supply, Inc.

Industrials 2.2%

GTT Communications, Inc.

Information Technology 2.1%

WEX Inc.

Information Technology 2.1%

Aspen Technology, Inc.

Information Technology 2.1%

The Ultimate Software Group, Inc.

Information Technology 2.0%

Floor & Decor Holdings, Inc.

Consumer Discretionary 2.0%

Cision Ltd.

Information Technology 2.0%

Wix.com Ltd.

Information Technology 1.9%

Teladoc Health Inc.

Health Care 1.8%

Installed Building Products, Inc.

Consumer Discretionary 1.8%

Americold Realty Trust

Real Estate 1.8%

John Bean Technologies Corporation

Industrials 1.8%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.7%

The Madison Square Garden Company

Communication Services 1.6%

Mercury Systems, Inc.

Industrials 1.6%

HealthEquity, Inc.

Health Care 1.6%

Mettler-Toledo International, Inc.

Health Care 1.4%

Planet Fitness Inc - Cl a

Consumer Discretionary 1.4%

LiveRamp Holdings, Inc.

Information Technology 1.3%

Churchill Capital Corp. Cl

Unclassified 1.2%

Ceridian HCM Holding Inc.

Information Technology 1.1%

Cantel Medical Corp.

Health Care 1.1%

Berry Global Group, Inc.

Materials 1.1%

Gaming and Leisure Properties, Inc.

Real Estate 1.0%

The Cheesecake Factory, Inc.

Consumer Discretionary 1.0%

Altair Engineering Inc.

Information Technology 1.0%

Liberty SiriusXM Group - Cl C

Communication Services 1.0%

Hudson Ltd. Cl - A

Consumer Discretionary 1.0%

Univar Inc.

Industrials 0.9%

Dechra Pharmaceuticals PLC

Health Care 0.9%

Ingevity Corporation

Materials 0.9%

DexCom, Inc.

Health Care 0.9%

RBC Bearings Incorporated

Industrials 0.8%

Sun Hydraulics Corporation

Industrials 0.8%

Moelis & Company

Financials 0.8%

Summit Materials, Inc.

Materials 0.8%

Yext, Inc.

Information Technology 0.8%

Liberty Media Corp. - Liberty Formula One Cl C

Communication Services 0.7%

Liberty Broadband Corporation - Cl C

Communication Services 0.7%

Guardant Health, Inc.

Health Care 0.7%

Houlihan Lokey, Inc.

Financials 0.7%

Raven Industries Inc

Industrials 0.6%

Qualys, Inc.

Information Technology 0.6%

BJ's Restaurants, Inc.

Consumer Discretionary 0.6%

Nordson Corp.

Industrials 0.5%

Cboe Global Markets, Inc.

Financials 0.5%

Abcam plc

Health Care 0.5%

Orion Engineered Carbons S.A.

Materials 0.5%

OneSpa World, Inc. - 144

Consumer Discretionary 0.5%

Ollie’s Bargain Outlet Holdings, Inc.

Consumer Discretionary 0.5%

Party City Holdco Inc.

Consumer Discretionary 0.4%

Wingstop Inc.

Consumer Discretionary 0.3%

OneSpa World, Inc.

Consumer Discretionary 0.3%

Neogen Corp.

Health Care 0.3%

SL Green Realty Corp.

Real Estate 0.2%

Liberty Broadband Corporation - Cl A

Communication Services 0.2%

Covetrus, Inc.

Health Care 0.1%

Inspire Medical Systems, Inc.

Health Care 0.1%

Camping World Holdings, Inc.

Consumer Discretionary 0.1%

OneSpa World, Inc.- Warrants (Restricted)

Consumer Discretionary 0.0%

GICS SECTOR BREAKDOWN

As of 03/31/19

As of 03/31/19

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

Contributors/Detractors

Quarterly as of 03/31/19

Top Contributors Average Weight Contribution
The Trade Desk 2.82% 1.63%
TransDigm Group, Inc. 3.17% 1.01%
Ultimate Software Group, Inc. 2.68% 0.89%
Floor & Decor Holdings, Inc. 1.79% 0.89%
Guidewire Software, Inc. 3.82% 0.83%

Quarterly as of 03/31/19

Top Detractors Average Weight Contribution
Hudson Ltd. 1.10% -0.34%
Orion Engineered Carbons S.A. 0.65% -0.15%
Cantel Medical Corp. 1.29% -0.12%
Party City Holdco Inc. 0.64% -0.04%
BJ's Restaurants, Inc. 0.61% -0.04%

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.