Prices & Performance

Prices

as of 04/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$21.81 -$0.65 -2.89% -7.66% -7.66% -29.21%

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
BSFIX - Baron Small Cap Fund - I -3.80% -3.80% 7.55% 12.95% 9.05% 12.66% 10.06% 1.05% 1.05%
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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

as of 03/31/20

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BSFIX - Baron Small Cap Fund - I -23.34% -16.05% 4.08% 3.93% 9.47% 8.91% 1.05% 1.05%
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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

as of 03/31/20

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Year Baron Small Cap Fund Russell 2000 Growth Index S&P 500 Index
2019 34.87% 28.48% 31.49%
2018 -7.13% -9.31% -4.38%
2017 27.45% 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.

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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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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 $30.59
11/28/2018 11/29/2018 11/30/2018 $0.0000 $0.0000 $0.0000 $2.6130 $2.6130 $28.26 -7.13%
11/27/2017 11/28/2017 11/29/2017 $0.0000 $0.0000 $0.0000 $3.8460 $3.8460 $29.03 27.45%
11/28/2016 11/29/2016 11/30/2016 $0.0000 $0.0000 $0.0000 $5.6812 $5.6812 $26.26 10.26%
12/02/2015 12/03/2015 12/04/2015 $0.0000 $0.0000 $0.0000 $3.4129 $3.4129 $29.11 -5.01%
12/01/2014 12/02/2014 12/03/2014 $0.0000 $0.0000 $0.0000 $2.0346 $2.0346 $33.29 1.95%
11/25/2013 11/26/2013 11/27/2013 $0.0000 $0.0000 $0.0000 $1.2843 $1.2843 $33.90 38.10%
11/28/2012 11/29/2012 11/30/2012 $0.0000 $0.0000 $0.0000 $0.8010 $0.8010 $25.88 18.30%
06/22/2012 06/25/2012 06/26/2012 $0.0000 $0.0000 $0.0000 $0.0130 $0.0130 $24.25 18.30%
11/28/2011 11/29/2011 11/30/2011 $0.0000 $0.0000 $0.0000 $0.4560 $0.4560 $22.24 -1.37%
05/27/2009 05/28/2009 05/29/2009 $0.0000 $0.0000 $0.0000 $0.0010 $0.0010 $15.18 35.47%
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 12/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 16.59 15.70 15.80
Sharpe Ratio 0.92 0.62 0.79
Alpha (%) 4.43 2.35 1.70
Beta 0.96 0.89 0.86
R-Squared (%) 92.96 91.36 92.07
Tracking Error (%) 4.44 4.99 5.12
Information Ratio 0.99 0.30 0.00
Upside Capture (%) 103.76 91.30 88.04
Downside Capture (%) 82.25 80.08 80.77

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

 
NAV $21.81
Daily Change ($) -$0.65
Daily Change (%) -2.89%
MTD -7.66%
QTD -7.66%
YTD -29.21%
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BSFIX - Baron Small Cap Fund - I Russell 2000 Growth Index S&P 500 Index
QTD1 -3.80% -8.24% -8.27%
YTD1 -3.80% -8.24% -8.27%
1 Year 7.55% -0.72% 8.19%
3 Years 12.95% 7.85% 9.87%
5 Years 9.05% 6.48% 9.23%
10 Years 12.66% 12.07% 12.65%
Since Inception 10.06% 5.89% 7.21%
Expense Ratio2 - Gross 1.05%
Expense Ratio2 - Net 1.05%

*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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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BSFIX - Baron Small Cap Fund - I Russell 2000 Growth Index S&P 500 Index
YTD1 -23.34% -25.76% -19.60%
1 Year -16.05% -18.58% -6.98%
3 Years 4.08% 0.10% 5.10%
5 Years 3.93% 1.70% 6.73%
10 Years 9.47% 8.89% 10.53%
Since Inception 8.91% 4.88% 6.56%
Expense Ratio2 - Gross 1.05%
Expense Ratio2 - Net 1.05%

*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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

as of 12/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 16.59 15.70 15.80
Sharpe Ratio 0.92 0.62 0.79
Alpha (%) 4.43 2.35 1.70
Beta 0.96 0.89 0.86
R-Squared (%) 92.96 91.36 92.07
Tracking Error (%) 4.44 4.99 5.12
Information Ratio 0.99 0.30 0.00
Upside Capture (%) 103.76 91.30 88.04
Downside Capture (%) 82.25 80.08 80.77

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Small Cap Fund's(BSFIX) 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 34.87% 28.48% 31.49%
2018 -7.13% -9.31% -4.38%
2017 27.45% 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.

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.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009, did not reflect this fee, the returns would be higher.

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 $30.59 $28.26 $29.03 $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% 27.45% 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 12/31/19

Baron Small Cap Fund Russell 2000 Growth Index
Net Assets$4.08 billion
# of Equity Securities / % of Net Assets72 / 97.5%
Turnover (3 Year Average)18.46%
Active Share93.7%
Median Market Cap$3.79 billion$0.92 billion
Weighted Average Market Cap$8.66 billion$2.75 billion
EPS Growth (3-5 year forecast)14.9%17.0%
Price/Earnings Ratio (trailing 12-month)32.523.9
Price/Book Ratio4.33.8
Price/Sales Ratio3.01.6
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 02/29/20

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 4.3%

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 3.4%

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 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 3.0%

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 2.8%

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 2.8%

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 2.8%

Floor & Decor Holdings, Inc.

Floor & Decor Holdings, Inc. (FND) is a specialty retailer of hard-surface flooring (tile, vinyl, wood, stone, and laminate) and accessories in the U.S. By sourcing directly from vendors, Floor & Decor can sell at low prices. It operates 113 low-cost warehouse stores catering to professional contractors.
We view Floor & Decor as a differentiated, high-growth retailer offering a broader assortment of low-cost quantities than its competitors. The company currently holds a 8% market share in the highly fragmented, $21 billion U.S. hard-surface flooring market, where we think it will continue to gain share. We believe the replacement of carpet with hard-surface flooring, which we see as a secular shift in the flooring industry, will aid growth. The company has delivered exceptional compound growth for years, and we are excited about its plan to expand from 113 stores to 400.

Consumer Discretionary 2.7%

Installed Building Products, Inc.

Installed Building Products, Inc. (IBP) is the second largest residential insulation installer in the U.S., with 27% market share. The company also installs complementary building products, including garage doors, shower doors, closet shelving, mirrors, and rain gutters.
Installed Building Products is a high growth company that is poised to benefit from the ongoing recovery in U.S. residential construction and non-residential construction end markets, in our view. Its sustainable cost advantage enables it to grow faster than the market through share gains and accretive acquisitions and mitigates disintermediation risk. We believe the company can compound EBITDA at 15-20%+ per year and double it in the next four to five years. The management team is talented and owns significant stock.

Consumer Discretionary 2.6%

Waste Connections, Inc.

Waste Connections, Inc. (WCN) is an integrated solid-waste services company that provides 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 2.3%

Total

30.0%

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

as of 12/31/19

Name Sector % of Net Assets

Guidewire Software, Inc.

Information Technology 4.0%

Gartner, Inc.

Information Technology 3.8%

SBA Communications Corp.

Real Estate 3.0%

ASGN Incorporated

Industrials 3.0%

ICON plc

Health Care 3.0%

Bright Horizons Family Solutions, Inc.

Consumer Discretionary 3.0%

SiteOne Landscape Supply, Inc.

Industrials 2.9%

Waste Connections, Inc.

Industrials 2.7%

Floor & Decor Holdings, Inc.

Consumer Discretionary 2.5%

Installed Building Products, Inc.

Consumer Discretionary 2.5%

PRA Health Sciences, Inc.

Health Care 2.5%

IDEXX Laboratories, Inc.

Health Care 2.4%

Aspen Technology, Inc.

Information Technology 2.4%

TransDigm Group, Inc.

Industrials 2.3%

WEX Inc.

Information Technology 2.3%

Americold Realty Trust

Real Estate 2.1%

The Trade Desk

Information Technology 2.1%

Teladoc Health Inc.

Health Care 2.1%

John Bean Technologies Corporation

Industrials 2.0%

Cognex Corp.

Information Technology 2.0%

HealthEquity, Inc.

Health Care 1.8%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.8%

Mercury Systems, Inc.

Industrials 1.7%

DexCom, Inc.

Health Care 1.6%

The Madison Square Garden Company

Communication Services 1.6%

Clarivate Analytics Plc

Industrials 1.6%

Planet Fitness Inc - Cl a

Consumer Discretionary 1.5%

Wix.com Ltd.

Information Technology 1.5%

Mettler-Toledo International, Inc.

Health Care 1.5%

Ceridian HCM Holding Inc.

Information Technology 1.4%

Repay Holdings Corporation 144

Information Technology 1.3%

LiveRamp Holdings, Inc.

Information Technology 1.2%

Liberty Media Corp. Liberty SiriusXM - Cl C

Communication Services 1.2%

Hudson Ltd. Cl - A

Consumer Discretionary 1.1%

Cantel Medical Corp.

Health Care 1.0%

Trex Company, Inc.

Industrials 1.0%

Ingevity Corporation

Materials 1.0%

Silk Road Medical, Inc.

Health Care 1.0%

Ollie's Bargain Outlet Holdings, Inc.

Consumer Discretionary 1.0%

Altair Engineering Inc.

Information Technology 0.9%

Dechra Pharmaceuticals PLC

Health Care 0.9%

Berry Global Group, Inc.

Materials 0.9%

RBC Bearings Incorporated

Industrials 0.9%

Summit Materials, Inc.

Materials 0.9%

Liberty Media Corp. - Liberty Formula One Cl C

Communication Services 0.8%

Liberty Broadband Corporation - Cl C

Communication Services 0.8%

The Cheesecake Factory, Inc.

Consumer Discretionary 0.8%

Helios Technologies, Inc.

Industrials 0.8%

Endava plc -ADR

Information Technology 0.7%

Houlihan Lokey, Inc.

Financials 0.7%

Raven Industries Inc

Industrials 0.6%

OneSpa World, Inc. - 144 - Common

Consumer Discretionary 0.6%

Advanced Drainage Systems, Inc.

Industrials 0.6%

BJ's Restaurants, Inc.

Consumer Discretionary 0.6%

Moelis & Company

Financials 0.6%

Guardant Health, Inc.

Health Care 0.5%

Inspire Medical Systems, Inc.

Health Care 0.5%

Univar Inc.

Industrials 0.5%

Kinsale Capital Group, Inc.

Financials 0.5%

ChaSerg Technology Acquisition Corp.

Unclassified 0.5%

GS Acquisition Holdings Corp

Unclassified 0.5%

Quaker Chemical Corporation

Materials 0.4%

Yext, Inc.

Information Technology 0.4%

OneSpa World, Inc.

Consumer Discretionary 0.4%

PolyOne Corporation

Materials 0.4%

Gaming and Leisure Properties, Inc.

Real Estate 0.3%

Liberty Broadband Corporation - Cl A

Communication Services 0.3%

Abcam plc

Health Care 0.3%

Neogen Corp.

Health Care 0.3%

The RealReal, Inc.

Consumer Discretionary 0.3%

BRP Group, Inc.

Financials 0.3%

Adaptive Biotechnologies Corporation

Health Care 0.2%

Revolve Group LLC - Class a

Consumer Discretionary 0.2%

Repay Holdings Corporation - Warrants (Restricted)

Information Technology 0.1%

Wingstop Inc.

Consumer Discretionary 0.1%

OneSpa World, Inc.- Warrants (Restricted)

Consumer Discretionary 0.0%

GICS SECTOR BREAKDOWN

As of 02/29/20

As of 02/29/20

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.