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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 Adviser has reimbursed certain fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Energy and Resources Fund, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' transfer agency expenses may be reduced by 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.

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.

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Name Asset Class YTD 1YR 3YR 5YR 10YR Since Inception Expense Ratio
Gross Net
Baron Discovery Fund (BDFIX) S 21.07% 23.52% 31.52% 12.36% N/A 16.50% 1.12% 1.10%
Russell 2000 Growth Index 18.75% 6.70% 18.27% 8.16% N/A 9.69%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% N/A 12.05%

Description

The Fund invests primarily in small-sized U.S. companies. It invests in a select number of high-growth businesses that tend to be in an early phase of their lifecycles. Diversified.

Laird Bieger Portfolio Manager since 2013

Randolph Gwirtzman Portfolio Manager since 2013

Morningstar Rating

Overall (out of 583 Funds)

5 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Small Growth

Baron Growth Fund (BGRIX) S 18.85% 14.53% 18.66% 9.07% 17.68% 13.17% 1.03% 1.03%
Russell 2000 Growth Index 18.75% 6.70% 18.27% 8.16% 17.69% 8.07%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% 16.67% 9.84%

Description

The Fund invests in small-sized U.S. companies with significant growth potential. Diversified.

Ron Baron Portfolio Manager since 1982

Neal Rosenberg Portfolio Manager since 2006

Morningstar Rating

Overall (out of 542 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Small Cap Fund (BSFIX) S 20.64% 9.79% 20.22% 8.54% 17.03% 10.18% 1.04% 1.04%
Russell 2000 Growth Index 18.75% 6.70% 18.27% 8.16% 17.69% 6.21%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% 16.67% 7.16%

Description

The Fund invests in small-sized U.S. companies with significant growth potential. Investments include fallen angels with strong long-term franchises that have disappointed investors, and special situations where lack of investor awareness creates opportunities. Diversified.

Cliff Greenberg Portfolio Manager since 1997

Morningstar Rating

Overall (out of 583 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Small Growth

Baron Focused Growth Fund (BFGIX) S-M 11.21% 11.74% 16.87% 7.98% 15.76% 11.16% 1.12% 1.10%
Russell 2500 Growth Index 19.28% 8.69% 18.59% 9.30% 18.60% 8.08%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% 16.67% 8.50%

Description

This is a focused Fund that invests mainly in small- and mid-sized U.S. companies with significant growth potential. A substantial percentage of the Fund's assets are in its top 10 holdings. Non-diversified.

Ron Baron Portfolio Manager since 1982

David Baron Portfolio Manager since 2005

Morningstar Rating

Overall (out of 542 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Asset Fund (BARIX) M 16.44% 13.02% 19.67% 10.71% 18.06% 11.62% 1.04% 1.04%
Russell Midcap Growth Index 18.03% 9.85% 17.20% 10.18% 18.52% 10.16%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% 16.67% 9.68%

Description

The Fund invests mainly in mid-sized U.S. companies that have matured beyond their start-up phase and have significant secular growth opportunities. Diversified.

Andrew Peck Portfolio Manager since 2003

Morningstar Rating

Overall (out of 542 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Durable Advantage Fund (BDAIX) L 11.26% -0.71% N/A N/A N/A 2.70% 5.71% 0.70%
S&P 500 Index 11.48% 4.68% N/A N/A N/A 5.63%

Description

The Fund invests mainly in large-sized U.S. companies with competitive advantages. The strategy emphasizes businesses with excess free cash flow that can be returned to shareholders. Diversified.

Alex Umansky Portfolio Manager since 2011

Baron Fifth Avenue Growth Fund (BFTIX) L 14.81% 6.16% 21.78% 12.11% 17.94% 9.19% 0.82% 0.75%
Russell 1000 Growth Index 12.89% 6.62% 17.99% 12.63% 18.19% 9.70%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% 16.67% 8.64%

Description

The Fund invests mainly in large-sized U.S. companies with significant growth potential and competitive advantages. Diversified.

Alex Umansky Portfolio Manager since 2011

Morningstar Rating

Overall (out of 1247 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Large Growth

Baron Opportunity Fund (BIOIX) A 17.78% 16.44% 25.83% 10.12% 18.98% 7.13% 1.11% 1.11%
Russell 3000 Growth Index 13.31% 6.63% 18.00% 12.28% 18.15% 4.41%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% 16.67% 5.86%

Description

The Fund invests primarily in high-growth businesses of any market capitalization benefiting from innovation through development of pioneering, transformative, or technologically advanced products and services. Diversified.

Michael Lippert Portfolio Manager since 2006

Morningstar Rating

Overall (out of 1247 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Large Growth

Baron Partners Fund (BPTIX) A 17.93% 9.90% 22.14% 10.02% 19.38% 12.96% 1.53% 1.53%
Russell Midcap Growth Index 18.03% 9.85% 17.20% 10.18% 18.52% 9.81%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% 16.67% 9.54%

Description

This is a focused Fund that invests mainly in U.S. companies of any size with significant growth potential. A substantial percentage of the Fund's assets are in its top 10 holdings. It also uses leverage. Non-diversified.

Ron Baron Portfolio Manager since 1982

Michael Baron Portfolio Manager since 2004

Morningstar Rating

Overall (out of 542 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Emerging Markets Fund (BEXIX) IN 9.70% -12.12% 12.33% 3.57% N/A 4.41% 1.10% 1.10%
MSCI EM Index 9.01% -9.89% 15.04% 4.13% N/A 1.30%
MSCI EM IMI Growth Index 9.90% -12.84% 14.10% 4.50% N/A 2.10%

Description

The Fund invests primarily in emerging market companies of all sizes with significant growth potential. The Fund may invest up to 20% in companies in developed and frontier countries. Diversified.

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 708 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Diversified Emerging Mkts

Baron Global Advantage Fund (BGAIX) IN 20.13% 7.22% 24.14% 11.68% N/A 13.78% 1.59% 0.90%
MSCI ACWI Index 10.78% -0.84% 12.87% 6.28% N/A 8.62%
MSCI ACWI Growth Index 11.90% -0.05% 14.07% 7.89% N/A 9.71%

Description

The Fund invests mainly in growth companies of all sizes located throughout the world. Diversified.

Alex Umansky Portfolio Manager since 2011

Morningstar Rating

Overall (out of 729 Funds)

5 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund World Large Stock

Baron International Growth Fund (BINIX) IN 14.20% -9.03% 11.85% 5.09% 12.08% 10.79% 1.13% 0.95%
MSCI ACWI ex USA Index 9.66% -6.46% 10.72% 2.50% 9.63% 7.43%
MSCI ACWI ex USA IMI Growth Index 10.57% -6.59% 10.36% 3.69% 10.36% 8.41%

Description

The Fund invests mainly in non-U.S. companies of any size with significant growth potential. The Fund invests principally in companies in developed countries. Diversified.

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 364 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Foreign Large Growth

Baron Energy and Resources Fund (BENIX) SCT 1.44% -21.20% 0.30% -12.50% N/A -6.18% 0.42% 0.10%
S&P North American Natural Resources Sector Index 14.26% -2.29% 7.77% -4.15% N/A -0.40%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% N/A 14.10%

Description

On February 8, 2019, the Board of Trustees of Baron Select Funds voted to close and liquidate Baron Energy and Resources Fund. For more information, see the Portfolio Update included in the Fund's "Documents" section.

James H. Stone Portfolio Manager since 2011

Morningstar Rating

Overall (out of 91 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Equity Energy

Baron Health Care Fund (BHCHX) SCT 14.69% N/A N/A N/A N/A N/A 1.71% 0.85%
Russell 3000 Health Care Index 8.10% N/A N/A N/A N/A N/A
S&P 500 Index 11.48% N/A N/A N/A N/A N/A

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman Portfolio Manager since 2018

Baron Real Estate Fund (BREIX) SCT 17.87% -2.14% 11.08% 4.47% N/A 13.10% 1.06% 1.06%
MSCI USA IMI Extended Real Estate Index 13.22% 8.19% 10.89% 8.21% N/A 12.04%
MSCI US REIT Index 12.39% 19.80% 6.95% 7.04% N/A 10.37%
S&P 500 Index 11.48% 4.68% 15.28% 10.67% N/A 12.83%

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch Portfolio Manager since 2009

Baron Real Estate Income Fund (BRIIX) SCT 14.55% 11.63% N/A N/A N/A 1.64% 1.71% 0.80%
MSCI US REIT Index 12.39% 19.80% N/A N/A N/A 4.99%

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch Portfolio Manager since 2009

Baron WealthBuilder Fund (BWBIX) FF 16.68% 6.58% N/A N/A N/A 7.87% 1.88% 1.16%
S&P 500 Index 11.48% 4.68% N/A N/A N/A 5.63%
MSCI ACWI Index 10.78% -0.84% N/A N/A N/A 0.30%

Description

The Fund invests exclusively in other Baron mutual funds.

Ron Baron Portfolio Manager since 1982

Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector FF=Fund of Funds

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 Adviser has reimbursed certain fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Energy and Resources Fund, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' transfer agency expenses may be reduced by 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.

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.

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Name Asset Class YTD 1YR 3YR 5YR 10YR Since Inception Expense Ratio
Gross Net
Baron Discovery Fund (BDFIX) S 0.64% 0.64% 18.50% 10.11% N/A 12.88% 1.12% 1.10%
Russell 2000 Growth Index -9.31% -9.31% 7.24% 5.13% N/A 6.47%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% N/A 10.15%
Morningstar Small Growth Category Average -5.76% -5.76% 8.47% 5.12% N/A N/A

Description

The Fund invests primarily in small-sized U.S. companies. It invests in a select number of high-growth businesses that tend to be in an early phase of their lifecycles. Diversified.

Laird Bieger Portfolio Manager since 2013

Randolph Gwirtzman Portfolio Manager since 2013

Morningstar Rating

Overall (out of 583 Funds)

5 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Small Growth

Baron Growth Fund (BGRIX) S -2.67% -2.67% 9.63% 5.76% 13.77% 12.46% 1.03% 1.03%
Russell 2000 Growth Index -9.31% -9.31% 7.24% 5.13% 13.52% 7.35%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% 13.12% 9.41%
Cap Growth Category Average -6.65% -6.65% 7.27% 5.61% 13.16% N/A

Description

The Fund invests in small-sized U.S. companies with significant growth potential. Diversified.

Ron Baron Portfolio Manager since 1982

Neal Rosenberg Portfolio Manager since 2006

Morningstar Rating

Overall (out of 542 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Small Cap Fund (BSFIX) S -7.13% -7.13% 9.28% 4.79% 13.07% 9.29% 1.04% 1.04%
Russell 2000 Growth Index -9.31% -9.31% 7.24% 5.13% 13.52% 5.41%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% 13.12% 6.68%
Morningstar Small Growth Category Average -5.76% -5.76% 8.47% 5.12% 13.36% N/A

Description

The Fund invests in small-sized U.S. companies with significant growth potential. Investments include fallen angels with strong long-term franchises that have disappointed investors, and special situations where lack of investor awareness creates opportunities. Diversified.

Cliff Greenberg Portfolio Manager since 1997

Morningstar Rating

Overall (out of 583 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Small Growth

Baron Focused Growth Fund (BFGIX) S-M 4.07% 4.07% 9.98% 5.95% 12.50% 10.72% 1.12% 1.10%
Russell 2500 Growth Index -7.47% -7.47% 8.11% 6.19% 14.76% 7.30%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% 13.12% 8.04%
Cap Growth Category Average -6.65% -6.65% 7.27% 5.61% 13.16% N/A

Description

This is a focused Fund that invests mainly in small- and mid-sized U.S. companies with significant growth potential. A substantial percentage of the Fund's assets are in its top 10 holdings. Non-diversified.

Ron Baron Portfolio Manager since 1982

David Baron Portfolio Manager since 2005

Morningstar Rating

Overall (out of 542 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Asset Fund (BARIX) M 0.14% 0.14% 10.49% 8.21% 14.07% 11.14% 1.04% 1.04%
Russell Midcap Growth Index -4.75% -4.75% 8.59% 7.42% 15.12% 9.64%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% 13.12% 9.36%
Cap Growth Category Average -6.65% -6.65% 7.27% 5.61% 13.16% N/A

Description

The Fund invests mainly in mid-sized U.S. companies that have matured beyond their start-up phase and have significant secular growth opportunities. Diversified.

Andrew Peck Portfolio Manager since 2003

Morningstar Rating

Overall (out of 542 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Durable Advantage Fund (BDAIX) L -7.28% -7.28% N/A N/A N/A -7.28% 5.71% 0.70%
S&P 500 Index -4.38% -4.38% N/A N/A N/A -4.38%
Morningstar Large Growth Category Average -2.09% -2.09% N/A N/A N/A N/A

Description

The Fund invests mainly in large-sized U.S. companies with competitive advantages. The strategy emphasizes businesses with excess free cash flow that can be returned to shareholders. Diversified.

Alex Umansky Portfolio Manager since 2011

Baron Fifth Avenue Growth Fund (BFTIX) L 1.39% 1.39% 11.98% 10.15% 14.26% 8.27% 0.82% 0.75%
Russell 1000 Growth Index -1.51% -1.51% 11.15% 10.40% 15.29% 8.91%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% 13.12% 7.94%
Morningstar Large Growth Category Average -2.09% -2.09% 8.98% 8.16% 13.74% N/A

Description

The Fund invests mainly in large-sized U.S. companies with significant growth potential and competitive advantages. Diversified.

Alex Umansky Portfolio Manager since 2011

Morningstar Rating

Overall (out of 1247 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Large Growth

Baron Opportunity Fund (BIOIX) A 8.35% 8.35% 13.36% 7.82% 15.95% 6.26% 1.11% 1.11%
Russell 3000 Growth Index -2.12% -2.12% 10.85% 9.99% 15.15% 3.76%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% 13.12% 5.30%
Morningstar Large Growth Category Average -2.09% -2.09% 8.98% 8.16% 13.74% N/A

Description

The Fund invests primarily in high-growth businesses of any market capitalization benefiting from innovation through development of pioneering, transformative, or technologically advanced products and services. Diversified.

Michael Lippert Portfolio Manager since 2006

Morningstar Rating

Overall (out of 1247 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Large Growth

Baron Partners Fund (BPTIX) A -1.75% -1.75% 10.56% 7.83% 14.96% 12.35% 1.53% 1.53%
Russell Midcap Growth Index -4.75% -4.75% 8.59% 7.42% 15.12% 9.20%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% 13.12% 9.16%
Cap Growth Category Average -6.65% -6.65% 7.27% 5.61% 13.16% N/A

Description

This is a focused Fund that invests mainly in U.S. companies of any size with significant growth potential. A substantial percentage of the Fund's assets are in its top 10 holdings. It also uses leverage. Non-diversified.

Ron Baron Portfolio Manager since 1982

Michael Baron Portfolio Manager since 2004

Morningstar Rating

Overall (out of 542 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Mid-Cap Growth

Baron Emerging Markets Fund (BEXIX) IN -18.49% -18.49% 6.06% 1.96% N/A 3.30% 1.10% 1.10%
MSCI EM Index -14.58% -14.58% 9.25% 1.65% N/A 0.24%
MSCI EM IMI Growth Index -18.44% -18.44% 7.70% 2.22% N/A 0.95%
Morningstar Diversified Emerging Mkts Category Average -16.07% -16.07% 6.99% 0.53% N/A N/A

Description

The Fund invests primarily in emerging market companies of all sizes with significant growth potential. The Fund may invest up to 20% in companies in developed and frontier countries. Diversified.

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 708 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Diversified Emerging Mkts

Baron Global Advantage Fund (BGAIX) IN -3.66% -3.66% 12.66% 8.20% N/A 11.05% 1.59% 0.90%
MSCI ACWI Growth Index -8.13% -8.13% 7.24% 5.72% N/A 8.13%
MSCI ACWI Index -9.42% -9.42% 6.60% 4.26% N/A 7.19%
Morningstar World Large Stock Category Average -9.64% -9.64% 5.69% 3.72% N/A N/A

Description

The Fund invests mainly in growth companies of all sizes located throughout the world. Diversified.

Alex Umansky Portfolio Manager since 2011

Morningstar Rating

Overall (out of 729 Funds)

5 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund World Large Stock

Baron International Growth Fund (BINIX) IN -17.68% -17.68% 4.64% 2.63% 9.52% 9.52% 1.13% 0.95%
MSCI ACWI ex USA Index -14.20% -14.20% 4.48% 0.68% 6.57% 6.57%
MSCI ACWI ex USA IMI Growth Index -14.96% -14.96% 4.01% 1.76% 7.47% 7.47%
Morningstar Foreign Large Growth Category Average -14.08% -14.08% 3.21% 1.38% 7.43% N/A

Description

The Fund invests mainly in non-U.S. companies of any size with significant growth potential. The Fund invests principally in companies in developed countries. Diversified.

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 364 Funds)

4 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Foreign Large Growth

Baron Energy and Resources Fund (BENIX) SCT -25.03% -25.03% -4.23% -12.12% N/A -6.51% 1.42% 1.10%
S&P North American Natural Resources Sector Index -21.07% -21.07% 1.50% -6.50% N/A -2.28%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% N/A 12.70%
Lipper Global Natural Resources Category Average -20.21% -20.21% 1.95% -6.64% N/A -2.76%

Description

On February 8, 2019, the Board of Trustees of Baron Select Funds voted to close and liquidate Baron Energy and Resources Fund. For more information, see the Portfolio Update included in the Fund's "Documents" section.

James H. Stone Portfolio Manager since 2011

Morningstar Rating

Overall (out of 91 Funds)

3 stars

Ratings based on risk-adjusted returns as of 12/31/2018
Category:US Fund Equity Energy

Baron Health Care Fund (BHCHX) SCT N/A N/A N/A N/A N/A N/A 1.71% 0.85%
Russell 3000 Health Care Index N/A N/A N/A N/A N/A N/A
S&P 500 Index N/A N/A N/A N/A N/A N/A
Morningstar Health Category Average N/A N/A N/A N/A N/A N/A

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman Portfolio Manager since 2018

Baron Real Estate Fund (BREIX) SCT -22.04% -22.04% 0.22% 2.38% N/A 11.31% 1.06% 1.06%
MSCI USA IMI Extended Real Estate Index -10.73% -10.73% 4.48% 6.59% N/A 10.74%
MSCI US REIT Index -5.83% -5.83% 1.53% 6.43% N/A 9.14%
S&P 500 Index -4.38% -4.38% 9.26% 8.49% N/A 11.73%
Morningstar Real Estate Category Average -5.97% -5.97% 2.45% 6.92% N/A N/A

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch Portfolio Manager since 2009

Baron Real Estate Income Fund (BRIIX) SCT -11.03% -11.03% N/A N/A N/A -11.03% 1.71% 0.80%
MSCI US REIT Index -5.83% -5.83% N/A N/A N/A -5.83%
Morningstar Real Estate Category Average -5.97% -5.97% N/A N/A N/A N/A

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch Portfolio Manager since 2009

Baron WealthBuilder Fund (BWBIX) FF -6.38% -6.38% N/A N/A N/A -6.38% 1.88% 1.16%
S&P 500 Index -4.38% -4.38% N/A N/A N/A -4.38%
MSCI ACWI Index -9.42% -9.42% N/A N/A N/A -9.42%
Cap Growth Category Average -6.65% -6.65% N/A N/A N/A N/A

Description

The Fund invests exclusively in other Baron mutual funds.

Ron Baron Portfolio Manager since 1982

Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector FF=Fund of Funds

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 Adviser has reimbursed certain fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Energy and Resources Fund, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' transfer agency expenses may be reduced by 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.

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.

 

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Name Asset Class NAV ($) Daily Change ($) Daily Change (%) QTD YTD
Baron Discovery Fund (BDFIX) S $20.68 -$0.02 -0.10% 21.01% 21.01%
Baron Growth Fund (BGRIX) S $75.64 -$0.49 -0.64% 19.74% 19.74%
Baron Small Cap Fund (BSFIX) S $30.50 -$0.17 -0.55% 22.24% 22.24%
Baron Focused Growth Fund (BFGIX) S-M $17.82 -$0.05 -0.28% 10.34% 10.34%
Baron Asset Fund (BARIX) M $78.53 -$0.25 -0.32% 18.43% 18.43%
Baron Durable Advantage Fund (BDAIX) L $10.54 -$0.02 -0.19% 14.07% 14.07%
Baron Fifth Avenue Growth Fund (BFTIX) L $31.15 $0.13 0.42% 18.58% 18.58%
Baron Opportunity Fund (BIOIX) A $22.11 $0.05 0.23% 21.35% 21.35%
Baron Partners Fund (BPTIX) A $55.94 -$0.35 -0.62% 14.49% 14.49%
Baron Emerging Markets Fund (BEXIX) IN $14.14 $0.00 0.00% 13.39% 13.39%
Baron Global Advantage Fund (BGAIX) IN $25.27 $0.09 0.36% 26.22% 26.22%
Baron International Growth Fund (BINIX) IN $22.76 $0.04 0.18% 17.99% 17.99%
Baron Energy and Resources Fund (BENIX) SCT $6.31 $0.00 0.00% 1.28% 1.28%
Baron Health Care Fund (BHCHX) SCT $11.14 -$0.06 -0.54% 16.89% 16.89%
Baron Real Estate Fund (BREIX) SCT $24.94 -$0.13 -0.52% 18.20% 18.20%
Baron Real Estate Income Fund (BRIIX) SCT $10.04 -$0.01 -0.10% 15.94% 15.94%
Baron WealthBuilder Fund (BWBIX) FF $11.03 -$0.03 -0.27% 17.97% 17.97%

Updated on 02/28/2019

Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector FF=Fund of Funds

 

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