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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 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 Baron Partners Fund reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.

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 -2.18% 4.86% -7.67% 9.01% 10.53% 12.08% 1.06% 1.06%
Russell 2000 Growth Index -3.21% 4.46% -6.03% 6.17% 7.00% 7.40%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 12.89%

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 bio image

Laird Bieger Portfolio Manager since 2013

Randolph Gwirtzman bio image

Randolph Gwirtzman Portfolio Manager since 2013

Morningstar Rating

Overall (out of 561 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Small Growth

Baron Growth Fund (BGRIX) S 0.88% 6.25% 3.37% 12.79% 10.75% 12.87% 1.05% 1.05%
Russell 2000 Growth Index -3.21% 4.46% -6.03% 6.17% 7.00% 7.53%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 10.50%

Description

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

Ron Baron bio photo

Ron Baron Portfolio Manager since 1982

Neal Rosenberg bio photo

Neal Rosenberg Portfolio Manager since 2006

Morningstar Rating

Overall (out of 523 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Mid-Cap Growth

Baron Small Cap Fund (BSFIX) S -0.55% 12.36% 0.82% 11.30% 9.64% 10.12% 1.05% 1.05%
Russell 2000 Growth Index -3.21% 4.46% -6.03% 6.17% 7.00% 5.97%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 8.38%

Description

The Fund invests for the long term, predominantly in high-quality small-sized U.S. companies that are market leaders with significant growth potential. Diversified.

Cliff Greenberg bio image

Cliff Greenberg Portfolio Manager since 1997

Morningstar Rating

Overall (out of 561 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Small Growth

Baron Focused Growth Fund (BFGIX) S-M -3.07% 9.69% 0.23% 24.16% 15.76% 13.18% 1.06% 1.06%
Russell 2500 Growth Index -2.26% 5.66% -4.30% 8.45% 8.74% 7.92%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 9.43%

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 bio photo

Ron Baron Portfolio Manager since 1982

David Baron bio image

David Baron Portfolio Manager since 2005

Morningstar Rating

Overall (out of 523 Funds)

5 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Mid-Cap Growth

Baron Asset Fund (BARIX) M -0.99% 9.08% 0.53% 10.64% 10.67% 11.31% 1.05% 1.05%
Russell Midcap Growth Index -0.54% 15.14% 1.24% 11.24% 10.75% 10.16%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 10.23%

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 bio image

Andrew Peck Portfolio Manager since 2003

Morningstar Rating

Overall (out of 523 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Mid-Cap Growth

Baron Durable Advantage Fund (BDAIX) L 3.24% 36.50% 15.46% 18.77% N/A 15.08% 1.00% 0.70%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% N/A 12.20%

Description

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

Alex Umansky bio image

Alex Umansky Portfolio Manager since 2011

Morningstar Rating

Overall (out of 1116 Funds)

5 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Large Growth

Baron Fifth Avenue Growth Fund (BFTIX) L 3.00% 42.61% -3.58% 10.21% 11.45% 9.31% 0.78% 0.76%
Russell 1000 Growth Index 2.49% 34.99% 10.03% 18.04% 15.48% 11.60%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 9.91%

Description

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

Alex Umansky bio image

Alex Umansky Portfolio Manager since 2011

Baron Opportunity Fund (BIOIX) A 2.66% 39.44% -1.12% 18.91% 14.41% 9.23% 1.06% 1.06%
Russell 3000 Growth Index 2.21% 33.11% 9.00% 17.29% 14.90% 6.83%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 7.45%

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 bio image

Michael Lippert Portfolio Manager since 2006

Morningstar Rating

Overall (out of 1116 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Large Growth

Baron Partners Fund (BPTIX) A -11.52% 6.74% -2.48% 26.18% 17.98% 14.68% 1.44% 1.44%
Russell Midcap Growth Index -0.54% 15.14% 1.24% 11.24% 10.75% 9.87%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% 12.62% 10.19%

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 bio photo

Ron Baron Portfolio Manager since 1982

Michael Baron bio image

Michael Baron Portfolio Manager since 2004

Baron Emerging Markets Fund (BEXIX) IN -4.49% -4.01% -10.97% 0.32% 2.43% 2.80% 1.12% 1.12%
MSCI EM Index -4.64% -2.94% -7.50% 0.99% 2.86% 1.17%
MSCI EM IMI Growth Index -5.21% -5.41% -11.08% 1.80% 3.51% 1.93%

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 bio image

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 716 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Diversified Emerging Mkts

Baron Global Advantage Fund (BGAIX) IN -0.48% 12.41% -15.93% 7.26% 9.31% 10.42% 0.94% 0.91%
MSCI ACWI Index 0.59% 14.70% 6.12% 10.16% 8.43% 9.09%
MSCI ACWI Growth Index 1.29% 23.18% 4.15% 13.01% 10.65% 10.89%

Description

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

Alex Umansky bio image

Alex Umansky Portfolio Manager since 2011

Baron International Growth Fund (BINIX) IN -3.39% -4.39% -6.01% 5.13% 5.31% 8.64% 0.99% 0.95%
MSCI ACWI ex USA Index -0.99% 5.88% 1.14% 5.32% 4.21% 6.63%
MSCI ACWI ex USA IMI Growth Index -0.97% 4.29% -3.07% 5.74% 4.97% 7.38%

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 bio image

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 394 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Foreign Large Growth

Baron New Asia Fund (BNAIX) IN -2.67% -3.41% N/A N/A N/A -10.16% 7.22% 1.20%
MSCI AC Asia ex Japan Index -5.45% -7.40% N/A N/A N/A -9.50%
MSCI AC Asia ex Japan IMI Growth Index -6.12% -9.75% N/A N/A N/A -12.56%

Description

The Fund invests primarily in companies of all sizes with significant growth potential located in Asia. The Fund emphasizes securities in developing Asian markets, including frontier markets. Diversified.

Michael Kass bio image

Michael Kass Portfolio Manager since 2007

Anuj Aggarwal bio photo

Anuj Aggarwal Portfolio Manager since 2012

Baron FinTech Fund (BFIIX) SCT 2.04% 18.84% 1.98% N/A N/A 9.92% 1.20% 0.95%
FactSet Global FinTech Index -1.99% 5.85% -7.76% N/A N/A 0.98%
S&P 500 Index 1.68% 20.82% 10.99% N/A N/A 12.24%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron Health Care Fund (BHCHX) SCT 2.10% 9.15% 0.41% 13.89% N/A 12.76% 0.90% 0.85%
Russell 3000 Health Care Index 2.41% 6.14% 4.70% 10.04% N/A 10.68%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% N/A 13.03%

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 bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Real Estate Fund (BREIX) SCT -2.60% 8.29% 2.48% 14.80% 9.89% 13.47% 1.07% 1.07%
MSCI USA IMI Extended Real Estate Index -2.23% 8.83% 7.73% 8.87% 8.88% 10.82%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% 5.40% 7.69%

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 bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIIX) SCT -3.37% 1.14% 1.94% 9.27% N/A 7.57% 0.96% 0.80%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% N/A 3.27%

Description

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

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Technology Fund (BTECX) SCT 3.52% 47.65% N/A N/A N/A -2.83% 6.42% 0.95%
MSCI ACWI Information Technology Index 3.19% 41.10% N/A N/A N/A 3.49%
S&P 500 Index 1.68% 20.82% N/A N/A N/A 2.44%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Baron WealthBuilder Fund (BWBIX) EA -2.02% 10.87% -1.27% 14.38% N/A 12.22% 1.14% 1.11%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% N/A 12.20%
MSCI ACWI Index 0.59% 14.70% 6.12% 10.16% N/A 7.87%

Description

The Fund is an equity allocation strategy that invests exclusively in other Baron Funds. The Fund enables investors to obtain growth equity exposures across market caps, geographies, and sectors.

Ron Baron bio photo

Ron Baron Portfolio Manager since 1982

Michael Baron bio image

Michael Baron Portfolio Manager since 2004

Morningstar Rating

Overall (out of 179 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Aggressive Allocation

Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector EA=Equity Allocation

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 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 Baron Partners Fund reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.

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 22.58% 22.58% -5.86% 11.94% 11.02% 12.42% 1.06% 1.06%
Russell 2000 Growth Index 18.66% 18.66% -3.50% 9.22% 7.16% 7.80%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 12.82%

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 bio image

Laird Bieger Portfolio Manager since 2013

Randolph Gwirtzman bio image

Randolph Gwirtzman Portfolio Manager since 2013

Morningstar Rating

Overall (out of 561 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Small Growth

Baron Growth Fund (BGRIX) S 14.97% 14.97% 2.34% 14.92% 10.24% 12.88% 1.05% 1.05%
Russell 2000 Growth Index 18.66% 18.66% -3.50% 9.22% 7.16% 7.67%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 10.47%

Description

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

Ron Baron bio photo

Ron Baron Portfolio Manager since 1982

Neal Rosenberg bio photo

Neal Rosenberg Portfolio Manager since 2006

Morningstar Rating

Overall (out of 523 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Mid-Cap Growth

Baron Small Cap Fund (BSFIX) S 27.19% 27.19% 0.52% 14.02% 9.31% 10.18% 1.05% 1.05%
Russell 2000 Growth Index 18.66% 18.66% -3.50% 9.22% 7.16% 6.12%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 8.34%

Description

The Fund invests for the long term, predominantly in high-quality small-sized U.S. companies that are market leaders with significant growth potential. Diversified.

Cliff Greenberg bio image

Cliff Greenberg Portfolio Manager since 1997

Morningstar Rating

Overall (out of 561 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Small Growth

Baron Focused Growth Fund (BFGIX) S-M 27.78% 27.78% 3.05% 26.01% 15.54% 13.35% 1.06% 1.06%
Russell 2500 Growth Index 18.93% 18.93% -2.68% 11.43% 8.78% 8.04%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 9.39%

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 bio photo

Ron Baron Portfolio Manager since 1982

David Baron bio image

David Baron Portfolio Manager since 2005

Morningstar Rating

Overall (out of 523 Funds)

5 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Mid-Cap Growth

Baron Asset Fund (BARIX) M 17.35% 17.35% -0.21% 12.82% 10.49% 11.37% 1.05% 1.05%
Russell Midcap Growth Index 25.87% 25.87% 1.31% 13.81% 10.57% 10.20%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 10.20%

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 bio image

Andrew Peck Portfolio Manager since 2003

Morningstar Rating

Overall (out of 523 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Mid-Cap Growth

Baron Durable Advantage Fund (BDAIX) L 45.51% 45.51% 13.08% 19.68% N/A 14.70% 1.00% 0.70%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% N/A 12.07%

Description

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

Alex Umansky bio image

Alex Umansky Portfolio Manager since 2011

Morningstar Rating

Overall (out of 1116 Funds)

5 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Large Growth

Baron Fifth Avenue Growth Fund (BFTIX) L 57.58% 57.58% -4.62% 11.93% 11.04% 9.19% 0.78% 0.76%
Russell 1000 Growth Index 42.68% 42.68% 8.86% 19.50% 14.86% 11.51%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 9.86%

Description

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

Alex Umansky bio image

Alex Umansky Portfolio Manager since 2011

Baron Opportunity Fund (BIOIX) A 49.98% 49.98% -1.26% 20.71% 14.08% 9.14% 1.06% 1.06%
Russell 3000 Growth Index 41.21% 41.21% 8.08% 18.85% 14.33% 6.75%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 7.40%

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 bio image

Michael Lippert Portfolio Manager since 2006

Morningstar Rating

Overall (out of 1116 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Large Growth

Baron Partners Fund (BPTIX) A 43.47% 43.47% 2.86% 31.57% 19.11% 15.17% 1.44% 1.44%
Russell Midcap Growth Index 25.87% 25.87% 1.31% 13.81% 10.57% 9.91%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% 12.03% 10.16%

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 bio photo

Ron Baron Portfolio Manager since 1982

Michael Baron bio image

Michael Baron Portfolio Manager since 2004

Baron Emerging Markets Fund (BEXIX) IN 8.29% 8.29% -8.96% 2.99% 2.48% 3.18% 1.12% 1.12%
MSCI EM Index 9.83% 9.83% -5.08% 3.68% 2.66% 1.55%
MSCI EM IMI Growth Index 8.09% 8.09% -8.05% 4.67% 3.44% 2.36%

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 bio image

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 716 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Diversified Emerging Mkts

Baron Global Advantage Fund (BGAIX) IN 25.56% 25.56% -15.03% 9.88% 9.04% 10.55% 0.94% 0.91%
MSCI ACWI Index 22.20% 22.20% 5.75% 11.72% 7.93% 9.11%
MSCI ACWI Growth Index 33.22% 33.22% 3.66% 14.58% 10.06% 10.85%

Description

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

Alex Umansky bio image

Alex Umansky Portfolio Manager since 2011

Baron International Growth Fund (BINIX) IN 7.60% 7.60% -4.91% 7.79% 5.18% 8.94% 0.99% 0.95%
MSCI ACWI ex USA Index 15.62% 15.62% 1.55% 7.08% 3.83% 6.74%
MSCI ACWI ex USA IMI Growth Index 14.04% 14.04% -2.58% 7.52% 4.60% 7.49%

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 bio image

Michael Kass Portfolio Manager since 2007

Morningstar Rating

Overall (out of 394 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Foreign Large Growth

Baron New Asia Fund (BNAIX) IN 5.79% 5.79% N/A N/A N/A -9.48% 7.22% 1.20%
MSCI AC Asia ex Japan Index 5.98% 5.98% N/A N/A N/A -7.69%
MSCI AC Asia ex Japan IMI Growth Index 4.37% 4.37% N/A N/A N/A -10.66%

Description

The Fund invests primarily in companies of all sizes with significant growth potential located in Asia. The Fund emphasizes securities in developing Asian markets, including frontier markets. Diversified.

Michael Kass bio image

Michael Kass Portfolio Manager since 2007

Anuj Aggarwal bio photo

Anuj Aggarwal Portfolio Manager since 2012

Baron FinTech Fund (BFIIX) SCT 27.31% 27.31% -0.69% N/A N/A 9.58% 1.20% 0.95%
FactSet Global FinTech Index 23.34% 23.34% -7.64% N/A N/A 1.51%
S&P 500 Index 26.29% 26.29% 10.00% N/A N/A 12.04%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron Health Care Fund (BHCHX) SCT 6.42% 6.42% 0.78% 15.43% N/A 12.54% 0.90% 0.85%
Russell 3000 Health Care Index 2.87% 2.87% 4.63% 10.79% N/A 10.38%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% N/A 12.90%

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 bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Real Estate Fund (BREIX) SCT 25.04% 25.04% 3.62% 18.32% 10.06% 13.76% 1.07% 1.07%
MSCI USA IMI Extended Real Estate Index 23.09% 23.09% 8.58% 11.68% 9.11% 11.07%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% 6.29% 8.07%

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 bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIIX) SCT 15.51% 15.51% 2.78% 12.64% N/A 8.29% 0.96% 0.80%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% N/A 4.05%

Description

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

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Technology Fund (BTECX) SCT 63.38% 63.38% N/A N/A N/A -4.61% 6.42% 0.95%
MSCI ACWI Information Technology Index 51.02% 51.02% N/A N/A N/A 2.03%
S&P 500 Index 26.29% 26.29% N/A N/A N/A 1.69%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Baron WealthBuilder Fund (BWBIX) EA 25.73% 25.73% -0.37% 17.06% N/A 12.78% 1.14% 1.11%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% N/A 12.07%
MSCI ACWI Index 22.20% 22.20% 5.75% 11.72% N/A 7.88%

Description

The Fund is an equity allocation strategy that invests exclusively in other Baron Funds. The Fund enables investors to obtain growth equity exposures across market caps, geographies, and sectors.

Ron Baron bio photo

Ron Baron Portfolio Manager since 1982

Michael Baron bio image

Michael Baron Portfolio Manager since 2004

Morningstar Rating

Overall (out of 179 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Aggressive Allocation

Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector EA=Equity Allocation

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 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 Baron Partners Fund reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.

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.