The 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 reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund’s 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.
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 for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher.
Baron Asset Fund’s 3-year, Baron Discovery Fund’s 3- and 5-year, Baron Emerging Markets Fund’s 10-year, Baron Fifth Avenue Growth Fund’s 3-, 5- and 10-year, Baron Global Advantage Fund’s 3-, 5- and 10-year, Baron International Growth Fund’s 3-, 5- and 10-year, Baron Opportunity Fund’s 3-, 5- and 10-year and Baron Small Cap Fund’s 3-year historical performance were impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Funds’ level of participation in IPOs will be the same in the future.
Risks: All investments are subject to risk and may lose value.
Portfolio holdings as a percentage of net assets as of September 30, 2022 for securities mentioned are as follows: Tesla, Inc. – Baron Opportunity Fund (5.1%), Baron Partners Fund (45.5%*), Baron Fifth Avenue Growth Fund (5.4%), Baron Focused Growth Fund (22.3%), Baron Global Advantage Fund (3.3%), Baron Technology Fund (3.4%); Space Exploration Technologies Corp. – Baron Asset Fund (1.5%), Baron Opportunity Fund (2.2%), Baron Partners Fund (6.8%*), Baron Fifth Avenue Growth Fund (0.8%), Baron Focused Growth Fund (9.7%), Baron Global Advantage Fund (2.1%); MSCI, Inc. – Baron Asset Fund (0.3%), Baron Growth Fund (10.4%), Baron Partners Fund (1.2%*), Baron Focused Growth Fund (4.3%), Baron Durable Advantage Fund (3.0%), Baron FinTech Fund (3.3%); FactSet Research Systems, Inc. – Baron Asset Fund (3.8%), Baron Growth Fund (7.6%), Baron Partners Fund (4.1%*), Baron Focused Growth Fund (4.9%), Baron FinTech Fund (1.9%); Arch Capital Group Ltd. – Baron Asset Fund (2.6%), Baron Growth Fund (6.6%), Baron Partners Fund (4.2%*), Baron Focused Growth Fund (5.6%), Baron International Growth Fund (2.5%), Baron Durable Advantage Fund (4.9%); The Charles Schwab Corp. – Baron Asset Fund (3.2%), Baron Partners Fund (4.2%*), Baron FinTech Fund (2.5%); Kinsale Capital Group, Inc. – Baron Growth Fund (4.1%), Baron Small Cap Fund (3.2%), Baron Discovery Fund (5.6%), Baron FinTech Fund (1.6%); Vail Resorts, Inc. – Baron Asset Fund (3.3%), Baron Growth Fund (6.9%), Baron Partners Fund (3.2%*), Baron Focused Growth Fund (4.4%), Baron Real Estate Fund (2.8%), Baron Real Estate Income Fund (1.5%); Hyatt Hotels Corp. – Baron Asset Fund (1.1%), Baron Partners Fund (3.8%*), Baron Focused Growth Fund (5.5%), Baron Real Estate Fund (1.1%); Choice Hotels International, Inc. – Baron Asset Fund (1.5%), Baron Growth Fund (5.2%), Baron Focused Growth Fund (2.3%); IDEXX Laboratories, Inc. – Baron Asset Fund (5.6%), Baron Growth Fund (2.9%), Baron Small Cap Fund (0.5%), Baron Partners Fund (3.7%*), Baron Health Care Fund (0.9%); Mettler-Toledo International, Inc. – Baron Asset Fund (5.0%), Baron Growth Fund (1.2%), Baron Small Cap Fund (0.9%), Baron Durable Advantage Fund (1.5%), Baron Health Care Fund (1.7%); CoStar Group, Inc. – Baron Asset Fund (4.3%), Baron Growth Fund (5.8%), Baron Opportunity Fund (2.9%), Baron Partners Fund (7.2%*), Baron Focused Growth Fund (5.5%), Baron Real Estate Fund (4.9%), Baron FinTech Fund (1.7%), Baron Technology Fund (4.2%); Gartner, Inc. – Baron Asset Fund (9.8%), Baron Growth Fund (6.7%), Baron Small Cap Fund (6.0%), Baron Opportunity Fund (4.6%), Baron Partners Fund (2.7%*), Baron Technology Fund (3.8%); ANSYS, Inc. – Baron Asset Fund (3.2%), Baron Growth Fund (3.5%); Iridium Communications Inc. – Baron Growth Fund (5.6%), Baron Partners Fund (2.5%*), Baron Focused Growth Fund (3.9%); Blackstone Inc. – Baron Real Estate Fund (3.6%), Baron Durable Advantage Fund (1.3%), Baron Real Estate Income Fund (1.1%); ; BlackRock Inc. – Baron FinTech Fund (2.4%).
* % of Long Positions
As of September 30, 2022, no Baron Fund held shares of The Goldman Sachs Group, Inc., JPMorgan Chase & Co., or Jefferies Financial Group Inc.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
For the period ended 9/30/22:
Ranking information provided is calculated for the Retail Share Class and is as of 9/30/2022. The number of share classes in each category may vary depending on the date that Baron downloaded information from Morningstar Direct. Morningstar calculates its category average performance and rankings using its Fractional Weighting methodology. Morningstar rankings are based on total returns and do not include sales charges. Total returns account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets. The Morningstar Large Growth Category consisted of 1,252, 1,060, and 790 share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Opportunity Fund in the 91st, 1st, 13th, and 6th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 2/29/2000, and the category consisted of 263 share classes. Morningstar ranked Baron Partners Fund in the 4th, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since conversion periods, respectively. The Fund converted into a mutual Fund 4/30/2003, and the category consisted of 407 share classes. The Morningstar Mid-Cap Growth Category consisted of 582, 491, and 379 share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Asset Fund in the 65th, 54th, 31st and 18th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 6/12/1987, and the category consisted of 18 share classes. Morningstar ranked Baron Growth Fund in the 33rd, 15th, 30th, and 1st percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 12/31/1994, and the category consisted of 52 share classes. Morningstar ranked Baron Focused Growth Fund in the 8th, 1st, 1st, and 2nd percentiles for the 1-, 5-, 10-year, and since conversion periods, respectively. The Fund converted into a mutual Fund 6/30/2008, and the category consisted of 303 share classes. The Morningstar Small Growth Category consisted of 617, 535, and 401 share classes for the 1-, 5-, and 10-year time periods. Morningstar ranked Baron Small Cap Fund in the 63rd, 45th, 48th, and 15th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 9/30/1997, and the category consisted of 87 share classes. Morningstar ranked Baron Discovery Fund in the 82nd, 29th, and 5th percentiles for the 1-, 5-year, and since inception periods, respectively. The Fund launched 9/30/2013, and the category consisted of 426 share classes. The Morningstar Real Estate Category consisted of 253, 206, and 150 share classes for the 1-, 5-, and 10-year time periods. Morningstar ranked Baron Real Estate Fund in the 96th, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 12/31/2009, and the category consisted of 123 share classes. Morningstar ranked Baron Real Estate Income Fund in the 84th and 2nd percentiles for the 1-year and since inception periods, respectively. The Fund launched 12/29/2017, and the category consisted of 211 share classes. The Morningstar Foreign Large Growth Category consisted of 449, 350, 223, and 189 share classes for the 1-, 5-, 10-year, and since inception (12/31/2008) periods. Morningstar ranked Baron International Growth Fund in the 76th, 43rd, 30th, and 17th percentiles, respectively. The Morningstar Diversified Emerging Markets Category consisted of 804, 642, 371, and 275 share classes for the 1-, 5-, 10-year, and since inception (12/31/2010) periods. Morningstar ranked Baron Emerging Markets Fund in the 85th, 78th, 22nd, and 12th percentiles, respectively. The Morningstar Global Large-Stock Growth Category consisted of 367, 272, 179, and 162 share classes for the 1-, 5-, 10-year, and since inception (4/30/2012) periods. Morningstar ranked Baron Global Advantage Fund in the 96th, 10th, 9th, and 10th percentiles, respectively. The Morningstar Health Category consisted of 169 and 136 share classes for the 1-year and since inception (4/30/2018) periods. Morningstar ranked Baron Health Care Fund in the 62nd and 2nd percentiles, respectively. The Morningstar Allocation – 85%+ Equity Category consisted of 188 and 169 share classes for the 1-year and since inception (12/29/2017) periods. Morningstar ranked Baron WealthBuilder Fund in the 96th and 2nd percentiles, respectively.
For the period ended 9/30/2022:
Baron Growth Fund received a 4-Star Overall Morningstar Rating™, 3-Star 3-Year Rating, 4-Star 5-Year Rating, and 4-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 532, 532, 491, and 379 funds in the category, respectively.
Baron Focused Growth Fund received a 5-Star Overall Morningstar Rating™, 5-Star 3-Year Rating, 5-Star 5-Year Rating, and 5-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 532, 532, 491, and 379 funds in the category, respectively.
Baron Partners Fund received a 5-Star Overall Morningstar Rating™, 5-Star 3-Year Rating, 5-Star 5-Year Rating, and 5-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 1,142, 1,142, 1,060, and 790 funds in the category, respectively.
Baron Opportunity Fund received a 4-Star Overall Morningstar Rating™, 4-Star 3-Year Rating, 5-Star 5-Year Rating, and 3-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 1,142, 1,142, 1,060, and 790 funds in the category, respectively.
Baron International Growth Fund received a 4-Star Overall Morningstar Rating™, 3-Star 3-Year Rating, 3-Star 5-Year Rating, and 4-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 390, 390, 350, and 223 funds in the category, respectively.
Baron Real Estate Fund received a 5-Star Overall Morningstar Rating™, 5-Star 3-Year Rating, 5-Star 5-Year Rating, and 5-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 234, 234, 206, and 150 funds in the category, respectively.
Baron Real Estate Income Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 234 and 234 funds in the category, respectively.
Baron WealthBuilder Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 176 and 176 funds in the category, respectively.
Baron Health Care Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Rating. The Morningstar Ratings are based on the Morningstar Risk- Adjusted Return measures of 151 and 151 funds in the category, respectively.
The Morningstar Ratings™ are for the Institutional share class only; other classes may have different performance characteristics. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/ 30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
There is no guarantee that the objectives and goals discussed will be met.
The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them.
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).
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