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The portfolio managers purchase small- and mid-sized U.S. companies that have significant growth potential with the intention of holding them for the long term. A substantial percentage of the Fund's assets are in its top 10 holdings. Non-diversified.
For the period ended 3/31/2024, the Baron Focused Growth Fund received a 4-Star Overall Morningstar Rating™, 3-Star 3-Year Rating, and 5-Star 5-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 520, 520, and 489 funds in the category, respectively. This Morningstar Rating is for the R6 share class only; other classes may have different performance characteristics.
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.
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.
2Expense ratios are as of the fiscal year ended 12/31/2022
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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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.
Quarterly Returns
as of 03/31/24
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YTD1
1 Year
3 Years
5 Years
10 Years
Since Inception
Expense Ratio2
Gross
Net
BFGUX - Baron Focused Growth Fund - R6
1.68%
13.47%
3.59%
23.56%
15.79%
13.29%
1.06%
1.06%
Russell 2500 Growth Index
8.51%
21.12%
-0.81%
9.39%
9.56%
8.28%
S&P 500 Index
10.56%
29.88%
11.49%
15.05%
12.96%
9.70%
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2022
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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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.
Growth of 10k
1Not annualized.
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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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.
Expense ratios are as of the fiscal year ended 12/31/2022
Historical Performance
as of 04/30/24
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Year
Baron Focused Growth Fund
Russell 2500 Growth Index
Russell 3000 Index
2023
27.75%
18.93%
25.96%
2022
-28.11%
-26.21%
-19.21%
2021
19.15%
5.04%
25.66%
2020
122.78%
40.47%
20.89%
2019
30.31%
32.65%
31.02%
2018
4.07%
-7.47%
-5.24%
2017
26.67%
24.46%
21.13%
2016
0.97%
9.73%
12.74%
2015
-2.12%
-0.19%
0.48%
2014
2.54%
7.05%
12.56%
2013
26.09%
40.65%
33.55%
2012
16.17%
16.13%
16.42%
2011
-1.11%
-1.57%
1.03%
2010
25.39%
28.86%
16.93%
2009
33.94%
41.66%
28.34%
2008
-39.06%
-41.50%
-37.31%
2007
15.25%
9.69%
5.14%
2006
26.63%
12.26%
15.72%
2005
4.51%
8.17%
6.12%
2004
50.24%
14.59%
11.95%
2003
40.01%
46.32%
31.06%
2002
-8.44%
-29.09%
-21.54%
2001
-24.33%
-10.83%
-11.46%
2000
-6.00%
-16.09%
-7.46%
1999
19.87%
55.48%
20.90%
1998
36.17%
3.10%
24.14%
1997
38.38%
14.76%
31.78%
1996
6.83%
-2.81%
10.52%
1Not annualized.
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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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.
Expense ratios are as of the fiscal year ended 12/31/2022
Distributions
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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
09/26/2022
09/27/2022
09/28/2022
$0.0000
$0.0000
$0.0000
$3.5144
$3.5144
$31.65
-28.11%
11/22/2021
11/23/2021
11/24/2021
$0.0000
$0.0000
$0.0000
$5.5014
$5.5014
$46.50
19.15%
09/22/2021
09/23/2021
09/24/2021
$0.0000
$0.0000
$0.0000
$1.4145
$1.4145
$46.99
19.15%
11/23/2020
11/24/2020
11/25/2020
$0.0000
$0.0000
$0.0000
$0.9837
$0.9837
$38.95
122.78%
09/23/2020
09/24/2020
09/25/2020
$0.0000
$0.0000
$0.0000
$0.2541
$0.2541
$32.65
122.78%
11/25/2019
11/26/2019
11/27/2019
$0.0000
$0.0000
$0.0000
$0.3590
$0.3590
$19.63
09/24/2018
09/25/2018
09/26/2018
$0.0000
$0.0000
$0.0000
$0.1693
$0.1693
$18.55
4.07%
11/27/2017
11/28/2017
11/29/2017
$0.0000
$0.0000
$0.0000
$0.1646
$0.1646
$16.02
26.67%
09/27/2017
09/28/2017
09/29/2017
$0.0020
$0.0000
$0.0000
$0.1598
$0.1618
$15.26
26.67%
11/28/2016
11/29/2016
11/30/2016
$0.0000
$0.0000
$0.0000
$0.1820
$0.1820
$12.44
0.97%
10/05/2016
10/06/2016
10/07/2016
$0.0000
$0.0000
$0.0000
$0.5658
$0.5658
$12.87
0.97%
12/02/2015
12/03/2015
12/04/2015
$0.0000
$0.0000
$0.0000
$0.2567
$0.2567
$13.37
-2.12%
09/23/2015
09/24/2015
09/25/2015
$0.0581
$0.0000
$0.0000
$0.4816
$0.5397
$13.00
-2.12%
12/01/2014
12/02/2014
12/03/2014
$0.0000
$0.0000
$0.0000
$0.0741
$0.0741
$13.91
2.54%
09/22/2014
09/23/2014
09/24/2014
$0.0000
$0.0000
$0.0000
$0.0119
$0.0119
$13.97
2.54%
09/25/2013
09/26/2013
09/27/2013
$0.1983
$0.0000
$0.0000
$0.0000
$0.1983
$13.21
26.09%
12/13/2010
12/14/2010
12/15/2010
$0.3260
$0.0000
$0.0000
$0.0000
$0.3260
$9.50
25.39%
12/28/2009
12/29/2009
12/30/2009
$0.1260
$0.1250
$0.0000
$0.0000
$0.2510
$8.25
33.94%
12/19/2008
12/22/2008
12/23/2008
$0.0000
$0.4000
$0.0000
$0.0000
$0.4000
$5.98
-39.06%
Performance Characteristics: BFGUX
as of 03/31/24
3 Years
5 Years
10 Years
Standard Deviation (%)
23.07
30.64
23.95
Sharpe Ratio
0.04
0.70
0.60
Alpha (%)
4.77
13.64
6.55
Beta
0.95
1.11
1.01
R-Squared (%)
79.69
69.50
67.61
Tracking Error (%)
10.45
17.11
13.63
Information Ratio
0.42
0.83
0.46
Upside Capture (%)
101.76
130.90
111.39
Downside Capture (%)
87.73
94.53
90.25
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Focused Growth Fund's(BFGUX) benchmark Russell 2500 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV
$38.26
Daily Change ($)
$0.04
Daily Change (%)
$0.04
MTD
3.57%
QTD
-1.29%
YTD
0.37%
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BFGUX - Baron Focused Growth Fund - R6
Russell 2500 Growth Index
Russell 3000 Index
QTD1
-4.70%
-7.45%
-4.40%
YTD1
-3.10%
0.42%
5.18%
1 Year
10.04%
13.53%
22.30%
3 Years
0.87%
-4.44%
6.35%
5 Years
21.82%
6.97%
12.43%
10 Years
15.56%
9.10%
11.81%
Since Inception
13.05%
7.95%
9.39%
Expense Ratio2 - Gross
1.06%
Expense Ratio2 - Net
1.06%
*As of 04/30/24
*Annualized as of 04/30/24
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2022
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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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.
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BFGUX - Baron Focused Growth Fund - R6
Russell 2500 Growth Index
S&P 500 Index
YTD1
1.68%
8.51%
10.56%
1 Year
13.47%
21.12%
29.88%
3 Years
3.59%
-0.81%
11.49%
5 Years
23.56%
9.39%
15.05%
10 Years
15.79%
9.56%
12.96%
Since Inception
13.29%
8.28%
9.70%
Expense Ratio2 - Gross
1.06%
Expense Ratio2 - Net
1.06%
*As of 03/31/24
*Annualized as of 04/30/24
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2022
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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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.
as of 03/31/24
3 Years
5 Years
10 Years
Standard Deviation (%)
23.07
30.64
23.95
Sharpe Ratio
0.04
0.70
0.60
Alpha (%)
4.77
13.64
6.55
Beta
0.95
1.11
1.01
R-Squared (%)
79.69
69.50
67.61
Tracking Error (%)
10.45
17.11
13.63
Information Ratio
0.42
0.83
0.46
Upside Capture (%)
101.76
130.90
111.39
Downside Capture (%)
87.73
94.53
90.25
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Focused Growth Fund's(BFGUX) benchmark Russell 2500 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 04/30/24
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Year
Baron Focused Growth Fund
Russell 2500 Growth Index
Russell 3000 Index
2023
27.75%
18.93%
25.96%
2022
-28.11%
-26.21%
-19.21%
2021
19.15%
5.04%
25.66%
2020
122.78%
40.47%
20.89%
2019
30.31%
32.65%
31.02%
2018
4.07%
-7.47%
-5.24%
2017
26.67%
24.46%
21.13%
2016
0.97%
9.73%
12.74%
2015
-2.12%
-0.19%
0.48%
2014
2.54%
7.05%
12.56%
2013
26.09%
40.65%
33.55%
2012
16.17%
16.13%
16.42%
2011
-1.11%
-1.57%
1.03%
2010
25.39%
28.86%
16.93%
2009
33.94%
41.66%
28.34%
2008
-39.06%
-41.50%
-37.31%
2007
15.25%
9.69%
5.14%
2006
26.63%
12.26%
15.72%
2005
4.51%
8.17%
6.12%
2004
50.24%
14.59%
11.95%
2003
40.01%
46.32%
31.06%
2002
-8.44%
-29.09%
-21.54%
2001
-24.33%
-10.83%
-11.46%
2000
-6.00%
-16.09%
-7.46%
1999
19.87%
55.48%
20.90%
1998
36.17%
3.10%
24.14%
1997
38.38%
14.76%
31.78%
1996
6.83%
-2.81%
10.52%
1Not annualized.
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 may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, 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.
Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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.
Expense ratios are as of the fiscal year ended 12/31/2022
Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches rockets, satellites, and spacecrafts. Its ultimate goal is to make humanity multi-planetary. Products include reusable orbital launch offering and a broadband service leveraging its satellite constellation, Starlink. We believe SpaceX will continue to drive down the cost of space launches and capture market share with its unique, reliable, and improving reusable launch capabilities. As costs decline, we also expect demand for access to space to increase. By leveraging its launch cost leadership, vertical integration, and innovative design approach, we think SpaceX will have an advantage in building and operating its rapidly expanding satellite-based broadband services, creating an even more attractive growth profile for the company.
Industrials
9.5%
Tesla, Inc.
Tesla, Inc. (TSLA) manufactures electric vehicles, including a luxury sedan and CUV (S/X), a mid-sized luxury sedan and hatchback (3/Y), and pickup and semi-trucks. It is also ramping up internal battery cell production, energy solutions, and software offerings such as full self-driving and insurance. We expect Tesla will continue to grow its automotive business rapidly through international production capacity and product expansion. We believe Tesla's vertical integration, technology innovation, brand, profitability, and growing supplier support offer unique and durable growth opportunities that are hard to replicate. In addition, Tesla's energy and software expertise is broadening the industrial opportunity to large and profitable revenue avenues that were previously locked in the legacy vehicle architecture, such as autonomous, insurance, and other AI use cases.
Consumer Discretionary
8.5%
Arch Capital Group Ltd.
Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company providing property & casualty insurance, reinsurance, and mortgage insurance. Arch is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines as market conditions change. The company is currently benefiting from favorable pricing trends across many of its product lines. In our view, management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility.
Financials
6.3%
Hyatt Hotels Corporation
Hyatt Hotels Corporation (H) is a global hospitality company with 1,335 Hyatt-branded properties representing 322,141 keys. The company's brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite. It derives 85% of EBITDA from fees and 15% from owned assets. We believe Hyatt has a significant opportunity to market more of its brands globally, given an undersupply of rooms across the world. Compared to peers, Hyatt has the least global brand penetration and the largest pipeline of unit growth. We believe its asset light strategy and strong balance sheet, coupled with continued robust pricing for hotel assets, give Hyatt an opportunity to generate strong growth in earnings and cash flow. The resulting increased cash could be used for buybacks and further tuck-in acquisitions and could result in multiple expansion over time.
Consumer Discretionary
5.6%
Spotify Technology S.A.
Spotify Technology S.A. (SPOT) is the world's leading music streaming service, with approximately 40% market share. The company monetizes through subscriptions, advertising, and miscellaneous a la carte pricing. With over 228 million paying subscribers, Spotify has created a two-sided marketplace where creators can monetize their work and consumers can stream music. Longer term, we expect the company to grow to over one billion total subscribers (from 600 million today) and improve margins materially through advertising, its artist promotions marketplace, and improved cost discipline. On the product side, we expect Spotify to continually improve its value proposition through additional features and expansion into adjacencies such as audiobooks.
Communication Services
5.5%
CoStar Group, Inc.
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry. CoStar has built a proprietary database through data collection over a 20-year period, creating high barriers to entry. We think CoStar's suite should grow at mid-teens rates, and we believe its Loopnet marketing platform can grow even faster. Its Apartments.com platform is the dominant multi-family internet listing service and should grow revenue by more than 20%. CoStar is starting to expand into residential, creating additional significant growth opportunities. Its balance sheet and cash generation create M&A optionality.
Real Estate
4.6%
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 near-100% retention rates. The company has passed the midpoint of its cloud transition, and we expect to see accelerating revenue, expanding margins, and improving FCF over the next several years. We believe that recent M&A in the vertical software space supports a meaningful value creation opportunity for shareholders.
Information Technology
4.4%
Interactive Brokers Group, Inc.
Interactive Brokers Group, Inc. (IBKR) is an automated global electronic broker. It provides low-cost execution, clearing, and settlement of trades for retail and institutional customers across multiple asset classes and currencies. Interactive Brokers is gaining share because of its advanced technology, quality of execution, and low trading costs. We expect the company to continue growing rapidly through international expansion and as domestic RIAs depart traditional institutions to launch their own firms. The company's competitive advantage comes from automation through best-in-class software engineering, which enables it to offer industry-low costs to customers. Founder and Chairman Thomas Peterffy is well-regarded and is the company's largest shareholder.
Financials
3.9%
FactSet Research Systems Inc.
FactSet Research Systems Inc. (FDS) provides financial information to the global investment community. FactSet serves only a small part of the addressable market, which we estimate at roughly $20 billion annually. The company has been taking market share and offering broader data sets and more advanced portfolio analytics than its competitors and has a highly regarded customer service model. FactSet has also been expanding into the fixed income and wealth management markets. Its products are sticky, leading to retention rates of over 95% and high visibility. FactSet generates robust free cash flow, which it has returned to shareholders via share repurchases and dividends.
Financials
3.9%
Vail Resorts, Inc.
Vail Resorts, Inc. (MTN) is the largest ski resort operator in North America. It owns 42 resorts in the U.S., Canada, Switzerland, and Australia, including Vail and Breckenridge in Colorado, Whistler Blackcomb in Canada, and Stowe in Vermont. Its RockResorts brand offers luxury ski lodging properties. Vail has been upgrading its resorts to offer new and higher-quality services and amenities and summer recreational activities, which should attract more visitors. Vail is focused on growing season pass sales and has been acquiring resorts and forming partnerships to enhance the attractiveness of its season pass. We think price increases for season passes should not impact retention rates. The company has a strong balance sheet and free cash flow profile that it is using for acquisitions, investments in its resorts, dividend increases, share buybacks, and debt reduction.
Consumer Discretionary
3.9%
Total
56.3%
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
All Holdings
as of 03/31/24
Name
Sector
% of Net Assets
Tesla, Inc.
Consumer Discretionary
7.8%
Arch Capital Group Ltd.
Financials
6.0%
Hyatt Hotels Corporation
Consumer Discretionary
5.7%
Spotify Technology S.A.
Communication Services
5.0%
CoStar Group, Inc.
Real Estate
4.7%
Vail Resorts, Inc.
Consumer Discretionary
4.4%
Guidewire Software, Inc.
Information Technology
4.4%
Space Exploration Technologies Corporation - Cl - A
Industrials
4.4%
Red Rock Resorts, Inc. - Cl. A
Consumer Discretionary
4.2%
FactSet Research Systems Inc.
Financials
4.1%
On Holding Ag
Consumer Discretionary
3.8%
Interactive Brokers Group, Inc.
Financials
3.7%
MSCI Inc.
Financials
3.6%
Choice Hotels International, Inc.
Consumer Discretionary
3.4%
Krispy Kreme, Inc.
Consumer Discretionary
3.4%
Verisk Analytics, Inc.
Industrials
2.7%
FIGS, Inc.
Consumer Discretionary
2.5%
ANSYS, Inc.
Information Technology
2.4%
Illumina, Inc.
Health Care
2.1%
Space Exploration Technologies Corporation - Series H Preferred Stock
Industrials
2.1%
Shopify Inc.
Information Technology
1.9%
MGM Resorts International
Consumer Discretionary
1.8%
Birkenstock Holding plc
Consumer Discretionary
1.8%
Alexandria Real Estate Equities, Inc.
Real Estate
1.5%
Douglas Emmett, Inc.
Real Estate
1.4%
Iridium Communications Inc.
Communication Services
1.4%
BioNTech SE
Health Care
1.4%
IDEXX Laboratories, Inc.
Health Care
1.3%
Las Vegas Sands Corporation
Consumer Discretionary
1.0%
Space Exploration Technologies Corporation - Cl - C
Industrials
1.0%
Space Exploration Technologies Corporation - Series K Preferred Stock
Industrials
0.9%
Jefferies Financial Group Inc.
Financials
0.8%
Space Exploration Technologies Corporation - Series N Preferred Stock
Industrials
0.6%
American Homes 4 Rent - Cl A
Real Estate
0.6%
Space Exploration Technologies Corporation - Series I Preferred Stock
Portfolio manager David Baron tells Bloomberg that he believes Tesla’s outlook for slower growth this year is a near-term dip before another strong rally. Read the Article
Portfolio holdings as a percentage of net assets as of December 31, 2023 for securities mentioned are as follows: Tesla, Inc. - Baron Fifth Avenue Growth Fund® (4.3%), Baron Focused Growth Fund® (11.4%), Baron Global Advantage Fund® (4.4%), Baron Opportunity Fund® (5.7%), Baron Partners Fund® (38.1%*), Baron Technology Fund® (4.9%).
*% of Long Positions
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
Baron Partners Fund, Baron Focused Growth Fund, and Baron Durable Advantage Fund Named Wall Street Journal Top Performers
04/26/23
Baron Partners Fund and Baron Focused Growth Fund were named among the Five-Year Best Performers in The Wall Street Journal’s Winners and Losers for the quarter ended March 31, 2023. The Funds were honored as top 10 best-performing stock funds across categories for the five-year period.
Baron Durable Advantage Fund was also recognized among the first-quarter Category Kings in 9 Realms. The Fund ranked third in the Large-Cap Growth category for the one-year period.
Ron Baron Appears on CNBC Squawk Box
02/07/23
In a February 7, 2023 interview, Baron Capital CEO Ron Baron discusses investing for the long term in a volatile market.
Forbes interviews Baron Capital CEO Ron Baron about his time-tested approach to long-term investing in growth stocks.
Baron Partners Fund and Baron Focused Growth Fund Among Wall Street Journal Winners
10/18/22
Baron Partners Fund and Baron Focused Growth Fund were named among the Five-Year Best Performers in TheWall Street Journal’s Winners and Losers for the quarter ended September 30, 2022. The Funds were the top two multi-cap growth funds for the five-year period.
CEO Ron Baron's Interview With Bloomberg Wealth Featured in David Rubenstein's Latest Book
10/11/22
CEO Ron Baron’s September 14, 2021 Bloomberg Wealth interview with David Rubenstein is featured in David’s latest book, How to Invest: Masters on the Craft. In the interview, Ron discusses his early days on Wall Street, the investment principles behind Baron Capital’s growth from $100,000 AUM to tens of billions of dollars, and what convinced him to invest in Tesla years before the mainstream realized the company’s potential. Watch the full Bloomberg News video.
Ron Baron and Baron Partners Fund Featured in Citywire
08/08/22
Citywire interviews CEO and Baron Partners Fund Portfolio Manager Ron Baron about his time-tested investment approach that led him to Tesla, Inc. in 2014, well before the mainstream. Read the August 2, 2022 article [subscription required to access].
In a June 22, 2022 interview with Kiplinger, Ron Baron, chairman, CEO, and portfolio manager at Baron Capital, breaks down what he looks for in growth companies, what he emphasizes to his portfolio managers and analysts, and his top stocks for the long run. Read the full Kiplinger article.
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: The Fund is non-diversified which means, in addition to increased volatility of the Fund’s returns, it will likely have a greater percentage of its assets in a single issuer or a small number of issuers, including in a particular industry than a diversified fund. Single issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer’s securities and therefore the net asset value of the Fund. Specific risks associated with investing in small and medium-sized companies include that the securities may be thinly traded and more difficult to sell during market downturns.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2500™ Growth Index measures the performance of small to medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely the performance of small to medium-sized U.S. companies that held large cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The indexes and the Fund include reinvestment of dividends, net of withholding taxes, which positively impact the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly into 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.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All GICS structure changes that have occurred since 2016 have been applied retroactively in historical holdings-based analyses, including performance attribution. The Adviser may have reclassified/classified certain securities in or out of a sub-industry within a sector. Such reclassifications are not supported by S&P or MSCI.