Baron Discovery Fund (BDFFX)

Portfolio Management

RandolphGwirtzman
Randolph Gwirtzman

Fund Manager since 2013

LairdBieger
Laird Bieger

Fund Manager since 2013

Objective & Strategy

The investment goal of Baron Discovery Fund is capital appreciation.

The Fund invests in small-sized U.S. companies with significant growth potential. We purchase stocks with market capitalizations below $1.5 billion. Diversified.

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Fund Description

Baron Discovery Fund invests primarily in small growth companies.
 

Fund Resources

Latest Fact Sheets
  Standard Fact Sheet

Performance Summary as of July 31, 2014

  Annualized Returns Since Inception
9/30/13
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
3.08% N/A N/A N/A N/A N/A 20.30%
Growth of $10,000 Chart

See Performance Details

Top Ten Holdings as of July 31, 2014

Holding Sector Percentage
The Spectranetics Corporation Health Care 5.1%
Pacira Pharmaceuticals, Inc. Health Care 4.9%
Flotek Industries, Inc. Materials 4.9%
Rose Rock Midstream, L.P. Energy 3.4%
BioScrip, Inc. Health Care 2.9%
RSP Permian, Inc. Energy 2.9%
Foundation Medicine, Inc. Health Care 2.7%
Strategic Hotels & Resorts, Inc. Financials 2.6%
TherapeuticsMD, Inc. Health Care 2.4%
Qualys, Inc. Information Technology 2.3%
Total 34.1%
See All Portfolio Holdings

Performance Based Characteristics as of

Characteristics Since Inception
This data does not yet exist for this Fund.

Daily Price (NAV)

Prices for Aug 20 , 2014
(BDFFX)
NAV $12.39
Daily Change ($) -$0.03
Daily Change (%) -0.24%
MTD 2.99%
YTD 6.17%
52-Week High $13.44
52-Week Low $9.65

Fund Facts

Inception Date September 30, 2013
Net Assets^ $36.19 million
CUSIP 068278860
Expense Ratio* 3.25% / 1.35%
Risk/Return Comparison
Risk Return Graph

Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.
 

Ratings/Rankings

Morningstar Ratings

This information is not currently available.

Lipper Rankings

This information is not currently available.

Stylebox

This information is not currently available.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by 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. For performance information current to the most recent month end, click here.

The Fund may not achieve its objectives.

^All share classes combined. As of most recent month end.

*The total estimated expense ratio is 3.25% but the net annual expense ratio is 1.35% (net of the  Adviser's fee waivers).

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

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard ("GICS"), developed and exclusively owned by MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately.) © 2014 Morningstar, Inc. All Rights Reserved. The Morningstar 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.

Lipper Analytical Services, Inc. rankings and fund performance do not reflect sales charges and are based on total return, including reinvestment of dividends and capital gains for the stated periods.

Performance Based Characteristics are based on trailing five-year and since-inception periods. Performance statistics for additional periods will be provided on request. Source: FactSet SPAR.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. The Morningstar Small Growth Average is not weighted and represents the straight average of annualized returns of each of the funds in the Small Growth category. The Fund's Retail Shares have been included in the category since inception and the Fund's Institutional Shares since 5/29/09. © 2014 Morningstar, Inc. All Rights Reserved. The Morningstar 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. 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 (Russell 2000 Growth Index) is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index (Russell 2000 Growth 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 (Russell 2000 Growth Index). 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 (Russell 2000 Growth 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 (Russell 2000 Growth Index) are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns (Russell 2000 Growth Index) are less than zero. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.