Baron Real Estate Fund (BREUX)

Portfolio Management

Jeffrey Kolitch

Fund Manager since 2009

Objective and Strategy

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across many industries and all capitalization ranges. Non-diversified.

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Fund Description

Baron Real Estate Fund invests in securities of real estate and real estate related companies of all sizes.


Performance Summary as of November 30, 2016

  Annualized Returns Since Inception
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
-4.08% -6.91% 3.74% 15.19% N/A 14.16% 149.95%
Growth of $10,000 Chart

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Top Ten Holdings as of October 31, 2016

Holding Sector Percentage
MGM Resorts International Consumer Discretionary 6.5%
InterXion Holding N.V. Information Technology 6.1%
Mohawk Industries, Inc. Consumer Discretionary 5.9%
Gaming and Leisure Properties, Inc. Real Estate 5.7%
American Tower Corp. Real Estate 5.1%
Macquarie Infrastructure Corporation Industrials 4.6%
Equinix, Inc. Real Estate 4.5%
MGM Growth Properties LLC Real Estate 3.7%
Brookfield Asset Management, Inc. Financials 3.5%
CBRE Group, Inc. Real Estate 3.3%
Total 48.9%
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Performance Based Characteristics as of September 30, 2016

Characteristics 3 Years 5 Years Since Inception
Standard Deviation (%) 15.10 15.43 16.94
Sharpe Ratio 0.42 1.21 0.88
Alpha (%) -5.41 -0.45 1.11
Beta 1.13 1.09 1.02
R-Squared (%) 81.20 82.76 85.27
Tracking Error (%) 6.64 6.47 6.47
Information Ratio -0.73 0.14 0.20
Upside Capture (%) 92.13 107.08 103.47
Downside Capture (%) 123.42 110.19 98.78

Daily Price (NAV)

Prices for Dec 1 , 2016
NAV $23.02
Daily Change ($) -$0.34
Daily Change (%) -1.46%
MTD -1.46%
YTD -5.48%
52-Week High $25.19
52-Week Low $19.40

Fund Facts

Expense Ratio* 1.06%
Risk/Return Comparison

This information is not currently available.


Morningstar Ratings

This information is not currently available.

Lipper Rankings

This information is not currently available.


Baron Category: All-Cap Growth
Large Value Large Core Large Growth Large
Mid Value Mid Core Mid Growth Mid
Small Value Small Core Small Growth Small
Value Core Growth  
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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 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 above. For performance information current to the most recent month end, click here.

The Fund may not achieve its objectives.

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. 

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

*Based on the fiscal year ended 12/31/2015, restated to reflect current fees, the estimated expense ratio of the Fund’s R6 Shares is 1.06%.

The Risk/Return Comparison plots the since inception return of the Fund against the Fund's Standard Deviation for the same time period. Source FactSet SPAR.

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.

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 unmangaged. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The Russell 1000® Growth Index measures the performance of large-sized U.S. companies that are classified as growth. The indexes and the Fund are with dividends, which positively impact the performance results. The indexes and the Fund are with dividends, which positively impact the performance results. The Morningstar Large Growth Average is not weighted and represents the straight average of annualized returns of each of the funds in the Large Growth category. The Fund's R6 Shares have been included in the category since January 29, 2016 and the Fund's Institutional Shares since inception. © 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 (S&P 500 Index) is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index (S&P 500 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 (S&P 500 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 (S&P 500 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 (S&P 500 Index) are greater than zero. Downside Capture %: explains how well a fund performs in time periods where the benchmark’s returns (S&P 500 Index) are less than zero.EPS Growth Rate (3-5 year forecast): 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 observations on the aggregate calculation by weighting them based on their size in the fund. 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.