Baron Select Funds
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Baron Funds® |
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| Baron
Funds® |
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3 |
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13 |
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98 |
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| Information
about the Funds |
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107 |
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107 |
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110 |
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111 |
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124 |
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125 |
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| Information
about your Investment |
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129 |
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130 |
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133 |
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145 |
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147 |
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181 |
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Back cover |
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Baron Partners Fund
Investment Goal
The
investment goal of Baron Partners Fund® (the “Fund”) is capital
appreciation.
Fees and Expenses of the
Fund
The
table below describes the fees and expenses that you would pay if you bought and
held shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
Annual Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your
investment)
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Management
Fee |
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Distribution
(12b‑1)
Fee |
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Other Expenses |
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Total
Other
Expenses |
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Total
Annual
Fund
Operating
Expenses |
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Operating
Expenses |
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Interest
Expenses |
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BARON PARTNERS FUND |
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Retail
Shares |
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1.00% |
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0.25% |
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0.05% |
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0.39% |
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0.44% |
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1.69% |
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Institutional
Shares |
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1.00% |
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0.00% |
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0.04% |
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0.40% |
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0.44% |
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1.44% |
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R6
Shares |
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1.00% |
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0.00% |
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0.04% |
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0.40% |
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0.44% |
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1.44% |
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Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year, and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
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| YEAR |
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1 |
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3 |
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5 |
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10 |
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BARON
PARTNERS FUND |
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Retail
Shares |
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$ |
172 |
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$ |
533 |
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$ |
918 |
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$ |
1,998 |
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Institutional
Shares |
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$ |
147 |
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$ |
456 |
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$ |
787 |
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$ |
1,724 |
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R6
Shares |
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$ |
147 |
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$ |
456 |
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$ |
787 |
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$ |
1,724 |
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Portfolio
Turnover. The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or
“turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes for Fund shareholders.
These costs, which are not reflected in Total Annual Fund
Operating
Baron Partners Fund
Expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year ended
December 31, 2022, the Fund’s portfolio turnover rate was 6.19% of the average value of its
portfolio.
Investments, Risks, and
Performance
Principal Investment Strategies of the Fund
The
Fund is a non-diversified fund that invests for the long term primarily in
equity securities in the form of common stock of U.S. growth companies of any
market capitalization. BAMCO, Inc. (“BAMCO” or the “Adviser”) seeks to invest in
businesses it believes have significant opportunities for growth, sustainable
competitive advantages, exceptional management, and an attractive valuation. To
take advantage of opportunities to invest, the Fund may borrow money from banks
(leverage) in an amount up to one-third of its total assets, which include
assets purchased with borrowed money.
Principal Risks of Investing in the Fund
Non-Diversified Portfolio. The Fund is non-diversified, which
means it will likely have a greater percentage of its assets in a single issuer
than a diversified fund. As a result, a non-diversified fund will likely invest
a greater percentage of its assets in fewer issuers, and the performance of
those issuers may have a greater effect on the Fund’s performance compared to a
diversified fund. Thus, a non-diversified fund is more likely to experience
significant fluctuations in value, exposing the Fund to a greater risk of loss
in any given period than a diversified fund. As of the date of this prospectus,
about 36% of the Fund is invested in Tesla (“Tesla”) stock due to dramatic
upward market movements in Tesla’s share price. For so long as the Fund
maintains its investment in Tesla, the Fund’s performance will be significantly
affected by the performance of Tesla stock and any decline in the price of Tesla
stock would materially and adversely affect your investment in the Fund. (Please
see “Tesla” in the “Principal Risks of Investing in the Fund”
section.)
Tesla. As of the date of this
prospectus, about 36% of the Fund’s assets are invested in Tesla stock.
Therefore, the Fund is exposed to the risk that were Tesla stock to lose
significant value, which could happen rapidly, the Fund’s performance would be
adversely affected. Before investing in the Fund, investors should carefully
consider publicly available information about Tesla. There can be no assurances
that the Fund will maintain its investment in Tesla, as the Adviser maintains
discretion to actively manage the Fund’s portfolio, including by decreasing or
liquidating the Fund’s investment in Tesla at any time. However, for so long as
the Fund maintains a substantial investment in Tesla, the Fund’s performance
will be significantly affected
Baron Partners Fund
by
the performance of Tesla stock and any decline in the price of Tesla stock would
materially and adversely affect your investment in the
Fund.
Single Issuer. 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. Due to the size of the Fund’s investment in Tesla,
about 36% of its assets as of the date of this prospectus, the net asset value
of the Fund will be materially impacted by the price of Tesla stock. (Please see
“Tesla” in the “Principal Risks of Investing in the Fund”
section.)
Industry Concentration. From time to
time, market fluctuations in the value of the Fund’s investments, combined with
the Fund’s non‑diversified portfolio, may result in the Fund being concentrated
in the securities of a single issuer or a small number of issuers, including in
a particular industry. As a result, the Fund will be particularly exposed to the
risks of that company or industry relative to the risk exposure of investment
companies holding a diversified portfolio of securities or those that seek to
maintain near-index weightings in their portfolio securities. Accordingly, in
those cases, the Fund will be disproportionately exposed to the market
conditions, interest rates, and economic, regulatory, or financial developments
that significantly affect that company or industry. For example, due to the size
of the Fund’s investment in Tesla, Inc., which represents about 36% of its
assets as of the date of this prospectus, the Fund will be adversely impacted by
developments affecting the automotive and energy industries, as well as
governmental environmental regulations. (Please see “Tesla” in the “Principal
Risks of Investing in the Fund”
section.)
Leverage. The Fund borrows money
from banks to buy securities and pledge its assets in connection with the
borrowing. If the interest expense of the borrowing is greater than the return
on the securities bought, the use of leverage will decrease the return to
shareholders in the Fund. Use of leverage also tends to magnify the volatility
of the Fund’s returns. The greater the use of leverage by the Fund, the greater
the risk of the volatility of the Fund’s returns.
Growth Investing. Growth stocks can
react differently to issuer, political, market and economic developments than
the market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of
stocks. As a result, because growth stocks tend to be sensitive to changes in
their earnings and to increasing interest rates and inflation, they tend to be
more volatile than other types of stocks. In response, from time to time, growth
investing as an investment style may go out of favor with
investors.
Consumer Discretionary Sector. The
consumer discretionary sector may be affected by changes in domestic and
international economies, exchange and interest rates, inflation, competition,
consumers’ disposable income, consumer preferences, social trends and marketing
campaigns.
Baron Partners Fund
General Stock Market. Fund losses may be incurred due to declines in one or
more markets in which Fund investments are made. These
declines may be the result of, among other things, political, regulatory,
market, economic or social developments affecting the relevant market(s). In
addition, turbulence as has recently been experienced, caused, among other
reasons, by increased inflation, tightening monetary policy and interest rate
increases by the US Federal Reserve or similar international bodies, and reduced
liquidity in financial markets may continue to negatively affect many issuers,
which could have an adverse effect on your Fund investment. Events involving
limited liquidity, defaults, non-performance or other adverse developments that
affect one industry, such as the financial services industry, or concerns or
rumors about any events of these kinds, have in the past and may in the future
lead to market-wide liquidity problems, may spread to other industries, and
could negatively affect the value and liquidity of the Fund’s investments.
Global economies and financial markets are increasingly interconnected, and
conditions and events in one country, region or financial market, such as
Russia’s invasion of Ukraine in February 2022 and the world-wide response to it,
have and may continue to adversely impact issuers and markets worldwide. The
coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses
taken by many governments or voluntarily imposed by private parties, including
closing borders, restricting travel and imposing prolonged quarantines or
similar restrictions, as well as the closure of, or operational changes to,
many retail and other businesses, have had negative impacts, and in many cases
severe negative impacts, on markets worldwide. It is not known how long such
impacts, or any future impacts of other significant events described above, will
or would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Raising the ceiling on U.S.
government debt has become increasingly politicized. Any failure to increase the
total amount that the U.S. government is authorized to borrow could lead to a
default on U.S. government obligations, with unpredictable consequences for
economies and markets in the U.S. and
elsewhere.
Industrials Sector. The Fund’s
investments are exposed to issuers conducting business in the Industrials
Sector. The Industrials Sector includes manufacturers and distributors of
capital goods such as aerospace and defense, building projects, electrical
equipment and machinery and companies that offer construction and engineering
services. It also includes providers of commercial and professional services
including printing, environmental and facilities services, office services and
supplies, security and alarm services, human resource and employment services,
research and consulting services. It also includes companies that provide
transportation services. The Fund is subject to the risk that the securities of
such issuers will underperform the market as a whole due to legislative or
regulatory changes, adverse market conditions and/or increased competition
affecting the Industrials Sector. The prices of the securities of companies
operating in the
Baron Partners Fund
Industrials
Sector may fluctuate due to the level and volatility of commodity prices, the
exchange value of the dollar, import controls, worldwide competition, liability
for environmental damage, depletion of resources, and mandated expenditures for
safety and pollution control
devices.
Risks of Emphasizing a Sector or
Industry. If the Fund has invested a higher percentage of its
total assets in a particular sector or industry, changes affecting that sector
or industry may have a significant impact on the performance of the Fund’s
overall portfolio. The economies and financial markets of certain regions — such
as Latin America, Asia, and Europe and the Mediterranean region — can be
interdependent and may all decline at the same
time.
Small- and Mid-Sized Companies. The
Adviser believes there is more potential for capital appreciation in small- and
mid-sized companies, but there also may be more risk. Securities of small- and
mid-sized companies may not be well known to most investors, and the securities
may be less actively traded than those of large businesses. The securities of
small- and mid-sized companies may fluctuate in price more widely than the stock
market generally, and they may be more difficult to sell during market
downturns. Small- and mid-sized companies rely more on the skills of management
and on their continued tenure. Investing in small- and mid-sized companies
requires a long-term outlook and may require shareholders to assume more risk
and to have more patience than investing in the securities of larger, more
established companies.
Performance
Although
Baron Partners Fund was registered as a
mutual fund on April 30, 2003, it has been managed in the same style and by
the same portfolio manager since the predecessor partnership’s inception on
January 31, 1992, and since its conversion to a Delaware statutory trust
structure on April 30, 2003. The Fund’s investment goals, policies,
guidelines and restrictions are, in all material respects, equivalent to the
predecessor partnership’s. The following information shows the Fund’s annual
returns and long-term performance reflecting the actual fees and expenses that
were charged when the Fund was a partnership and since it converted to a mutual
fund. The predecessor partnership charged a 20% performance fee after it reached
a certain performance benchmark. If the annual returns for the Fund did not
reflect the performance fee for the years the partnership charged a performance
fee, the returns would have been higher. The Fund does not charge a performance
fee. From its inception on January 31, 1992 through April 30, 2003,
the predecessor partnership was not subject to certain investment restrictions,
diversification requirements and other restrictions of the Investment Company
Act of 1940, as amended (the “1940 Act”), or the Internal Revenue Code of 1986,
as amended (the “Code”), which if they had been applicable, might have
adversely affected its
Baron Partners Fund
performance.
The following
bar chart and table provide some indication of the risks of investing in the
Fund (Retail Shares) by showing changes in the Fund’s performance from year to
year and by showing how the Fund’s average annual returns for 1, 5, 10 years,
and since inception compare with those of a broad measure of market
performance. The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available online at www.BaronFunds.com/performance
or by calling 1-800-99BARON
(1-800-992-2766).
Year by Year Total Return (%) as of
December 31 of Each Year (Retail Shares)
| Best Quarter: |
6/30/20:
49.36% |
| Worst Quarter: |
6/30/22: (30.59)% |
Average Annual Total Returns (for periods ended
12/31/22)
The
following table shows the Fund’s Retail Shares’ annual returns and long-term
performance (before and after taxes), which includes its predecessor
partnership’s average annual returns, and the change in value of broad-based
market indexes over various periods ended December 31, 2022. The table also shows the
average annual returns of the Fund’s Institutional Shares and R6 Shares, but it
does not show after-tax
returns.
After-tax returns are
calculated using the highest individual federal marginal income tax rate in
effect at the time of each distribution and assumed sale, but they do not
include the impact of state and local taxes. Because the
predecessor partnership did
Baron Partners Fund
not
have a distribution policy prior to May 1, 2003, the Fund is unable to show
after-tax returns prior to that date.
Your
actual after-tax returns depend on your own tax situation and may differ from
those shown. After-tax returns reflect past tax effects and are not predictive
of future tax effects. After-tax returns are not
relevant to investors who hold their Fund shares in a tax-deferred account
(including a
401(k) or IRA or Coverdell account), or to investors that are
tax-exempt.
Average
Annual Total Returns for the periods ended December 31,
2022
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1 year |
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5 years |
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10 years |
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Since
Inception |
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BARON
PARTNERS FUND |
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Retail Shares
(Inception date: 1‑31‑92) |
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Return
before taxes |
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(42.56 |
)% |
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21.66% |
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19.17% |
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14.22% |
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Return
after taxes on distributions |
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(42.88 |
)% |
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20.79% |
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18.73% |
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N/A |
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Return
after taxes on distributions and sale of Fund shares |
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(24.83 |
)% |
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18.08% |
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16.72% |
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N/A |
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Institutional Shares*
(Inception date:
5‑29‑09) |
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Return
before taxes |
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(42.41 |
)% |
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21.98% |
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19.49% |
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14.35% |
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R6 Shares*
(Inception date:
8‑31‑16) |
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Return
before taxes |
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(42.41 |
)% |
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21.97% |
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19.48% |
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14.35% |
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Russell
Midcap® Growth
Index (reflects no deduction for fees, expenses or taxes) |
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(26.72 |
)% |
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7.64% |
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11.41% |
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9.43% |
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S&P
500 Index (reflects no deduction for fees, expenses or taxes) |
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(18.11 |
)% |
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9.42% |
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12.56% |
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9.67% |
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| * |
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Performance for the Institutional Shares
prior to May 29, 2009 is based on the performance of the Retail Shares.
Performance for the R6 Shares prior to August 31, 2016 is based on the
performance of the Institutional Shares, and prior to May 29, 2009 is
based on the Retail Shares. The Retail Shares have a distribution fee, but
Institutional Shares and R6 Shares do not. If the annual returns for the
Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect
this fee, the returns would be higher.
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The
Russell Midcap® Growth
Index is an unmanaged index of mid-cap growth companies. The S&P 500 Index
is an unmanaged index of larger-cap companies.
Management
Investment Adviser. BAMCO is the
investment adviser of the Fund.
Portfolio Manager. Ronald Baron has
been the Lead Portfolio Manager of the Fund since its inception on
April 30, 2003. Prior to that, he was the portfolio manager of the
predecessor partnership from its inception on January 31, 1992 to
April 30, 2003.
Baron Partners Fund
Michael
Baron has been the co‑manager of the Fund since August 28, 2018.
Mr. Ronald Baron founded the Adviser in 1987. Mr. Michael Baron joined
the Adviser as a research analyst in September of 2004.
Purchase and Sale of Fund
Shares
Shares
may be purchased only on days that the New York Stock Exchange is open for
trading.
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Minimum
Initial
Investment |
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Minimum Subsequent
Investment |
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Maximum Subsequent
Investment |
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Retail
Shares |
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$2,000 |
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No Minimum |
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No Maximum |
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Baron
Automatic Investment Plan |
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$500 (with subsequent minimum investments of
$50 per month until your investment has reached $2,000.) |
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No Minimum |
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No Maximum |
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Baron
Funds®
website purchases |
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$2,000 |
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$10 |
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$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
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Institutional
Shares |
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$1,000,000 (Employees of the Adviser and its
affiliates and Trustees of the Baron Funds® and employer sponsored
retirement plans (qualified and nonqualified) are not subject to the
eligibility requirements for Institutional Shares.) |
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No Minimum |
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No Maximum |
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Baron
Funds®
website purchases |
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You may not make an initial purchase through
the Baron Funds®
website. |
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$10 |
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$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
Baron Partners Fund
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Minimum
Initial
Investment |
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Minimum Subsequent
Investment |
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Maximum Subsequent
Investment |
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R6
Shares |
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$5,000,000 (There is no minimum initial
investment for qualified retirement plans; however, the shares must be
held through plan-level or omnibus accounts held on the books of the
Fund.) |
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No Minimum |
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No Maximum |
| |
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Baron
Funds®
website purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
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$10 |
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$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
You
Can Purchase or Redeem Shares By:
| 1. |
|
Mailing a request to
Baron Funds®, P.O.
Box 219946, Kansas City, MO 64121-9946 or by overnight mail to: Baron
Funds®,
430 West 7th Street, Kansas City, MO 64105-1514; |
| 3. |
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Calling
1-800-442-3814; |
| 4. |
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Visiting the Baron
Funds® website
www.BaronFunds.com;
or |
| 5. |
|
Through a broker, dealer
or other financial intermediary that may charge you a
fee. |
The
Fund is not for short-term traders who intend to purchase and then sell their
Fund shares within a 90 day period. If the Adviser reasonably believes that a
person is not a long-term investor, it will attempt to prohibit that person from
making additional investments in the Fund.
Tax Information
Distributions
of the Fund’s net investment income (other than “qualified dividend income”) and
distributions of net short-term capital gains will be taxable to you as ordinary
income. Distributions of the Fund’s net capital gains reported as capital gain
dividends by the Fund will be taxable to you as long-term capital gains,
regardless of the length of time you have held shares of the Fund. If you are
investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account, you may be subject to federal income tax on
withdrawals from tax-deferred arrangement at a later date.
Baron Partners Fund
Financial Intermediary
Compensation
If
you purchase Retail or Institutional Shares of the Fund through a broker, dealer
or other financial intermediary (such as a bank or financial adviser), the Fund,
Baron Capital, Inc., the Fund’s distributor, BAMCO or their affiliates may pay
the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker, dealer or
other financial intermediary, including your salesperson, to recommend the Fund
over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
Baron Focused Growth Fund
Investment Goal
The
investment goal of Baron Focused Growth Fund® (the “Fund”) is capital
appreciation.
Fees and Expenses of the
Fund
The
table below describes the fees and expenses that you would pay if you bought and
held shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
Annual Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your
investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Management
Fee |
|
|
Distribution
(12b-1)
Fee |
|
|
Other
Expenses |
|
|
Total
Annual
Fund
Operating
Expenses |
|
|
BARON
FOCUSED GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
|
1.00% |
|
|
|
0.25% |
|
|
|
0.07% |
|
|
|
1.32% |
|
|
Institutional
Shares |
|
|
1.00% |
|
|
|
0.00% |
|
|
|
0.06% |
|
|
|
1.06% |
|
|
R6
Shares |
|
|
1.00% |
|
|
|
0.00% |
|
|
|
0.05% |
|
|
|
1.05% |
|
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| YEAR |
|
1 |
|
|
3 |
|
|
5 |
|
|
10 |
|
|
BARON
FOCUSED GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
$ |
134 |
|
|
$ |
418 |
|
|
$ |
723 |
|
|
$ |
1,590 |
|
|
Institutional
Shares |
|
$ |
108 |
|
|
$ |
337 |
|
|
$ |
585 |
|
|
$ |
1,294 |
|
|
R6
Shares |
|
$ |
107 |
|
|
$ |
334 |
|
|
$ |
579 |
|
|
$ |
1,283 |
|
Portfolio
Turnover. The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or
“turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes for Fund shareholders.
These costs, which are not reflected in Total Annual Fund
Operating
Baron Focused Growth Fund
Expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year ended
December 31, 2022, the Fund’s portfolio turnover rate was 22.34% of the average value of its
portfolio.
Investments, Risks, and
Performance
Principal Investment Strategies of the Fund
The
Fund is a non-diversified fund that invests for the long term primarily in
equity securities in the form of common stock of U.S. small- and mid-sized
growth companies. The Adviser defines small- and mid-sized companies as those,
at the time of purchase, with market capitalizations up to the largest market
cap stock in the Russell Midcap Growth Index at reconstitution. The Adviser
seeks to invest in businesses it believes have significant opportunities for
growth, sustainable competitive advantages, exceptional management, and an
attractive valuation. Because of its long-term approach, the Fund could have a
significant percentage of its assets invested in securities that have
appreciated beyond their original market cap
ranges.
Principal Risks of Investing in the Fund
Non‑Diversified Portfolio. The Fund
is non‑diversified, which means it will likely have a greater percentage of its
assets in a single issuer than a diversified fund. As a result, a
non‑diversified fund will likely invest a greater percentage of its assets in
fewer issuers, and the performance of those issuers may have a greater effect on
the Fund’s performance compared to a diversified fund. Thus, a non‑diversified
fund is more likely to experience significant fluctuations in value, exposing
the Fund to a greater risk of loss in any given period than a diversified fund.
As of the date of this prospectus, about 11% of the Fund is invested in Tesla
(“Tesla”) stock due to dramatic upward market movements in Tesla’s share price.
For so long as the Fund maintains its investment in Tesla, the Fund’s
performance will be significantly affected by the performance of Tesla stock and
any decline in the price of Tesla stock would materially and adversely affect
your investment in the Fund. (Please see “Tesla” in the “Principal Risks of
Investing in the Fund”
section.)
Tesla.
As of the date of this prospectus, about 11% of the Fund’s assets are invested
in Tesla stock. Therefore, the Fund is exposed to the risk that were Tesla stock
to lose significant value, which could happen rapidly, the Fund’s performance
would be adversely affected. Before investing in the Fund, investors should
carefully consider publicly available information about Tesla. There can be no
assurances that the Fund will maintain its investment in Tesla, as the Adviser
maintains discretion to actively manage the Fund’s portfolio, including by
decreasing or liquidating the Fund’s investment in Tesla at any time. However,
for so long as the Fund maintains a
Baron Focused Growth Fund
substantial
investment in Tesla, the Fund’s performance will be significantly affected by
the performance of Tesla stock and any decline in the price of Tesla stock would
materially and adversely affect your investment in the
Fund.
Single Issuer. 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. Due to the size of the Fund’s investment in Tesla, about 11%
of its assets as of the date of this prospectus, the net asset value of the Fund
will be materially impacted by the price of Tesla stock. (Please see “Tesla” in
the “Principal Risks of Investing in the Fund”
section.)
Industry Concentration. From time to time,
market fluctuations in the value of the Fund’s investments, combined with the
Fund’s non-diversified portfolio, may result in the Fund being concentrated in
the securities of a single issuer or a small number of issuers, including in a
particular industry. As a result, the Fund will be particularly exposed to the
risks of that company or industry relative to the risk exposure of investment
companies holding a diversified portfolio of securities or those that seek to
maintain near-index weightings in their portfolio securities. Accordingly, in
those cases, the Fund will be disproportionately exposed to the market
conditions, interest rates, and economic, regulatory, or financial developments
that significantly affect that company or industry. For example, due to the size
of the Fund’s investment in Tesla, Inc., which represents about 11% of its
assets as of the date of this prospectus, the Fund will be adversely impacted by
developments affecting the automotive and energy industries, as well as
governmental environmental regulations. (Please see “Tesla” in the “Principal
Risks of Investing in the Fund”
section.)
Growth Investing. Growth stocks can react
differently to issuer, political, market and economic developments than the
market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of
stocks. As a result, because growth stocks tend to be sensitive to changes in
their earnings and to increasing interest rates and inflation, they tend to be
more volatile than other types of stocks. In response, from time to time, growth
investing as an investment style may go out of favor with
investors.
Consumer Discretionary Sector. The
consumer discretionary sector may be affected by changes in domestic and
international economies, exchange and interest rates, inflation, competition,
consumers’ disposable income, consumer preferences, social trends and marketing
campaigns.
General Stock Market. Fund losses may be incurred due to declines in one or
more markets in which Fund investments are made. These
declines may be the result of, among other things, political, regulatory,
market, economic or social developments affecting the relevant market(s). In
addition, turbulence as has recently been experienced, caused, among other
reasons, by increased inflation, tightening
Baron Focused Growth Fund
monetary
policy and interest rate increases by the US Federal Reserve or similar
international bodies, and reduced liquidity in financial markets may continue to
negatively affect many issuers, which could have an adverse effect on your Fund
investment. Events involving limited liquidity, defaults, non-performance or
other adverse developments that affect one industry, such as the financial
services industry, or concerns or rumors about any events of these kinds, have
in the past and may in the future lead to market-wide liquidity problems, may
spread to other industries, and could negatively affect the value and liquidity
of the Fund’s investments. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or
financial market, such as Russia’s invasion of Ukraine in February 2022 and the
world-wide response to it, have and may continue to adversely impact issuers and
markets worldwide. The coronavirus disease 2019 (COVID-19) global pandemic and
the aggressive responses taken by many governments or voluntarily imposed by
private parties, including closing borders, restricting travel and imposing
prolonged quarantines or similar restrictions, as well as the closure of,
or operational changes to, many retail and other businesses, have had negative
impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long such impacts, or any future impacts of other significant
events described above, will or would last, but there could be a prolonged
period of global economic slowdown, which may impact your Fund investment.
Raising the ceiling on U.S. government debt has become increasingly politicized.
Any failure to increase the total amount that the U.S. government is authorized
to borrow could lead to a default on U.S. government obligations, with
unpredictable consequences for economies and markets in the U.S. and
elsewhere.
Risks of Emphasizing a Sector or
Industry. If the Fund has invested a higher percentage of its
total assets in a particular sector or industry, changes affecting that sector
or industry may have a significant impact on the performance of the Fund’s
overall portfolio. The economies and financial markets of certain regions — such
as Latin America, Asia, and Europe and the Mediterranean region — can be
interdependent and may all decline at the same
time.
Small- and Mid-Sized Companies. The
Adviser believes there is more potential for capital appreciation in small- and
mid-sized companies, but there also may be more risk. Securities of small- and
mid-sized companies may not be well known to most investors, and the securities
may be less actively traded than those of large businesses. The securities of
small- and mid-sized companies may fluctuate in price more widely than the stock
market generally, and they may be more difficult to sell during market
downturns. Small- and mid-sized companies rely more on the skills of management
and on their continued tenure. Investing in small- and mid-sized companies
requires a long-term outlook and may require shareholders to assume more risk
and to have more patience than investing in the securities of larger, more
established companies.
Baron Focused Growth Fund
Performance
Although
Baron Focused Growth Fund was registered
as a mutual fund on June 30, 2008, it has been managed in the same style
and by the same portfolio manager since the predecessor partnership’s inception
on May 31, 1996. The Fund was added as a series of Baron Select Funds, a
Delaware statutory trust, on June 30, 2008. The Fund’s investment goals,
policies, guidelines and restrictions are, in all material respects, equivalent
to the predecessor partnership’s. The following information shows the Fund’s
annual returns and long-term performance reflecting the actual fees and expenses
that were charged when the Fund was a partnership and since it converted to a
mutual fund. The predecessor partnership charged a 15% performance fee after it
reached a certain performance benchmark. If the annual returns for the Fund did
not reflect the performance fee for the years the partnership charged a
performance fee, the returns would have been higher. The Fund does not charge a
performance fee. From its inception on May 31, 1996 through June 30,
2008, the predecessor partnership was not subject to certain investment
restrictions, diversification requirements and other restrictions of the
Investment Company Act of 1940, as amended (the “1940 Act”), or the Internal
Revenue Code of 1986, as amended (the “Code”), which if they had been
applicable, might have adversely affected its performance. The following
bar chart and table provide some indication of the risks of investing in the
Fund (Retail Shares) by showing changes in the Fund’s performance from year to
year and by showing how the Fund’s average annual returns for 1, 5, 10 years,
and since inception compare with those of a broad measure of market performance.
The
Fund’s past performance (before and after taxes) is not necessarily an
indication of how the Fund will perform in the future. Updated
performance information is available online at www.BaronFunds.com/performance
or by calling 1‑800‑99BARON
(1-800-992-2766).
Baron Focused Growth Fund
Year by Year Total Return (%) as of December 31
of Each Year (Retail Shares)
| Best Quarter: |
9/30/20:
43.62% |
| Worst Quarter: |
6/30/22: (19.97)% |
Average Annual Total Returns (for periods ended
12/31/22)
The
following table below shows the Fund’s Retail Shares’ annual returns and
long-term performance (before and after taxes), which includes its predecessor
partnership’s average annual returns, and the change in value of broad-based
market indexes over various periods ended December 31, 2022. The table also shows the
average annual returns of the Fund’s Institutional Shares and R6 Shares, but it
does not show after-tax
returns.
After-tax returns are
calculated using the highest individual federal marginal income tax rate in
effect at the time of each distribution and assumed sale, but they do not
include the impact of state and local taxes. Because the
predecessor partnership did not have a distribution policy prior to July 1,
2008, the Fund is unable to show after-tax returns prior to that
date.
Your
actual after-tax returns depend on your own tax situation and may differ from
those shown. After-tax returns reflect past tax effects and are not predictive
of future tax effects. After-tax returns are not
relevant to investors who hold their Fund shares in a tax-deferred account
(including a
401(k) or IRA or Coverdell account), or to investors that are
tax-exempt.
Baron Focused Growth Fund
Average
Annual Total Returns for the periods ended December 31,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
1 year |
|
|
5 years |
|
|
10 years |
|
|
Since
Inception |
|
|
BARON
FOCUSED GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares
(Inception date: 5‑31‑96) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(28.30 |
)% |
|
|
20.63% |
|
|
|
15.10% |
|
|
|
12.70% |
|
|
Return
after taxes on distributions |
|
|
(30.07 |
)% |
|
|
18.88% |
|
|
|
13.84% |
|
|
|
12.17% |
|
|
Return
after taxes on distributions and sale of Fund shares |
|
|
(15.35 |
)% |
|
|
17.13% |
|
|
|
12.68% |
|
|
|
11.49% |
|
|
Institutional Shares*
(Inception
date:
5‑29‑09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(28.11 |
)% |
|
|
20.94% |
|
|
|
15.39% |
|
|
|
12.84% |
|
|
R6 Shares*
(Inception date:
8‑31‑16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(28.11 |
)% |
|
|
20.94% |
|
|
|
15.40% |
|
|
|
12.84% |
|
|
Russell
2500™ Growth Index
(reflects no deduction for fees, expenses or taxes) |
|
|
(26.21 |
)% |
|
|
5.97% |
|
|
|
10.62% |
|
|
|
7.65% |
|
|
S&P
500 Index (reflects no deduction for fees, expenses or taxes) |
|
|
(18.11 |
)% |
|
|
9.42% |
|
|
|
12.56% |
|
|
|
8.80% |
|
| * |
|
Performance for the Institutional Shares
prior to May 29, 2009 is based on the performance of the Retail Shares.
Performance for the R6 Shares prior to August 31, 2016 is based on the
performance of the Institutional Shares, and prior to May 29, 2009 is
based on the Retail Shares. The Retail Shares have a distribution fee, but
Institutional Shares and R6 Shares do not. If the annual returns for the
Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect
this fee, the returns would be higher.
|
The
Russell 2500™ Growth
Index is an unmanaged index of small to mid-cap growth companies. The S&P
500 Index is an unmanaged index of larger-cap companies.
Management
Investment Adviser. BAMCO is the
investment adviser of the Fund.
Portfolio Manager. Ronald Baron has
been the Lead Portfolio Manager of the Fund since its inception on June 30,
2008. Prior to that, he was the portfolio manager of the predecessor partnership
from its inception on May 31, 1996 to June 30, 2008. David Baron has
been the co‑manager of the Fund since August 28, 2018. Mr. Ronald
Baron founded the Adviser in 1987. Mr. David Baron joined the Adviser as a
research analyst in July of 2005.
Baron Focused Growth Fund
Purchase and Sale of Fund
Shares
Shares
may be purchased only on days that the New York Stock Exchange is open for
trading.
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
|
Retail
Shares |
|
$2,000 |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Automatic Investment Plan |
|
$500 (with subsequent minimum investments of
$50 per month until your investment has reached $2,000.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds® website
purchases |
|
$2,000 |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
| |
|
| |
|
Institutional
Shares |
|
$1,000,000 (Employees of the Adviser and its
affiliates and Trustees of the Baron Funds® and employer sponsored
retirement plans (qualified and nonqualified) are not subject to the
eligibility requirements for Institutional Shares.) |
|
No Minimum |
|
No Maximum |
|
Baron
Funds® website
purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
| |
|
| |
|
R6
Shares |
|
$5,000,000 (There is no minimum initial
investment for qualified retirement plans; however, the shares must be
held through plan-level or omnibus accounts held on the books of the
Fund.) |
|
No Minimum |
|
No Maximum |
Baron Focused Growth Fund
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
| |
|
| |
|
Baron
Funds® website
purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
You
Can Purchase or Redeem Shares By:
| 1. |
|
Mailing a request to
Baron Funds®, P.O.
Box 219946, Kansas City, MO 64121-9946 or by overnight mail to: Baron
Funds®,
430 West 7th Street, Kansas City, MO 64105-1514; |
| 3. |
|
Calling
1-800-442-3814; |
| 4. |
|
Visiting the Baron
Funds® website
www.BaronFunds.com;
or |
| 5. |
|
Through a broker, dealer
or other financial intermediary that may charge you a
fee. |
The
Fund is not for short-term traders who intend to purchase and then sell their
Fund shares within a 90 day period. If the Adviser reasonably believes that a
person is not a long-term investor, it will attempt to prohibit that person from
making additional investments in the Fund.
Tax Information
Distributions
of the Fund’s net investment income (other than “qualified dividend income”) and
distributions of net short-term capital gains will be taxable to you as ordinary
income. Distributions of the Fund’s net capital gains reported as capital gain
dividends by the Fund will be taxable to you as long-term capital gains,
regardless of the length of time you have held shares of the Fund. If you are
investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account, you may be subject to federal income tax on
withdrawals from tax-deferred arrangement at a later date.
Financial Intermediary
Compensation
If
you purchase Retail or Institutional Shares of the Fund through a broker, dealer
or other financial intermediary (such as a bank or financial adviser), the Fund,
Baron Capital, Inc., the Fund’s distributor, BAMCO or their affiliates may pay
the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker, dealer or
other financial intermediary, including your salesperson, to recommend the Fund
over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
Baron International
Growth Fund
Investment Goal
The
investment goal of Baron International Growth Fund® (the “Fund”) is capital
appreciation.
Fees and Expenses of the
Fund
The
table below describes the fees and expenses that you would pay if you bought and
held shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
Annual Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Management
Fee |
|
|
Distribution
(12b‑1)
Fee |
|
|
Other
Expenses |
|
|
Total
Annual
Fund
Operating
Expenses |
|
|
Expense
Reimbursements |
|
|
Total
Annual
Fund
Operating
Expenses
After
Expense
Reimbursements1 |
|
|
BARON
INTERNATIONAL GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
|
0.88% |
|
|
|
0.25% |
|
|
|
0.13% |
|
|
|
1.26% |
|
|
|
(0.06 |
)% |
|
|
1.20% |
|
|
Institutional
Shares |
|
|
0.88% |
|
|
|
0.00% |
|
|
|
0.11% |
|
|
|
0.99% |
|
|
|
(0.04 |
)% |
|
|
0.95% |
|
|
R6
Shares |
|
|
0.88% |
|
|
|
0.00% |
|
|
|
0.11% |
|
|
|
0.99% |
|
|
|
(0.04 |
)% |
|
|
0.95% |
|
| 1 |
|
BAMCO, Inc. (“BAMCO” or the “Adviser”)
has agreed that, pursuant to a contract with an 11-year term terminating
on August 29,
2033, it will reimburse certain expenses of the Fund,
limiting net annual operating expenses (portfolio transaction costs,
interest, dividend, acquired fund fees and expenses and extraordinary
expenses are not subject to the operating expense limitation) to 1.20% of
average daily net assets of Retail Shares, 0.95% of average daily net
assets of Institutional Shares, and 0.95% of average daily net assets of
R6 Shares. Only the Board of Trustees of the Fund may terminate the
expense reimbursement agreement prior to its termination date.
|
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same, giving effect to the
Baron International
Growth Fund
expense
reimbursement agreement described above. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| YEAR |
|
1 |
|
|
3 |
|
|
5 |
|
|
10 |
|
|
BARON
INTERNATIONAL GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
$ |
122 |
|
|
$ |
381 |
|
|
$ |
660 |
|
|
$ |
1,455 |
|
|
Institutional
Shares |
|
$ |
97 |
|
|
$ |
303 |
|
|
$ |
525 |
|
|
$ |
1,166 |
|
|
R6
Shares |
|
$ |
97 |
|
|
$ |
303 |
|
|
$ |
525 |
|
|
$ |
1,166 |
|
Portfolio
Turnover. The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes for Fund shareholders. These costs, which
are not reflected in Total Annual Fund Operating Expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year ended
December 31, 2022, the Fund’s portfolio turnover rate was 47.04% of the average value of its
portfolio.
Investments, Risks, and
Performance
Principal Investment Strategies of the Fund
The
Fund is a diversified fund that invests for the long term primarily in equity
securities in the form of common stock of non-U.S. growth companies. Non-U.S.
securities include securities that the Adviser determines are “non-U.S.” based
on the consideration of an issuer’s domicile, its principal place of business,
its primary stock exchange listing, the source of its revenue or other factors.
The Fund seeks to diversify its investments among several developed countries
and developing countries throughout the world, although the Fund may only invest
up to 35% of its net assets in developing countries. Developing countries
include countries in the MSCI Emerging Markets (EM) Index, countries in the MSCI
Frontier Markets (FM) Index and other countries determined by the Adviser to be
developing countries based on classifications made by the International Monetary
Fund or on country characteristics similar to those of the countries in the EM
and FM Indexes. The Fund may purchase securities of companies of any market
capitalization. The Adviser seeks to invest in businesses it believes have
significant opportunities for growth, sustainable competitive advantages,
exceptional management, and an attractive valuation.
The
Fund’s investments in non-U.S. securities generally are traded in currencies
other than U.S. dollars, so the Adviser buys and sells foreign currencies to
facilitate transactions in portfolio securities. The Adviser usually does not
hedge against possible fluctuations in exchange rates, but exposure to a
particular currency that the Adviser believes is overvalued may be hedged if the
Fund has a substantial position in securities traded in that currency. The Fund
may buy and sell currencies for cash at current exchange rates, or
Baron International
Growth Fund
use
an agreement to purchase or sell a specified currency at a specified future date
or within a specified time period, at a price set at the time of the
contract.
Principal Risks of Investing in the Fund
Non-U.S. Securities. Investing in
non-U.S. securities may involve additional risks to those inherent in investing
in U.S. securities, including exchange rate fluctuations, political or economic
instability, the imposition of exchange controls, expropriation, limited
disclosure and illiquid markets.
Developing Countries. The Fund
invests in developing countries, which include countries in the MSCI Emerging
Markets (EM) Index, countries in the MSCI Frontier Markets (FM) Index and other
countries determined by the Adviser to be developing countries based on
classifications made by the International Monetary Fund or on country
characteristics similar to those of the countries in the EM and FM Indexes.
Investments in developing countries are subject to all of the risks of non-U.S.
investing generally, and have additional heightened risks due to a lack of
established legal, political, business and social frameworks to support
securities markets, including: delays in settling portfolio securities
transactions; currency and capital controls; greater sensitivity to interest
rate changes; pervasiveness of corruption and crime; currency exchange rate
volatility; and inflation, deflation or currency devaluation. These risks are
greater for countries in the FM Index.
Currency. This refers to a decline
in the value of a foreign currency versus the U.S. dollar, which reduces the
dollar value of securities denominated in that currency. The overall impact on
the Fund’s holdings can be significant, unpredictable and long-lasting,
depending on the currencies represented in the portfolio and how each one
appreciates or depreciates in relation to the U.S. dollar and whether currency
positions are hedged. Under normal conditions, the Fund does not engage in
extensive foreign currency hedging programs. Further, because exchange rate
movements are volatile, the Fund’s attempts at hedging could be unsuccessful,
and it may not be possible to effectively hedge the currency risks of many
developing countries.
Growth Investing. Growth stocks can
react differently to issuer, political, market and economic developments than
the market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of
stocks. As a result, because growth stocks tend to be sensitive to changes in
their earnings and to increasing interest rates and inflation, they tend to be
more volatile than other types of stocks. In response, from time to time, growth
investing as an investment style may go out of favor with
investors.
General Stock Market. Fund losses may be incurred due to declines in one or
more markets in which Fund investments are made. These
declines may be the result of, among other things, political, regulatory,
market, economic or social developments affecting
the
Baron International
Growth Fund
relevant
market(s). In addition, turbulence as has recently been experienced, caused,
among other reasons, by increased inflation, tightening monetary policy and
interest rate increases by the US Federal Reserve or similar international
bodies, and reduced liquidity in financial markets may continue to negatively
affect many issuers, which could have an adverse effect on your Fund investment.
Events involving limited liquidity, defaults, non-performance or other adverse
developments that affect one industry, such as the financial services industry,
or concerns or rumors about any events of these kinds, have in the past and may
in the future lead to market-wide liquidity problems, may spread to other
industries, and could negatively affect the value and liquidity of the Fund’s
investments. Global economies and financial markets are increasingly
interconnected, and conditions and events in one country, region or financial
market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide
response to it, have and may continue to adversely impact issuers and markets
worldwide. The coronavirus disease 2019 (COVID-19) global pandemic and the
aggressive responses taken by many governments or voluntarily imposed by private
parties, including closing borders, restricting travel and imposing prolonged
quarantines or similar restrictions, as well as the closure of, or
operational changes to, many retail and other businesses, have had negative
impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long such impacts, or any future impacts of other significant
events described above, will or would last, but there could be a prolonged
period of global economic slowdown, which may impact your Fund investment.
Raising the ceiling on U.S. government debt has become increasingly politicized.
Any failure to increase the total amount that the U.S. government is authorized
to borrow could lead to a default on U.S. government obligations, with
unpredictable consequences for economies and markets in the U.S. and
elsewhere.
Risks Associated with China and Hong
Kong. The Chinese government exercises significant control
over China’s economy through its industrial policies, monetary policy,
management of currency exchange rates, and management of the payment of foreign
currency-denominated obligations. Changes in these policies could adversely
impact affected industries or companies in China. China’s economy, particularly
its export-oriented industries, may be adversely impacted by trade or political
disputes with China’s major trading partners, including the U.S. The United
States has imposed tariffs and other trade barriers on Chinese exports, has
restricted sales of certain categories of goods to China, and has established
barriers to investments in China. Trade disputes may adversely affect the
economies of the United States and its trading partners, as well as companies
directly or indirectly affected and financial markets generally. In addition,
the Chinese government is involved in a longstanding dispute with Taiwan that
has included threats of invasion. If the political climate between the United
States and China does not improve or continues to deteriorate, if China were to
attempt unification of Taiwan by force, or if other geopolitical conflicts
develop or get worse, economies, markets and individual securities may be
severely affected both regionally and globally, and the value of the Fund’s
assets may go
Baron International
Growth Fund
down.
In addition, as its consumer class continues to grow, China’s domestically
oriented industries may be especially sensitive to changes in government policy
and investment cycles. If China were to exert its authority so as to alter the
economic, political or legal structures or the existing social policy of Hong
Kong, investor and business confidence in Hong Kong could be negatively affected
and have an adverse effect on the Fund’s
investments.
Risks Associated with Investing in Chinese Companies
through Variable Interest Entities. The Fund may obtain
exposure to companies based or operated in China by investing through legal
structures known as variable interest entities (“VIEs”). Instead of directly
owning the equity securities of a Chinese company, a VIE enters into service and
other contracts with the Chinese company. Although the VIE has no equity
ownership of the Chinese company, the contractual arrangements permit the VIE to
consolidate the Chinese company into its financial statements. VIE investments
are subject to the risk that any breach of these contractual arrangements will
be subject to Chinese law and jurisdiction, that Chinese law may be interpreted
or change in a way that affects the enforceability of the VIE’s arrangements, or
that contracts between the Chinese company and the VIE may otherwise not be
enforceable under Chinese
law.
Small- and Mid-Sized Companies. The
Adviser believes there is more potential for capital appreciation in small- and
mid-sized companies, but there also may be more risk. Securities of small- and
mid-sized companies may not be well known to most investors, and the securities
may be less actively traded than those of large businesses. The securities of
small- and mid-sized companies may fluctuate in price more widely than the stock
market generally, and they may be more difficult to sell during market
downturns. Small- and mid-sized companies rely more on the skills of management
and on their continued tenure. Investing in small- and mid-sized companies
requires a long-term outlook and may require shareholders to assume more risk
and to have more patience than investing in the securities of larger, more
established companies.
Performance
The following
bar chart and table provide some indication of the risks of investing in
the Fund (Retail Shares) by showing changes in the Fund’s performance from
year to year and by showing how the Fund’s average annual returns for 1, 5, 10
years, and since inception compare with those of a broad measure of market
performance. The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available online at www.BaronFunds.com/performance
or by calling 1-800-99BARON
(1-800-992-2766).
Baron International
Growth Fund
Year by Year Total Return (%) as of
December 31 of Each Year (Retail Shares)
| Best Quarter: |
6/30/20:
28.24% |
| Worst Quarter: |
3/31/20: (21.51)% |
Average Annual Total Returns (for periods ended
12/31/22)
The
following table below shows the Fund’s Retail Shares’ annual returns and
long-term performance (before and after taxes) and the change in value of
broad-based market indexes over various periods ended December 31, 2022.
The table also shows the
average annual returns of the Fund’s Institutional Shares and R6 Shares, but it
does not show after-tax returns.
After-tax returns are
calculated using the highest individual federal marginal income tax rate in
effect at the time of each distribution and assumed sale, but they do not
include the impact of state and local
taxes.
Your
actual after-tax returns depend on your own tax situation and may differ from
those shown. After-tax returns reflect past tax effects and are not predictive
of future tax effects. After-tax returns are not
relevant to investors who hold their Fund shares in a tax-deferred account
(including a 401(k) or IRA or Coverdell account), or to investors that are
tax-exempt.
Baron International
Growth Fund
Average
Annual Total Returns for the periods ended December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
1 year |
|
|
5 years |
|
|
10 years |
|
|
Since
Inception |
|
|
BARON
INTERNATIONAL GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares
(Inception date: 12‑31‑08) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(27.47 |
)% |
|
|
1.92% |
|
|
|
6.24% |
|
|
|
8.77% |
|
|
Return
after taxes on distributions |
|
|
(27.72 |
)% |
|
|
1.51% |
|
|
|
5.84% |
|
|
|
8.28% |
|
|
Return
after taxes on distributions and sale of Fund shares |
|
|
(16.13 |
)% |
|
|
1.58% |
|
|
|
5.06% |
|
|
|
7.33% |
|
|
Institutional Shares*
(Inception
date:5‑29‑09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(27.29 |
)% |
|
|
2.17% |
|
|
|
6.50% |
|
|
|
9.04% |
|
|
R6 Shares*
(Inception date: 8‑31‑16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(27.28 |
)% |
|
|
2.16% |
|
|
|
6.50% |
|
|
|
9.03% |
|
|
MSCI
AC World ex USA Index (reflects no deduction for fees or
expenses) |
|
|
(16.00 |
)% |
|
|
0.88% |
|
|
|
3.80% |
|
|
|
6.13% |
|
|
MSCI
AC World ex USA IMI Growth Index (reflects no deduction for fees or
expenses) |
|
|
(23.49 |
)% |
|
|
1.39% |
|
|
|
4.77% |
|
|
|
7.04% |
|
| * |
|
Performance for the Institutional Shares
prior to May 29, 2009 is based on the performance of the Retail Shares.
Performance for the R6 Shares prior to August 31, 2016 is based on the
performance of the Institutional Shares, and prior to May 29, 2009 is
based on the Retail Shares. The Retail Shares have a distribution fee, but
Institutional Shares and R6 Shares do not. If the annual returns for the
Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect
this fee, the returns would be higher.
|
The
MSCI AC World ex USA Index Net USD and the MSCI AC World ex USA IMI Growth Index
Net USD are unmanaged, free float-adjusted market capitalization weighted
indexes. Both the MSCI AC World ex USA Index Net USD and the MSCI AC World ex
USA IMI Growth Index Net USD are designed to measure the performance of large-,
mid-, and small-cap securities across developed and emerging markets, excluding
the United States. The MSCI AC World ex USA IMI Growth Index Net USD screens for
growth-style securities.
Management
Investment Adviser. BAMCO is the
investment adviser of the Fund.
Portfolio Manager. Michael Kass has
been the portfolio manager of the Fund since its inception on December 31,
2008. Mr. Kass has worked at the Adviser as an analyst since November of
2007.
Baron International
Growth Fund
Purchase and Sale of Fund
Shares
Shares
may be purchased only on days that the New York Stock Exchange is open for
trading.
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
|
Retail
Shares |
|
$2,000 |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Automatic Investment Plan |
|
$500 (with subsequent minimum investments of
$50 per month until your investment has reached $2,000.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds® website
purchases |
|
$2,000 |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
| |
|
| |
|
Institutional
Shares |
|
$1,000,000 (Employees of the Adviser and its
affiliates and Trustees of the Baron Funds® and employer sponsored
retirement plans (qualified and nonqualified) are not subject to the
eligibility requirements for Institutional Shares.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds® website
purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
| |
|
| |
|
R6
Shares |
|
$5,000,000 (There is no minimum initial
investment for qualified retirement plans; however, the shares must be
held through plan-level or omnibus accounts held on the books of the
Fund.) |
|
No Minimum |
|
No Maximum |
Baron International
Growth Fund
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
| |
|
| |
|
Baron
Funds® website
purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
You
Can Purchase or Redeem Shares By:
| 1. |
|
Mailing a request to
Baron Funds®, P.O.
Box 219946, Kansas City, MO 64121-9946 or by overnight mail to: Baron
Funds®,
430 West 7th Street, Kansas City, MO 64105-1514; |
| 3. |
|
Calling
1-800-442-3814; |
| 4. |
|
Visiting the Baron
Funds® website
www.BaronFunds.com;
or |
| 5. |
|
Through a broker, dealer
or other financial intermediary that may charge you a
fee. |
The
Fund is not for short-term traders who intend to purchase and then sell their
Fund shares within a 90 day period. If the Adviser reasonably believes that a
person is not a long-term investor, it will attempt to prohibit that person from
making additional investments in the Fund.
Tax Information
Distributions
of the Fund’s net investment income (other than “qualified dividend income”) and
distributions of net short-term capital gains will be taxable to you as ordinary
income. Distributions of the Fund’s net capital gains reported as capital gain
dividends by the Fund will be taxable to you as long-term capital gains,
regardless of the length of time you have held shares of the Fund. If you are
investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account, you may be subject to federal income tax on
withdrawals from tax-deferred arrangement at a later date.
Financial Intermediary
Compensation
If
you purchase Retail or Institutional Shares of the Fund through a broker, dealer
or other financial intermediary (such as a bank or financial adviser), the Fund,
Baron Capital, Inc., the Fund’s distributor, BAMCO or their affiliates may pay
the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker, dealer or
other financial intermediary, including your salesperson, to recommend the Fund
over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
Baron Real Estate Fund
Investment Goal
The
investment goal of Baron Real Estate Fund® (the “Fund”) is capital
appreciation.
Fees and Expenses of the
Fund
The
table below describes the fees and expenses that you would pay if you bought and
held shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
Annual Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Management
Fee |
|
|
Distribution
(12b‑1)
Fee |
|
|
Other
Expenses |
|
|
Total
Annual
Fund
Operating
Expenses |
|
|
BARON
REAL ESTATE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
|
1.00% |
|
|
|
0.25% |
|
|
|
0.08% |
|
|
|
1.33% |
|
|
Institutional
Shares |
|
|
1.00% |
|
|
|
0.00% |
|
|
|
0.07% |
|
|
|
1.07% |
|
|
R6
Shares |
|
|
1.00% |
|
|
|
0.00% |
|
|
|
0.07% |
|
|
|
1.07% |
|
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| YEAR |
|
1 |
|
|
3 |
|
|
5 |
|
|
10 |
|
|
BARON
REAL ESTATE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
$ |
135 |
|
|
$ |
421 |
|
|
$ |
729 |
|
|
$ |
1,601 |
|
|
Institutional
Shares |
|
$ |
109 |
|
|
$ |
340 |
|
|
$ |
590 |
|
|
$ |
1,306 |
|
|
R6
Shares |
|
$
|
109
|
|
|
$
|
340
|
|
|
$
|
590
|
|
|
$ |
1,306 |
|
Portfolio
Turnover. The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or
“turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes for Fund shareholders.
These costs, which are not reflected in Total Annual Fund
Operating
Baron Real Estate Fund
Expenses
or in the example, affect the Fund’s performance. During the most recent fiscal
year ended December 31, 2022, the Fund’s portfolio turnover rate was
112.74% of the average value of its
portfolio.
Investments, Risks, and
Performance
Principal Investment Strategies of the Fund
The
Fund is a diversified fund that, under normal circumstances, invests 80% of its
net assets for the long term in equity securities in the form of common stock of
U.S. and non-U.S. real estate and real estate-related companies of any market
capitalization, and in companies which, in the opinion of BAMCO, Inc. (“BAMCO”
or the “Adviser”), own significant real estate assets at the time of investment
(“real estate companies”), however, investments in non-U.S. securities are
limited to 35% of the Fund’s total assets at the time of purchase. The Adviser
seeks to invest in businesses it believes have significant opportunities for
growth, sustainable competitive advantages, exceptional management, and an
attractive valuation.
Real
estate companies are companies that the Adviser determines are in the real
estate industry based on their involvement in construction, ownership,
management, operation, financing, refinancing, sales, leasing, development or
rehabilitation of real estate or are in a real estate-related industry based on
their provision of goods or services to the real estate industry.
A
company is considered to own significant real estate assets if, in the opinion
of the Adviser, the company has a substantial portion of its assets attributable
to one or more of the following: (a) real estate owned or leased by the
company as lessor or as lessee; or (b) the discounted value of the stream
of fees or revenues derived from the management or operation of real estate.
Examples
of companies that might qualify under one of these categories include:
| ∎ |
|
Real
estate operating
companies; |
| ∎ |
|
Real
estate investment trusts
(“REITs”); |
| ∎ |
|
Hotel,
hotel management companies and gaming
companies; |
| ∎ |
|
Real
estate brokerage/services companies and/or management
companies; |
| ∎ |
|
Financial
institutions that make or service mortgage
loans; |
| ∎ |
|
Manufacturers
or distributors of construction materials and/or building
supplies/products; |
| ∎ |
|
Home
furnishing and home improvement retail
companies; |
| ∎ |
|
Companies
with significant real estate holdings such as supermarkets, restaurant
chains and retail
chains; |
| ∎ |
|
Construction
and engineering companies;
and |
Baron Real Estate Fund
| ∎ |
|
Companies
with infrastructure-related assets such as toll roads, bridges, tunnels,
parking facilities, railroads, airports, broadcast and wireless towers,
electric transmission and distribution lines, power generation facilities,
hospitals and correctional
facilities. |
The
Fund will invest more than 25% of its net assets in the real estate
industry.
The
investment policy of the Fund relating to the types of securities in which 80%
of the Fund’s assets must be invested may be changed by the Fund’s Board of
Trustees without shareholder approval upon at least 60 days’
notice.
Principal Risks of Investing in the Fund
Real Estate Industry. In addition to
general market conditions, the value of the Fund will be affected by the
strength of the real estate markets. Factors that could affect the value of the
Fund’s holdings include the following: overbuilding and increased competition;
increases in property taxes and operating expenses; declines in the value of
real estate; lack of availability of equity and debt financing to refinance
maturing debt; vacancies due to economic conditions and tenant bankruptcies;
losses due to costs resulting from natural disasters and/or environmental
contamination and its related clean-up; changes in interest rates; changes in
zoning laws; casualty or condemnation losses; variations in rental income;
changes in neighborhood values; and functional obsolescence and appeal of
properties to tenants.
Concentration. The Fund’s strategy
of concentrating in real estate and real estate-related companies means that its
performance will be closely tied to the performance of a particular market
segment. The Fund’s concentration in these companies may present more risks than
if it were broadly diversified over numerous industries and sectors of the
economy. A downturn in these companies would have a larger impact on the Fund
than on a mutual fund that does not concentrate in such companies. At times, the
performance of these companies will lag the performance of other industries or
the broader market as a whole.
Growth Investing. Growth stocks can
react differently to issuer, political, market and economic developments than
the market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of
stocks. As a result, because growth stocks tend to be sensitive to changes in
their earnings and to increasing interest rates and inflation, they tend to be
more volatile than other types of stocks. In response, from time to time, growth
investing as an investment style may go out of favor with
investors.
Consumer Discretionary Sector. The
consumer discretionary sector may be affected by changes in domestic and
international economies, exchange and interest rates, inflation, competition,
consumers’ disposable income, consumer preferences, social trends and marketing
campaigns.
Baron Real Estate Fund
General Stock Market. Fund losses may be incurred due to declines in one or
more markets in which Fund investments are made. These
declines may be the result of, among other things, political, regulatory,
market, economic or social developments affecting the relevant market(s). In
addition, turbulence as has recently been experienced, caused, among other
reasons, by increased inflation, tightening monetary policy and interest rate
increases by the US Federal Reserve or similar international bodies, and reduced
liquidity in financial markets may continue to negatively affect many issuers,
which could have an adverse effect on your Fund investment. Events involving
limited liquidity, defaults, non-performance or other adverse developments that
affect one industry, such as the financial services industry, or concerns or
rumors about any events of these kinds, have in the past and may in the future
lead to market-wide liquidity problems, may spread to other industries, and
could negatively affect the value and liquidity of the Fund’s investments.
Global economies and financial markets are increasingly interconnected, and
conditions and events in one country, region or financial market, such as
Russia’s invasion of Ukraine in February 2022 and the world-wide response to it,
have and may continue to adversely impact issuers and markets worldwide. The
coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses
taken by many governments or voluntarily imposed by private parties, including
closing borders, restricting travel and imposing prolonged quarantines or
similar restrictions, as well as the closure of, or operational changes to,
many retail and other businesses, have had negative impacts, and in many cases
severe negative impacts, on markets worldwide. It is not known how long such
impacts, or any future impacts of other significant events described above, will
or would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Raising the ceiling on U.S.
government debt has become increasingly politicized. Any failure to increase the
total amount that the U.S. government is authorized to borrow could lead to a
default on U.S. government obligations, with unpredictable consequences for
economies and markets in the U.S. and
elsewhere.
Non-U.S. Securities. Investing in
non-U.S. securities may involve additional risks to those inherent in investing
in U.S. securities, including exchange rate fluctuations, political or economic
instability, the imposition of exchange controls, expropriation, limited
disclosure and illiquid markets.
Small- and Mid-Sized Companies. The
Adviser believes there is more potential for capital appreciation in small- and
mid-sized companies, but there also may be more risk. Securities of small- and
mid-sized companies may not be well known to most investors, and the securities
may be less actively traded than those of large businesses. The securities of
small- and mid-sized companies may fluctuate in price more widely than the stock
market generally, and they may be more difficult to sell during market
downturns. Small- and mid-sized companies rely more on the skills of management
and on their continued tenure. Investing in small- and mid-sized companies
requires a long-term
Baron Real Estate Fund
outlook
and may require shareholders to assume more risk and to have more patience than
investing in the securities of larger, more established
companies.
Performance
The following
bar chart and table provide some indication of the risks of investing in the
Fund (Retail Shares) by showing changes in the Fund’s performance from year to
year and by showing how the Fund’s average annual returns for 1, 5, 10 years,
and since inception compare with those of a broad measure of market
performance. The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available online at www.BaronFunds.com/performance
or by calling 1-800-99BARON
(1‑800‑992‑2766).
Year by Year Total Return (%) as of
December 31 of Each Year (Retail Shares)
| Best Quarter: |
6/30/20:
29.82% |
| Worst Quarter: |
6/30/22: (20.70)% |
Average Annual Total Returns (for periods ended
12/31/22)
The
following table below shows the Fund’s Retail Shares’ annual returns and
long-term performance (before and after taxes) and the change in value of
broad-based market indexes over various periods ended December 31, 2022.
The table also shows the
average annual returns of the Fund’s Institutional Shares and R6 Shares, but it
does not show after-tax returns.
Baron Real Estate Fund
After-tax
returns are calculated using the highest individual federal marginal income tax
rate in effect at the time of each distribution and assumed sale, but they do
not include the impact of state and local taxes.
Your
actual after-tax returns depend on your own tax situation and may differ from
those shown. After-tax returns reflect past tax effects and are not predictive
of future tax effects. After-tax returns are not
relevant to investors who hold their Fund shares in a tax-deferred account
(including a 401(k) or IRA or Coverdell account), or to investors that are
tax-exempt.
Average
Annual Total Returns for the periods ended December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
1 year |
|
|
5 years |
|
|
10 years |
|
|
Since
Inception |
|
|
BARON
REAL ESTATE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares
(Inception date:
12‑31‑09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(28.61 |
)% |
|
|
7.38% |
|
|
|
9.99% |
|
|
|
12.66% |
|
|
Return
after taxes on distributions |
|
|
(29.27 |
)% |
|
|
5.23% |
|
|
|
8.70% |
|
|
|
11.57% |
|
|
Return
after taxes on distributions and sale of Fund shares |
|
|
(16.75 |
)% |
|
|
5.52% |
|
|
|
8.05% |
|
|
|
10.65% |
|
|
Institutional Shares
(Inception date:
12‑31‑09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(28.44 |
)% |
|
|
7.65% |
|
|
|
10.28% |
|
|
|
12.94% |
|
|
R6 Shares*
(Inception date:
1‑29‑16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(28.44 |
)% |
|
|
7.66% |
|
|
|
10.28% |
|
|
|
12.94% |
|
|
MSCI
USA IMI Extended Real Estate Index (reflects no deduction for fees,
expenses or taxes) |
|
|
(23.84 |
)% |
|
|
4.73% |
|
|
|
8.59% |
|
|
|
10.20% |
|
|
MSCI
US REIT Index (reflects no deduction for fees, expenses or taxes) |
|
|
(25.37 |
)% |
|
|
2.48% |
|
|
|
5.20% |
|
|
|
7.75% |
|
| * |
|
Performance for the R6 Shares prior to
January 29, 2016 is based on the performance of the Institutional Shares.
|
The
MSCI USA IMI Extended Real Estate Index Net USD is a custom index calculated by
MSCI for, and as requested by, BAMCO. The index includes real estate and real
estate-related GICS classification securities. The MSCI US REIT Index Net USD is
a free float‑adjusted market capitalization index that measures the performance
of all equity REITs in the US equity market, except for specialty equity REITs
that do not generate a majority of their revenue and income from real estate
rental and leasing operations.
Baron Real Estate Fund
Management
Investment Adviser. BAMCO is the
investment adviser of the Fund.
Portfolio Manager. Jeffrey A.
Kolitch has been the portfolio manager of the Fund since its inception on
December 31, 2009. Mr. Kolitch has worked at the Adviser as an analyst
since September of 2005.
Purchase and Sale of Fund
Shares
Shares
may be purchased only on days that the New York Stock Exchange is open for
trading.
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
|
Retail
Shares |
|
$2,000 |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Automatic Investment Plan |
|
$500 (with subsequent minimum investments of
$50 per month until your investment has reached $2,000.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds® website
purchases |
|
$2,000 |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
| |
|
| |
|
Institutional
Shares |
|
$1,000,000 (Employees of the Adviser and its
affiliates and Trustees of the Baron Funds® and employer sponsored
retirement plans (qualified and nonqualified) are not subject to the
eligibility requirements for Institutional Shares.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds® website
purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
Baron Real Estate Fund
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
|
R6
Shares |
|
$5,000,000 (There is no minimum initial
investment for qualified retirement plans; however, the shares must be
held through plan-level or omnibus accounts held on the books of the
Fund.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds® website
purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
You
Can Purchase or Redeem Shares By:
| 1. |
|
Mailing a request to
Baron Funds®, P.O.
Box 219946, Kansas City, MO 64121-9946 or by overnight mail to: Baron
Funds®,
430 West 7th Street, Kansas City, MO 64105-1514; |
| 3. |
|
Calling
1-800-442-3814; |
| 4. |
|
Visiting the Baron
Funds® website
www.BaronFunds.com;
or |
| 5. |
|
Through a broker, dealer
or other financial intermediary that may charge you a
fee. |
The
Fund is not for short-term traders who intend to purchase and then sell their
Fund shares within a 90 day period. If the Adviser reasonably believes that a
person is not a long-term investor, it will attempt to prohibit that person from
making additional investments in the Fund.
Tax Information
Distributions
of the Fund’s net investment income (other than “qualified dividend income”) and
distributions of net short-term capital gains will be taxable to you as ordinary
income. Distributions of the Fund’s net capital gains reported as capital gain
dividends by the Fund will be taxable to you as long-term capital gains,
regardless of the length of time you have held shares of the Fund. If you are
investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account, you may be subject to federal income tax on
withdrawals from tax-deferred arrangement at a later date.
Baron Real Estate Fund
Financial Intermediary
Compensation
If
you purchase Retail or Institutional Shares of the Fund through a broker, dealer
or other financial intermediary (such as a bank or financial adviser), the Fund,
Baron Capital, Inc., the Fund’s distributor, BAMCO or their affiliates may pay
the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker, dealer or
other financial intermediary, including your salesperson, to recommend the Fund
over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
Baron Emerging Markets
Fund
Investment Goal
The
investment goal of Baron Emerging Markets Fund® (the “Fund”) is capital
appreciation.
Fees and Expenses of the
Fund
The
table below describes the fees and expenses that you would pay if you bought and
held shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
Annual Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Management
Fee |
|
|
Distribution
(12b‑1)
Fee |
|
|
Other
Expenses |
|
|
Total
Annual
Fund
Operating
Expenses |
|
|
BARON
EMERGING MARKETS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
|
1.00% |
|
|
|
0.25% |
|
|
|
0.13% |
|
|
|
1.38% |
|
|
Institutional
Shares |
|
|
1.00% |
|
|
|
0.00% |
|
|
|
0.12% |
|
|
|
1.12% |
|
|
R6
Shares |
|
|
1.00% |
|
|
|
0.00% |
|
|
|
0.13% |
|
|
|
1.13% |
|
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| YEAR |
|
1 |
|
|
3 |
|
|
5 |
|
|
10 |
|
|
BARON
EMERGING MARKETS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
$ |
140 |
|
|
$ |
437 |
|
|
$ |
755 |
|
|
$ |
1,657 |
|
|
Institutional
Shares |
|
$ |
114 |
|
|
$ |
356 |
|
|
$ |
617 |
|
|
$ |
1,363 |
|
|
R6
Shares |
|
$
|
115
|
|
|
$
|
359
|
|
|
$ |
622 |
|
|
$ |
1,375 |
|
Portfolio
Turnover. The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or
“turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes for Fund
Baron Emerging Markets
Fund
shareholders.
These costs, which are not reflected in Total Annual Fund Operating Expenses or
in the example, affect the Fund’s performance. During the most recent fiscal
year ended December 31, 2022, the Fund’s portfolio turnover rate was
43.74% of the average value of its
portfolio.
Investments, Risks, and
Performance
Principal Investment Strategies of the Fund
The
Fund is a diversified fund that, under normal circumstances, invests 80% of its
net assets in equity securities in the form of common stock of growth companies
domiciled, headquartered or whose primary business activities or principal
trading markets are in developing countries. A developing country is a country
included in the MSCI Emerging Markets (EM) Index and other countries determined
by the Adviser to be developing countries based on classifications made by the
International Monetary Fund or on country characteristics similar to those of
the countries in the EM Index. The Fund may invest up to 20% of its net assets
in developed countries and in frontier countries as defined by the MSCI Frontier
Markets (FM) Index. The Fund’s investments will be in at least three different
countries. The Fund may purchase securities of companies of any market
capitalization. The Adviser seeks to invest in businesses it believes have
significant opportunities for growth, sustainable competitive advantages,
exceptional management, and an attractive valuation.
The
Fund’s investments in developing countries generally are traded in currencies
other than U.S. dollars, so the Adviser buys and sells foreign currencies to
facilitate transactions in portfolio securities. The Adviser usually does not
hedge against possible fluctuations in exchange rates, but exposure to a
particular currency that the Adviser believes is overvalued may be hedged if the
Fund has a substantial position in securities traded in that currency. The Fund
may buy and sell currencies for cash at current exchange rates, or using an
agreement to purchase or sell a specified currency at a specified future date or
within a specified time period, at a price set at the time of the contract.
The
investment policy of the Fund relating to the types of securities in which 80%
of the Fund’s assets must be invested may be changed by the Fund’s Board of
Trustees without shareholder approval upon at least 60 days’ notice.
Principal Risks of Investing in the Fund
Non-U.S. Securities. Investing in
non-U.S. securities may involve additional risks to those inherent in investing
in U.S. securities, including exchange rate fluctuations, political or economic
instability, the imposition of exchange controls, expropriation, limited
disclosure and illiquid markets.
Baron Emerging Markets
Fund
Developing Countries. The Fund
invests in developing countries, which include countries in the MSCI Emerging
Markets (EM) Index and other countries determined by the Adviser to be
developing countries based on classifications made by the International Monetary
Fund or on country characteristics similar to those of the countries in the EM
Index. Investments in developing countries are subject to all of the risks of
non-U.S. investing generally, and have additional heightened risks due to a lack
of established legal, political, business and social frameworks to support
securities markets, including: delays in settling portfolio securities
transactions; currency and capital controls; greater sensitivity to interest
rate changes; pervasiveness of corruption and crime; currency exchange rate
volatility; and inflation, deflation or currency
devaluation.
Currency. This refers to a decline
in the value of a foreign currency versus the U.S. dollar, which reduces the
dollar value of securities denominated in that currency. The overall impact on
the Fund’s holdings can be significant, unpredictable and long-lasting,
depending on the currencies represented in the portfolio and how each one
appreciates or depreciates in relation to the U.S. dollar and whether currency
positions are hedged. Under normal conditions, the Fund does not engage in
extensive foreign currency hedging programs. Further, because exchange rate
movements are volatile, the Fund’s attempts at hedging could be unsuccessful,
and it may not be possible to effectively hedge the currency risks of many
developing countries.
Risks Associated with China and Hong
Kong. The Chinese government exercises significant control
over China’s economy through its industrial policies, monetary policy,
management of currency exchange rates, and management of the payment of foreign
currency-denominated obligations. Changes in these policies could adversely
impact affected industries or companies in China. China’s economy, particularly
its export-oriented industries, may be adversely impacted by trade or political
disputes with China’s major trading partners, including the U.S. The United
States has imposed tariffs and other trade barriers on Chinese exports, has
restricted sales of certain categories of goods to China, and has established
barriers to investments in China. Trade disputes may adversely affect the
economies of the United States and its trading partners, as well as companies
directly or indirectly affected and financial markets generally. In addition,
the Chinese government is involved in a longstanding dispute with Taiwan that
has included threats of invasion. If the political climate between the United
States and China does not improve or continues to deteriorate, if China were to
attempt unification of Taiwan by force, or if other geopolitical conflicts
develop or get worse, economies, markets and individual securities may be
severely affected both regionally and globally, and the value of the Fund’s
assets may go down. In addition, as its consumer class continues to grow,
China’s domestically oriented industries may be especially sensitive to changes
in government policy and investment cycles. If China were to exert its authority
so as to alter the economic,
Baron Emerging Markets
Fund
political
or legal structures or the existing social policy of Hong Kong, investor and
business confidence in Hong Kong could be negatively affected and have an
adverse effect on the Fund’s
investments.
Risks Associated with Investing in Chinese Companies
through Variable Interest Entities. The Fund may obtain
exposure to companies based or operated in China by investing through legal
structures known as variable interest entities (“VIEs”). Instead of directly
owning the equity securities of a Chinese company, a VIE enters into service and
other contracts with the Chinese company. Although the VIE has no equity
ownership of the Chinese company, the contractual arrangements permit the VIE to
consolidate the Chinese company into its financial statements. VIE investments
are subject to the risk that any breach of these contractual arrangements will
be subject to Chinese law and jurisdiction, that Chinese law may be interpreted
or change in a way that affects the enforceability of the VIE’s arrangements, or
that contracts between the Chinese company and the VIE may otherwise not be
enforceable under Chinese
law.
Risks of Emphasizing a Region, Country, Sector or
Industry. If the Fund has invested a higher percentage of its
total assets in a particular region, country, sector or industry, changes
affecting that region, country, sector or industry may have a significant impact
on the performance of the Fund’s overall
portfolio.
Frontier Countries. The Fund’s
investments in frontier countries, which include countries in the MSCI Frontier
Markets (FM) Index, are subject to all of the risks of non-U.S. investing
generally and the risks of investing in developing countries, except that such
risks are greater in frontier countries.
Growth Investing. Growth stocks can
react differently to issuer, political, market and economic developments than
the market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of
stocks. As a result, because growth stocks tend to be sensitive to changes in
their earnings and to increasing interest rates and inflation, they tend to be
more volatile than other types of stocks. In response, from time to time, growth
investing as an investment style may go out of favor with
investors.
General Stock Market. Fund losses may be incurred due to declines in one or
more markets in which Fund investments are made. These
declines may be the result of, among other things, political, regulatory,
market, economic or social developments affecting the relevant market(s). In
addition, turbulence as has recently been experienced, caused, among other
reasons, by increased inflation, tightening monetary policy and interest rate
increases by the US Federal Reserve or similar international bodies, and reduced
liquidity in financial markets may continue to negatively affect many issuers,
which could have an adverse effect on your Fund investment. Events involving
limited liquidity, defaults, non-performance or
other
Baron Emerging Markets
Fund
adverse
developments that affect one industry, such as the financial services industry,
or concerns or rumors about any events of these kinds, have in the past and may
in the future lead to market-wide liquidity problems, may spread to other
industries, and could negatively affect the value and liquidity of the Fund’s
investments. Global economies and financial markets are increasingly
interconnected, and conditions and events in one country, region or financial
market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide
response to it, have and may continue to adversely impact issuers and markets
worldwide. The coronavirus disease 2019 (COVID-19) global pandemic and the
aggressive responses taken by many governments or voluntarily imposed by private
parties, including closing borders, restricting travel and imposing prolonged
quarantines or similar restrictions, as well as the closure of, or
operational changes to, many retail and other businesses, have had negative
impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long such impacts, or any future impacts of other significant
events described above, will or would last, but there could be a prolonged
period of global economic slowdown, which may impact your Fund investment.
Raising the ceiling on U.S. government debt has become increasingly politicized.
Any failure to increase the total amount that the U.S. government is authorized
to borrow could lead to a default on U.S. government obligations, with
unpredictable consequences for economies and markets in the U.S. and
elsewhere.
Small- and Mid-Sized Companies. The
Adviser believes there is more potential for capital appreciation in small- and
mid-sized companies, but there also may be more risk. Securities of small- and
mid-sized companies may not be well known to most investors, and the securities
may be less actively traded than those of large businesses. The securities of
small- and mid-sized companies may fluctuate in price more widely than the stock
market generally, and they may be more difficult to sell during market
downturns. Small- and mid-sized companies rely more on the skills of management
and on their continued tenure. Investing in small- and mid-sized companies
requires a long-term outlook and may require shareholders to assume more risk
and to have more patience than investing in the securities of larger, more
established companies.
Performance
The following
bar chart and table provide some indication of the risks of investing in the
Fund (Retail Shares) by showing changes in the Fund’s performance from year to
year and by showing how the Fund’s average annual returns for 1, 5, 10 years,
and since inception compare with those of a broad measure of market
performance. The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available online at www.BaronFunds.com/performance
or by calling 1-800-99BARON
(1‑800‑992‑2766).
Baron Emerging Markets
Fund
Year by Year Total Return (%) as of
December 31 of Each Year (Retail Shares)
| Best Quarter: |
6/30/20:
26.56% |
| Worst Quarter: |
3/31/20: (25.07)% |
Average Annual Total Returns (for periods ended
12/31/22)
The
following table below shows the Fund’s Retail Shares’ annual returns and
long-term performance (before and after taxes) and the change in value of
broad-based market indexes over various periods ended December 31, 2022.
The table also shows the
average annual returns of the Fund’s Institutional Shares and R6 Shares, but it
does not show after-tax returns.
After-tax
returns are calculated using the highest individual federal marginal income tax
rate in effect at the time of each distribution and assumed sale, but they do
not include the impact of state and local taxes.
Your
actual after-tax returns depend on your own tax situation and may differ from
those shown. After-tax returns reflect past tax effects and are not predictive
of future tax effects. After-tax returns are not
relevant to investors who hold their Fund shares in a tax-deferred account
(including a
401(k) or IRA or Coverdell account), or to investors that are
tax-exempt.
Baron Emerging Markets
Fund
Average
Annual Total Returns for the periods ended December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
1 year |
|
|
5 years |
|
|
10 years |
|
|
Since
Inception |
|
|
BARON
EMERGING MARKETS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares
(Inception date:
12‑31‑10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(25.99 |
)% |
|
|
(2.95 |
)% |
|
|
2.83% |
|
|
|
2.51% |
|
|
Return
after taxes on distributions |
|
|
(25.99 |
)% |
|
|
(2.99 |
)% |
|
|
2.82% |
|
|
|
2.47% |
|
|
Return
after taxes on distributions and sale of Fund shares |
|
|
(15.38 |
)% |
|
|
(2.15 |
)% |
|
|
2.29% |
|
|
|
2.02% |
|
|
Institutional Shares
(Inception date:
12‑31‑10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(25.82 |
)% |
|
|
(2.70 |
)% |
|
|
3.10% |
|
|
|
2.77% |
|
|
R6 Shares*
(Inception date:
1‑29‑16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(25.81 |
)% |
|
|
(2.69 |
)% |
|
|
3.10% |
|
|
|
2.77% |
|
|
MSCI
EM (Emerging Markets) Index (reflects no deduction for fees or
expenses) |
|
|
(20.09 |
)% |
|
|
(1.40 |
)% |
|
|
1.44% |
|
|
|
0.89% |
|
|
MSCI
EM (Emerging Markets) IMI Growth Index (reflects no deduction for fees or
expenses) |
|
|
(23.88 |
)% |
|
|
(1.06 |
)% |
|
|
2.65% |
|
|
|
1.90% |
|
| * |
|
Performance for the R6 Shares prior to
January 29, 2016 is based on the performance of the Institutional
Shares. |
The
MSCI EM (Emerging Markets) Index Net USD and the MSCI EM (Emerging Markets) IMI
Growth Index Net USD are unmanaged, free float-adjusted market capitalization
weighted indexes. The MSCI EM (Emerging Markets) Index Net USD is designed to
measure the equity market performance of large- and mid-cap securities in
emerging markets. The MSCI EM (Emerging Markets) IMI Growth Index Net USD is
designed to measure the equity market performance of large-, mid-, and small-cap
securities in the emerging markets. The MSCI EM (Emerging Markets) IMI Growth
Index Net USD screens for growth-style securities.
Management
Investment Adviser. BAMCO is the
investment adviser of the Fund.
Portfolio Manager. Michael Kass has
been the portfolio manager of the Fund since its inception on December 31,
2010. Mr. Kass has worked at the Adviser as an analyst since November of
2007.
Baron Emerging Markets
Fund
Purchase and Sale of Fund
Shares
Shares
may be purchased only on days that the New York Stock Exchange is open for
trading.
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
|
Retail
Shares |
|
$2,000 |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Automatic Investment Plan |
|
$500 (with subsequent minimum investments of
$50 per month until your investment has reached $2,000.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds®
website purchases |
|
$2,000 |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
| |
|
| |
|
Institutional
Shares |
|
$1,000,000 (Employees of the Adviser and its
affiliates and Trustees of the Baron Funds® and employer sponsored
retirement plans (qualified and nonqualified) are not subject to the
eligibility requirements for Institutional Shares.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds®
website purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
Baron Emerging Markets
Fund
|
|
|
|
|
|
| |
| |
|
|
|
| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
| |
|
| |
|
R6
Shares |
|
$5,000,000 (There is no minimum initial
investment for qualified retirement plans; however, the shares must be
held through plan-level or omnibus accounts held on the books of the
Fund.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds®
website purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
You
Can Purchase or Redeem Shares By:
| 1. |
|
Mailing a request to
Baron Funds®, P.O.
Box 219946, Kansas City, MO 64121-9946 or by overnight mail to: Baron
Funds®, 430 West
7th Street, Kansas City, MO 64105-1514; |
| 3. |
|
Calling
1-800-442-3814; |
| 4. |
|
Visiting the Baron
Funds® website
www.BaronFunds.com;
or |
| 5. |
|
Through a broker, dealer
or other financial intermediary that may charge you a
fee. |
The
Fund is not for short-term traders who intend to purchase and then sell their
Fund shares within a 90 day period. If the Adviser reasonably believes that a
person is not a long-term investor, it will attempt to prohibit that person from
making additional investments in the Fund.
Tax Information
Distributions
of the Fund’s net investment income (other than “qualified dividend income”) and
distributions of net short-term capital gains will be taxable to you as ordinary
income. Distributions of the Fund’s net capital gains reported as capital gain
dividends by the Fund will be taxable to you as long-term capital gains,
regardless of the length of time you have held shares of the Fund. If you are
investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account, you may be subject to federal income tax on
withdrawals from tax-deferred arrangement at a later date.
Baron Emerging Markets
Fund
Financial Intermediary
Compensation
If
you purchase Retail or Institutional Shares of the Fund through a broker, dealer
or other financial intermediary (such as a bank or financial adviser), the Fund,
Baron Capital, Inc., the Fund’s distributor, BAMCO or their affiliates may pay
the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker, dealer or
other financial intermediary, including your salesperson, to recommend the Fund
over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
Baron Global Advantage
Fund
Investment Goal
The
investment goal of Baron Global Advantage Fund® (the “Fund”) is capital
appreciation.
Fees and Expenses of the
Fund
The
table below describes the fees and expenses that you would pay if you bought and
held shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
Annual Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your investment)
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Manage-
ment
Fee |
|
|
Distribu-
tion
(12b-1)
Fee |
|
|
Other
Expenses |
|
|
Total
Other
Expenses |
|
|
Total
Annual
Fund
Operating
Expenses1 |
|
|
Expense
Reimburse-
ments |
|
|
Total
Annual
Fund
Operating
Expenses
After
Expense
Reimburse-
ments1 |
|
| |
Oper-
ating
Expenses |
|
|
Interest
Expenses |
|
|
BARON
GLOBAL ADVANTAGE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
|
0.85% |
|
|
|
0.25% |
|
|
|
0.09% |
|
|
|
0.01% |
|
|
|
0.10% |
|
|
|
1.20% |
|
|
|
(0.04 |
)% |
|
|
1.16% |
|
|
Institutional
Shares |
|
|
0.85% |
|
|
|
0.00% |
|
|
|
0.08% |
|
|
|
0.01% |
|
|
|
0.09% |
|
|
|
0.94% |
|
|
|
(0.03 |
)% |
|
|
0.91% |
|
|
R6
Shares |
|
|
0.85% |
|
|
|
0.00% |
|
|
|
0.08% |
|
|
|
0.02% |
|
|
|
0.10% |
|
|
|
0.95% |
|
|
|
(0.03 |
)% |
|
|
0.92% |
|
| 1 |
|
BAMCO, Inc. (“BAMCO” or the “Adviser”)
has agreed that, pursuant to a contract with an 11‑year term terminating
on August 29,
2033, it will reimburse certain expenses of the Fund,
limiting net annual operating expenses (portfolio transaction costs,
interest, dividend, acquired fund fees and expenses and extraordinary
expenses are not subject to the operating expense limitation) to 1.15% of
average daily net assets of Retail Shares, 0.90% of average daily net
assets of Institutional Shares, and 0.90% of average daily net assets of
R6 Shares. Only the Board of Trustees of the Fund may terminate the
expense reimbursement agreement prior to its termination date.
|
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same.
Baron Global Advantage
Fund
Although
your actual costs may be higher or lower, based on these assumptions your costs
would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| YEAR |
|
1 |
|
|
3 |
|
|
5 |
|
|
10 |
|
|
BARON
GLOBAL ADVANTAGE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
$ |
118 |
|
|
$ |
368 |
|
|
$ |
638 |
|
|
$ |
1,409 |
|
|
Institutional
Shares |
|
$ |
93 |
|
|
$ |
290 |
|
|
$ |
504 |
|
|
$ |
1,120 |
|
|
R6
Shares |
|
$ |
94 |
|
|
$ |
293 |
|
|
$ |
509 |
|
|
$ |
1,131 |
|
Portfolio
Turnover. The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes for Fund shareholders. These costs, which
are not reflected in Total Annual Fund Operating Expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year ended
December 31, 2022, the Fund’s portfolio turnover rate was 11.50% of the average value of its
portfolio.
Investments, Risks, and
Performance
Principal Investment Strategies of the Fund
The
Fund is a diversified fund that, under normal circumstances, invests primarily
in equity securities in the form of common stock of established and emerging
markets companies located throughout the world, with capitalizations within the
range of companies included in the MSCI ACWI Index Net USD. At all times, the
Fund will have investments in equity securities of companies in at least three
countries outside of the U.S. Under normal conditions, at least 40% of the
Fund’s net assets will be invested in stocks of companies outside the U.S. (at
least 30% if foreign market conditions are not favorable). The Adviser seeks to
invest in businesses it believes have significant opportunities for growth,
sustainable competitive advantages, exceptional management, and an attractive
valuation.
Principal Risks of Investing in the Fund
Non-U.S. Securities. Investing in
non-U.S. securities may involve additional risks to those inherent in investing
in U.S. securities, including exchange rate fluctuations, political or economic
instability, the imposition of exchange controls, expropriation, limited
disclosure and illiquid markets.
Developing Countries. The Fund
invests in developing countries, which include countries in the MSCI Emerging
Markets (EM) Index, countries in the MSCI Frontier Markets (FM) Index and other
countries determined by the Adviser to be developing
Baron Global Advantage
Fund
countries
based on classifications made by the International Monetary Fund or on country
characteristics similar to those of the countries in the EM and FM Indexes.
Investments in developing countries are subject to all of the risks of non-U.S.
investing generally, and have additional heightened risks due to a lack of
established legal, political, business and social frameworks to support
securities markets, including: delays in settling portfolio securities
transactions; currency and capital controls; greater sensitivity to interest
rate changes; pervasiveness of corruption and crime; currency exchange rate
volatility; and inflation, deflation or currency devaluation. These risks are
greater for countries in the FM
Index.
Currency. This refers to a decline
in the value of a foreign currency versus the U.S. dollar, which reduces the
dollar value of securities denominated in that currency. The overall impact on
the Fund’s holdings can be significant, unpredictable and long-lasting,
depending on the currencies represented in the portfolio and how each one
appreciates or depreciates in relation to the U.S. dollar and whether currency
positions are hedged. Under normal conditions, the Fund does not engage in
extensive foreign currency hedging programs. Further, because exchange rate
movements are volatile, the Fund’s attempts at hedging could be unsuccessful,
and it may not be possible to effectively hedge the currency risks of many
developing countries.
Risks Associated with China and Hong
Kong. The Chinese government exercises significant control
over China’s economy through its industrial policies, monetary policy,
management of currency exchange rates, and management of the payment of foreign
currency-denominated obligations. Changes in these policies could adversely
impact affected industries or companies in China. China’s economy, particularly
its export-oriented industries, may be adversely impacted by trade or political
disputes with China’s major trading partners, including the U.S. The United
States has imposed tariffs and other trade barriers on Chinese exports, has
restricted sales of certain categories of goods to China, and has established
barriers to investments in China. Trade disputes may adversely affect the
economies of the United States and its trading partners, as well as companies
directly or indirectly affected and financial markets generally. In addition,
the Chinese government is involved in a longstanding dispute with Taiwan that
has included threats of invasion. If the political climate between the United
States and China does not improve or continues to deteriorate, if China were to
attempt unification of Taiwan by force, or if other geopolitical conflicts
develop or get worse, economies, markets and individual securities may be
severely affected both regionally and globally, and the value of the Fund’s
assets may go down. In addition, as its consumer class continues to grow,
China’s domestically oriented industries may be especially sensitive to changes
in government policy and investment cycles. If China were to exert its authority
so as to alter the economic, political or legal structures or the existing
social policy of Hong Kong, investor and business confidence in Hong Kong could
be negatively affected and have an adverse effect on the Fund’s
investments.
Baron Global Advantage
Fund
Risks Associated with Investing in Chinese Companies
through Variable Interest Entities. The Fund may obtain
exposure to companies based or operated in China by investing through legal
structures known as variable interest entities (“VIEs”). Instead of directly
owning the equity securities of a Chinese company, a VIE enters into service and
other contracts with the Chinese company. Although the VIE has no equity
ownership of the Chinese company, the contractual arrangements permit the VIE to
consolidate the Chinese company into its financial statements. VIE investments
are subject to the risk that any breach of these contractual arrangements will
be subject to Chinese law and jurisdiction, that Chinese law may be interpreted
or change in a way that affects the enforceability of the VIE’s arrangements, or
that contracts between the Chinese company and the VIE may otherwise not be
enforceable under Chinese
law.
Risks of Emphasizing a Region, Country, Sector or
Industry. If the Fund has invested a higher percentage of its
total assets in a particular region, country, sector or industry, changes
affecting that region, country, sector or industry may have a significant impact
on the performance of the Fund’s overall portfolio. The economies and financial
markets of certain regions — such as Latin America, Asia, and Europe and the
Mediterranean region — can be interdependent and may all decline at the same
time.
Growth Investing. Growth stocks can
react differently to issuer, political, market and economic developments than
the market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of
stocks. As a result, because growth stocks tend to be sensitive to changes in
their earnings and to increasing interest rates and inflation, they tend to be
more volatile than other types of stocks. In response, from time to time, growth
investing as an investment style may go out of favor with
investors.
Technology. Technology companies,
including internet-related and information technology companies, as well as
companies propelled by new technologies, may present the risk of rapid change
and product obsolescence, and their successes may be difficult to predict for
the long term. Some technology companies may be newly formed and have limited
operating history and experience. Technology companies may also be adversely
affected by changes in governmental policies, competitive pressures and changing
demand. The securities of these companies may also experience significant price
movements caused by disproportionate investor optimism or pessimism, with little
or no basis in the companies’ fundamentals or economic
conditions.
General Stock Market. Fund losses may be incurred due to declines in one or
more markets in which Fund investments are made. These declines
may be the result of, among other things, political, regulatory, market,
economic or social developments
Baron Global Advantage
Fund
affecting
the relevant market(s). In addition, turbulence as has recently been
experienced, caused, among other reasons, by increased inflation, tightening
monetary policy and interest rate increases by the US Federal Reserve or similar
international bodies, and reduced liquidity in financial markets may continue to
negatively affect many issuers, which could have an adverse effect on your Fund
investment. Events involving limited liquidity, defaults, non-performance or
other adverse developments that affect one industry, such as the financial
services industry, or concerns or rumors about any events of these kinds, have
in the past and may in the future lead to market-wide liquidity problems, may
spread to other industries, and could negatively affect the value and liquidity
of the Fund’s investments. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or
financial market, such as Russia’s invasion of Ukraine in February 2022 and the
world-wide response to it, have and may continue to adversely impact issuers and
markets worldwide. The coronavirus disease 2019 (COVID-19) global pandemic and
the aggressive responses taken by many governments or voluntarily imposed by
private parties, including closing borders, restricting travel and imposing
prolonged quarantines or similar restrictions, as well as the closure of, or
operational changes to, many retail and other businesses, have had negative
impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long such impacts, or any future impacts of other significant
events described above, will or would last, but there could be a prolonged
period of global economic slowdown, which may impact your Fund investment.
Raising the ceiling on U.S. government debt has become increasingly politicized.
Any failure to increase the total amount that the U.S. government is authorized
to borrow could lead to a default on U.S. government obligations, with
unpredictable consequences for economies and markets in the U.S. and
elsewhere.
Small- and Mid-Sized Companies. The
Adviser believes there is more potential for capital appreciation in small- and
mid-sized companies, but there also may be more risk. Securities of small- and
mid-sized companies may not be well known to most investors, and the securities
may be less actively traded than those of large businesses. The securities of
small- and mid-sized companies may fluctuate in price more widely than the stock
market generally, and they may be more difficult to sell during market
downturns. Small- and mid-sized companies rely more on the skills of management
and on their continued tenure. Investing in small- and mid-sized companies
requires a long-term outlook and may require shareholders to assume more risk
and to have more patience than investing in the securities of larger, more
established companies.
Performance
The following bar
chart and table provide some indication of the risks of investing in the Fund
(Retail Shares) by showing changes in the Fund’s performance from year to
year
Baron Global Advantage
Fund
and by showing how the Fund’s
average annual returns for 1, 5, 10 years, and since inception compare
with those of a broad measure of market performance.
The
Fund’s past performance (before and after taxes) is not necessarily an
indication of how the Fund will perform in the future. Updated
performance information is available online at www.BaronFunds.com/performance
or by calling 1-800-99BARON
(1‑800‑992‑2766).
Year by Year Total Return (%) as of
December 31 of Each Year (Retail Shares)
| Best Quarter: |
6/30/20:
46.30% |
| Worst Quarter: |
6/30/22: (32.39)% |
Average Annual Total Returns (for periods ended
12/31/22)
The
following table below shows the Fund’s Retail Shares’ annual returns and
long-term performance (before and after taxes) and the change in value of
broad-based market indexes over various periods ended December 31, 2022.
The table also shows the
average annual returns of the Fund’s Institutional Shares and R6 Shares, but it
does not show after-tax returns.
After-tax
returns are calculated using the highest individual federal marginal income tax
rate in effect at the time of each distribution and assumed sale, but they do
not include the impact of state and local taxes.
Your
actual after-tax returns depend on your own tax situation and may differ from
those shown. After-tax returns reflect past tax effects and are not predictive
of future tax effects. After-tax returns are
not relevant to investors who hold their Fund shares
Baron Global Advantage
Fund
in a tax-deferred account
(including a
401(k) or IRA or Coverdell account), or to investors that are
tax-exempt.
Average
Annual Total Returns for the periods ended December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
1 year |
|
|
5 years |
|
|
10 years |
|
|
Since
Inception |
|
|
BARON
GLOBAL ADVANTAGE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares
(Inception date:
4‑30‑12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(51.69 |
)% |
|
|
3.95% |
|
|
|
9.18% |
|
|
|
8.99% |
|
|
Return
after taxes on distributions |
|
|
(51.90 |
)% |
|
|
3.86% |
|
|
|
9.13% |
|
|
|
8.94% |
|
|
Return
after taxes on distributions and sale of Fund shares |
|
|
(30.43 |
)% |
|
|
3.07% |
|
|
|
7.56% |
|
|
|
7.43% |
|
|
Institutional Shares
(Inception date:
4‑30‑12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(51.57 |
)% |
|
|
4.21% |
|
|
|
9.43% |
|
|
|
9.23% |
|
|
R6 Shares*
(Inception date:
8‑31‑16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
before taxes |
|
|
(51.58 |
)% |
|
|
4.21% |
|
|
|
9.44% |
|
|
|
9.24% |
|
|
MSCI
ACWI Index (reflects no deduction for fees or expenses) |
|
|
(18.36 |
)% |
|
|
5.23% |
|
|
|
7.98% |
|
|
|
7.95% |
|
|
MSCI
ACWI Growth Index (reflects no deduction for fees or expenses) |
|
|
(28.61 |
)% |
|
|
6.37% |
|
|
|
9.20% |
|
|
|
8.95% |
|
| * |
|
Performance for the R6 Shares prior to
August 31, 2016 is based on the performance of the Institutional
Shares. |
The
MSCI ACWI Index Net USD and the MSCI ACWI Growth Index Net USD are unmanaged,
free float-adjusted market capitalization weighted indexes. The MSCI ACWI Index
Net USD and the MSCI ACWI Growth Index Net USD are designed to measure the
equity market performance of large- and mid‑cap securities across developed and
emerging markets, including the United States. The MSCI ACWI Growth Index Net
USD screens for growth-style securities.
Management
Investment Adviser. BAMCO is the
investment adviser of the Fund.
Portfolio Manager. Alex Umansky has
been the portfolio manager of the Fund since its inception on April 30,
2012. Mr. Umansky has worked at the Adviser as a portfolio manager since
November of 2011.
Baron Global Advantage
Fund
Purchase and Sale of Fund
Shares
Shares
may be purchased only on days that the New York Stock Exchange is open for
trading.
|
|
|
|
|
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| |
| |
|
|
|
| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
|
Retail
Shares |
|
$2,000 |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Automatic Investment Plan |
|
$500 (with subsequent minimum investments of
$50 per month until your investment has reached $2,000.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds®
website purchases |
|
$2,000 |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
| |
|
| |
|
Institutional
Shares |
|
$1,000,000 (Employees of the Adviser and its
affiliates and Trustees of the Baron Funds® and employer sponsored
retirement plans (qualified and nonqualified) are not subject to the
eligibility requirements for Institutional Shares.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds®
website purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
Baron Global Advantage
Fund
|
|
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| |
| |
|
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| |
|
Minimum
Initial
Investment |
|
Minimum Subsequent
Investment |
|
Maximum Subsequent
Investment |
| |
|
| |
|
R6
Shares |
|
$5,000,000 (There is no minimum initial
investment for qualified retirement plans; however, the shares must be
held through plan-level or omnibus accounts held on the books of the
Fund.) |
|
No Minimum |
|
No Maximum |
| |
|
| |
|
Baron
Funds®
website purchases |
|
You may not make an initial purchase through
the Baron Funds®
website. |
|
$10 |
|
$6,500 for retirement accounts and $250,000
for non‑retirement accounts. |
You
Can Purchase or Redeem Shares By:
| 1. |
|
Mailing a request to
Baron Funds®, P.O.
Box 219946, Kansas City, MO 64121‑9946 or by overnight mail to: Baron
Funds®, 430 West
7th Street, Kansas City, MO 64105-1514; |
| 3. |
|
Calling
1-800-442-3814; |
| 4. |
|
Visiting the Baron
Funds® website
www.BaronFunds.com;
or |
| 5. |
|
Through a broker, dealer
or other financial intermediary that may charge you a
fee. |
The
Fund is not for short-term traders who intend to purchase and then sell their
Fund shares within a 90 day period. If the Adviser reasonably believes that a
person is not a long-term investor, it will attempt to prohibit that person from
making additional investments in the Fund.
Tax Information
Distributions
of the Fund’s net investment income (other than “qualified dividend income”) and
distributions of net short-term capital gains will be taxable to you as ordinary
income. Distributions of the Fund’s net capital gains reported as capital gain
dividends by the Fund will be taxable to you as long-term capital gains,
regardless of the length of time you have held shares of the Fund. If you are
investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account, you may be subject to federal income tax on
withdrawals from tax-deferred arrangement at a later date.
Baron Global
Advantage Fund
Financial Intermediary
Compensation
If
you purchase Retail or Institutional Shares of the Fund through a broker, dealer
or other financial intermediary (such as a bank or financial adviser), the Fund,
Baron Capital, Inc., the Fund’s distributor, BAMCO or their affiliates may pay
the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker, dealer or
other financial intermediary, including your salesperson, to recommend the Fund
over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
Baron Real Estate Income
Fund
Investment Goal
The
investment goal of Baron Real Estate Income Fund® (the “Fund”) is a
combination of capital appreciation and current income.
Fees and Expenses of the
Fund
The
table below describes the fees and expenses that you would pay if you bought and
held shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
Annual Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your investment)
|
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|
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|
|
|
|
| |
| |
|
Management
Fee |
|
|
Distribution
(12b‑1)
Fee |
|
|
Other
Expenses |
|
|
Total
Annual
Fund
Operating
Expenses |
|
|
Expense
Reimburse
ments |
|
|
Total
Annual
Fund
Operating
Expenses
After
Expense
Reimburse
ments1 |
|
|
BARON REAL
ESTATE INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Shares |
|
|
0.75% |
|
|
|
0.25% |
|
|
|
0.32% |
|
|
|
1.32% |
|
|
|
(0.27 |
)% |
|
|
1.05% |
|
|
Institutional
Shares |
|
|
0.75% |
|
|
|
0.00% |
|
|
|
0.21% |
|
|
|
0.96% |
|
|
|
(0.16 |
)% |
|
|
0.80% |
|
|
R6
Shares |
|
|
0.75% |
|
|
|
0.00% |
|
|
|
0.22% |
|
|
|
0.97% |
|
|
|
(0.17 |
)% |
|
|
0.80% |
|
| 1 |
|
BAMCO, Inc. (“BAMCO” or the “Adviser”)
has agreed that, pursuant to a contract with an 11-year term terminating
on August 29,
2033, it will reimburse certain expenses of the Fund,
limiting net annual operating expenses (portfolio transaction costs,
interest, dividend, acquired fund fees and expenses and extraordinary
expenses are not subject to the operating expense limitation) to 1.05% of
average daily net assets of Retail Shares, 0.80% of average daily net
assets of Institutional Shares, and 0.80% of average daily net assets of
R6 Shares. Only the Board of Trustees of the Fund may terminate the
expense reimbursement agreement prior to its termination date.
|
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same, giving effect to the expense reimbursement agreement described
above. Although your
Baron Real Estate Income
Fund
actual
costs may be higher or lower, based on these assumptions your costs would be:
|
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|
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|
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|
|
|
|
|
|
|
| |
| YEAR |
|
1 |
|
|
3 |
|
|
5 |
|
|
10 |
|
|
BARON
REAL ESTATE INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
