(1)Reflects the actual fees and expenses that were charged when the Funds were partnerships. The predecessor partnerships charged a 20% performance fee (Baron Partners Fund) or a 15% performance fee (Baron Focused Growth Fund) after reaching a certain performance benchmark. If the annual returns for the Funds did not reflect the performance fee for the years the predecessor partnerships charged a performance fee, returns would be higher. The Funds’ shareholders are not charged a performance fee.
(2)For the period June 30, 1987 to December 31, 2023.
(3)As of 9/30/2023.
(4)Comprised of operating expenses of 1.04% and interest expenses of 0.01%.
(5)As of 12/31/2022.
(6)Comprised of operating expenses of 1.04% and interest expenses of 0.40%.
(7)Gross annual expense ratio was 0.78%, but the net annual expense ratio was 0.76% (net of Adviser’s fee waivers, including interest expense of 0.01%).
(8)Gross annual expense ratio was 1.00%, but the net annual expense ratio was 0.70% (net of Adviser’s fee waivers).
(9)Gross annual expense ratio was 0.94%, but the net annual expense ratio was 0.91% (net of Adviser’s fee waivers, including interest expense of 0.01%).
(10)Gross annual expense ratio was 0.99%, but the net annual expense ratio was 0.95% (net of Adviser’s fee waivers).
(11)Gross annual expense ratio was 7.22%, but the net annual expense ratio was 1.20% (net of Adviser’s fee waivers and expense reimnbursements).
(12)Gross annual expense ratio was 0.96%, but the net annual expense ratio was 0.80% (net of Adviser’s fee waivers).
(13)Gross annual expense ratio was 0.90%, but the net annual expense ratio was 0.85% (net of Adviser’s fee waivers).
(14)Gross annual expense ratio was 1.20%, but the net annual expense ratio was 0.95% (net of Adviser’s fee waivers).
(15)Gross annual expense ratio was 6.42%, but the net annual expense ratio was 0.95% (net of Adviser’s fee waivers and expense reimbursements).
(16)Gross annual expense ratio was 1.14%, but the net annual expense ratio was 1.11% (includes acquired fund fees and expenses, net of the expense reimbursements).
†The Fund’s historical performance was impacted by gains from IPOs. There is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
Ranking information provided is calculated for the Institutional Share Class and is as of 12/31/2023. The number of share classes in each category may vary depending on the date that Baron downloaded information from Morningstar Direct. Morningstar calculates its category average performance and rankings using its Fractional Weighting methodology. Morningstar rankings are based on total returns and do not include sales charges. Total returns account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets. The Morningstar Large Growth Category consisted of 1200, 1031, and 810, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Opportunity Fund in the 11th, 4th, 13th, and 4th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 2/29/2000, and the category consisted of 597 share classes. Morningstar ranked Baron Partners Fund in the 27th, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since conversion periods, respectively. The Fund converted into a mutual fund 4/30/2003, and the category consisted of 756 share classes. Morningstar ranked Baron Durable Advantage Fund in the 21st, 8th, and 18th percentiles for the 1-, 5-, and since inception periods, respectively. The Fund launched 12/29/2017, and the category consisted of 1089 share classes. The Morningstar Mid Cap Growth Category consisted of 553, 492, and 395, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Asset Fund in the 74th, 49th, 22nd, and 11th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 6/12/1987, and the category consisted of 70 share classes. Morningstar ranked Baron Growth Fund in the 83rd, 15th, 29th, and 1st percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 12/31/1994, and the category consisted of 160 share classes. Morningstar ranked Baron Focused Growth Fund in the 10th, 1th, 1th, and 3rd percentiles for the 1-, 5-, 10-year, and since conversion periods, respectively. The Fund converted into a mutual fund 6/30/2008, and the category consisted of 438 share classes. The Morningstar Small Cap Growth Category consisted of 597, 528, and 405, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Small Cap Fund in the 5th, 13th, 21st, and 7th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 9/30/1997, and the category consisted of 243 share classes. Morningstar ranked Baron Discovery Fund in the 10th, 36th, 6th, and 4th percentiles for the 1-, 5-, 10-, and since inception periods, respectively. The Fund launched 9/30/2013, and the category consisted of 523 share classes. The Morningstar Real Estate Category consisted of 251, 215, and 156, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Real Estate Fund in the 1st, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 12/30/2009, and the category consisted of 182 share classes. Morningstar ranked Baron Real Estate Income Fund in the 9th, 3rd, and 2nd percentiles for the 1-, 5-, and since inception periods, respectively. The Fund launched 12/29/2017, and the category consisted of 225 share classes. The Morningstar Foreign Large Growth Category consisted of 417, 336, 229, and 251 share classes for the 1-, 5-,10-year, and since inception (12/31/2008) periods. Morningstar ranked Baron International Growth Fund in the 96th, 63rd, 38th, and 19th, respectively. The Morningstar Diversified Emerging Markets Category consisted of 816, 656, 402, and 373 share classes for the 1-, 5-, 10-year, and since inception (12/31/2010) periods. Morningstar ranked Baron Emerging Markets Fund in the 76th, 78th, 51st, and 14th, respectively. The Morningstar Diversified Health Category consisted of 176, 135, and 138 share classes for the 1-, 5-, and since inception (12/31/2018) periods. Morningstar ranked Baron Health Care Fund in the 25th, 1st, and 1st, respectively. The Morningstar Aggressive Allocation Category consisted of 186, 165, and 177 share classes for the 1-, 5-, and since inception (12/29/2017) periods. Morningstar ranked Baron WealthBuilder Fund in the 5th, 1st, and 1st, respectively.
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