Baron Capital Perspective

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(1)This is a hypothetical ranking created by Baron Capital using Morningstar extended performance data and is as of 3/31/2025. As of 3/31/2025, Baron Partners Fund remains the number one performing equity mutual in the United States since its inception. There were 1,989 share classes in these nine Morningstar Categories for the period from 4/30/2003 to 3/31/2025. As of 3/31/2025, the annualized returns of the Invesco QQQ Trust were 25.61%, 19.93%, and 18.29% for the 1-, 5-, and 10-year periods, respectively. As of 3/31/2025, the annualized returns of the Invesco QQQ Trust were 6.21%, 20.51% and 16.99% for the 1-, 5-, and 10-year periods, respectively.  Note, the peer group used for this analysis includes all U.S. equity share classes in Morningstar Direct domiciled in the U.S., including obsolete funds, index funds, and ETFs. The individual Morningstar Categories used for this analysis are the Morningstar Large Blend, Large Growth, Large Value, Mid-Cap Blend, Mid-Cap Growth, Mid-Cap Value, Small Blend, Small Growth, and Small Value Categories. 

As of 3/31/2025, the Morningstar Large Growth Category consisted of 1079, 949, and 745, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Partners Fund in the 1st, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since inception periods as a mutual fund, respectively. The Fund was converted into a mutual fund 4/30/2003, and the category consisted of 699 share classes. On an absolute basis, Morningstar ranked Baron Partners Fund Institutional Share Class as the best performing share class in its Category, for the 1-, 5-, 10-year, and since conversion periods, respectively. Morningstar calculates the Morningstar Large Growth 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 do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets.

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting BaronCapitalGroup.com. Please read them carefully before investing.

Baron Partners Fund's annualized returns for the Institutional Shares as of March 31, 2025: 1-year, 20.84%; 5-year, 30.33%; 10-year, 18.74%. As of April 26, 2024, the annual expense ratio of the Fund’s Institutional Shares was 1.99% (comprised of operating expenses of 1.04% and interest expense of 0.95%).

Russell Midcap Growth Index's annualized returns as of March 31, 2025: 1-year, 3.57%; 5-year, 14.86%; 10-year, 10.14%.

Russell 3000 Index's annualized returns as of March 31, 2025: 1-year, 7.22%; 5-year, 18.18%; 10-year, 11.80%.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2035, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit BaronCapitalGroup.com or call 1-800-99-BARON.

Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.

Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.

Risk: The Fund is non-diversified which means, in addition to increased volatility of the Fund’s returns, it will likely have a greater percentage of its assets in a single issuer or a small number of issuers, including in a particular industry than a diversified fund. Single issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer’s securities and therefore the net asset value of the Fund. As of the most recent quarter-end, about 31% of the Fund’s long positions 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. Specific risks associated with leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of loss in any given period.

For information pertaining to competitor funds, please refer to that firm’s website.

The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them.

Ranking information provided is calculated for the Institutional Share Class and is as of 3/31/2025. The number of share classes in each category may vary depending on the date that Baron downloaded information from Morningstar Direct. The Morningstar Large Growth Category consisted of 1079, 949, and 745, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Opportunity Fund in the 29th, 20th, 5th, and 3rd percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 2/29/2000, and the category consisted of 565 share classes. Morningstar ranked Baron Partners Fund in the 1st, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since inception periods as a mutual fund, respectively. The Fund converted into a mutual fund 4/30/2003, and the category consisted of 699 share classes. Morningstar ranked Baron Durable Advantage Fund in the 32nd, 16th, and 21st percentiles for the 1-, 5-year, and since inception periods, respectively. The Fund launched 12/29/2017, and the category consisted of 979 share classes. The Morningstar Mid Cap Growth Category consisted of 497, 447, and 358, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Asset Fund in the 21st, 64th, 20th, and 8th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 6/12/1987, and the category consisted of 57 share classes. Morningstar ranked Baron Growth Fund in the 59th, 35th, 32nd, and 2nd percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 12/31/1994, and the category consisted of 149 share classes. Morningstar ranked Baron Focused Growth Fund in the 4th, 2nd, 2nd, and 2nd percentiles for the 1-, 5-, 10-year, and since inception periods as a mutual fund, respectively. The Fund converted into a mutual fund 6/30/2008, and the category consisted of 386 share classes. The Morningstar Small Cap Growth Category consisted of 551, 520, and 395, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Small Cap Fund in the 73rd, 23rd, 20th, and 9th percentiles for the 1-, 5-, 10-year, and since inception periods, respectively. The Fund launched 9/30/1997, and the category consisted of 232 share classes. Morningstar ranked Baron Discovery Fund in the 6th, 29th, and 4th percentiles for the 1-, 5-, and since inception periods, respectively. The Fund launched 9/30/2013, and the category consisted of 489 share classes. The Morningstar Real Estate Category consisted of 221, 196, and 148, share classes for the 1-, 5-, and 10-year periods. Morningstar ranked Baron Real Estate Fund in the 98th, 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 157 share classes. Morningstar ranked Baron Real Estate Income Fund in the 4th, 6th, and 2nd percentiles for the 1-, 5-, and since inception periods, respectively. The Fund launched 12/29/2017, and the category consisted of 196 share classes. The Morningstar Foreign Large Growth Category consisted of 389, 335, 213, and 225 share classes for the 1-, 5-,10-year, and since inception (12/31/2008) periods. Morningstar ranked Baron International Growth Fund in the 32nd, 64th, 51st, and 24th, respectively. The Morningstar Diversified Emerging Markets Category consisted of 777, 636, 435, and 356 share classes for the 1-, 5-, 10-year, and since inception (12/31/2010) periods. Morningstar ranked Baron Emerging Markets Fund in the 26th, 66th, 61st, and 9th, respectively. The Morningstar Health Category consisted of 175, 149, and 134 share classes for the 1-, 5-, and since inception (12/31/2018) periods. Morningstar ranked Baron Health Care Fund in the 76th, 21st, and 6th, respectively. The Morningstar Aggressive Allocation Category consisted of 183, 167, and 175 share classes for the 1-, 5-, and since inception (12/29/2017) periods. Morningstar ranked Baron WealthBuilder Fund in the 49th, 9th, and 1st, respectively. The Morningstar Global Large Stock Growth consisted of 342, 280, 196 and 207 share classes for the 1-, 5-, 10-year and since inception (4/30/2012) periods. Morningstar ranked Baron Global Advantage Fund in the 10th, 98th, 31st and 31st, respectively. The Morningstar Technology Category consisted of 268, and 240 share classes for the 1-year, and since inception (12/31/2021) periods. Morningstar ranked Baron Technology Fund in the 14th, and 27th, respectively. © 2025 Morningstar. 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. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

MORNINGSTAR IS NOT RESPONSIBLE FOR ANY DELETION, DAMAGE, LOSS OR FAILURE TO STORE ANY PRODUCT OUTPUT, COMPANY CONTENT OR OTHER CONTENT. 

Risk: All investments are subject to risk and may lose value. Index performance is not fund performance; one cannot invest directly into an index. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).

Portfolio holdings as a percentage of net assets as of March 31, 2025 for securities mentioned are as follows: Space Exploration Technologies Corp. - Baron Asset Fund (5.3%), Baron Fifth Avenue Growth Fund (1.6%), Baron Focused Growth Fund (11.3%), Baron Global Advantage Fund (11.9%), Baron Opportunity Fund (5.2%), Baron Partners Fund (18.1%*).

*% of Long Positions.

Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.

The Russell Midcap® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth. The Russell 3000® Index measures the performance of the largest 3,000 US companies representing approximately 98% of the investable US equity market, as of the most recent reconstitution.  All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of withholding taxes, while the Russell Midcap® Growth and Russell 3000® Indexes include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance. Investors cannot invest directly in an index. 

BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).