Tax Center
Baron Funds - Estimated December 2025 Per Share Distribution Amount
Please see below for the year-end distribution estimates to be paid in December 2025 for the Baron Funds.
These estimates were prepared using income and capital gain amounts through November 17, 2025. The estimates reflect undistributed income and net capital gains, and may not include all tax adjustments. The distribution amounts provided may change, perhaps significantly, due to the following reasons:
- The Funds are required to distribute net investment income earned through December 31, 2025. As the estimates were prepared with information through November 17, 2025, additional net investment income/losses through December 31, 2025 may impact the final distribution amounts.
- The total number of shares that will receive the distributions may change by the respective distribution dates, perhaps significantly.
Distributions will not be considered final until declaration on the ex-dividend dates.
Please note that for Baron Funds that have invested in real estate investment trusts (REITs) and publicly traded partnerships during the current tax year, a portion of the income distributions may be recharacterized as return of capital or as capital gain distributions. Information to properly reflect the impact of these recharacterizations will not be available until early 2026.
Distribution Estimates as of November 17, 2025
| Record Date 12/15/25 | Ex-Date 12/16/25 | Payable Date 12/17/25 | ||||||||
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| Fund | Class | CUSIP | Ticker | Net Investment Income | Short-Term Capital Gains | Long-Term Capital Gains | Total | % of 11/21/2025 NAV |
| Small Cap |
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| Baron Growth Fund | Retail | 068278209 | BGRFX | $0.3651 | $0.0000 | $12.4880 | $12.8531 | 17.11% |
| Baron Growth Fund | Institutional | 068278704 | BGRIX | $0.6296 | $0.0000 | $12.4880 | $13.1176 | 16.34% |
| Baron Growth Fund | R6 | 068278837 | BGRUX | $0.5702 | $0.0000 | $12.4880 | $13.1176 | 16.34% |
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| Baron Small Cap Fund | Retail | 068278308 | BSCFX | $0.0000 | $0.0000 | $2.6418 | $2.6418 | 9.16% |
| Baron Small Cap Fund | Institutional | 068278803 | BSFIX | $0.0000 | $0.0000 | $2.6418 | $2.6418 | 8.35% |
| Baron Small Cap Fund | R6 | 068278829 | BSCUX | $0.0000 | $0.0000 | $2.6418 | $2.6418 | 8.36% |
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| Mid Cap |
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| Baron Asset Fund | Retail | 068278100 | BARAX | $0.0000 | $0.0000 | $9.9638 | $9.9638 | 10.80% |
| Baron Asset Fund | Institutional | 068278605 | BARIX | $0.0000 | $0.0000 | $9.9638 | $9.9638 | 10.02% |
| Baron Asset Fund | R6 | 068278845 | BARUX | $0.0000 | $0.0000 | $9.9638 | $9.9638 | 10.03% |
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| Large Cap |
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| Baron Fifth Avenue Growth Fund | Retail | 068278506 | BFTHX | $0.0000 | $0.0000 | $2.6437 | $2.6437 | 4.09% |
| Baron Fifth Avenue Growth Fund | Institutional | 068278878 | BFTIX | $0.0000 | $0.0000 | $2.6437 | $2.6437 | 3.94% |
| Baron Fifth Avenue Growth Fund | R6 | 068278811 | BFTUX | $0.0000 | $0.0000 | $2.6437 | $2.6437 | 3.94% |
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| Baron Durable Advantage Fund | Retail | 068278779 | BDAFX | $0.0000 | $0.0000 | $0.0000 | $0.0000 | 0.00% |
| Baron Durable Advantage Fund | Institutional | 068278761 | BDAIX | $0.0032 | $0.0000 | $0.0000 | $0.0032 | 0.01% |
| Baron Durable Advantage Fund | R6 | 068278753 | BDAUX | $0.0032 | $0.0000 | $0.0000 | $0.0032 | 0.01% |
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| All Cap |
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| Baron Opportunity Fund | Retail | 068278407 | BIOPX | $0.0000 | $0.0000 | $2.2854 | $2.2854 | 4.36% |
| Baron Opportunity Fund | Institutional | 068278886 | BIOIX | $0.0000 | $0.0000 | $2.2854 | $2.2854 | 4.06% |
| Baron Opportunity Fund | R6 | 068278795 | BIOUX | $0.0000 | $0.0000 | $2.2854 | $2.2854 | 4.06% |
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| Baron Partners Fund | Retail | 06828M108 | BPTRX | $0.0000 | $0.0000 | $4.3938 | $4.3938 | 2.16% |
| Baron Partners Fund | Institutional | 06828M405 | BPTIX | $0.0000 | $0.0000 | $4.3938 | $4.3938 | 2.06% |
| Baron Partners Fund | R6 | 06828M793 | BPTUX | $0.0000 | $0.0000 | $4.3938 | $4.3938 | 2.06% |
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| Non-U.S./Global |
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| Baron International Growth Fund | Retail | 06828M306 | BIGFX | $0.4184 | $0.0000 | $0.0000 | $0.4184 | 1.36% |
| Baron International Growth Fund | Institutional | 06828M603 | BINIX | $0.5105 | $0.0000 | $0.0000 | $0.5105 | 1.62% |
| Baron International Growth Fund | R6 | 06828M777 | BIGUX | $0.5105 | $0.0000 | $0.0000 | $0.5105 | 1.62% |
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| Baron Emerging Markets Fund | Retail | 06828M884 | BEXFX | $0.3171 | $0.0000 | $0.0000 | $0.3171 | 1.70% |
| Baron Emerging Markets Fund | Institutional | 06828M876 | BEXIX | $0.3574 | $0.0000 | $0.0000 | $0.3574 | 1.90% |
| Baron Emerging Markets Fund | R6 | 06828M819 | BEXUX | $0.3574 | $0.0000 | $0.0000 | $0.3574 | 1.90% |
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| Baron Global Opportunity Fund | Retail | 06828M843 | BGAFX | $0.0712 | $0.0000 | $0.0000 | $0.0712 | 0.16% |
| Baron Global Opportunity Fund | Institutional | 06828M835 | BGAIX | $0.1636 | $0.0000 | $0.0000 | $0.1636 | 0.36% |
| Baron Global Opportunity Fund | R6 | 06828M751 | BGLUX | $0.1636 | $0.0000 | $0.0000 | $0.1636 | 0.36% |
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| Baron India Fund | Retail | 06828M611 | BINRX | $0.0346 | $0.0000 | $0.0000 | $0.0346 | 0.37% |
| Baron India Fund | Institutional | 06828M595 | BINDX | $0.0473 | $0.0000 | $0.0000 | $0.0473 | 0.50% |
| Baron India Fund | R6 | 06828M587 | BINUX | $0.0473 | $0.0000 | $0.0000 | $0.0473 | 0.50% |
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| Baron Real Estate Fund | Retail | 06828M702 | BREFX | $0.0534 | $0.0000 | $0.5778 | $0.6312 | 1.61% |
| Baron Real Estate Fund | Institutional | 06828M801 | BREIX | $0.1392 | $0.0000 | $0.5778 | $0.7170 | 1.78% |
| Baron Real Estate Fund | R6 | 06828M827 | BREUX | $0.1392 | $0.0000 | $0.5778 | $0.7170 | 1.78% |
| Record Date 12/17/25 | Ex-Date 12/18/25 | Payable Date 12/19/25 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Fund | Class | CUSIP | Ticker | Net Investment Income | Short-Term Capital Gains | Long-Term Capital Gains | Total | % of 11/21/2025 NAV |
| Equity Allocation |
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| Baron WealthBuilder Fund | Retail | 06828M710 | BWBFX | $0.0000 | $0.0037 | $1.3482 | $1.3519 | 6.47% |
| Baron WealthBuilder Fund | Institutional | 06828M694 | BWBIX | $0.0462 | $0.0037 | $1.3482 | $1.3981 | 6.57% |
| Baron WealthBuilder Fund | TA | 06828M686 | BWBTX | $0.0462 | $0.0037 | $1.3482 | $1.3981 | 6.57% |
| Record Date 12/15/25 | Ex-Date 12/16/25 | Payable Date 12/17/25 - Quarterly Distribution | ||||||||
|---|---|---|---|---|---|---|---|---|
| Fund | Class | CUSIP | Ticker | Net Investment Income | Short-Term Capital Gains | Long-Term Capital Gains | Total | % of 11/21/2025 NAV |
| Sector |
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| Baron Real Estate Income Fund | Retail | 06828M744 | BRIFX | $0.0575 | $0.0000 | $0.0000 | $0.0575 | 0.34% |
| Baron Real Estate Income Fund | Institutional | 06828M736 | BRIIX | $0.0658 | $0.0000 | $0.0000 | $0.0658 | 0.39% |
| Baron Real Estate Income Fund | R6 | 06828M728 | BRIUX | $0.0658 | $0.0000 | $0.0000 | $0.0658 | 0.39% |
Please note that we do not currently anticipate year-end distributions for the following Funds. If distributions are required, the Record/Ex/Payable dates would be 12/15/2025, 12/16/2025, and 12/17/2025, respectively.
- Baron Discovery Fund (BDFFX, BDFIX, BDFUX)
- Baron Focused Growth Fund (BFGFX, BFGIX, BFGUX)
- Baron Health Care Fund (BHCFX, BHCHX, BHCUX)
- Baron FinTech Fund (BFINX, BFIIX, BFIUX)
- Baron Technology Fund (BTEEX, BTECX, BTEUX)
We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. This information does not constitute tax, legal or accounting advice and neither Baron Capital Group nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty.
