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Overview

Objective & Strategy

The Fund is an equity allocation strategy that invests exclusively in other Baron Funds. The Fund enables investors to obtain growth equity exposures across market caps, geographies, and sectors.

 

FACT SHEET
QUARTERLY LETTER

Portfolio Management

RON BARON

Portfolio Manager

Years OF EXPERIENCE
53
YEARS AT BARON
41

MICHAEL BARON

Portfolio Manager

Years OF EXPERIENCE
20
YEARS AT BARON
19
SEE INVESTMENT TEAM

SNAPSHOT As of Sep 22, 2023, except where noted (USD)

NAV
$15.88
Daily Change ($)
-$0.05
Daily Change (%)
-0.31%
YTD
13.11%
Annualized Since Inception
11.14%
Inception Date
12/29/2017
TICKER
BWBFX

Highlights

2Q23 Baron Wealthbuilder Fund Quarterly Letter
Baron WealthBuilder Fund - Top 25 Holdings as of 3/31/2023
Baron Funds: The Masters of Growth Investing
Ron Baron: A Fund Legend Shares Stock-Picking Secrets

Performance

Performance as of September 22, 2023

as of September 22, 2023
NAV
Daily Change ($)
Daily Change (%)
MTD
QTD
YTD
Annualized Since Inception
$15.88
-$0.05
-0.31%
-4.68%
-4.45%
13.11%
11.14%

Footnotes

as of August 31, 2023
QTD1
YTD1
1 Year
3 Years
5 Years
Since Inception
Expense Ratio2
Gross3 Expense Ratio2
Net Expense Ratio2
BWBFX - Baron WealthBuilder Fund
  0.24%
 18.66%
 10.00%
  3.75%
 10.96%
 12.21%
  1.40%
  1.36%
S&P 500 Index
  1.57%
 18.73%
 15.94%
 10.52%
 11.12%
 11.60%
MSCI ACWI Index
  0.76%
 14.80%
 13.95%
  7.23%
  7.46%
  7.18%

Footnotes

1 Not annualized.

2 Expense ratios are based on fiscal year ended 12/31/21.

3 Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.

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. BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that, pursuant to a contract expiring on August 29, 2032, unless renewed for another 11-year term, 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 0.30% of average daily nest assets of Retail Shares, 0.05% of average daily net assets of Institutional Shares and 0.05% of average daily net assets of TA Shares, 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 www.BaronFunds.com or call 1-800-99BARON.

as of June 30, 2023
QTD1
YTD1
1 Year
3 Years
5 Years
Since Inception
Expense Ratio2
Gross3 Expense Ratio2
Net Expense Ratio2
BWBFX - Baron WealthBuilder Fund
  7.30%
 18.38%
 18.37%
 10.93%
 12.28%
 12.55%
  1.40%
  1.36%
S&P 500 Index
  8.74%
 16.89%
 19.59%
 14.60%
 12.31%
 11.66%
MSCI ACWI Index
  6.18%
 13.93%
 16.53%
 10.99%
  8.10%
  7.25%

Footnotes

1 Not annualized.

2 Expense ratios are based on fiscal year ended 12/31/21.

3 Includes Acquired Fund Fees and Expenses, which are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds.

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. BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that, pursuant to a contract expiring on August 29, 2032, unless renewed for another 11-year term, 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 0.30% of average daily nest assets of Retail Shares, 0.05% of average daily net assets of Institutional Shares and 0.05% of average daily net assets of TA Shares, 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 www.BaronFunds.com or call 1-800-99BARON.

Footnotes

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. BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that, pursuant to a contract expiring on August 29, 2032, unless renewed for another 11-year term, 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 0.30% of average daily nest assets of Retail Shares, 0.05% of average daily net assets of Institutional Shares and 0.05% of average daily net assets of TA Shares, 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 www.BaronFunds.com or call 1-800-99BARON.

as of August 31, 2023
Year
Baron WealthBuilder Fund
S&P 500 Index
MSCI ACWI Index
2022
-32.75%
-18.11%
-18.36%
2021
 16.42%
 28.71%
 18.54%
2020
 62.45%
 18.40%
 16.25%
2019
 36.24%
 31.49%
 26.60%
2018
 -6.58%
 -4.38%
 -9.42%

Footnotes

Record Date
Ex Date
Payable Date
Income
Return of Capital
Short-Term Capital Gain
Long-Term Capital Gain
Total
Re-Invest NAV
Calendar-Yr Return
09/26/2022
09/27/2022
09/28/2022
 $0.0818
 $0.0000
 $0.0025
 $0.3713
 $0.4556
 $13.94
-32.75%
12/01/2021
12/02/2021
12/03/2021
 $0.0000
 $0.0000
 $0.0000
 $0.8164
 $0.8164
 $21.14
 16.42%
10/04/2021
10/05/2021
10/06/2021
 $0.0000
 $0.0000
 $0.0030
 $0.3684
 $0.3714
 $21.24
 16.42%
11/30/2020
12/01/2020
12/02/2020
 $0.0000
 $0.0000
 $0.0000
 $0.0780
 $0.0780
 $18.19
 62.45%
09/23/2020
09/24/2020
09/25/2020
 $0.0000
 $0.0000
 $0.0000
 $0.1654
 $0.1654
 $15.23
 62.45%
09/26/2019
09/27/2019
09/30/2019
 $0.0052
 $0.0000
 $0.0001
 $0.4263
 $0.4316
 $10.97
 36.24%
12/03/2018
12/04/2018
12/05/2018
 $0.0000
 $0.0000
 $0.0000
 $0.0134
 $0.0134
 $10.14
 -6.58%

Footnotes

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 Funds 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.

Performance Characteristics

as of June 30, 2023
as of June 30, 2023

Footnotes

Baron Funds Performance within Baron WealthBuilder

as of June 30, 2023
% of Net Assets Second Quarter of 20231 Annualized 12/29/17 to 6/30/2023 Primary Benchmark Second Quarter of 20231 Annualized 12/29/17 to 6/30/2023
32.2%   Small-Cap Growth          
  4.7% Baron Discovery Fund- Institutional Shares 3.58% 9.68% Russell 2000 Growth Index 7.05% 5.59%
  14.8% Baron Growth Fund- Institutional Shares 2.71% 12.16%   7.05% 5.59%
  12.7% Baron Small Cap Fund- Institutional Shares 6.49% 9.41%   7.05% 5.59%
6.4%   Small- to Mid-Cap Growth          
  6.4% Baron Focused Growth Fund 7.38% 23.42% Russell 2500 Growth Index 6.41% 7.85%
12.7%   Mid-Cap Growth          
  12.7% Baron Asset Fund- Institutional Shares 3.63% 10.16% Russell Midcap Growth Index 6.23% 9.84%
6.9%   Large-Cap Growth          
  2.7% Baron Durable Advantage Fund- Institutional Shares 10.66% 12.77%1 S&P 500 Index 8.74% 11.33%1
  4.2% Baron Fifth Avenue Growth Fund- Institutional Shares 16.01% 8.53% Russell 1000 Growth Index 12.81% 15.13%
19.1%   All-Cap Growth          
  4.3% Baron Opportunity Fund- Institutional Shares 16.31% 18.47% Russell 3000 Growth Index 12.47% 14.49%
  14.8% Baron Partners Fund 15.54% 27.78% Russell Midcap Growth Index 6.23% 9.84%
9.4%   International          
  2.8% Baron Emerging Markets Fund 3.81% -1.31% MSCI EM Index 0.90% -0.41%
  3.5% Baron Global Advantage Fund 6.41% 5.86%1 MSCI ACWI Index 6.18% 6.72%1
  3.1% Baron International Growth Fund 3.45% 3.29% MSCI ACWI ex USA Index 2.44% 2.47%
13.3%   Sector          
  2.4% Baron FinTech Fund- Institutional Shares 5.29% 6.66%1 FactSet Global FinTech Index 5.78% 1.21%1
  2.9% Baron Health Care Fund 9.22% 13.33%1 Russell 3000 Health Care Index 3.44% 9.07%1
  5.9% Baron Real Estate Fund 7.41% 9.69% MSCI USA IMI Extended Real Estate Index 7.04% 6.48%
  2.1% Baron Real Estate Income Fund 3.30% -4.36%1 MSCI US REIT Index 2.34% -1.78%1

Footnotes

1 Not annualized.

2 Performance is calculated from the time the Fund was added to Baron WealthBuilder Fund: Baron Durable Advantage Fund – 3/13/2018; Baron Global Advantage Fund – 1/9/2018; Baron Health Care Fund – 10/18/2018; and Baron FinTech Fund – 2/27/2020. An investor cannot invest directly in an index.

Performance shown is for the Institutional Share Class

Baron Funds Annualized Returns

as of June 30, 2023
Fund Annual Return Since Inception Inception Date 1-Year 3-Year 5-Year 10-Year
Small-Cap Growth
Baron Discovery Fund 12.38% 09/30/2013 15.44% 5.35% 7.58% N/A
Baron Growth Fund 12.97% 12/31/1994 22.03% 11.55% 11.18% 11.86%
Baron Small Cap Fund 10.01% 09/30/1997 17.06% 7.95% 8.41% 10.40%
SMID-Cap Growth
Baron Focused Growth Fund 13.45% 05/31/1996 19.95% 26.04% 22.80% 16.81%
Mid-Cap Growth
Baron Asset Fund 11.31% 06/12/1987 19.97% 4.91% 8.99% 11.80%
Large-Cap Growth
Baron Durable Advantage Fund 13.53% 12/29/2017 27.67% 14.35% 14.26% N/A
Baron Fifth Avenue Growth Fund 8.72% 04/30/2004 25.30% -2.62% 6.39% 12.27%
All-Cap Growth
Baron Opportunity Fund 8.93% 02/29/2000 27.86% 8.51% 16.12% 15.28%
Baron Partners Fund 15.40% 01/31/1992 25.56% 31.50% 27.23% 21.46%
International
Baron Emerging Markets Fund 3.18% 12/31/2010 2.66% .34% .34% 3.68%
Baron Global Advantage Fund 10.30% 04/30/2012 7.91% -8.94% 4.86% 10.83%
Baron International Growth Fund 9.24% 12/31/2008 9.08% 3.65% 3.66% 6.95%
Baron New Asia Fund -12.16% 07/30/2021 -1.76% N/A N/A N/A
Sector
Baron FinTech Fund 6.59% 12/31/2019 13.86% 2.67% N/A N/A
Baron Health Care Fund 13.58% 04/30/2018 7.85% 9.76% 12.98% N/A
Baron Real Estate Fund 13.60% 12/31/2009 16.17% 12.35% 11.67% 10.82%
Baron Real Estate Income Fund 7.79% 12/29/2017 -.94% 8.05% 8.63% N/A
Baron Technology Fund -14.11% 12/31/2021 28.59% N/A N/A N/A
Equity Allocation
Baron WealthBuilder Fund 12.82% 12/29/2017 18.65% 11.22% 12.57% N/A

Footnotes

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 reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, 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.

Annual expense Ratios for Inst. shares as of 9/30/2019: Baron Asset Fund, 1.05%, Baron Growth Fund, 1.04%, Baron Small Cap Fund, 1.05%, Baron Opportunity Fund, 1.09%, Baron Fifth Avenue Growth Fund, 0.80%, but the net annual expense ratio was 0.75% (net of the Adviser’s fee waivers), Baron Discovery Fund, 1.10%, Baron Durable Advantage Fund, 4.91% but the net annual expense ratio was 0.70% (net of the Adviser’s fee waivers). Annual expense Ratios for Inst. shares as of 12/31/2019: Baron Focused Growth Fund, 1.11%, but the net annual expense ratio was 1.10% (net of the Adviser’s fee waivers), Baron International Growth Fund, 1.04%, but the net annual expense ratio was 0.95% (net of the Adviser’s fee waivers), Baron Real Estate Fund, 1.08%, Baron Emerging Markets Fund, 1.09%, Baron Global Advantage Fund, 1.00%, but the net annual expense ratio was 0.90% (net of Adviser’s fee waivers) , Baron Health Care Fund, 2.39%, but the net annual expense ratio was 0.85% (net of Adviser’s fee waivers). Annual estimated expense ratio for Inst. Shares of Baron FinTech Fund is 1.62%, but the net annual estimated expense ratio was 0.95% (net of Adviser’s fee waivers).

Performance shown is for the Institutional Share Class

Performance for the Institutional Shares prior to 5/29/2009 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 5/29/2009 did not reflect this fee, the returns would be higher.

Asset Fund’s 1Q 2021, Discovery Fund’s 1Q 2021, 3- and 5-year, Emerging Market Fund’s 1Q 2021, FinTech Fund’s 1Q 2021, Global Advantage Fund’s 1Q 2021, 3- and 5-year, Health Care Fund’s 1Q 2021, and Opportunity Fund’s 1Q 2021, 3-, 5- and 10-year historical performance were impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Funds’ level of participation in IPOs and secondary offerings will be the same in the future.

Characteristics

Characteristics as of June 30, 2023

as of June 30, 2023

Footnotes

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Sector Breakdownas of June 30, 2021

as of June 30, 2021

Footnotes

TOP 15 Sub-Industry Exposuresas of June 30, 2021

as of June 30, 2021

Footnotes

Documents

Documents

Title
Prospectus
04/28/23
Summary Prospectus
04/28/23
SAI
04/28/23
Baron WealthBuilder Fund Annual Financial Report
12/31/22
Baron WealthBuilder Fund Semi-Annual Financial Report
06/30/23
Fact Sheet
06/30/23
1Q23 Baron WealthBuilder Fund NPORT
03/31/23
3Q22 Baron WealthBuilder Fund NPORT
09/30/22

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 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

Risks: The fund invests in other Baron funds and the selection of the underlying funds and the allocation of the Fund’s assets among the various market sectors could cause the Fund to underperform in comparison to other funds with a similar investment objective. In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased risks due to a greater possibility of: settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.):

The indexes are unmanaged. The MSCI ACWI Index measures the equity market performance of large and midcap securities across developed and emerging markets, including the United States. The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the US) and 26 Emerging Markets countries. MSCI Emerging Markets Index is an unmanaged float-adjusted market capitalization index designed to measure equity market performance of large and mid cap securities in the emerging markets.  MSCI USA IMI Extended Real Estate Net Index is an unmanaged custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classified securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.  The Russell 1000® Growth Index measures the performance of large-sized U.S. companies that are classified as growth. The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth. The Russell 2500® Growth Index mea­sures the performance of small to medium-sized U.S. companies that are classified as growth.  The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe comprised of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 3000® Health Care Index is an unmanaged index representative of companies involved in medical services or health care in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. The Russell Midcap® Growth Index mea­sures the performance of medium-sized U.S. companies that are classified as growth. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. MSCI is a trademark of Russell Investment Group. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties. The Adviser may have reclassified/classified certain securities in or out of a sub-industry. Such reclassifications are not supported by S&P or MSCI.