\nBaron Capital, the premier New York-based growth equity investment firm, with a 43-year track record of long-term, fundamental, research-driven investing, today launched five Active ETFs: Baron First Principles ETF (NYSE: RONB), Baron Global Durable Advantage ETF (NYSE: BCGD), Baron SMID Cap ETF (NYSE: BCSM), Baron Financials ETF (NASDAQ: BCFN), and Baron Technology ETF (NASDAQ: BCTK). The new Active ETFs expand Baron Capital\u2019s investment offerings, providing direct access to the same approach that the Firm has leveraged for more than four decades in a new structure that addresses client needs.\n<\/p>\n
\n\u201cToday\u2019s advisors and investors require specialized active management delivered through accessible, tax-efficient structures, and our new Active ETFs seek to meet that demand,\u201d said Michael Baron, Co-President and Portfolio Manager. \u201cWhile the wrapper is new to our lineup, our disciplined investment process remains the same. For more than four decades, we have invested exclusively in growth companies benefiting from long-term secular trends, with durable competitive advantages and exceptional management teams. These ETFs provide another way for investors to access our proven approach.\u201d\n<\/p>\n
\nEach ETF will be actively managed by seasoned investors who currently manage established strategies within Baron Capital\u2019s broader investment lineup.\n<\/p>\n
- \n
- Baron First Principles ETF (NYSE: RONB): <\/b>Managed by Ron Baron, David Baron, and Michael Baron, this strategy is rooted in the concept of First Principles<\/i>, the discipline of breaking problems down to their core truths and building solutions free of assumptions. This framework underpins Baron Capital\u2019s longstanding investment philosophy, which emphasizes the practice of \u201cquestioning everything\u201d to uncover true value. The portfolio focuses on growth businesses led by visionary, high-integrity leaders and supported by cultures capable of sustaining durable competitive advantages.\n<\/li>\n
- Baron Global Durable Advantage ETF (NYSE: BCGD): <\/b>Managed by Guy Tartakovsky and Alex Umansky, this strategy extends Baron Capital\u2019s durable advantage approach globally by investing in large-cap growth companies with robust competitive advantages. The portfolio focuses on high-quality compounders that earn high returns on investment capital and generate excess free cash flow.\n<\/li>\n
- Baron SMID Cap ETF (NYSE: BCSM): <\/b>Managed by Laird Bieger and Randy Gwirtzman, this strategy reflects Baron Capital\u2019s core expertise in identifying small- and mid-cap growth companies early in their lifecycle. The portfolio focuses on companies with long runways for growth, where firsthand research and management engagement are critical to uncovering long-term value creation.\n<\/li>\n
- Baron Financials ETF (NASDAQ: BCFN): <\/b>Managed by Josh Saltman, this strategy invests in growth companies powering the infrastructure of global finance, including both established institutions and fintech innovators. The portfolio focuses on businesses modernizing how money moves, how trust is built, and how the financial system is evolving in the digital era.\n<\/li>\n
- Baron Technology ETF (NASDAQ: BCTK): <\/b>Managed by Michael Lippert and Ashim Mehra, this strategy invests in technology-related growth companies involved in the development, advancement, and\/or use of technology. The portfolio focuses on fast-growing companies across sectors that should fulfill their long-term objectives regardless of macroeconomic factors.\n<\/li>\n<\/ul>\n
\n\u201cOur Firm was built on the idea that when you invest in great people building great businesses, and you stay the course, clients can achieve extraordinary results. Our research process, our discipline, and our long-term perspective have remained unchanged since our founding and will remain unchanged in the future. What is new today is that investors can now access this same philosophy through active ETFs,\u201d added David Baron, Co-President and Portfolio Manager. \u201cThis new structure does not alter how we invest; it offers more people the ability to invest alongside us. And it will enable us to change even more lives.\u201d\n<\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Average Annualized Returns %<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Fund\/Benchmark<\/b><\/p>\n<\/td>\n
\n Inception Date<\/b><\/p>\n<\/td>\n
\n 1 Year<\/b><\/p>\n<\/td>\n
\n 3 Years<\/b><\/p>\n<\/td>\n
\n 5 Years<\/b><\/p>\n<\/td>\n
\n 10 Years<\/b><\/p>\n<\/td>\n
\n Since Inception<\/b><\/p>\n<\/td>\n
\n Annual Expense Ratio<\/b><\/p>\n<\/td>\n
\n Net
\n<\/b>
Assets<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n Small Cap<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Discovery Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 9\/30\/2013<\/b><\/p>\n<\/td>\n
\n 17.61%<\/b><\/p>\n<\/td>\n
\n 16.52%<\/b><\/p>\n<\/td>\n
\n 6.16%<\/b><\/p>\n<\/td>\n
\n 14.36%<\/b><\/p>\n<\/td>\n
\n 12.87%<\/b><\/p>\n<\/td>\n
\n 1.05% (6)<\/sup><\/b><\/p>\n<\/td>\n
\n $1.90 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 2000 Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13.56%\n<\/p>\n<\/td>\n
\n \n16.68%\n<\/p>\n<\/td>\n
\n \n8.41%\n<\/p>\n<\/td>\n
\n \n9.91%\n<\/p>\n<\/td>\n
\n \n8.88%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Growth Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/31\/1994<\/b><\/p>\n<\/td>\n
\n (13.95)%<\/b><\/p>\n<\/td>\n
\n 6.03%<\/b><\/p>\n<\/td>\n
\n 3.75%<\/b><\/p>\n<\/td>\n
\n 9.51%<\/b><\/p>\n<\/td>\n
\n 11.82%<\/b><\/p>\n<\/td>\n
\n 1.08% (6)(7)<\/sup><\/b><\/p>\n<\/td>\n
\n $4.95 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 2000 Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13.56%\n<\/p>\n<\/td>\n
\n \n16.68%\n<\/p>\n<\/td>\n
\n \n8.41%\n<\/p>\n<\/td>\n
\n \n9.91%\n<\/p>\n<\/td>\n
\n \n8.10%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Small Cap Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 9\/30\/1997<\/b><\/p>\n<\/td>\n
\n (0.09)%<\/b><\/p>\n<\/td>\n
\n 14.98%<\/b><\/p>\n<\/td>\n
\n 6.49%<\/b><\/p>\n<\/td>\n
\n 11.62%<\/b><\/p>\n<\/td>\n
\n 10.05%<\/b><\/p>\n<\/td>\n
\n 1.05% (6)<\/sup><\/b><\/p>\n<\/td>\n
\n $3.76 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 2000 Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13.56%\n<\/p>\n<\/td>\n
\n \n16.68%\n<\/p>\n<\/td>\n
\n \n8.41%\n<\/p>\n<\/td>\n
\n \n9.91%\n<\/p>\n<\/td>\n
\n \n6.68%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Small\/Mid Cap<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Focused Growth Fund\u00ae1<\/sup><\/b><\/p>\n<\/td>\n
\n 5\/31\/1996<\/b><\/p>\n<\/td>\n
\n 24.61%<\/b><\/p>\n<\/td>\n
\n 19.91%<\/b><\/p>\n<\/td>\n
\n 15.40%<\/b><\/p>\n<\/td>\n
\n 20.30%<\/b><\/p>\n<\/td>\n
\n 13.84%<\/b><\/p>\n<\/td>\n
\n 1.05% (8)<\/sup><\/b><\/p>\n<\/td>\n
\n $2.81 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 2500 Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12.62%\n<\/p>\n<\/td>\n
\n \n15.97%\n<\/p>\n<\/td>\n
\n \n7.76%\n<\/p>\n<\/td>\n
\n \n10.93%\n<\/p>\n<\/td>\n
\n \n8.37%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Mid Cap<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Asset Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 6\/12\/1987<\/b><\/p>\n<\/td>\n
\n 0.26%<\/b><\/p>\n<\/td>\n
\n 13.52%<\/b><\/p>\n<\/td>\n
\n 4.93%<\/b><\/p>\n<\/td>\n
\n 11.11%<\/b><\/p>\n<\/td>\n
\n 11.13%<\/b><\/p>\n<\/td>\n
\n 1.04% (6)<\/sup><\/b><\/p>\n<\/td>\n
\n $3.79 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell Midcap Growth Index 2<\/sup><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22.02%\n<\/p>\n<\/td>\n
\n \n22.85%\n<\/p>\n<\/td>\n
\n \n11.26%\n<\/p>\n<\/td>\n
\n \n13.37%\n<\/p>\n<\/td>\n
\n \n10.63%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Large Cap<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Durable Advantage Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/29\/2017<\/b><\/p>\n<\/td>\n
\n 17.12%<\/b><\/p>\n<\/td>\n
\n 30.03%<\/b><\/p>\n<\/td>\n
\n 17.58%<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 16.60%<\/b><\/p>\n<\/td>\n
\n 0.77%\/0.70% (6)(9)<\/sup><\/b><\/p>\n<\/td>\n
\n $525.30 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nS&P 500 Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.60%\n<\/p>\n<\/td>\n
\n \n24.94%\n<\/p>\n<\/td>\n
\n \n16.47%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n14.44%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Fifth Avenue Growth Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 4\/30\/2004<\/b><\/p>\n<\/td>\n
\n 27.76%<\/b><\/p>\n<\/td>\n
\n 32.13%<\/b><\/p>\n<\/td>\n
\n 8.13%<\/b><\/p>\n<\/td>\n
\n 15.57%<\/b><\/p>\n<\/td>\n
\n 10.73%<\/b><\/p>\n<\/td>\n
\n 0.76%\/0.75% (6)(10)<\/sup><\/b><\/p>\n<\/td>\n
\n $762.72 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 1000 Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n25.53%\n<\/p>\n<\/td>\n
\n \n31.61%\n<\/p>\n<\/td>\n
\n \n17.58%\n<\/p>\n<\/td>\n
\n \n18.83%\n<\/p>\n<\/td>\n
\n \n12.85%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n All Cap<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Opportunity Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 2\/29\/2000<\/b><\/p>\n<\/td>\n
\n 28.07%<\/b><\/p>\n<\/td>\n
\n 31.96%<\/b><\/p>\n<\/td>\n
\n 13.71%<\/b><\/p>\n<\/td>\n
\n 20.50%<\/b><\/p>\n<\/td>\n
\n 10.52%<\/b><\/p>\n<\/td>\n
\n 1.05% (6)<\/sup><\/b><\/p>\n<\/td>\n
\n $1.76 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 3000 Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n24.79%\n<\/p>\n<\/td>\n
\n \n30.76%\n<\/p>\n<\/td>\n
\n \n17.03%\n<\/p>\n<\/td>\n
\n \n18.26%\n<\/p>\n<\/td>\n
\n \n8.11%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Partners Fund\u00ae3,4<\/sup><\/b><\/p>\n<\/td>\n
\n 1\/31\/1992<\/b><\/p>\n<\/td>\n
\n 33.23%<\/b><\/p>\n<\/td>\n
\n 17.03%<\/b><\/p>\n<\/td>\n
\n 16.76%<\/b><\/p>\n<\/td>\n
\n 22.56%<\/b><\/p>\n<\/td>\n
\n 15.46%<\/b><\/p>\n<\/td>\n
\n 1.99% (8)(11)<\/sup><\/b><\/p>\n<\/td>\n
\n $8.12 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell Midcap Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22.02%\n<\/p>\n<\/td>\n
\n \n22.85%\n<\/p>\n<\/td>\n
\n \n11.26%\n<\/p>\n<\/td>\n
\n \n13.37%\n<\/p>\n<\/td>\n
\n \n10.42%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Non-U.S.\/Global<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Emerging Markets Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/31\/2010<\/b><\/p>\n<\/td>\n
\n 22.11%<\/b><\/p>\n<\/td>\n
\n 18.69%<\/b><\/p>\n<\/td>\n
\n 5.27%<\/b><\/p>\n<\/td>\n
\n 7.35%<\/b><\/p>\n<\/td>\n
\n 5.28%<\/b><\/p>\n<\/td>\n
\n 1.11% (8)<\/sup><\/b><\/p>\n<\/td>\n
\n $3.72 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI Emerging Markets Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.32%\n<\/p>\n<\/td>\n
\n \n18.21%\n<\/p>\n<\/td>\n
\n \n7.02%\n<\/p>\n<\/td>\n
\n \n7.99%\n<\/p>\n<\/td>\n
\n \n3.56%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI Emerging Markets IMI Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19.42%\n<\/p>\n<\/td>\n
\n \n18.34%\n<\/p>\n<\/td>\n
\n \n5.03%\n<\/p>\n<\/td>\n
\n \n8.51%\n<\/p>\n<\/td>\n
\n \n4.45%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Global Opportunity Fund\u2122<\/b><\/p>\n<\/td>\n
\n 4\/30\/2012<\/b><\/p>\n<\/td>\n
\n 33.91%<\/b><\/p>\n<\/td>\n
\n 20.07%<\/b><\/p>\n<\/td>\n
\n 1.73%<\/b><\/p>\n<\/td>\n
\n 14.71%<\/b><\/p>\n<\/td>\n
\n 12.53%<\/b><\/p>\n<\/td>\n
\n 0.96%\/0.91% (8)(12)<\/sup><\/b><\/p>\n<\/td>\n
\n $666.27 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI ACWI Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.27%\n<\/p>\n<\/td>\n
\n \n23.12%\n<\/p>\n<\/td>\n
\n \n13.54%\n<\/p>\n<\/td>\n
\n \n11.91%\n<\/p>\n<\/td>\n
\n \n10.56%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI ACWI Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22.21%\n<\/p>\n<\/td>\n
\n \n27.54%\n<\/p>\n<\/td>\n
\n \n13.25%\n<\/p>\n<\/td>\n
\n \n14.34%\n<\/p>\n<\/td>\n
\n \n12.61%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron India Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 7\/30\/2021<\/b><\/p>\n<\/td>\n
\n (6.72)%<\/b><\/p>\n<\/td>\n
\n 9.63%<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n (2.02)%<\/b><\/p>\n<\/td>\n
\n 6.86%\/1.20% (8)(13)<\/sup><\/b><\/p>\n<\/td>\n
\n $21.48 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI AC Asia ex Japan\/India Linked Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(13.15)%\n<\/p>\n<\/td>\n
\n \n5.35%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n(4.74)%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI India Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(13.15)%\n<\/p>\n<\/td>\n
\n \n10.30%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n7.45%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI Emerging Markets Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.32%\n<\/p>\n<\/td>\n
\n \n18.21%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n3.84%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron International Growth Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/31\/2008<\/b><\/p>\n<\/td>\n
\n 17.48%<\/b><\/p>\n<\/td>\n
\n 17.20%<\/b><\/p>\n<\/td>\n
\n 5.84%<\/b><\/p>\n<\/td>\n
\n 8.56%<\/b><\/p>\n<\/td>\n
\n 9.69%<\/b><\/p>\n<\/td>\n
\n 1.04%\/0.96% (8)(14)<\/sup><\/b><\/p>\n<\/td>\n
\n $365.63 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI ACWI ex USA Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16.45%\n<\/p>\n<\/td>\n
\n \n20.67%\n<\/p>\n<\/td>\n
\n \n10.26%\n<\/p>\n<\/td>\n
\n \n8.23%\n<\/p>\n<\/td>\n
\n \n7.84%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI ACWI ex USA IMI Growth Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13.18%\n<\/p>\n<\/td>\n
\n \n18.26%\n<\/p>\n<\/td>\n
\n \n6.32%\n<\/p>\n<\/td>\n
\n \n8.15%\n<\/p>\n<\/td>\n
\n \n8.30%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Sector<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron FinTech Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/31\/2019<\/b><\/p>\n<\/td>\n
\n 8.66%<\/b><\/p>\n<\/td>\n
\n 19.31%<\/b><\/p>\n<\/td>\n
\n 7.19%<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 11.10%<\/b><\/p>\n<\/td>\n
\n 1.13%\/0.95% (8)(15)<\/sup><\/b><\/p>\n<\/td>\n
\n $71.05 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nFactSet Global FinTech Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7.74%\n<\/p>\n<\/td>\n
\n \n14.79%\n<\/p>\n<\/td>\n
\n \n2.44%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n4.00%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Health Care Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 4\/30\/2018<\/b><\/p>\n<\/td>\n
\n (11.83)%<\/b><\/p>\n<\/td>\n
\n 4.75%<\/b><\/p>\n<\/td>\n
\n 3.48%<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 9.30%<\/b><\/p>\n<\/td>\n
\n 0.87%\/0.85% (8)(16)<\/sup><\/b><\/p>\n<\/td>\n
\n $135.29 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 3000 Health Care Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(7.62)%\n<\/p>\n<\/td>\n
\n \n6.71%\n<\/p>\n<\/td>\n
\n \n5.96%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n8.68%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Real Estate Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/31\/2009<\/b><\/p>\n<\/td>\n
\n 3.42%<\/b><\/p>\n<\/td>\n
\n 16.75%<\/b><\/p>\n<\/td>\n
\n 9.27%<\/b><\/p>\n<\/td>\n
\n 11.41%<\/b><\/p>\n<\/td>\n
\n 13.44%<\/b><\/p>\n<\/td>\n
\n 1.05% (8)<\/sup><\/b><\/p>\n<\/td>\n
\n $2.36 billion<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI USA IMI Extended Real Estate Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3.54%\n<\/p>\n<\/td>\n
\n \n17.89%\n<\/p>\n<\/td>\n
\n \n11.58%\n<\/p>\n<\/td>\n
\n \n9.92%\n<\/p>\n<\/td>\n
\n \n11.20%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Real Estate Income Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/29\/2017<\/b><\/p>\n<\/td>\n
\n 5.15%<\/b><\/p>\n<\/td>\n
\n 12.97%<\/b><\/p>\n<\/td>\n
\n 8.70%<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 9.16%<\/b><\/p>\n<\/td>\n
\n 0.90%\/0.80% (8)(17)<\/sup><\/b><\/p>\n<\/td>\n
\n $262.44 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI US REIT Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(2.88)%\n<\/p>\n<\/td>\n
\n \n9.51%\n<\/p>\n<\/td>\n
\n \n8.04%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n4.58%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron Technology Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/31\/2021<\/b><\/p>\n<\/td>\n
\n 36.99%<\/b><\/p>\n<\/td>\n
\n 39.10%<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 13.17%<\/b><\/p>\n<\/td>\n
\n 1.35%\/0.95% (8)(18)<\/sup><\/b><\/p>\n<\/td>\n
\n $103.19 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI ACWI Information Technology Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n28.09%\n<\/p>\n<\/td>\n
\n \n37.19%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n14.88%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Equity Allocation<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Baron WealthBuilder Fund\u00ae<\/b><\/p>\n<\/td>\n
\n 12\/29\/2017<\/b><\/p>\n<\/td>\n
\n 10.81%<\/b><\/p>\n<\/td>\n
\n 16.60%<\/b><\/p>\n<\/td>\n
\n 8.71%<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 12.93%<\/b><\/p>\n<\/td>\n
\n 1.21%\/1.18% (8)(19)<\/sup><\/b><\/p>\n<\/td>\n
\n $555.55 million<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nS&P 500 Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.60%\n<\/p>\n<\/td>\n
\n \n24.94%\n<\/p>\n<\/td>\n
\n \n16.47%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n14.44%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Broad-Based Benchmarks5<\/sup><\/span><\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRussell 3000 Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.41%\n<\/p>\n<\/td>\n
\n \n24.12%\n<\/p>\n<\/td>\n
\n \n15.74%\n<\/p>\n<\/td>\n
\n \n14.71%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nS&P 500 Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.60%\n<\/p>\n<\/td>\n
\n \n24.94%\n<\/p>\n<\/td>\n
\n \n16.47%\n<\/p>\n<\/td>\n
\n \n15.30%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI ACWI Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.27%\n<\/p>\n<\/td>\n
\n \n23.12%\n<\/p>\n<\/td>\n
\n \n13.54%\n<\/p>\n<\/td>\n
\n \n11.91%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI ACWI ex USA Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16.45%\n<\/p>\n<\/td>\n
\n \n20.67%\n<\/p>\n<\/td>\n
\n \n10.26%\n<\/p>\n<\/td>\n
\n \n8.23%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMSCI Emerging Markets Index\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17.32%\n<\/p>\n<\/td>\n
\n \n18.21%\n<\/p>\n<\/td>\n
\n \n7.02%\n<\/p>\n<\/td>\n
\n \n7.99%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
(1)<\/sup><\/b> Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the predecessor partnership charged a performance fee, 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 June 30, 2008. 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 impacted its performance. (2)<\/sup><\/b>The since inception date for Russell Midcap Growth Index is 6\/30\/1987. (3)<\/sup><\/b> Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the predecessor partnership charged a performance fee, 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 impacted its performance.(4)<\/sup><\/b>While the Fund may invest in securities of any market capitalization, 45.8% of the Fund\u2019s long holdings were invested in SMID, Mid and Mid\/Large-Cap securities (as defined by Russell, Inc.) as of 9\/30\/2025 (SMID represents 10.5% of the portfolio and has market capitalizations between $5.4 \u2013 $16.8 billion; Mid represents 28.0% and has market capitalizations between $16.8 \u2013 $58.2 billion; Mid \/Large represents 7.4% and has market capitalizations between $58.2 \u2013 $202.7 billion). (5)<\/sup><\/b> The Broad-Based Benchmark for Baron Discovery Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Focused Growth Fund, Baron Asset Fund, Baron Partners Fund, and Baron Health Care Fund is Russell 3000 Index. The Broad-Based Benchmark for Baron Durable Advantage Fund, Baron Fifth Avenue Growth Fund, Baron Opportunity Fund, Baron FinTech Fund, Baron Real Estate Fund, Baron Real Estate Income Fund, Baron Technology Fund, and Baron WealthBuilder Fund is S&P 500 Index. The Broad- Based Benchmark for Baron Emerging Markets Fund is MSCI Emerging Markets Index. The Broad-Based Benchmark for Baron International Growth Fund is MSCI ACWI ex USA Index. The Broad-Based Benchmark for Baron Global Opportunity Fund, Baron FinTech Fund, Baron Technology Fund, and Baron WealthBuilder Fund is MSCI ACWI Index. (6)<\/sup><\/b> As of 1\/28\/2025. (7)<\/sup><\/b> Comprised of operating expenses of 1.03% and interest expense of 0.05%. (8)<\/sup><\/b> As of 4\/30\/2025. (9)<\/sup><\/b> Gross annual expense ratio was 0.77%, but the net annual expense ratio was 0.70% (net of Adviser\u2019s fee waivers). (10)<\/sup><\/b> Gross annual expense ratio was 0.76%, but the net annual expense ratio was 0.75% (net of Adviser\u2019s fee waivers). (11)<\/sup><\/b> Comprised of operating expenses of 1.05% and interest expense of 0.94%. (12)<\/sup><\/b> Gross annual expense ratio was 0.96%, but the net annual expense ratio was 0.91% (net of Adviser\u2019s fee waivers, including interest expense of 0.01%). (13)<\/sup><\/b> Gross annual expense ratio was 6.86%, but the net annual expense ratio was 1.20% (net of Adviser\u2019s fee waivers and expense reimbursements). (14)<\/sup><\/b> Gross annual expense ratio was 1.04%, but the net annual expense ratio was 0.96% (net of Adviser\u2019s fee waivers). (15)<\/sup><\/b> Gross annual expense ratio was 1.13%, but the net annual expense ratio was 0.95% (net of Adviser\u2019s fee waivers). (16)<\/sup><\/b> Gross annual expense ratio was 0.87%, but the net annual expense ratio was 0.85% (net of Adviser\u2019s fee waivers). (17)<\/sup><\/b> Gross annual expense ratio was 0.90%, but the net annual expense ratio was 0.80% (net of Adviser\u2019s fee waivers). (18)<\/sup><\/b> Gross annual expense ratio was 1.35%, but the net annual expense ratio was 0.95% (net of Adviser\u2019s fee waivers and expense reimbursements). (19)<\/sup><\/b>Gross annual expense ratio was 1.21%, but the net annual expense ratio was 1.18% (includes acquired fund fees and expenses, net of the expense reimbursements).\n<\/p>\n
\nIf a Fund\u2019s historical performance was impacted by gains from IPOs there is no guarantee that these results can be repeated or that the Funds’ level of participation in IPOs will be the same in the future.\n<\/p>\n
\u2020<\/b>As stated within the Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information dated April 30, 2025, effective October 1, 2025, Baron Global Advantage Fund\u00ae has changed its name to Baron Global Opportunity Fund\u2122. For additional information please refer to the Supplement.<\/b><\/p>\n
Risks<\/b>: All investments are subject to risk and may lose value.\n<\/p>\n
\nThe 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 \u201cforward-looking statements.\u201d Actual future results, however, may prove to be different from our expectations. Our views reflect our best judgment at the time and are subject to change at any time based on market and other conditions and Baron Capital has no obligation to update them.\n<\/p>\n
\nBAMCO, 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).\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20251215664054\/en\/<\/a><\/span><\/p>\n
\nMedia Contact: Prosek Partners
\n
(646) 807-9906
\n
Pro-BaronCapital@prosek.com<\/a><\/p>\nKEYWORDS:<\/b> New York United States North America<\/p>\n
INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Finance<\/p>\n
- Baron Global Durable Advantage ETF (NYSE: BCGD): <\/b>Managed by Guy Tartakovsky and Alex Umansky, this strategy extends Baron Capital\u2019s durable advantage approach globally by investing in large-cap growth companies with robust competitive advantages. The portfolio focuses on high-quality compounders that earn high returns on investment capital and generate excess free cash flow.\n<\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20251215664054\/en\/2669551\/3\/Baron_Capital_-_Black.jpg\")
<\/td>\n<\/tr>\n