Baron Focused Growth Fund Institutional Shares (BFGIX)

Fund Assets	2.12B
Expense Ratio	1.06%
Min. Investment	$1,000,000
Turnover	n/a
Dividend (ttm)	n/a
Dividend Yield	n/a
Dividend Growth	n/a
Payout Frequency	n/a
Ex-Dividend Date	n/a

Previous Close	45.39
YTD Return	-7.44%
1-Year Return	23.56%
5-Year Return	216.18%
52-Week Low	36.90
52-Week High	51.80
Beta (5Y)	1.07
Holdings	34
Inception Date	May 29, 2009

About BFGIX

The fund invests for the long term primarily in equity securities in the form of common stock of U.S. small- and mid-sized growth companies. The Adviser defines small- and mid-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell Midcap Growth Index at reconstitution. Because of its long-term approach, the fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges. It is non-diversified.

• Fund Family: Baron Instl Shares
• Category: Mid-Cap Growth
• Performance Rating: High
• Risk Rating: High
• Stock Exchange: NASDAQ
• Ticker Symbol: BFGIX
• Share Class: Institutional Shares
• Index: Russell 2500 Growth TR

Performance

BFGIX had a total return of 23.56% in the past year, including dividends. Since the fund's inception, the average annual return has been 16.00%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
BFGUX	R6 Shares	1.06%
BFGFX	Retail Shares	1.32%

Top 10 Holdings

50.88% of assets

Name	Symbol	Weight
Tesla, Inc.	TSLA	7.52%
Spotify Technology S.A.	SPOT	6.80%
Space Exploration Technologies Class A Common Stock	n/a	5.49%
Guidewire Software, Inc.	GWRE	4.92%
On Holding AG	ONON	4.79%
IDEXX Laboratories, Inc.	IDXX	4.43%
CoStar Group, Inc.	CSGP	4.38%
Interactive Brokers Group, Inc.	IBKR	4.22%
Vail Resorts, Inc.	MTN	4.18%
Hyatt Hotels Corporation	H	4.17%