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| Additional information |
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| Baron Capital, Inc. |
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Overview:
Introduction
Ron Baron founded Baron Capital Management, a registered investment adviser, in 1982 to make his unique investment style available to individual and institutional investors.
In its early years, the firm managed private accounts and sold investment research to financial institutions. The growth of assets under management and increasing recognition of Baron's success led to the introduction of an additional registered investment advisor, BAMCO, Inc. to manage mutual funds. Baron Asset Fund, our first mutual fund, was established in 1987.
Initially, Baron Asset Fund invested mainly in small and mid-cap companies. Over time, however, given Ron Baron's long-term investment strategy and the overall growth of the Fund, many of the smaller holdings grew to be mid-sized and larger growth businesses. In 2007, the shareholders of the Fund approved a change in strategy and today Baron Asset Fund, managed by Andrew Peck, primarily invests in mid-sized growth companies.
Baron Growth Fund was launched in 1995. Ron Baron has managed Baron Growth Fund from its inception. This Fund invests primarily in small-cap growth companies.
Baron Funds' success and reputation continued to grow, leading to the launch of Baron Small Cap Fund in 1997. The addition of a second no-load mutual fund which is invested primarily in small-companies and which is directed by a different portfolio manager, Cliff Greenberg, provided investors with a choice of investment opportunities, both driven by the same underlying investment philosophy.
Three years later, in 2000, we launched our fourth no-load fund, Baron iOpportunity Fund, which invests primarily in growth companies that we believe can profit from the Internet and information-technology. The Fund's investments are not technology companies per se; rather, they are companies that we believe can put today's technology to use to produce a product or service that is superior to the competition. Michael Lippert is this Fund's portfolio manager.
In 2003, we converted Baron Capital Partners, Ltd., originally launched in 1992 as a limited partnership, into Baron Partners Fund, an all-cap mutual fund. While employing the same basic investment philosophy, Baron Partners Fund is riskier than our other funds. It is non-diversified with the ability to short stocks and use leverage. We believe these strategies will enhance portfolio manager Ron Baron's ability to achieve favorable returns.
With the introduction of Baron Fifth Avenue Growth Fund in 2004, Baron provided investors with a large-cap growth fund. The portfolio is managed by Randall Haase, who applies the Baron philosophy of long-term investing and in-depth research to larger growth companies. And like the other Baron Funds, we seek opportunities to purchase securities at prices we believe are advantageous.
In 2008 Baron introduced two new funds. At the end of June, Baron Investment Partners, Ltd., first launched in 1996 as a limited partnership, was converted into Baron Retirement Income Fund. For those investing with a long time horizon, the Fund seeks to provide long-term growth potential. For those in retirement, the Fund's minimum annual distribution of 4% is intended to provide a revenue stream that outpaces inflation and maintains investors' purchasing power. The non-diversified Fund, managed by Ron Baron, invests primarily in small and mid-sized growth companies.
At the end of the year, Baron International Growth Fund was introduced to invest for the long term primarily in non-U.S. growth companies in both developed and developing countries. The Fund may invest in companies of any size, but expects to focus on small- and mid-sized growth companies. Portfolio Manager Michael Kass adheres to the same investment philosophy that guides our other Funds.
On May 29, 2009, Baron introduced an institutional share class for the Funds. The new Institutional Shares has a lower expense ratio than the Retail Shares. The minimum investment required for the Institutional Shares is $1 million per Fund.
Baron Real Estate Fund was introduced at the end of 2009 to invest primarily in securities of real estate and real estate related companies that we believe have long-term growth potential. The Fund may invest in companies of any size, in international companies and both equity and debt securities. Jeff Kolitch is Portfolio Manager of the Fund.
We believe that research is important for all of our Funds, but especially for the small-cap funds. Since there is often less trading in many smaller growth companies, the large brokerage houses devote relatively little of their research effort to covering these companies. Because we at Baron Funds devote so much energy to researching them, we believe we enjoy a significant competitive advantage investing in these businesses.
How We're Organized
Baron Capital Group, Inc. is the parent company and is the sole shareholder of BAMCO, Inc., Baron Capital Management, Inc. and Baron Capital, Inc.
BAMCO, Inc. is the investment adviser to all the Baron mutual funds. It serves as investment subadviser to non-Baron related SEC registered investment companies and other pooled investment vehicles.
Baron Capital Management, Inc. manages separate accounts for high-net-worth individuals, foundations and corporate plan sponsors, as well as certain investment partnerships and an offshore fund.
Baron Capital, Inc. is a registered broker-dealer and serves as the Funds' distributor.
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