Baron Real Estate Fund
Fund
BREFX
Price as of:
$40.09
- $0.25
- 0.62%
Primary Theme
fund company
Name
As of 11/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
15.6%
1 yr return
30.2%
3 Yr Avg Return
2.2%
5 Yr Avg Return
13.9%
Net Assets
$2.15 B
Holdings in Top 10
48.7%
52 WEEK LOW AND HIGH
$40.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.31%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 64.39%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
BREFX - Profile
Distributions
- YTD Total Return 15.6%
- 3 Yr Annualized Total Return 2.2%
- 5 Yr Annualized Total Return 13.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.26%
- Dividend Yield 0.1%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameBaron Real Estate Fund
-
Fund Family NameBaron Capital Group
-
Inception DateDec 31, 2009
-
Shares OutstandingN/A
-
Share ClassIndividual
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJeffrey Kolitch
Fund Description
The Fund is a diversified fund that, under normal circumstances, invests 80% of its net assets for the long term in equity securities in the form of common stock of U.S. and non-U.S. real estate and real estate-related companies of any market capitalization, and in companies which, in the opinion of BAMCO, Inc. (“BAMCO” or the “Adviser”), own significant real estate assets at the time of investment (“real estate companies”), however, investments in non-U.S. securities are limited to 35% of the Fund’s total assets at the time of purchase. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.
Real estate companies are companies that the Adviser determines are in the real estate industry based on their involvement in construction, ownership, management, operation, financing, refinancing, sales, leasing, development or rehabilitation of real estate or are in a real estate-related industry based on their provision of goods or services to the real estate industry.
A company is considered to own significant real estate assets if, in the opinion of the Adviser, the company has a substantial portion of its assets attributable to one or more of the following: (a) real estate owned or leased by the company as lessor or as lessee; or (b) the discounted value of the stream of fees or revenues derived from the management or operation of real estate.
Examples of companies that might qualify under one of these categories include:
| ∎ | Real estate operating companies; |
| ∎ | Real estate investment trusts (“REITs”); |
| ∎ | Homebuilders; |
| ∎ | Hotel, hotel management companies and gaming companies; |
| ∎ | Real estate brokerage/services companies and/or management companies; |
| ∎ | Financial institutions that make or service mortgage loans; |
| ∎ | Manufacturers or distributors of construction materials and/or building supplies/products; |
| ∎ | Home furnishing and home improvement retail companies; |
| ∎ | Companies with significant real estate holdings such as supermarkets, restaurant chains and retail chains; |
| ∎ | Construction and engineering companies; and |
| ∎ | Companies with infrastructure-related assets such as toll roads, bridges, tunnels, parking facilities, railroads, airports, broadcast and wireless towers, electric transmission and distribution lines, power generation facilities, hospitals and correctional facilities. |
The Fund will invest more than 25% of its net assets in the real estate industry.
The investment policy of the Fund relating to the types of securities in which 80% of the Fund’s assets must be invested may be changed by the Fund’s Board of Trustees without shareholder approval upon at least 60 days’ notice.
BREFX - Performance
Return Ranking - Trailing
| Period | BREFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.6% | -8.2% | 20.7% | 9.76% |
| 1 Yr | 30.2% | -8.8% | 33.9% | 7.72% |
| 3 Yr | 2.2%* | -12.9% | 5.3% | 5.33% |
| 5 Yr | 13.9%* | -12.4% | 14.1% | 1.30% |
| 10 Yr | 9.9%* | -2.3% | 14.5% | 3.68% |
* Annualized
Return Ranking - Calendar
| Period | BREFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 24.6% | -16.2% | 24.6% | 0.41% |
| 2022 | -30.8% | -51.3% | 2.5% | 51.23% |
| 2021 | 14.3% | -7.7% | 52.3% | 89.30% |
| 2020 | 34.5% | -42.2% | 35.0% | 1.30% |
| 2019 | 26.0% | 0.0% | 43.1% | 10.76% |
Total Return Ranking - Trailing
| Period | BREFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.6% | -8.2% | 20.7% | 9.76% |
| 1 Yr | 30.2% | -8.8% | 33.9% | 7.72% |
| 3 Yr | 2.2%* | -12.9% | 5.3% | 5.33% |
| 5 Yr | 13.9%* | -12.4% | 14.1% | 1.30% |
| 10 Yr | 9.9%* | -2.3% | 14.5% | 3.68% |
* Annualized
Total Return Ranking - Calendar
| Period | BREFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 24.7% | -13.7% | 25.0% | 1.22% |
| 2022 | -28.6% | -40.7% | 7.8% | 86.89% |
| 2021 | 24.0% | 7.8% | 54.6% | 83.95% |
| 2020 | 43.9% | -36.6% | 44.3% | 1.30% |
| 2019 | 44.1% | 4.1% | 46.4% | 2.24% |
NAV & Total Return History
BREFX - Holdings
Concentration Analysis
| BREFX | Category Low | Category High | BREFX % Rank | |
|---|---|---|---|---|
| Net Assets | 2.15 B | 1.32 M | 61.4 B | 21.34% |
| Number of Holdings | 35 | 22 | 519 | 73.17% |
| Net Assets in Top 10 | 853 M | 1.29 M | 32.8 B | 20.33% |
| Weighting of Top 10 | 48.69% | 13.2% | 90.0% | 79.67% |
Top 10 Holdings
- Toll Brothers Inc 6.80%
- FIXED INC CLEARING CORP.REPO 5.77%
- Lennar Corp 5.59%
- DR Horton Inc 4.99%
- Equinix Inc 4.99%
- American Tower Corp 4.80%
- Equity Residential 4.26%
- Blackstone Inc 3.95%
- Digital Realty Trust Inc 3.91%
- CoStar Group Inc 3.62%
Asset Allocation
| Weighting | Return Low | Return High | BREFX % Rank | |
|---|---|---|---|---|
| Stocks | 93.94% | 0.00% | 105.52% | 73.17% |
| Other | 5.77% | -89.90% | 104.09% | 8.94% |
| Cash | 0.29% | -42.50% | 24.34% | 91.46% |
| Preferred Stocks | 0.00% | 0.00% | 31.13% | 86.59% |
| Convertible Bonds | 0.00% | 0.00% | 10.95% | 82.86% |
| Bonds | 0.00% | 0.00% | 155.83% | 83.33% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | BREFX % Rank | |
|---|---|---|---|---|
| Consumer Cyclical | 45.29% | 0.00% | 45.29% | 1.28% |
| Real Estate | 34.46% | 34.46% | 100.00% | 100.00% |
| Financial Services | 9.26% | 0.00% | 37.05% | 4.70% |
| Industrials | 3.69% | 0.00% | 7.39% | 4.27% |
| Basic Materials | 2.82% | 0.00% | 13.69% | 1.71% |
| Technology | 2.81% | 0.00% | 12.02% | 4.27% |
| Communication Services | 1.67% | 0.00% | 11.61% | 4.70% |
| Utilities | 0.00% | 0.00% | 3.55% | 81.20% |
| Healthcare | 0.00% | 0.00% | 0.53% | 81.20% |
| Energy | 0.00% | 0.00% | 33.11% | 82.05% |
| Consumer Defense | 0.00% | 0.00% | 0.93% | 81.20% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | BREFX % Rank | |
|---|---|---|---|---|
| US | 93.94% | 0.00% | 105.52% | 70.73% |
| Non US | 0.00% | 0.00% | 37.90% | 82.93% |
BREFX - Expenses
Operational Fees
| BREFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.31% | 0.07% | 8.91% | 41.98% |
| Management Fee | 1.00% | 0.00% | 1.50% | 86.59% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 60.66% |
| Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
| BREFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| BREFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| BREFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 64.39% | 0.11% | 380.00% | 68.72% |
BREFX - Distributions
Dividend Yield Analysis
| BREFX | Category Low | Category High | BREFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.15% | 0.00% | 13.03% | 93.09% |
Dividend Distribution Analysis
| BREFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
| BREFX | Category Low | Category High | BREFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.26% | -1.14% | 6.05% | 95.88% |
Capital Gain Distribution Analysis
| BREFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 24, 2024 | $0.059 | OrdinaryDividend |
| Dec 07, 2023 | $0.020 | OrdinaryDividend |
| Dec 08, 2022 | $0.022 | OrdinaryDividend |
| Sep 27, 2022 | $0.501 | CapitalGainShortTerm |
| Sep 27, 2022 | $0.296 | CapitalGainLongTerm |
| Nov 23, 2021 | $2.259 | CapitalGainLongTerm |
| Sep 23, 2021 | $1.028 | OrdinaryDividend |
| Nov 24, 2020 | $1.575 | CapitalGainLongTerm |
| Sep 24, 2020 | $0.634 | OrdinaryDividend |
| Nov 26, 2019 | $3.413 | CapitalGainLongTerm |
| Sep 27, 2019 | $0.223 | CapitalGainLongTerm |
| Nov 29, 2018 | $2.063 | CapitalGainLongTerm |
| Sep 25, 2018 | $0.437 | CapitalGainLongTerm |
| Nov 28, 2017 | $1.412 | CapitalGainLongTerm |
| Oct 06, 2016 | $0.082 | CapitalGainLongTerm |
| Dec 03, 2015 | $0.458 | CapitalGainLongTerm |
| Sep 24, 2015 | $0.011 | ExtraDividend |
| Sep 24, 2015 | $0.011 | CapitalGainLongTerm |
| Dec 02, 2014 | $0.026 | OrdinaryDividend |
| Sep 26, 2013 | $0.006 | CapitalGainShortTerm |
| Sep 26, 2013 | $0.015 | CapitalGainLongTerm |
| Nov 29, 2012 | $0.193 | CapitalGainShortTerm |
| Nov 29, 2012 | $0.113 | CapitalGainLongTerm |
| Nov 29, 2011 | $0.092 | CapitalGainLongTerm |
| Sep 08, 2011 | $0.004 | ExtraDividend |
| Sep 08, 2011 | $0.111 | CapitalGainShortTerm |
| Sep 08, 2011 | $0.006 | CapitalGainLongTerm |
BREFX - Fund Manager Analysis
Managers
Jeffrey Kolitch
Start Date
Tenure
Tenure Rank
Dec 31, 2009
12.42
12.4%
Jeffrey A. Kolitch has been the portfolio manager of Baron Real Estate Fund and Baron Real Estate Income Fund since their respective inceptions on December 31, 2009 and December 29, 2017. He joined the Adviser in 2005 to develop a real estate growth strategy. From 1995 until 2005, Mr. Kolitch worked at Goldman Sachs & Co., starting as an associate in the Equities Division where he became a Vice President in 1999. In 2000, he was selected to join the Equity Capital Markets Group as a Vice President in New York, and in 2002, Mr. Kolitch was named a Managing Director in Hong Kong. From 2004 until 2005, he served as a Managing Director in Goldman Sachs’ Equity Capital Markets Group in New York.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.01 | 28.42 | 8.3 | 16.42 |