Fund Evaluator:
Baron Durable Advantage Institutional (BDAIX)
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Fund Details
Baron Durable Advantage Institutional Overview
Baron Durable Advantage Institutional (BDAIX) is an actively managed U.S. Equity Large Growth fund. Baron Capital Group, Inc. launched the fund in 2017.
The investment seeks capital appreciation through investments primarily in securities of large-sized companies. The fund invests primarily in equity securities in the form of common stock of U.S. large-sized companies. The Adviser seeks to invest primarily in what the adviser believes are unique, well-managed, competitively advantaged businesses that generate significant excess free cash flow that is consistently returned to shareholders in the form of stock buybacks and/or dividends.
About Baron Durable Advantage Institutional (BDAIX)
There are 1 members of the management team with an average tenure of 8.68 years: Alex Umansky (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Baron Durable Advantage Institutional has 30 securities in its portfolio. The top 10 holdings constitute 62.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Baron Durable Advantage Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Baron Durable Advantage Institutional has 12.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 86.4%. There is 12.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Baron Durable Advantage Institutional has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $384 million in total assets, which is below the $2 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BDAIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Baron Durable Advantage Institutional expense ratio is above average compared to funds in the Large Growth category. Baron Durable Advantage Institutional has an expense ratio of 0.70%, which is 27% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Baron Durable Advantage Institutional has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 55% for the Large Growth category.
Recently, in the month of August 2026, Baron Durable Advantage Institutional returned 0.6%, which earned it a grade of F, as the Large Growth category had an average return of 3.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Baron Durable Advantage Institutional has a trailing yield of 0.00%, which is below the 0.06% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Baron Durable Advantage Institutional Grades
Year to date, the fund has returned 6.4%, 0.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 11.3% over the past year (grade of C), 19.8% over the past three years (grade of C) and 12.6% per year over the past five years (grade of A).
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BDAIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BDAIX Return (NAV) | 0.6% | -0.4% | 11.3% | 19.8% | 12.6% | na |
| BDAIX Grade | F | B | C | C | A | na |
| +/- Category | -2.8% | 0.8% | -0.7% | -0.1% | 4.0% | na |
| Large Growth Avg | 3.3% | -1.2% | 12.0% | 20.0% | 8.6% | 15.7% |
| BDAIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
BDAIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BDAIX Return (NAV) | 6.4% | 16.6% | 27.1% | 45.5% | -24.8% | 32.2% | 20.3% | 41.1% | -7.3% | na | na |
| BDAIX Grade | C | C | D | A | A | A | F | A | F | na | na |
| +/- Category | -0.8% | 0.9% | -2.5% | 6.8% | 7.3% | 11.9% | -21.8% | 8.0% | -6.6% | na | na |
| Large Growth Avg | 7.2% | 15.7% | 29.6% | 38.7% | -32.1% | 20.2% | 42.1% | 33.2% | -0.7% | 29.8% | 2.7% |
| Risk Measures | |
| Standard Deviation: | 16.3% |
| Total Risk Index: | 1.34 - High |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (29% Rank) |
| Beta: | 1.15 |
| R-Squared: | 84% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $534 Mil |
| Fund Total Assets: | $ 384 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.7 years | |||
| Average Tenure: 8.7 years | |||
| Managers (Year): Umansky Alex (2017) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 62.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.9% |
Portfolio Allocation |
|
| Domestic Stock: | 86.4% |
| Foreign Stock: | 12.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | Baron Capital Group, Inc. |
| Phone Number: | 800-992-2766 |
| Website: | https://www.baroncapitalgroup.com |
| Status: | Open |
| Inception Date: | December 29, 2017 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Baron Durable Advantage Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
