Fund Evaluator:
Baron Focused Growth R6 (BFGUX)
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Best Performing in Mid-Cap Growth Over the Last Year
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Fund Details
Baron Focused Growth R6 Overview
Baron Focused Growth R6 (BFGUX) is an actively managed U.S. Equity Mid-Cap Growth fund. Baron Capital Group, Inc. launched the fund in 2016.
The investment seeks capital appreciation. Under normal circumstances, the fund invests primarily in equity securities 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 equity security 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.
About Baron Focused Growth R6 (BFGUX)
There are 2 members of the management team with an average tenure of 13.02 years: Ronald Baron (2008), David Baron (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 Growth TR USD index with a weighting of 100%. Baron Focused Growth R6 has 29 securities in its portfolio. The top 10 holdings constitute 64.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Baron Focused Growth R6 is part of the Equity global asset class and is within the U.S. Equity fund group. Baron Focused Growth R6 has 4.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.6%. There is 4.4% 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 Focused Growth R6 has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $516 million in total assets, which is below the $658 million average for the Mid-Cap 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.
BFGUX 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 Focused Growth R6 expense ratio is high compared to funds in the Mid-Cap Growth category. Baron Focused Growth R6 has an expense ratio of 1.05%, which is 4% lower than its category average, making the fund expense ratio grade a C. 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 Focused Growth R6 has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Baron Focused Growth R6 returned -8.7%, which earned it a grade of F, as the Mid-Cap Growth category had an average return of -5.5%. 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 Focused Growth R6 has a trailing yield of 0.00%, which is below the 0.03% category average.
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 Focused Growth R6 Grades
Year to date, the fund has returned -1.8%, 7.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.3% over the past year (grade of A), 16.2% over the past three years (grade of A) and 10.7% per year over the past five years (grade of A) and 20.3% per year over the past 10 years (grade of A).
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BFGUX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BFGUX Return (NAV) | -8.7% | 1.5% | 13.3% | 16.2% | 10.7% | 20.3% |
| BFGUX Grade | F | C | A | A | A | A |
| +/- Category | -3.2% | -0.7% | 7.9% | 5.7% | 8.3% | 9.4% |
| Mid-Cap Growth Avg | -5.5% | 2.1% | 5.5% | 10.5% | 2.5% | 10.9% |
| BFGUX Tax Cost Ratio | na | na | 0.0% | 0.0% | 1.1% | na |
BFGUX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BFGUX Return (NAV) | -1.8% | 22.3% | 29.9% | 27.7% | -28.1% | 19.2% | 122.8% | 30.3% | 4.1% | 26.7% | 0.8% |
| BFGUX Grade | F | A | A | A | C | A | A | D | A | B | F |
| +/- Category | -7.5% | 16.2% | 12.5% | 7.0% | -0.0% | 6.8% | 82.3% | -3.6% | 8.7% | 1.4% | -4.5% |
| Mid-Cap Growth Avg | 5.7% | 6.1% | 17.3% | 20.8% | -28.1% | 12.3% | 40.4% | 33.9% | -4.6% | 25.3% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 17.8% |
| Total Risk Index: | 1.45 - High |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (33% Rank) |
| Beta: | 0.80 |
| R-Squared: | 35% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $4828 Mil |
| Fund Total Assets: | $ 516 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 18.1 years | |||
| Average Tenure: 13.0 years | |||
| Managers (Year): Baron Ronald (2008), Baron David (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 64.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.4% |
Portfolio Allocation |
|
| Domestic Stock: | 95.6% |
| Foreign Stock: | 4.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Baron Capital Group, Inc. |
| Phone Number: | 800-992-2766 |
| Website: | www.baronfunds.com |
| Status: | Open |
| Inception Date: | August 31, 2016 |
| Min. Initial Purchase: | $5,000,000 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.05% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Baron Focused Growth Retail |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
