Fund Evaluator:
Baron Partners Retail (BPTRX)
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Best Performing in Large Growth Over the Last Year
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Fund Details
Baron Partners Retail Overview
Baron Partners Retail (BPTRX) is an actively managed U.S. Equity Large Growth fund. Baron Capital Group, Inc. launched the fund in 2003.
The investment seeks capital appreciation. The fund invests for the long term primarily in equity securities in the form of common stock of U.S. growth companies of any market capitalization. The Adviser seeks to invest in businesses the advisor believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. To take advantage of opportunities to invest, the fund may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. It is non-diversified.
About Baron Partners Retail (BPTRX)
There are 2 members of the management team with an average tenure of 15.51 years: Ronald Baron (2003), Michael 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 Mid Cap Growth TR USD index with a weighting of 100%. Baron Partners Retail has 29 securities in its portfolio. The top 10 holdings constitute 83.7% 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 Partners Retail is part of the Equity global asset class and is within the U.S. Equity fund group. Baron Partners Retail has 2.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 73.7%. There is 2.2% 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 Partners Retail has -13.4% of the portfolio in cash.
Assets Under Management
The fund has $5 billion in total assets, which is above 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.
BPTRX 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 Partners Retail expense ratio is high compared to funds in the Large Growth category. Baron Partners Retail has an expense ratio of 1.91%, which is 99% higher than its category average, making the fund expense ratio grade a F. 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 Partners Retail has a portfolio turnover rate of 5%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.
Recently, in the month of June 2026, Baron Partners Retail returned 10.2%, which earned it a grade of A, as the Large Growth category had an average return of -1.3%. 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 Partners Retail has a trailing yield of 0.00%, which is below the 0.06% category average. The fund normally distributes its income annually and its capital gains 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 Partners Retail Grades
Year to date, the fund has returned 10.3%, 3.2 percentage points better than the category, which translates into a grade of B. The fund has returned 48.4% over the past year (grade of A), 22.4% over the past three years (grade of B) and 13.5% per year over the past five years (grade of A) and 25.2% per year over the past 10 years (grade of A).
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BPTRX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BPTRX Return (NAV) | 10.2% | 16.5% | 48.4% | 22.4% | 13.5% | 25.2% |
| BPTRX Grade | A | C | A | B | A | A |
| +/- Category | 11.5% | -1.3% | 32.5% | 1.7% | 3.6% | 8.9% |
| Large Growth Avg | -1.3% | 17.8% | 15.9% | 20.7% | 10.0% | 16.4% |
| BPTRX Tax Cost Ratio | na | na | 0.9% | 0.3% | 0.7% | 0.5% |
BPTRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BPTRX Return (NAV) | 10.3% | 24.5% | 32.7% | 43.1% | -42.6% | 31.4% | 148.5% | 45.0% | -2.0% | 31.5% | 4.0% |
| BPTRX Grade | B | A | B | B | F | A | A | A | D | B | B |
| +/- Category | 3.2% | 8.8% | 3.1% | 4.3% | -10.6% | 10.9% | 106.5% | 11.8% | -1.3% | 1.7% | 1.3% |
| Large Growth Avg | 7.1% | 15.7% | 29.6% | 38.8% | -32.0% | 20.5% | 42.0% | 33.2% | -0.7% | 29.8% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 27.7% |
| Total Risk Index: | 2.28 - High |
| Category Risk Index: | 1.60 - High |
| Category Risk Grade: | F (99% Rank) |
| Beta: | 0.92 |
| R-Squared: | 19% |
| 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: | Annually |
| Total Assets: | $18051 Mil |
| Fund Total Assets: | $5,480 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 5% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 23.2 years | |||
| Average Tenure: 15.5 years | |||
| Managers (Year): Baron Ronald (2003), Baron Michael (2018) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 83.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.2% |
Portfolio Allocation |
|
| Domestic Stock: | 73.7% |
| Foreign Stock: | 2.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 37.4% |
| Cash: | -13.4% |
Purchase Information
| Fund Family: | Baron Capital Group, Inc. |
| Phone Number: | 800-992-2766 |
| Website: | www.baronfunds.com |
| Status: | Open |
| Inception Date: | April 30, 2003 |
| Min. Initial Purchase: | $2,000 |
| 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: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.91% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Baron Partners Retail |
| Min. Subsequent Purchase: | $ 10 |
| Min. Subsequent IRA Purchase: | $ 0 |
