- ISIN
- US0682788528
- CUSIP
- 068278852
- Inception Date
- Sep 30, 2013
- Category
- Small Cap Growth Equities
- Min. Investment
- $1,000,000
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
BDFIX Performance Chart
Baron Discovery Fund (BDFIX) is up 1.6% since the beginning of the year. BDFIX is currently trading at $37 per share. Investors who bought $1,000 worth of BDFIX shares 5 years ago would now be looking at an investment worth $960.
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Returns By Period
Baron Discovery Fund (BDFIX) has returned 1.60% so far this year and 7.15% over the past 12 months. Over the last decade, BDFIX has posted an annualized return of 14.00%, slightly higher than the S&P 500 Index benchmark’s 13.71%.
Baron Discovery Fund
- 1D
- -1.42%
- 1M
- 2.74%
- YTD
- 1.60%
- 6M
- -0.86%
- 1Y
- 7.15%
- 3Y*
- 13.39%
- 5Y*
- -0.81%
- 10Y*
- 14.00%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
BDFIX Monthly Returns History
Based on dividend-adjusted daily data since Oct 3, 2013, BDFIX's average daily return is +0.06%, while the average monthly return is +1.17%. At this rate, an investment would double in approximately 5.0 years.
Historically, 61% of months were positive and 39% were negative. The best month was May 2020 with a return of +15.6%, while the worst month was Mar 2020 at -18.6%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.
On a daily basis, BDFIX closed higher 54% of trading days. The best single day was Apr 9, 2025 with a return of +11.2%, while the worst single day was Mar 16, 2020 at -13.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.36% | 0.08% | -9.50% | 6.88% | 6.64% | -0.22% | 1.60% | ||||||
| 2025 | 8.44% | -4.73% | -9.18% | 1.47% | 6.87% | 5.82% | -1.06% | 3.34% | 0.59% | -0.19% | 1.28% | -0.88% | 10.96% |
| 2024 | -2.18% | 6.68% | 0.21% | -8.60% | 1.53% | -0.63% | 5.70% | 4.62% | 2.68% | -0.36% | 14.46% | -6.89% | 16.28% |
| 2023 | 14.35% | 0.80% | -3.53% | -4.33% | 0.53% | 7.69% | 4.07% | -2.59% | -6.63% | -9.88% | 13.54% | 9.89% | 22.58% |
| 2022 | -18.20% | 1.32% | 0.99% | -12.25% | -6.18% | -6.06% | 9.34% | -0.16% | -8.40% | 7.28% | -0.37% | -6.24% | -35.12% |
| 2021 | 3.68% | 5.16% | -1.42% | 5.43% | -4.19% | 5.00% | -1.36% | 0.69% | -4.37% | 3.74% | -6.83% | 0.17% | 4.84% |
Benchmark Metrics
Baron Discovery Fund has an annualized alpha of -0.55%, beta of 1.14, and R2 of 0.68 versus S&P 500 Index. Calculated based on daily prices since October 03, 2013.
- This fund participated in 116.69% of S&P 500 Index downside but only 114.73% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.14 and R2 of 0.68, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -0.55%
- Beta
- 1.14
- R²
- 0.68
- Upside Capture
- 114.73%
- Downside Capture
- 116.69%
Expense Ratio
BDFIX has a high expense ratio of 1.05%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BDFIX ranks 6 for risk / return — in the bottom 6% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Baron Discovery Fund (BDFIX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BDFIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.32 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 2.46 | -2.00 |
| Martin ratioReturn relative to average drawdown | 1.35 | 10.92 | -9.56 |
Dividends
Dividend History
Baron Discovery Fund provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.29 | $1.06 | $0.03 | $1.50 | $0.04 | $0.27 |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.68% | 3.05% | 0.13% | 8.78% | 0.21% | 1.97% |
Monthly Dividends
The table displays the monthly dividend distributions for Baron Discovery Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.29 | $0.00 | $1.29 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Baron Discovery Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Baron Discovery Fund was 46.39%, occurring on Jun 16, 2022. The portfolio has not yet recovered.
The current Baron Discovery Fund drawdown is 7.62%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -46.39%Jun 2022 | 1y 4mo | — | 5y 4moFeb 2021 - now |
COVID crash2020 | -38.85%Mar 2020 | 26d | 2mo 19d | 3mo 15dFeb 2020 - Jun 2020 |
2016 bear market2016 | -37.07%Feb 2016 | 10mo | 1y 5d | 1y 10moApr 2015 - Feb 2017 |
Rate-hike selloffLate 2018 | -30.75%Dec 2018 | 3mo 20d | 1y 1mo | 1y 5moSep 2018 - Feb 2020 |
2014 correction2014 | -17.62%Oct 2014 | 6mo 28d | 3mo 25d | 10mo 23dMar 2014 - Feb 2015 |
Drawdown Indicators
| BDFIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.39% | -56.78% | +10.39% |
Max Drawdown (1Y)Largest decline over 1 year | -17.94% | -9.10% | -8.84% |
Max Drawdown (3Y)Largest decline over 3 years | -24.26% | -18.90% | -5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -25.43% | -19.95% |
Max Drawdown (10Y)Largest decline over 10 years | -46.39% | -33.92% | -12.47% |
Current DrawdownCurrent decline from peak | -7.62% | -3.21% | -4.41% |
Average DrawdownAverage peak-to-trough decline | -14.59% | -10.71% | -3.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.99% | 2.04% | +3.95% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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