BARAX Fees and Costs — Baron Asset Fund, Retail Shares
Data updated: 2026-08-28
The net expense ratio is 1.31%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $198K in broker commissions, 0.0048% of average net assets, and portfolio turnover was 6%.
BARAX Fees and Expenses
Annual operating expenses and sales charges of BARAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.06% |
| Gross expense ratio | 1.31% |
| Fee waiver | — |
| Net expense ratio | 1.31% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
BARAX Costs Over Time
On $10,000 invested in BARAX, assuming 5% a year before costs, total costs come to $817 over 5 years, cutting the return by 1.38% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.31%) | $138 | $428 | $739 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $21 | $75 |
| Total costs | $138 | $451 | $817 |
| Value after costs | $10,362 | $11,126 | $11,946 |
| Impact on return, per year | 1.38% | 1.38% | 1.38% |
BARAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0048%
- Total broker commissions: $198K
- Bought from dealers (principal trades, not a cost): $4.4B
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
BARAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $21K | 16.22% |
| Jefferies LLC | $17K | 12.88% |
| Morgan Stanley & Co. LLC | $16K | 12.44% |
| Goldman Sachs & Co. LLC | $16K | 12.29% |
| William Blair & Company, L.L.C. | $14K | 10.82% |
| J.P. Morgan Securities LLC | $11K | 8.34% |
| Truist Securities, Inc. | $10K | 8.01% |
| KeyBanc Capital Markets Inc. | $10K | 7.47% |
| UBS Securities LLC | $8K | 6.21% |
| BofA Securities, Inc. | $7K | 5.32% |
BARAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $4.4B | 99.08% |
| Goldman Sachs & Co. LLC | $28.4M | 0.64% |
| Morgan Stanley & Co. LLC | $12.3M | 0.28% |
Baron Asset Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BARIX | Institutional Shares | 1.05% | — |
| BARUX | R6 Shares | 1.05% | — |
| BARAX | Retail Shares | 1.31% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.