BDAFX Fees and Costs — Baron Durable Advantage Fund, Retail Shares
Data updated: 2026-08-28
The net expense ratio is 0.95%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.10% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $14K in broker commissions, 0.0028% of average net assets, and portfolio turnover was 13%.
BDAFX Fees and Expenses
Annual operating expenses and sales charges of BDAFX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.10% |
| Gross expense ratio | 1.00% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
BDAFX Costs Over Time
On $10,000 invested in BDAFX, assuming 5% a year before costs, total costs come to $597 over 5 years, cutting the return by 1.00% 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 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $15 | $55 |
| Total costs | $100 | $328 | $597 |
| Value after costs | $10,400 | $11,248 | $12,166 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
BDAFX 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): 0.0028%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): $919.7M
- Portfolio turnover (prospectus): 13%
- Securities lending: none during the year
BDAFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $2K | 17.75% |
| Jefferies LLC | $2K | 15.93% |
| Goldman Sachs & Co. LLC | $1K | 12.02% |
| Roth Capital Partners, LLC | $1K | 11.21% |
| Robert W. Baird & Co. Incorporated | $1K | 10.09% |
| Morgan Stanley & Co. LLC | $916 | 8.54% |
| JonesTrading Institutional Services LLC | $774 | 7.21% |
| State Street Global Markets, LLC | $648 | 6.04% |
| Truist Securities, Inc. | $636 | 5.92% |
| Evercore Group L.L.C. | $568 | 5.29% |
BDAFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $919.7M | 100.00% |
Baron Durable Advantage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BDAIX | Institutional Shares | 0.70% | — |
| BDAUX | R6 Shares | 0.70% | — |
| BDAFX | Retail Shares | 0.95% | — |
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.