BDFIX Performance — Baron Discovery Fund, Institutional Shares
Data updated: 2026-08-28
BDFIX returned +6.39% year to date and +9.64% over one year to Jun 2026. Annualised returns are +13.46% over 3 years and +0.08% over 5 years. The fund trailed its US Small Growth category average: $100 invested three years ago grew to $146, against $156 for the category, and to $110 over one year, against $132. Volatility over the past three years was 21.23% a year. In the 12 months to Jun 2026 the fund lost a net $126.5M, and assets reached $1.83B.
BDFIX Growth of $100
What $100 invested in Baron Discovery Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Small Growth category average over the same months.
| Period | BDFIX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $110 | $132 |
| 3 years (Jul 2023 – Jun 2026) | $146 | $156 |
| 5 years (Jul 2021 – Jun 2026) | $100 | $127 |
| Since data start (Jul 2019 – Jun 2026) | $199 | $203 |
BDFIX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +6.39% |
| 1 year | +9.64% |
| 3 years (annualised) | +13.46% |
| 5 years (annualised) | +0.08% |
BDFIX Annual Returns
Calendar-year total returns of Baron Discovery Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +6.39% |
| 2025 | +10.95% |
| 2024 | +16.27% |
| 2023 | +22.57% |
| 2022 | −35.13% |
| 2021 | +4.89% |
| 2020 | +66.14% |
| 2019 (Jul–Dec) | +4.82% |
BDFIX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −1.4% | +0.1% | −9.5% | +6.9% | +6.6% | +4.5% | — | — | — | — | — | — |
| 2025 | +8.4% | −4.7% | −9.2% | +1.5% | +6.9% | +5.8% | −1.1% | +3.3% | +0.6% | −0.2% | +1.3% | −0.9% |
| 2024 | −2.2% | +6.7% | +0.2% | −8.6% | +1.5% | −0.6% | +5.7% | +4.6% | +2.7% | −0.4% | +14.5% | −6.9% |
| 2023 | +14.3% | +0.8% | −3.5% | −4.3% | +0.5% | +7.7% | +4.1% | −2.6% | −6.6% | −9.9% | +13.5% | +9.9% |
| 2022 | −18.2% | +1.3% | +1.0% | −12.2% | −6.2% | −6.1% | +9.3% | −0.2% | −8.4% | +7.3% | −0.4% | −6.2% |
| 2021 | +3.7% | +5.2% | −1.4% | +5.4% | −4.2% | +5.0% | −1.4% | +0.7% | −4.4% | +3.7% | −6.8% | +0.2% |
| 2020 | +0.4% | −2.0% | −18.6% | +15.5% | +15.6% | +4.2% | +10.1% | +8.1% | −0.2% | −0.4% | +14.6% | +10.0% |
| 2019 | — | — | — | — | — | — | −0.2% | −5.4% | +0.8% | +3.8% | +5.4% | +0.7% |
BDFIX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 21.23%
- 3-year Sharpe ratio: 0.42 (vs 4.5% risk-free rate)
- Best month: +14.46% (Nov 2024)
- Worst month: −9.88% (Oct 2023)
BDFIX Fund Flows
Monthly money in and out of Baron Discovery Fund, from SEC Form N-PORT.
- 12-month net flow: −$126.5M
- 12-month gross sales (incl. reinvestments): $1.0B
- Sales ÷ redemptions: 0.89×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $33.8M | $62.0M | −$28.2M |
| May 2026 | $55.9M | $96.2M | −$40.3M |
| Apr 2026 | $57.1M | $98.5M | −$41.4M |
| Mar 2026 | $117.3M | $144.0M | −$26.6M |
| Feb 2026 | $44.2M | $50.0M | −$5.8M |
| Jan 2026 | $190.4M | $215.3M | −$24.8M |
| Dec 2025 | $71.8M | $72.8M | −$1.0M |
| Nov 2025 | $82.8M | $92.6M | −$9.8M |
| Oct 2025 | $101.4M | $99.8M | $1.6M |
| Sep 2025 | $30.8M | $35.8M | −$5.0M |
| Aug 2025 | $105.4M | $153.4M | −$48.0M |
| Jul 2025 | $124.5M | $21.7M | $102.8M |
BDFIX Assets Under Management
Net assets of Baron Discovery Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $1.83B |
| 2026-03-31 | $1.64B |
| 2025-12-31 | $1.89B |
| 2025-09-30 | $1.90B |
| 2025-06-30 | $1.79B |
| 2025-03-31 | $1.51B |
| 2024-12-31 | $1.59B |
| 2024-09-30 | $1.50B |
| 2024-06-30 | $1.39B |
| 2024-03-31 | $1.54B |
| 2023-12-31 | $1.43B |
| 2023-09-30 | $1.28B |
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.