BDFUX Fees and Costs — Baron Discovery Fund, R6 Shares
Data updated: 2026-08-28
The net expense ratio is 1.05%: a 1.00% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $852K in broker commissions, 0.0507% of average net assets, and portfolio turnover was 50%.
BDFUX Fees and Expenses
Annual operating expenses and sales charges of BDFUX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 1.05% |
| Fee waiver | — |
| Net expense ratio | 1.05% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
BDFUX Costs Over Time
On $10,000 invested in BDFUX, assuming 5% a year before costs, total costs come to $687 over 5 years, cutting the return by 1.16% 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 1.05%) | $110 | $344 | $595 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $116 | $378 | $687 |
| Value after costs | $10,384 | $11,198 | $12,076 |
| Impact on return, per year | 1.16% | 1.16% | 1.16% |
BDFUX 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): 0.0507%
- Total broker commissions: $852K
- Bought from dealers (principal trades, not a cost): $18.3B
- Portfolio turnover (prospectus): 50%
- Securities on loan, average value: $744K
- Net income from securities lending: $842K (0.050% of average net assets)
BDFUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $124K | 24.09% |
| Morgan Stanley & Co. LLC | $66K | 12.78% |
| Jefferies LLC | $63K | 12.29% |
| JonesTrading Institutional Services LLC | $44K | 8.59% |
| Goldman Sachs & Co. LLC | $39K | 7.49% |
| UBS Securities LLC | $38K | 7.46% |
| Robert W. Baird & Co. Incorporated | $36K | 7.08% |
| Stifel, Nicolaus & Company, Incorporated | $36K | 7.01% |
| BofA Securities, Inc. | $34K | 6.64% |
| J.P. Morgan Securities LLC | $34K | 6.57% |
BDFUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $18.3B | 99.84% |
| J.P. Morgan Securities LLC | $12.6M | 0.07% |
| Goldman Sachs & Co. LLC | $5.0M | 0.03% |
| Jefferies LLC | $4.7M | 0.03% |
| Morgan Stanley & Co. LLC | $3.6M | 0.02% |
| Citigroup Global Markets Inc. | $3.3M | 0.02% |
Baron Discovery Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BDFIX | Institutional Shares | 1.05% | — |
| BDFUX | R6 Shares | 1.05% | — |
| BDFFX | Retail Shares | 1.33% | — |
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.