BEXFX Fees and Costs — Baron Emerging Markets Fund, Retail Shares
Data updated: 2026-08-28
The net expense ratio is 1.38%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.4M in broker commissions, 0.1205% of average net assets, and portfolio turnover was 39%.
BEXFX Fees and Expenses
Annual operating expenses and sales charges of BEXFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.13% |
| Gross expense ratio | 1.38% |
| Fee waiver | — |
| Net expense ratio | 1.38% |
| 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 |
BEXFX Costs Over Time
On $10,000 invested in BEXFX, assuming 5% a year before costs, total costs come to $929 over 5 years, cutting the return by 1.58% 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 1.38%) | $145 | $450 | $776 |
| Trading costs (broker commissions) | $13 | $39 | $68 |
| Lost growth on money paid in costs | $0 | $24 | $86 |
| Total costs | $158 | $513 | $929 |
| Value after costs | $10,342 | $11,063 | $11,834 |
| Impact on return, per year | 1.58% | 1.58% | 1.58% |
BEXFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1205%
- Total broker commissions: $4.4M
- Bought from dealers (principal trades, not a cost): $9.0B
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
BEXFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $854K | 24.00% |
| Jefferies LLC | $571K | 16.05% |
| J.P. Morgan Securities LLC | $498K | 14.00% |
| CLSA Americas, LLC | $395K | 11.10% |
| Morgan Stanley & Co. LLC | $282K | 7.94% |
| UBS Securities LLC | $280K | 7.88% |
| BofA Securities, Inc. | $252K | 7.09% |
| Citigroup Global Markets Inc. | $178K | 5.01% |
| Macquarie Capital (USA) Inc. | $140K | 3.93% |
| HSBC Securities (USA) Inc. | $107K | 3.00% |
BEXFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $9.0B | 100.00% |
| Citigroup Global Markets Inc. | $3 | 0.00% |
Baron Emerging Markets Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BEXIX | Institutional Shares | 1.12% | — |
| BEXUX | R6 Shares | 1.12% | — |
| BEXFX | Retail Shares | 1.38% | — |
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.