BIOIX Fees and Costs — Baron Opportunity Fund, Institutional 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 $250K in broker commissions, 0.0163% of average net assets, and portfolio turnover was 30%.
BIOIX Fees and Expenses
Annual operating expenses and sales charges of BIOIX. 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 |
BIOIX Costs Over Time
On $10,000 invested in BIOIX, assuming 5% a year before costs, total costs come to $666 over 5 years, cutting the return by 1.12% 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 | $596 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $112 | $366 | $666 |
| Value after costs | $10,388 | $11,210 | $12,097 |
| Impact on return, per year | 1.12% | 1.12% | 1.12% |
BIOIX 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): 0.0163%
- Total broker commissions: $250K
- Bought from dealers (principal trades, not a cost): $3.2B
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
BIOIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Needham & Company, LLC | $23K | 14.68% |
| UBS Securities LLC | $21K | 13.78% |
| State Street Global Markets, LLC | $20K | 12.80% |
| Goldman Sachs & Co. LLC | $17K | 11.14% |
| Morgan Stanley & Co. LLC | $17K | 10.75% |
| Jefferies LLC | $14K | 9.11% |
| BofA Securities, Inc. | $13K | 8.38% |
| Robert W. Baird & Co. Incorporated | $11K | 7.27% |
| Citigroup Global Markets Inc. | $11K | 7.01% |
| William Blair & Company, L.L.C. | $8K | 5.07% |
BIOIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $3.2B | 99.40% |
| Morgan Stanley & Co. LLC | $10.3M | 0.32% |
| Barclays Capital Inc. | $5.9M | 0.18% |
| J.P. Morgan Securities LLC | $3.3M | 0.10% |
Baron Opportunity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BIOUX | R6 Shares | 1.04% | — |
| BIOIX | Institutional Shares | 1.05% | — |
| BIOPX | 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.