BREFX Fees and Costs — Baron Real Estate Fund, Retail Shares
Data updated: 2026-08-28
The net expense ratio is 1.32%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.5M in broker commissions, 0.0683% of average net assets, and portfolio turnover was 70%.
BREFX Fees and Expenses
Annual operating expenses and sales charges of BREFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.07% |
| Gross expense ratio | 1.32% |
| Fee waiver | — |
| Net expense ratio | 1.32% |
| 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 |
BREFX Costs Over Time
On $10,000 invested in BREFX, assuming 5% a year before costs, total costs come to $862 over 5 years, cutting the return by 1.46% 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 1.32%) | $139 | $431 | $744 |
| Trading costs (broker commissions) | $7 | $22 | $38 |
| Lost growth on money paid in costs | $0 | $22 | $79 |
| Total costs | $146 | $475 | $862 |
| Value after costs | $10,354 | $11,101 | $11,901 |
| Impact on return, per year | 1.46% | 1.46% | 1.46% |
BREFX 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): 0.0683%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $16.8B
- Portfolio turnover (prospectus): 70%
- Securities lending: none during the year
BREFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $174K | 19.27% |
| Evercore Group L.L.C. | $118K | 13.05% |
| Jefferies LLC | $117K | 12.97% |
| Morgan Stanley & Co. LLC | $99K | 10.97% |
| BofA Securities, Inc. | $79K | 8.81% |
| J.P. Morgan Securities LLC | $78K | 8.65% |
| Citigroup Global Markets Inc. | $65K | 7.22% |
| UBS Securities LLC | $64K | 7.14% |
| Goldman Sachs & Co. LLC | $58K | 6.43% |
| Barclays Capital Inc. | $49K | 5.49% |
BREFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $16.8B | 100.00% |
Baron Real Estate Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BREIX | Institutional Shares | 1.05% | — |
| BREUX | R6 Shares | 1.05% | — |
| BREFX | Retail Shares | 1.32% | — |
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.