Baron Real Estate Fund
BARON SELECT FUNDS · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Baron Real Estate Fund is an actively managed U.S. equity fund. 28% of BREFX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 81% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q2
The investment goal of Baron Real Estate Fund (the Fund) is capital appreciation.
The fund invests at least 80% of its net assets in equity securities of real estate and real estate-related companies, which BAMCO selects based on growth opportunities, competitive advantages, management quality, and valuation; the fund may also hold companies with significant real estate assets such as retailers, restaurants, and infrastructure operators, and limits non-U.S. securities to 35% of total assets. The fund will invest more than 25% of its net assets in the real estate industry.
| Share class | Expense ratio |
|---|---|
| BREFX | 1.32% |
| BREIX | 1.05% |
| BREUX | 1.05% |
Portfolio turnover 70.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 96.17% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Real Estate | 39.3% |
| Consumer Discretionary | 37.5% |
| Industrials | 11.5% |
| Materials | 5.0% |
| 3 smaller | 6.7% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +17.10% | +36.09% | +12.94% | 14.27% | -15.88% | |
| +17.37% | +37.10% | +14.37% | 14.29% | -15.83% | |
| +17.40% | +37.14% | +14.37% | 14.27% | -15.83% |
These classes hold the same portfolio, so the 1.43pp spread over 5 years is the cost difference between them — roughly 0.29pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| WELL | Welltower IncWELL | 5.94% | $226.97 | $136.30M | 600.5K |
| EQIX | Equinix IncEQIX | 5.40% | $1,042.39 | $123.85M | 118.8K |
| TOL | Toll Brothers IncTOL | 5.11% | $164.75 | $117.24M | 711.6K |
| MAC | The Macerich CoMAC | 4.24% | $25.19 | $97.23M | 3.9M |
| MTH | Meritage Homes CorpMTH | 4.20% | $83.85 | $96.28M | 1.1M |
| H | Hyatt Hotels CorpH | 3.33% | $193.84 | $76.49M | 394.6K |
| BN | Brookfield CorpBN | 3.16% | $42.59 | $72.53M | 1.7M |
| PLD | Prologis IncPLD | 3.11% | $135.47 | $71.29M | 526.3K |
| HLT | Hilton Worldwide Holdings IncHLT | 3.03% | $330.46 | $69.46M | 210.2K |
| — | CRH PLC | 2.88% | $107.00 | $66.05M | 617.3K |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 40.40% of net assets, top 25 75.65%, across 44 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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