Baron Real Estate Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Baron Real Estate Fund held 44 positions with $2.29B in net assets. Its ten largest holdings made up 40.4% of the fund. The BREFX share class costs 1.32% a year. Over the 12 months to May 2026, BREFX returned 13.1%, with dividends reinvested. In 2026 Q2 it added 12 new positions and exited 7.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
WELLWelltower Inc | 5.94% | $136.30M | 600.5K | $226.97 |
EQIXEquinix Inc | 5.40% | $123.85M | 118.8K | $1,042.39 |
5.11% | $117.24M | 711.6K | $164.75 | |
4.24% | $97.23M | 3.9M | $25.19 | |
4.20% | $96.28M | 1.1M | $83.85 | |
3.33% | $76.49M | 394.6K | $193.84 | |
BNBrookfield Corp | 3.16% | $72.53M | 1.7M | $42.59 |
PLDPrologis Inc | 3.11% | $71.29M | 526.3K | $135.47 |
3.03% | $69.46M | 210.2K | $330.46 | |
CRH PLC | 2.88% | $66.05M | 617.3K | $107.00 |
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.
All 44 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 96.17% |
By sector
- Real Estate
- 39.3%
- Consumer Discretionary
- 37.5%
- Industrials
- 11.5%
- Materials
- 5.0%
- 3 other sectors
- 6.7%
- Real Estate
- 39.3%
- Consumer Discretionary
- 37.5%
- Industrials
- 11.5%
- Materials
- 5.0%
- Financials
- 4.6%
- International
- 2.0%
- Information Technology
- 0.1%
How it has done
BREFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 14.50%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.32% | +13.09% | +39.71% | +11.53% | -15.88% | |
| 1.05% | +13.37% | +40.78% | +12.93% | -15.83% | |
| 1.05% | +13.36% | +40.78% | +12.93% | -15.83% |
These classes hold the same portfolio, so the 1.40pp spread over 5 years is the cost difference between them — roughly 0.28pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 1.05% – 1.32%· BREFX 1.32%
- Portfolio turnover
- 70.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
12 new· the largest 8
7 exited
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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