Baron Investment Team Discussion on Small-Cap Growth
Ғылым және технология
The Baron Capital investment team answers attendee questions related to small cap growth asset class at the 30th Annual Baron Investment Conference. This session features Co-CIO and portfolio manager Cliff Greenberg, portfolio managers Laird Bieger and Randy Gwirtzman, and assistant portfolio manager David Goldsmith. The session is moderated by David Judice, head of intermediary sales and national accounts at Baron Capital.
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Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting baronfunds.com. Please read them carefully before investing.
Risks: Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Funds are diversified, they may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Funds’ returns.
The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this presentation reflect those of the respective speaker. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).
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Can you elaborate what do you mean by “if the rates get lower, we can expect a normal market?” Are you implying that low rates are normal? Because IMO the low rates were an anomaly and rates being at 3-4% at an average seems normal, or a real rate of 2% at an average. If rates do not come down as per your expectations then do you expect your companies to do really bad? The way I see it is if they are companies growing earnings at 15-25%, within a few years they should overcome the PE expression that they would experience in a normal rate or higher rate environment (where normal rate as per me is 4%). You can have your PE compressed to half, but within 5 years the earnings will catch up to the earlier price levels with the new PE and within a decade it should 4x the price before PE compression, assuming 15% earnings growth. I see small cap, high growth companies as the winners in a normal or high rate environment… Would appreciate responses/discussions to my comment, would help me learn/unlearn… Cheers