ETF Research Center

Baron Small Cap Retail

ALTAR
Score™

3.8%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	26.8x	P/Sales ratio	2.7x
P/BV ratio	3.9x	Div. yield	0.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

FUND BASICS
Category	US Equities
Fund Sponsor	Baron
Website
Inception date	Sep 02, 2024
Assets (mns)	$50
Currency	USD
Expense ratio	75 bp
Distributions

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	63
Wgt avg mkt cap (mns)	$15,737
Large cap (>$10bn)	52.6%
Mid cap ($2-10bn)	38.5%
Small cap (<$2bn)	8.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.9 %
VERTIV HOLDINGS CO	7.3 %
GARTNER, INC.	5.2 %
ICON PLC	4.8 %
KINSALE CAPITAL GROUP, INC.	4.0 %
GUIDEWIRE SOFTWARE, INC.	3.7 %
RED ROCK RESORTS, INC. - CL. A	3.6 %
ASGN INCORPORATED	3.2 %
TRANSDIGM GROUP INCORPORATED	2.8 %
CHART INDUSTRIES, INC.	2.8 %
THE BALDWIN INSURANCE GROUP, INC.	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	80.9 %
	IRELAND	4.8 %
	CANADA	1.4 %
	BRITAIN	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$50.00
30d moving avg.	$0.00
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$3,421

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Baron Small Cap Retail
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.7	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.59

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.