Baron Focused Growth Fund (BFGFX)

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Fund Description

Baron Focused Growth Fund invests in a focused portfolio of small and mid-size growth companies.



Fund Resources

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Institutional Shares

Facts & Characteristics as of June 30, 2015

Inception Date May 31, 1996
Net Assets (All share classes combined) $203.32 million
# of Equity Securities / % of Net Assets 25/99.9%
Turnover (3 Year Average) 30.13%
Median Market Cap $5.54 billion
Weighted Average Market Cap $8.81 billion
CUSIP 06828M207
Gross Expense Ratio (as of FYE 12/14)* 1.39%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.04)%
Net Expense Ratio (as of FYE 12/14) 1.35%
EPS Growth (3-5 year forecast) 19.9%
Price/Earnings Ratio (trailing 12-month) 22.8
Price/Book Ratio 2.0
Price/Sales Ratio 2.7

Top Ten Holdings as of August 31, 2015

Holding Sector Percentage*
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It also sells electric drivetrains to other vehicle manufacturers and is in the process of developing and commercializing battery based energy storage devices for homes, businesses and utilities.
Consumer Discretionary 11.0%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 12 world class ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, and most recently Perisher in Australia.
Consumer Discretionary 7.9%
Hyatt Hotels Corp. (H) is a global hospitality company with 567 Hyatt-branded properties representing 155,265 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 7.2%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 7.2%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 6.4%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 5.3%
Benefitfocus, Inc. (BNFT) is a leading provider of cloud-based benefits software for consumers, employers, insurance carriers, and brokers. The company offers an integrated suite of solutions to help customers more efficiently shop, enroll, manage, and exchange benefits information.
Information Technology 4.5%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,362 hotels and 615 hotels under development. Its franchise contracts are long term in nature, many for 20 years. Some of its brands include Quality Inn, Comfort Inn, Comfort Suites, Sleep Inn, and Cambria.
Consumer Discretionary 4.1%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars, with over $14 billion in annual sales and 140 superstores.
Consumer Discretionary 3.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 3.7%
Total 61.2%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Tesla Motors, Inc. Consumer Discretionary $33.909 10.8%
CoStar Group, Inc. Information Technology $6.523 7.4%
Vail Resorts, Inc. Consumer Discretionary $3.971 7.3%
Hyatt Hotels Corp. Consumer Discretionary $8.242 7.2%
FactSet Research Systems, Inc. Information Technology $6.787 6.0%
Benefitfocus, Inc. Information Technology $1.254 4.9%
Manchester United plc Consumer Discretionary $2.925 4.8%
CarMax, Inc. Consumer Discretionary $13.853 4.2%
Financial Engines, Inc. Financials $2.203 4.2%
Choice Hotels International, Inc. Consumer Discretionary $3.124 4.0%
CaesarStone Sdot-Yam Ltd. Industrials $2.408 4.0%
Iridium Communications Inc. - Pfd Telecommunication Services $0.859 3.7%
The Carlyle Group Financials $2.209 3.6%
Arch Capital Group Ltd. Financials $8.305 3.3%
ITC Holdings Corp. Utilities $4.995 3.2%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.132 2.9%
Verisk Analytics, Inc. Industrials $12.232 2.9%
Guidewire Software, Inc. Information Technology $3.734 2.7%
Genesee & Wyoming, Inc. Industrials $4.115 2.2%
Mobileye N.V. Information Technology $11.522 2.2%
Fastenal Co. Industrials $12.399 2.1%
Church & Dwight Co., Inc. Consumer Staples $10.618 2.0%
TerraForm Power, Inc. Utilities $5.536 2.0%
Airgas, Inc. Materials $7.988 1.6%
Virtu Financial, Inc. Class A Financials $3.251 0.7%
PRINCIPAL CASH Cash & Cash Equivalents - 0.1%
Total 100.0%
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Sector Breakdown as of August 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 11.3%
  • Automobile Manufacturers 11.0%
  • Leisure Facilities 7.9%
  • Movies & Entertainment 5.3%
  • Automotive Retail 4.0%
  • Specialty Stores 3.0%
Consumer Staples
  • Household Products 2.3%
  • Asset Management & Custody Banks 6.5%
  • Property & Casualty Insurance 3.7%
  • Investment Banking & Brokerage 0.8%
  • Research & Consulting Services 3.2%
  • Building Products 2.6%
  • Railroads 2.2%
  • Trading Companies & Distributors 2.1%
Information Technology
  • Application Software 13.1%
  • Internet Software & Services 11.6%
  • Industrial Gases 1.6%
Telecommunication Services
  • Alternative Carriers 3.4%
  • Electric Utilities 3.5%
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Top Contributors & Detractors as of June 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Automobile Manufacturers 9.40% 3.21%
Internet Software & Services 11.34% 0.88%
Movies & Entertainment 4.38% 0.50%
Building Products 3.60% 0.44%
Leisure Facilities 6.93% 0.43%
Top Detractors Average Weight Contribution
Hotels, Resorts & Cruise Lines 11.24% -1.02%
Railroads 3.30% -0.74%
Electric Utilities 3.41% -0.50%
Specialty Stores 3.72% -0.33%
Alternative Carriers 4.01% -0.18%
By Holdings
Top Contributors Average Weight Contribution
Tesla Motors, Inc. 9.40% 3.21%
Benefitfocus, Inc. 4.12% 0.78%
Manchester United plc 4.38% 0.50%
CaesarStone Sdot-Yam Ltd. 3.60% 0.44%
Vail Resorts, Inc. 6.93% 0.43%
Top Detractors Average Weight Contribution
Genesee & Wyoming, Inc. 3.30% -0.74%
Choice Hotels International, Inc. 4.29% -0.71%
ITC Holdings Corp. 3.41% -0.50%
Dick's Sporting Goods, Inc. 3.72% -0.33%
Hyatt Hotels Corp. 6.94% -0.30%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 8.55% 3.48%
Leisure Facilities 6.22% 2.42%
Internet Software & Services 8.49% 2.20%
Automotive Retail 4.65% 1.29%
Construction Materials 2.15% 1.12%
Top Detractors Average Weight Contribution
Industrial Machinery 4.56% -3.08%
Oil & Gas Drilling 1.33% -1.33%
Railroads 3.99% -1.29%
Internet Retail 0.18% -0.62%
Trading Companies & Distributors 2.66% -0.45%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 6.22% 2.42%
FactSet Research Systems, Inc. 5.39% 1.87%
CoStar Group, Inc. 5.88% 1.76%
CarMax, Inc. 4.65% 1.29%
CaesarStone Sdot-Yam Ltd. 3.37% 1.28%
Top Detractors Average Weight Contribution
Colfax Corp. 4.56% -3.08%
Helmerich & Payne, Inc. 1.33% -1.33%
Genesee & Wyoming, Inc. 3.99% -1.29%
AO World plc 0.18% -0.62%
Hyatt Hotels Corp. 7.23% -0.55%
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Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.  

*Top Ten Holdings, Portfolio Holdings, and Sector Breakdown based on net assets. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%.

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard ("GICS"), developed and exclusively owned by MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

^The Adviser has reclassified/classified certain securities in or out of this Sub-Industry. Such reclassifications/classifications are not supported by S&P or MSCI. 
Top Contributors & Detractors Source: FactSet PA.

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.