Ron Baron on CNBC


About Risk: The value of investments in equity securities is subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities and the equity market as a whole. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. If our assessment of the prospects for a company’s growth is wrong, or if our judgment of how other investors will value the company’s growth is wrong, then the price of the company’s stock may fall or not appreciate as we expect. 

This interview is provided for informational purposes only and should not be construed an investment advice. Any opinions or forecasts contained herein reflect the subjective judgment of Ron Baron only. There can be no assurance that developments will transpire as forecasted and actual results may be different. Data and analysis does not represent the actual or expected future performance or any investment product.

As of December 31, 2013, the Realized and Unrealized Gains of the Funds that held Vail Resorts, Inc. 
Fund Realized Gains Fund Performance
Baron Asset Fund $79.1 million View
Baron Focused Growth Fund $1.8 million View
Baron Growth Fund $96.4 million View
Baron Partners Fund $48.1 million View

The following Funds did not have any net realized/unrealized gain in the companies above - Baron Discovery Fund, Baron Emerging Markets Fund, Baron Energy and Resources Fund, Baron Fifth Avenue Growth Fund, Baron Global Advantage Fund, Baron International Growth Fund, Baron Opportunity Fund, Baron Real Estate Fund and Baron Small Cap Fund.

As of December 31, 2013 the following Funds owned these companies mentioned in the interview:
Company/Fund Full Holdings
Colfax Corp.  
   Baron Asset Fund View
   Baron Focused Growth Fund View
Baron Growth Fund
View
Concho Resources, Inc.  
Baron Asset Fund
View
Baron Energy and Resources Fund
View
   Baron Opportunity Fund View
Baron Partners Fund
View
CoStar Group, Inc.  
   Baron Growth Fund View
   Baron Opportunity Fund View
Baron Partners Fund
View
Illumina, Inc.  
   Baron Asset Fund View
   Baron Global Advantage Fund View
   Baron Fifth Avenue Growth Fund View
   Baron Opportunity Fund View
Baron Partners Fund
View
LKQ Corp.  
Baron Growth Fund
View
Penn National Gaming, Inc.  
   Baron Focused Growth Fund View
   Baron Growth Fund View
   Baron Real Estate Fund View
Baron Small Cap Fund
View
Primerica, Inc.  
´╗┐´╗┐Baron Growth Fund
View
Under Armour, Inc.  
   Baron Growth Fund View
   Baron Opportunity Fund View
Vail Resorts, Inc.  
   Baron Asset Fund View
   Baron Focused Growth Fund View
   Baron Growth Fund View
   Baron Partners Fund View

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser reimbursed certain Fund expenses for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund,  Baron Energy and Resources Fund, Baron Global Advantage Fund and Baron Discovery Fund (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com/performance or call 1-800-99BARON.

Investing in the stock market is always risky.  The Funds may not achieve their objectives. Portfolio holdings may change over time.