Baron Asset Fund (BARAX)

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Fund Description

Baron Asset Fund invests primarily in mid-sized growth companies.

    

Facts & Characteristics as of June 30, 2015

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.78 billion
# of Equity Securities / % of Net Assets 63/99.5%
Turnover (3 Year Average) 12.21%
Median Market Cap $8.65 billion
Weighted Average Market Cap $12.06 billion
CUSIP 068278100
Expense Ratio (as of FYE 09/14)* 1.31%
EPS Growth (3-5 year forecast) 16.3%
Price/Earnings Ratio (trailing 12-month) 27.9
Price/Book Ratio 3.2
Price/Sales Ratio 3.1

Top Ten Holdings as of June 30, 2015

Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.9%
Illumina, Inc. (ILMN) develops and commercializes tools and services for genetic analysis. The company is the recognized leader in next generation DNA sequencing platforms.
Health Care 4.2%
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 3.9%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 3.8%
Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, health care, and mortgage industries. Verisk enables risk-bearing businesses to better understand and manage their risks.
Industrials 3.4%
Mettler-Toledo International, Inc. (MTD) is the world’s largest provider of weighing instruments for use in laboratory, industrial, and food retailing applications.
Health Care 3.4%
FleetCor Technologies, Inc. (FLT) provides payment products and services to vehicle fleets around the world. The company's services enable businesses to better manage and control employee spending.
Information Technology 3.4%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 3.1%
The Charles Schwab Corp. (SCHW) is a premier discount brokerage firm offering securities brokerage and other financial services to individual investors directly and through independent financial advisors.
Financials 3.0%
SBA Communications Corp. (SBAC) is the third largest independent owner of wireless towers in the U.S. and has a growing presence in Canada, Central America, and Brazil. SBA owns and operates approximately 20,000 towers in total.
Telecommunication Services 2.9%
Total 36.0%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $7.122 4.9%
Illumina, Inc. Health Care $31.466 4.2%
Vail Resorts, Inc. Consumer Discretionary $3.971 3.9%
IDEXX Laboratories, Inc. Health Care $6.003 3.8%
Mettler-Toledo International, Inc. Health Care $9.550 3.4%
Verisk Analytics, Inc. Industrials $12.232 3.4%
FleetCor Technologies, Inc. Information Technology $14.327 3.4%
Arch Capital Group Ltd. Financials $8.305 3.1%
The Charles Schwab Corp. Financials $42.886 3.0%
FactSet Research Systems, Inc. Information Technology $6.787 2.9%
SBA Communications Corp. Telecommunication Services $14.883 2.9%
CBRE Group, Inc. Financials $12.320 2.7%
Universal Health Services, Inc. Health Care $14.068 1.9%
Towers Watson & Co. Industrials $8.721 1.9%
Guidewire Software, Inc. Information Technology $3.734 1.9%
Henry Schein, Inc. Health Care $11.884 1.8%
ANSYS, Inc. Information Technology $8.191 1.8%
The Middleby Corp. Industrials $6.434 1.8%
Hyatt Hotels Corp. Consumer Discretionary $8.242 1.8%
Nielsen N.V. Industrials $16.478 1.8%
The Cooper Companies, Inc. Health Care $8.648 1.7%
CarMax, Inc. Consumer Discretionary $13.853 1.7%
Westinghouse Air Brake Technologies Corporation Industrials $9.105 1.7%
Roper Technologies, Inc. Industrials $17.336 1.7%
Tractor Supply Co. Consumer Discretionary $12.270 1.6%
Inovalon Holdings, Inc. Cl A Health Care $4.120 1.6%
SS&C Technologies Holdings, Inc. Information Technology $5.941 1.5%
West Pharmaceutical Services, Inc. Health Care $4.179 1.5%
Choice Hotels International, Inc. Consumer Discretionary $3.124 1.4%
Equinix, Inc. Information Technology $14.459 1.4%
Fastenal Co. Industrials $12.399 1.4%
The Priceline Group, Inc. Consumer Discretionary $59.683 1.4%
IDEX Corporation Industrials $6.125 1.3%
Verisign, Inc. Information Technology $7.186 1.3%
TerraForm Power, Inc. Utilities $5.536 1.3%
Alexander's, Inc. Financials $2.094 1.2%
Stericycle, Inc. Industrials $11.389 1.2%
Tiffany & Co. Consumer Discretionary $11.857 1.2%
LinkedIn Corp. Information Technology $26.028 1.1%
Quintiles Transnational Holdings, Inc. Health Care $8.877 1.1%
Shell Midstream Partners, L.P. Energy $6.511 1.1%
Colfax Corp. Industrials $5.715 1.0%
First Republic Bank Financials $8.936 1.0%
Concho Resources, Inc. Energy $13.665 1.0%
Mobileye N.V. Information Technology $11.522 1.0%
Tallgrass Energy GP, LP Class A Energy $5.055 1.0%
T. Rowe Price Group, Inc. Financials $20.255 0.9%
Airgas, Inc. Materials $7.988 0.7%
Zillow Group, Inc. Information Technology $5.092 0.7%
Cerner Corp. Health Care $23.762 0.6%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.132 0.6%
United Natural Foods, Inc. Consumer Staples $3.190 0.6%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $12.875 0.6%
Phillips 66 Partners LP Energy $5.781 0.6%
PRINCIPAL CASH Cash & Cash Equivalents - 0.5%
Ralph Lauren Corp. Consumer Discretionary $11.344 0.5%
Shutterstock, Inc. Information Technology $2.103 0.5%
WABCO Holdings Inc. Industrials $7.256 0.5%
Core Laboratories N.V. Energy $4.882 0.4%
Western Gas Equity Partners LP Energy $13.135 0.4%
Helmerich & Payne, Inc. Energy $7.581 0.3%
MRC Global, Inc. Industrials $1.577 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
CDK Global, Inc. Information Technology $8.654 0.2%
Shell Midstream Partners, L.P. - Rest Energy - 0.2%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.5%
Consumer Discretionary
  • Leisure Facilities 3.9%
  • Hotels, Resorts & Cruise Lines 3.7%
  • Specialty Stores 3.4%
  • Automotive Retail 1.6%
  • Internet Retail 1.4%
  • Apparel, Accessories & Luxury Goods 0.5%
14.6%
Consumer Staples
  • Food Distributors 0.6%
0.6%
Energy
  • Oil & Gas Storage & Transportation 3.3%
  • Oil & Gas Exploration & Production 1.0%
  • Oil & Gas Equipment & Services 0.4%
  • Oil & Gas Drilling 0.3%
5.0%
Financials
  • Property & Casualty Insurance 3.1%
  • Investment Banking & Brokerage 3.0%
  • Real Estate Services 2.7%
  • Office REITs^ 1.2%
  • Asset Management & Custody Banks 1.1%
  • Regional Banks 1.0%
12.1%
Health Care
  • Life Sciences Tools & Services 8.8%
  • Health Care Equipment 3.8%
  • Health Care Supplies 3.2%
  • Health Care Technology 2.2%
  • Health Care Facilities 1.9%
  • Health Care Distributors 1.8%
21.7%
Industrials
  • Research & Consulting Services 5.3%
  • Industrial Machinery 4.0%
  • Construction Machinery & Heavy Trucks 2.2%
  • Human Resource & Employment Services 1.9%
  • Industrial Conglomerates 1.7%
  • Trading Companies & Distributors 1.7%
  • Environmental & Facilities Services 1.2%
17.9%
Information Technology
  • Application Software 9.3%
  • IT Consulting & Other Services^ 6.3%
  • Internet Software & Services 3.7%
  • Data Processing and Outsourced Services 3.4%
22.7%
Materials
  • Industrial Gases 0.7%
0.7%
Telecommunication Services
  • Wireless Telecommunication Services 2.9%
2.9%
Utilities
  • Renewable Electricity 1.3%
1.3%
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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
Life Sciences Tools & Services 8.05% 0.84%
Industrial Machinery 4.65% 0.47%
Application Software 8.77% 0.36%
Health Care Facilities 1.65% 0.32%
Oil & Gas Storage & Transportation 2.90% 0.31%
Top Detractors Average Weight Contribution
Health Care Equipment 3.99% -0.75%
Internet Software & Services^ 3.88% -0.61%
Hotels, Resorts & Cruise Lines 3.86% -0.34%
Health Care Supplies 3.13% -0.14%
Food Distributors 0.66% -0.13%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 3.81% 0.63%
Universal Health Services, Inc. 1.65% 0.32%
Pall Corp. 0.63% 0.31%
Arch Capital Group Ltd. 2.91% 0.25%
Vail Resorts, Inc. 3.68% 0.23%
Top Detractors Average Weight Contribution
IDEXX Laboratories, Inc. 3.99% -0.75%
Choice Hotels International, Inc. 1.56% -0.26%
LinkedIn Corp. 1.22% -0.24%
Alexander's, Inc. 1.26% -0.13%
United Natural Foods, Inc. 0.66% -0.13%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 7.48% 2.05%
Application Software 7.12% 1.97%
IT Consulting & Other Services^ 5.95% 1.31%
Leisure Facilities 3.23% 1.23%
Health Care Supplies 2.63% 0.79%
Top Detractors Average Weight Contribution
Casinos & Gaming 1.66% -1.11%
Trading Companies & Distributors 2.42% -1.04%
Oil & Gas Drilling 0.76% -0.73%
Oil & Gas Equipment & Services 0.84% -0.44%
Oil & Gas Exploration & Production 1.12% -0.35%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 3.23% 1.23%
Gartner, Inc. 4.67% 0.99%
Mettler-Toledo International, Inc. 2.89% 0.90%
FactSet Research Systems, Inc. 2.60% 0.87%
Illumina, Inc. 3.66% 0.85%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 1.66% -1.11%
Colfax Corp. 1.54% -1.03%
Helmerich & Payne, Inc. 0.76% -0.73%
MRC Global, Inc. 0.63% -0.71%
Core Laboratories N.V. 0.72% -0.40%
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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. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time.
 
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 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. The calculations for price/earnings ratio, price/book ratio, and price/sales ratio are based on weighted harmonic average.
 
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.