Baron Asset Fund (BARAX)

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Fund Description

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

    

Facts & Characteristics as of March 31, 2015

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.87 billion
# of Equity Securities / % of Net Assets 64/98.9%
Turnover (3 Year Average) 11.75%
Median Market Cap $8.23 billion
Weighted Average Market Cap $11.64 billion
CUSIP 068278100
Expense Ratio (as of FYE 09/14)* 1.31%
EPS Growth (3-5 year forecast) 14.2%
Price/Earnings Ratio (trailing 12-month) 27.9
Price/Book Ratio 4.0
Price/Sales Ratio 3.0

Top Ten Holdings as of April 30, 2015

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.7%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 3.7%
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 3.6%
Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, healthcare, and mortgage industries. Verisk enables risk-bearing businesses to better understand and manage their risks.
Industrials 3.6%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 10 world class ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons in Utah; and Heavenly, Northstar, and Kirkland in Lake Tahoe. It also operates resorts in Michigan and Minnesota. 
Consumer Discretionary 3.5%
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%
Mettler-Toledo International, Inc.
Health Care 3.1%
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 3.0%
The Charles Schwab Corp. (SCHW) is a premier discount brokerage firm offering securities brokerage and other financial services to individual investors directly, as well as through independent financial advisors.
Financials 2.8%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.8%
Total 34.2%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $7.339 4.7%
IDEXX Laboratories, Inc. Health Care $7.236 4.4%
Vail Resorts, Inc. Consumer Discretionary $3.759 3.6%
Illumina, Inc. Health Care $26.695 3.5%
Verisk Analytics, Inc. Industrials $11.289 3.4%
Mettler-Toledo International, Inc. Health Care $9.228 3.2%
FleetCor Technologies, Inc. Information Technology $13.836 3.2%
SBA Communications Corp. Telecommunication Services $15.151 3.0%
Arch Capital Group Ltd. Financials $7.710 2.8%
FactSet Research Systems, Inc. Information Technology $6.640 2.8%
The Charles Schwab Corp. Financials $39.968 2.8%
CBRE Group, Inc. Financials $12.891 2.7%
Hyatt Hotels Corp. Consumer Discretionary $8.782 2.1%
Nielsen N.V. Industrials $16.522 2.0%
Towers Watson & Co. Industrials $9.196 1.9%
Choice Hotels International, Inc. Consumer Discretionary $3.677 1.8%
CarMax, Inc. Consumer Discretionary $14.493 1.8%
The Cooper Companies, Inc. Health Care $9.050 1.7%
Fastenal Co. Industrials $12.244 1.7%
Henry Schein, Inc. Health Care $11.700 1.7%
ANSYS, Inc. Information Technology $7.939 1.7%
Guidewire Software, Inc. Information Technology $3.691 1.7%
The Middleby Corp. Industrials $5.879 1.6%
Roper Industries, Inc. Industrials $17.261 1.6%
Universal Health Services, Inc. Health Care $11.645 1.5%
Westinghouse Air Brake Technologies Corporation Industrials $9.154 1.5%
West Pharmaceutical Services, Inc. Health Care $4.332 1.5%
The Priceline Group, Inc. Consumer Discretionary $60.465 1.4%
SS&C Technologies Holdings, Inc. Information Technology $5.255 1.4%
Tractor Supply Co. Consumer Discretionary $11.609 1.4%
Verisign, Inc. Information Technology $7.828 1.4%
LinkedIn Corp. Information Technology $31.262 1.4%
Pall Corp. Industrials $10.706 1.4%
Alexander's, Inc. Financials $2.331 1.3%
Equinix, Inc. Information Technology $13.150 1.3%
IDEX Corporation Industrials $5.932 1.2%
Stericycle, Inc. Industrials $11.928 1.2%
Inovalon Holdings, Inc. Cl A Health Care $4.460 1.2%
PRINCIPAL CASH Cash & Cash Equivalents - 1.1%
Colfax Corp. Industrials $5.908 1.1%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.770 1.1%
Tiffany & Co. Consumer Discretionary $11.367 1.1%
Concho Resources, Inc. Energy $13.911 1.0%
Quintiles Transnational Holdings, Inc. Health Care $8.358 1.0%
Phillips 66 Partners LP Energy $5.674 1.0%
Ralph Lauren Corp. Consumer Discretionary $11.482 0.9%
T. Rowe Price Group, Inc. Financials $21.101 0.9%
Wynn Resorts Ltd. Consumer Discretionary $12.780 0.9%
Shell Midstream Partners, L.P. Energy $5.262 0.9%
First Republic Bank Financials $8.094 0.8%
HomeAway, Inc. Information Technology $2.852 0.8%
TerraForm Power, Inc. Utilities $4.549 0.8%
Cerner Corp. Health Care $25.098 0.7%
United Natural Foods, Inc. Consumer Staples $3.858 0.7%
Airgas, Inc. Materials $7.971 0.6%
Mobileye N.V. Information Technology $9.108 0.6%
Shutterstock, Inc. Information Technology $2.449 0.5%
WABCO Holdings Inc. Industrials $7.184 0.5%
Receptos, Inc. Health Care $5.202 0.5%
Core Laboratories N.V. Energy $4.506 0.4%
Western Gas Equity Partners LP Energy $13.135 0.4%
TerraForm Power, Inc. - Cl A Utilities - 0.4%
Helmerich & Payne, Inc. Energy $7.327 0.2%
The Boston Beer Company, Inc. Consumer Staples $3.596 0.2%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
MRC Global, Inc. Industrials $1.213 0.2%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of April 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.9%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 3.8%
  • Specialty Stores 3.7%
  • Leisure Facilities 3.5%
  • Automotive Retail 1.8%
  • Internet Retail 1.5%
  • Apparel, Accessories & Luxury Goods 0.8%
15.1%
Consumer Staples
  • Food Distributors 0.7%
0.7%
Energy
  • Oil & Gas Storage & Transportation 2.4%
  • Oil & Gas Exploration & Production 1.1%
  • Oil & Gas Equipment & Services 0.5%
  • Oil & Gas Drilling 0.3%
4.3%
Financials
  • Investment Banking & Brokerage 2.8%
  • Property & Casualty Insurance 2.8%
  • Real Estate Services 2.7%
  • Office REITs^ 1.3%
  • Asset Management & Custody Banks 1.2%
  • Regional Banks 0.8%
11.7%
Health Care
  • Life Sciences Tools & Services 7.7%
  • Health Care Equipment 3.7%
  • Health Care Supplies 3.1%
  • Health Care Technology 2.0%
  • Health Care Distributors 1.7%
  • Health Care Facilities 1.6%
19.8%
Industrials
  • Research & Consulting Services 5.4%
  • Industrial Machinery 5.3%
  • Construction Machinery & Heavy Trucks 2.0%
  • Human Resource & Employment Services 1.9%
  • Trading Companies & Distributors 1.8%
  • Industrial Conglomerates 1.6%
  • Environmental & Facilities Services 1.2%
19.2%
Information Technology
  • Application Software 8.5%
  • IT Consulting & Other Services^ 6.2%
  • Internet Software & Services^ 4.3%
  • Data Processing and Outsourced Services 3.5%
22.4%
Materials
  • Industrial Gases 0.6%
0.6%
Telecommunication Services
  • Wireless Telecommunication Services 3.0%
3.0%
Utilities
  • Renewable Electricity 1.3%
1.3%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 7.78% 0.67%
Leisure Facilities 3.22% 0.45%
Life Sciences Tools & Services 7.72% 0.43%
Health Care Supplies 2.94% 0.42%
Research & Consulting Services 5.33% 0.36%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 1.12% -0.45%
Trading Companies & Distributors 2.18% -0.41%
Casinos & Gaming 1.38% -0.21%
Broadcasting 0.60% -0.12%
Oil & Gas Equipment & Services 0.50% -0.10%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 3.22% 0.45%
FactSet Research Systems, Inc. 2.71% 0.36%
Verisk Analytics, Inc. 3.24% 0.36%
CBRE Group, Inc. 2.45% 0.31%
Towers Watson & Co. 1.73% 0.28%
Top Detractors Average Weight Contribution
Ralph Lauren Corp. 1.12% -0.45%
Fastenal Co. 1.82% -0.25%
Tiffany & Co. 1.13% -0.25%
Wynn Resorts Ltd. 1.38% -0.21%
MRC Global, Inc. 0.36% -0.16%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 7.04% 2.12%
Application Software 6.23% 1.58%
Leisure Facilities 2.96% 1.32%
IT Consulting & Other Services^ 5.74% 1.31%
Health Care Equipment 4.11% 1.12%
Top Detractors Average Weight Contribution
Casinos & Gaming 2.31% -1.24%
Trading Companies & Distributors 2.74% -1.08%
Oil & Gas Equipment & Services 1.19% -0.73%
Oil & Gas Drilling 1.11% -0.60%
Internet Retail 3.33% -0.53%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 2.96% 1.32%
IDEXX Laboratories, Inc. 4.11% 1.12%
FactSet Research Systems, Inc. 2.41% 1.08%
Gartner, Inc. 4.53% 0.96%
Mettler-Toledo International, Inc. 2.70% 0.96%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 2.31% -1.24%
Colfax Corp. 1.90% -0.86%
Core Laboratories N.V. 0.95% -0.76%
MRC Global, Inc. 0.79% -0.73%
Helmerich & Payne, Inc. 1.11% -0.60%
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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.