Baron Asset Fund (BARIX)

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Fund Description

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

    

Facts & Characteristics as of September 30, 2014

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.70 billion
# of Equity Securities / % of Net Assets 64/99.7%
Turnover (3 Year Average) 12.14%
Median Market Cap $7.46 billion
Weighted Average Market Cap $11.68 billion
CUSIP 068278605
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 16.7%
Price/Earnings Ratio (trailing 12-month) 25.5
Price/Book Ratio 3.5
Price/Sales Ratio 2.7

Top Ten Holdings as of October 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.8%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 4.2%
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 3.8%
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 3.2%
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 3.2%
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 3.1%
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 3.0%
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 2.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.7%
Wynn Resorts Ltd. (WYNN)  is a leading company in the gaming industry with properties in Las Vegas and a majority ownership of Wynn Macau Ltd., which is developing land on the Cotai Strip into a $4 billion casino with an expected opening in early 2016.  
Consumer Discretionary 2.6%
Total 33.5%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $6.532 4.5%
IDEXX Laboratories, Inc. Health Care $5.923 3.6%
Illumina, Inc. Health Care $22.851 3.4%
SBA Communications Corp. Telecommunication Services $14.307 3.3%
Vail Resorts, Inc. Consumer Discretionary $3.142 3.2%
FleetCor Technologies, Inc. Information Technology $11.831 3.2%
The Charles Schwab Corp. Financials $38.306 3.1%
Verisk Analytics, Inc. Industrials $10.137 3.1%
Arch Capital Group Ltd. Financials $7.393 2.7%
Mettler-Toledo International, Inc. Health Care $7.399 2.6%
Wynn Resorts Ltd. Consumer Discretionary $18.960 2.6%
FactSet Research Systems, Inc. Information Technology $5.080 2.4%
The Priceline Group, Inc. Consumer Discretionary $60.765 2.4%
Hyatt Hotels Corp. Consumer Discretionary $9.299 2.3%
Nielsen N.V. Industrials $16.859 2.3%
CBRE Group, Inc. Financials $9.877 2.2%
Colfax Corp. Industrials $7.046 2.0%
Fastenal Co. Industrials $13.325 2.0%
Choice Hotels International, Inc. Consumer Discretionary $3.039 1.5%
The Cooper Companies, Inc. Health Care $7.520 1.5%
Henry Schein, Inc. Health Care $9.881 1.5%
Ralph Lauren Corp. Consumer Discretionary $14.487 1.5%
Universal Health Services, Inc. Health Care $10.398 1.5%
WINDY CITY INVESTMENTS HOLDINGS, LLC (NUVEEN) Financials - 1.5%
ANSYS, Inc. Information Technology $6.963 1.5%
The Middleby Corp. Industrials $5.047 1.5%
Roper Industries, Inc. Industrials $14.634 1.5%
HomeAway, Inc. Consumer Discretionary $3.337 1.5%
Pall Corp. Industrials $8.940 1.5%
Guidewire Software, Inc. Information Technology $3.065 1.5%
LinkedIn Corp. Information Technology $25.540 1.4%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.320 1.3%
Helmerich & Payne, Inc. Energy $10.592 1.3%
CarMax, Inc. Consumer Discretionary $10.183 1.3%
Tiffany & Co. Consumer Discretionary $12.452 1.3%
Westinghouse Air Brake Technologies Corporation Industrials $7.805 1.3%
Concho Resources, Inc. Energy $14.163 1.3%
Alexander's, Inc. Financials $1.909 1.2%
Equinix, Inc. Information Technology $11.303 1.2%
Tractor Supply Co. Consumer Discretionary $8.469 1.2%
Verisign, Inc. Information Technology $6.891 1.2%
Towers Watson & Co. Industrials $6.986 1.2%
Stericycle, Inc. Industrials $9.886 1.1%
Phillips 66 Partners LP Energy $4.937 1.1%
Core Laboratories N.V. Energy $6.501 1.0%
T. Rowe Price Group, Inc. Financials $20.623 1.0%
West Pharmaceutical Services, Inc. Health Care $3.167 1.0%
MRC Global, Inc. Industrials $2.379 1.0%
Mobileye N.V. Information Technology $11.377 0.9%
Quintiles Transnational Holdings, Inc. Health Care $7.100 0.8%
Airgas, Inc. Materials $8.247 0.7%
First Republic Bank Financials $6.818 0.7%
Shutterstock, Inc. Information Technology $2.522 0.7%
Cerner Corp. Health Care $20.317 0.6%
Fossil Group, Inc. Consumer Discretionary $4.968 0.6%
United Natural Foods, Inc. Consumer Staples $3.052 0.6%
Discovery Communications, Inc. Consumer Discretionary $25.493 0.6%
Discovery Communications, Inc. Consumer Discretionary $25.493 0.5%
DeVry Education Group Inc. Consumer Discretionary $2.727 0.5%
Artisan Partners Asset Management Inc. Financials $1.694 0.5%
TerraForm Power, Inc. Utilities $2.915 0.5%
Western Gas Equity Partners LP Energy $13.340 0.4%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.3%
IDEX CORP Industrials $5.795 0.3%
Oil States International, Inc. Energy $3.348 0.3%
WINDY CITY INVESTMENTS HOLDINGS, LLC (NUVEEN) Financials - 0.1%
AO World plc Consumer Discretionary $1.283 0.1%
Total 100.0%
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Sector Breakdown as of October 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.4%
Consumer Discretionary
  • Specialty Stores 3.9%
  • Hotels, Resorts & Cruise Lines 3.7%
  • Internet Retail 3.7%
  • Leisure Facilities 3.1%
  • Casinos & Gaming 2.5%
  • Apparel, Accessories & Luxury Goods 2.1%
  • Automotive Retail 1.5%
  • Broadcasting 1.0%
  • Education Services 0.6%
22.1%
Consumer Staples
  • Food Distributors 0.7%
0.7%
Energy
  • Oil & Gas Storage & Transportation 2.4%
  • Oil & Gas Equipment & Services 1.2%
  • Oil & Gas Drilling 1.1%
  • Oil & Gas Exploration & Production 1.1%
5.8%
Financials
  • Investment Banking & Brokerage 2.9%
  • Property & Casualty Insurance 2.7%
  • Real Estate Services 2.3%
  • Asset Management & Custody Banks 1.5%
  • Office REITs^ 1.4%
  • Regional Banks 0.7%
11.5%
Health Care
  • Life Sciences Tools & Services 7.2%
  • Health Care Equipment 4.2%
  • Health Care Supplies 2.7%
  • Health Care Distributors 1.5%
  • Health Care Facilities 1.4%
  • Health Care Technology 0.6%
17.5%
Industrials
  • Industrial Machinery 5.6%
  • Research & Consulting Services 5.1%
  • Trading Companies & Distributors 2.8%
  • Industrial Conglomerates 1.5%
  • Construction Machinery & Heavy Trucks 1.4%
  • Human Resource & Employment Services 1.2%
  • Environmental & Facilities Services 1.1%
18.8%
Information Technology
  • Application Software 6.2%
  • IT Consulting & Other Services^ 5.9%
  • Internet Software & Services^ 3.5%
  • Data Processing and Outsourced Services 3.2%
18.8%
Materials
  • Industrial Gases 0.7%
0.7%
Telecommunication Services
  • Wireless Telecommunication Services 3.2%
3.2%
Utilities
  • Renewable Electricity 0.5%
0.5%
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Top Contributors & Detractors as of September 30, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Auto Parts & Equipment 0.40% 0.39%
Leisure Facilities 2.87% 0.33%
Internet Software & Services^ 3.17% 0.26%
Wireless Telecommunication Services 3.16% 0.25%
Investment Banking & Brokerage 2.86% 0.24%
Top Detractors Average Weight Contribution
Industrial Machinery 5.14% -0.54%
Health Care Equipment 3.78% -0.45%
Trading Companies & Distributors 2.94% -0.38%
Casinos & Gaming 2.68% -0.25%
Oil & Gas Drilling 1.40% -0.23%
By Holdings
Top Contributors Average Weight Contribution
Mobileye N.V. 0.44% 0.43%
Vail Resorts, Inc. 2.87% 0.33%
SBA Communications Corp. 3.16% 0.25%
FleetCor Technologies, Inc. 3.08% 0.24%
The Charles Schwab Corp. 2.86% 0.24%
Top Detractors Average Weight Contribution
Colfax Corp. 2.25% -0.60%
IDEXX Laboratories, Inc. 3.78% -0.45%
Illumina, Inc. 3.47% -0.29%
Wynn Resorts Ltd. 2.68% -0.25%
Helmerich & Payne, Inc. 1.40% -0.23%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 6.20% 2.41%
Hotels, Resorts & Cruise Lines^ 4.22% 1.34%
Investment Banking & Brokerage 2.85% 1.01%
IT Consulting & Other Services^ 5.28% 0.99%
Wireless Telecommunication Services 2.92% 0.99%
Top Detractors Average Weight Contribution
Trading Companies & Distributors 3.05% -0.37%
Broadcasting 2.27% -0.27%
Internet Software & Services^ 3.05% -0.19%
Food Retail 0.22% -0.18%
Apparel, Accessories & Luxury Goods 2.71% -0.17%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 3.09% 2.10%
The Charles Schwab Corp. 2.85% 1.01%
SBA Communications Corp. 2.92% 0.99%
WINDY CITY INVESTMENTS HOLDINGS, LLC (NUVEEN) 1.21% 0.88%
Gartner, Inc. 4.18% 0.84%
Top Detractors Average Weight Contribution
Dick's Sporting Goods, Inc. 1.54% -0.31%
LinkedIn Corp. 1.33% -0.30%
ANSYS, Inc. 1.98% -0.28%
Fastenal Co. 2.05% -0.24%
Medidata Solutions, Inc. 0.16% -0.24%
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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 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.