Baron Asset Fund (BARIX)

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Fund Description

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

    

Facts & Characteristics as of March 31, 2016

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.49 billion
# of Equity Securities / % of Net Assets 57/97.8%
Turnover (3 Year Average) 13.09%
Median Market Cap $8.09 billion
Weighted Average Market Cap $11.61 billion
CUSIP 068278605
Expense Ratio (as of FYE 09/15)* 1.04%
EPS Growth (3-5 year forecast) 14.5%
Price/Earnings Ratio (trailing 12-month) 28.3
Price/Book Ratio 4.1
Price/Sales Ratio 3.4

Top Ten Holdings as of March 31, 2016

Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 5.6%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 5.2%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 13 ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, Perisher in Australia and three U.S. regional resorts.
Consumer Discretionary 4.2%
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 4.2%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 3.6%
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 3.5%
Illumina, Inc. (ILMN)  is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.3%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 3.0%
FleetCor Technologies, Inc. (FLT) provides fuel cards and other payment services to vehicle fleets and other businesses around the world. The company's services enable businesses to better manage and control employee spending.
Information Technology 3.0%
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 2.9%
Total 38.5%
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Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $7.357 5.6%
IDEXX Laboratories, Inc. Health Care $7.017 5.2%
Vail Resorts, Inc. Consumer Discretionary $4.847 4.2%
Verisk Analytics, Inc. Industrials $13.429 4.2%
Arch Capital Group Ltd. Financials $8.680 3.6%
Mettler-Toledo International, Inc. Health Care $9.263 3.5%
Illumina, Inc. Health Care $23.837 3.3%
FactSet Research Systems, Inc. Financials $6.242 3.0%
FleetCor Technologies, Inc. Information Technology $13.777 3.0%
The Charles Schwab Corp. Financials $37.026 2.9%
SBA Communications Corp. Telecommunication Services $12.558 2.7%
Willis Towers Watson Plc. Financials $16.396 2.7%
Guidewire Software, Inc. Information Technology $3.926 2.6%
Henry Schein, Inc. Health Care $14.146 2.4%
CBRE Group, Inc. Financials $9.633 2.3%
Verisign, Inc. Information Technology $9.692 2.3%
PRINCIPAL CASH Cash & Cash Equivalents - 2.2%
Equinix, Inc. Financials $22.827 2.2%
West Pharmaceutical Services, Inc. Health Care $5.040 2.1%
ANSYS, Inc. Information Technology $7.865 2.0%
SS&C Technologies Holdings, Inc. Information Technology $6.435 1.8%
Roper Technologies, Inc. Industrials $18.472 1.8%
The Priceline Group, Inc. Consumer Discretionary $63.954 1.7%
The Cooper Companies, Inc. Health Care $7.451 1.6%
Fastenal Co. Industrials $14.138 1.6%
Tractor Supply Co. Consumer Discretionary $12.060 1.6%
Westinghouse Air Brake Technologies Corporation Industrials $7.134 1.6%
Nielsen Holdings PLC Industrials $19.057 1.6%
Bio-Techne Corp. Health Care $3.515 1.5%
IDEX Corporation Industrials $6.293 1.4%
The Middleby Corp. Industrials $6.119 1.4%
First Republic Bank Financials $9.737 1.3%
Quintiles Transnational Holdings, Inc. Health Care $7.780 1.3%
Inovalon Holdings, Inc. Cl A Health Care $2.810 1.2%
Alexander's, Inc. Financials $1.943 1.1%
Choice Hotels International, Inc. Consumer Discretionary $3.047 1.1%
CoStar Group, Inc. Information Technology $6.118 1.1%
Tiffany & Co. Consumer Discretionary $9.249 1.0%
T. Rowe Price Group, Inc. Financials $18.190 1.0%
Hyatt Hotels Corp. Consumer Discretionary $6.713 1.0%
MarketAxess Holdings Inc. Financials $4.684 1.0%
Vantiv Inc-CL A Information Technology $10.311 1.0%
Universal Health Services, Inc. Health Care $12.181 0.9%
Mobileye N.V. Information Technology $8.081 0.9%
CarMax, Inc. Consumer Discretionary $10.002 0.8%
athenahealth, Inc. Health Care $5.407 0.7%
Airgas, Inc. Materials $10.259 0.6%
MAXIMUS, Inc. Information Technology $3.416 0.6%
Perrigo Co. Plc Health Care $18.320 0.5%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $12.568 0.5%
Zillow Group, Inc. - Cl. C Information Technology $4.339 0.5%
Concho Resources, Inc. Energy $13.070 0.4%
WABCO Holdings Inc. Industrials $6.074 0.4%
CDK Global, Inc. Information Technology $7.228 0.4%
Stericycle, Inc. Industrials $10.682 0.3%
Zillow Group, Inc. - Cl. A Information Technology $4.339 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
Tallgrass Energy GP, LP - Cl A Energy $2.906 0.2%
Ralph Lauren Corp. Consumer Discretionary $8.087 0.1%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of March 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
2.2%
Consumer Discretionary
  • Leisure Facilities 4.2%
  • Hotels, Resorts & Cruise Lines 2.7%
  • Specialty Stores 2.6%
  • Internet Retail 1.7%
  • Automotive Retail 0.8%
  • Apparel, Accessories & Luxury Goods 0.1%
12.1%
Energy
  • Oil & Gas Exploration & Production 0.4%
  • Oil & Gas Storage & Transportation 0.2%
0.7%
Financials
  • Specialized Finance 4.0%
  • Property & Casualty Insurance 3.6%
  • Investment Banking & Brokerage 2.9%
  • Insurance Brokers 2.7%
  • Real Estate Services 2.3%
  • Specialized REITs 2.2%
  • Regional Banks 1.3%
  • Asset Management & Custody Banks 1.2%
  • Office REITs^ 1.1%
21.2%
Health Care
  • Life Sciences Tools & Services 9.5%
  • Health Care Equipment 5.2%
  • Health Care Supplies 3.6%
  • Health Care Distributors 2.4%
  • Health Care Technology 1.9%
  • Health Care Facilities 0.9%
  • Pharmaceuticals 0.5%
24.2%
Industrials
  • Research & Consulting Services 5.8%
  • Industrial Machinery 2.9%
  • Construction Machinery & Heavy Trucks 2.0%
  • Industrial Conglomerates 1.8%
  • Trading Companies & Distributors 1.6%
  • Environmental & Facilities Services 0.3%
14.2%
Information Technology
  • Application Software 7.7%
  • IT Consulting & Other Services 5.6%
  • Data Processing and Outsourced Services 4.6%
  • Internet Software & Services 4.2%
22.0%
Materials
  • Industrial Gases 0.6%
0.7%
Telecommunication Services
  • Integrated Telecommunication Services 2.7%
2.7%
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Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Supplies 3.34% 0.58%
Health Care Equipment 5.05% 0.41%
Research & Consulting Services 5.54% 0.41%
Trading Companies & Distributors 1.48% 0.31%
Health Care Distributors 2.35% 0.27%
Top Detractors Average Weight Contribution
Application Software 7.70% -0.76%
Internet Software & Services 3.74% -0.61%
Investment Banking & Brokerage 2.87% -0.56%
Life Sciences Tools & Services 9.38% -0.51%
Real Estate Services 2.29% -0.51%
By Holdings
Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 5.05% 0.41%
West Pharmaceutical Services, Inc. 1.88% 0.32%
Fastenal Co. 1.48% 0.31%
Henry Schein, Inc. 2.35% 0.27%
The Cooper Companies, Inc. 1.46% 0.26%
Top Detractors Average Weight Contribution
LinkedIn Corp. 0.53% -0.80%
Illumina, Inc. 3.36% -0.65%
The Charles Schwab Corp. 2.87% -0.56%
CBRE Group, Inc. 2.29% -0.51%
Guidewire Software, Inc. 2.61% -0.33%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 4.13% 1.16%
Research & Consulting Services 5.24% 0.78%
Specialized REITs 1.37% 0.56%
Health Care Distributors 1.98% 0.52%
Property & Casualty Insurance 3.42% 0.46%
Top Detractors Average Weight Contribution
Renewable Electricity 0.64% -0.93%
Oil & Gas Storage & Transportation 1.88% -0.81%
Real Estate Services 2.54% -0.81%
Health Care Technology 1.82% -0.73%
Hotels, Resorts & Cruise Lines 3.38% -0.73%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 4.13% 1.16%
Equinix, Inc. 1.74% 0.69%
Verisign, Inc. 1.73% 0.57%
Henry Schein, Inc. 1.98% 0.52%
Verisk Analytics, Inc. 3.70% 0.46%
Top Detractors Average Weight Contribution
LinkedIn Corp. 1.06% -0.91%
CBRE Group, Inc. 2.54% -0.81%
Illumina, Inc. 3.64% -0.59%
Inovalon Holdings, Inc. 1.28% -0.56%
TerraForm Power, Inc. 0.53% -0.54%
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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 0.04% 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.