Baron Asset Fund (BARIX)

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Fund Description

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

    

Facts & Characteristics as of June 30, 2014

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.78 billion
# of Equity Securities / % of Net Assets 62 / 99.5%
Turnover (3 Year Average) 13.27%
Median Market Cap $7.83 billion
Weighted Average Market Cap $12.19 billion
CUSIP 068278605
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 16.3%
Price/Earnings Ratio (trailing 12-month) 26.6
Price/Book Ratio 3.9
Price/Sales Ratio 2.8

Top Ten Holdings as of August 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 4.4%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 3.6%
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 3.5%
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%
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%
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 3.1%
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%
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 2.8%
The Priceline Group, Inc. (PCLN) is a leading global online travel agent, with particular strength in international travel and hotel bookings. The company’s brands include priceline.com, Booking.com, RentalCars.com, and Agoda.com. 
Consumer Discretionary 2.7%
Mettler-Toledo International, Inc.
Health Care 2.7%
Total 32.0%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $6.363 4.2%
IDEXX Laboratories, Inc. Health Care $6.853 4.0%
Illumina, Inc. Health Care $22.925 3.6%
Arch Capital Group Ltd. Financials $7.703 3.0%
SBA Communications Corp. Telecommunication Services $13.177 3.0%
FleetCor Technologies, Inc. Information Technology $10.931 3.0%
Verisk Analytics, Inc. Industrials $9.987 2.9%
Vail Resorts, Inc. Consumer Discretionary $2.792 2.8%
The Priceline Group, Inc. Consumer Discretionary $63.076 2.8%
Wynn Resorts Ltd. Consumer Discretionary $21.017 2.8%
The Charles Schwab Corp. Financials $35.040 2.7%
CBRE Group, Inc. Financials $10.638 2.5%
Colfax Corp. Industrials $9.210 2.5%
Mettler-Toledo International, Inc. Health Care $7.398 2.5%
Nielsen N.V. Industrials $18.343 2.4%
FactSet Research Systems, Inc. Information Technology $5.093 2.3%
Hyatt Hotels Corp. Consumer Discretionary $9.547 2.2%
Fastenal Co. Industrials $14.681 2.1%
Discovery Communications, Inc. Consumer Discretionary $25.411 1.8%
ANSYS, Inc. Information Technology $7.026 1.7%
Ralph Lauren Corp. Consumer Discretionary $14.208 1.6%
Tiffany & Co. Consumer Discretionary $12.937 1.6%
Pall Corp. Industrials $9.366 1.6%
Helmerich & Payne, Inc. Energy $12.557 1.5%
Henry Schein, Inc. Health Care $10.129 1.5%
Roper Industries, Inc. Industrials $14.570 1.5%
Choice Hotels International, Inc. Consumer Discretionary $2.752 1.4%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.857 1.4%
CarMax, Inc. Consumer Discretionary $11.484 1.4%
Windy City Investments Holdings, L.L.C. Financials - 1.4%
Concho Resources, Inc. Energy $16.145 1.4%
HomeAway, Inc. Consumer Discretionary $3.256 1.4%
Guidewire Software, Inc. Information Technology $2.788 1.4%
The Cooper Companies, Inc. Health Care $6.497 1.3%
Universal Health Services, Inc. Health Care $9.461 1.3%
Westinghouse Air Brake Technologies Corporation Industrials $7.966 1.3%
The Middleby Corp. Industrials $4.737 1.3%
Alexander's, Inc. Financials $1.887 1.2%
Equinix, Inc. Information Technology $10.467 1.2%
Tractor Supply Co. Consumer Discretionary $8.365 1.2%
Phillips 66 Partners LP Energy $5.589 1.2%
Core Laboratories N.V. Energy $7.497 1.1%
Stericycle, Inc. Industrials $10.029 1.1%
Verisign, Inc. Information Technology $6.416 1.1%
LinkedIn Corp. Information Technology $20.878 1.1%
T. Rowe Price Group, Inc. Financials $22.177 1.0%
MRC Global, Inc. Industrials $2.884 1.0%
First Republic Bank Financials $7.562 0.9%
Towers Watson & Co. Industrials $7.394 0.9%
Shutterstock, Inc. Information Technology $2.921 0.8%
Quintiles Transnational Holdings, Inc. Health Care $6.935 0.8%
Airgas, Inc. Materials $8.091 0.7%
Fossil Group, Inc. Consumer Discretionary $5.594 0.7%
Artisan Partners Asset Management Inc. Financials $1.651 0.7%
United Natural Foods, Inc. Consumer Staples $3.232 0.6%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.5%
Cerner Corp. Health Care $17.711 0.5%
DeVry Education Group Inc. Consumer Discretionary $2.688 0.5%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $6.506 0.5%
AO World plc Consumer Discretionary $1.856 0.5%
Western Gas Equity Partners LP Energy $13.725 0.4%
Oil States International, Inc. Energy $3.400 0.3%
Civeo Corporation Industrials $2.672 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.1%
Total 100.0%
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Sector Breakdown as of August 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.5%
Consumer Discretionary
  • Internet Retail 4.4%
  • Specialty Stores 3.9%
  • Hotels, Resorts & Cruise Lines 3.8%
  • Leisure Facilities 2.8%
  • Casinos & Gaming 2.6%
  • Apparel, Accessories & Luxury Goods 2.1%
  • Automotive Retail 1.4%
  • Broadcasting 1.2%
  • Auto Parts & Equipment 0.7%
  • Education Services 0.5%
23.3%
Consumer Staples
  • Food Distributors 0.6%
0.6%
Energy
  • Oil & Gas Storage & Transportation 1.6%
  • Oil & Gas Equipment & Services 1.4%
  • Oil & Gas Exploration & Production 1.4%
  • Oil & Gas Drilling 1.3%
5.7%
Financials
  • Asset Management & Custody Banks 3.1%
  • Investment Banking & Brokerage 2.8%
  • Property & Casualty Insurance 2.6%
  • Real Estate Services 2.4%
  • Office REITs^ 1.3%
  • Regional Banks 0.7%
13.0%
Health Care
  • Life Sciences Tools & Services 7.0%
  • Health Care Equipment 3.6%
  • Health Care Supplies 1.8%
  • Health Care Facilities 1.6%
  • Health Care Distributors 1.5%
  • Health Care Technology 0.5%
16.1%
Industrials
  • Research & Consulting Services 5.4%
  • Industrial Machinery 5.1%
  • Trading Companies & Distributors 2.8%
  • Industrial Conglomerates 1.5%
  • Construction Machinery & Heavy Trucks 1.3%
  • Human Resource & Employment Services 1.3%
  • Environmental & Facilities Services 1.1%
  • Diversified Support Services 0.3%
18.7%
Information Technology
  • IT Consulting & Other Services^ 5.6%
  • Application Software 5.5%
  • Internet Software & Services^ 3.3%
  • Data Processing and Outsourced Services 3.2%
17.6%
Materials
  • Industrial Gases 0.7%
0.7%
Telecommunication Services
  • Wireless Telecommunication Services 3.2%
3.2%
Utilities
  • Renewable Electricity 0.6%
0.6%
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Top Contributors & Detractors as of June 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
Life Sciences Tools & Services 6.31% 0.84%
Asset Management & Custody Banks^ 3.10% 0.59%
Oil & Gas Storage & Transportation 1.33% 0.56%
Data Processing and Outsourced Services 2.83% 0.39%
Health Care Equipment 3.96% 0.39%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 1.87% -0.23%
Specialty Stores 4.48% -0.23%
Broadcasting 1.92% -0.22%
Health Care Technology 0.88% -0.21%
Casinos & Gaming 2.87% -0.20%
By Holdings
Top Contributors Average Weight Contribution
Windy City Investments Holdings, L.L.C. 1.38% 0.66%
Illumina, Inc. 3.23% 0.63%
Phillips 66 Partners LP 0.99% 0.47%
FleetCor Technologies, Inc. 2.83% 0.39%
IDEXX Laboratories, Inc. 3.96% 0.39%
Top Detractors Average Weight Contribution
Core Laboratories N.V. 1.39% -0.30%
Dick's Sporting Goods, Inc. 1.49% -0.27%
Guidewire Software, Inc. 1.22% -0.23%
Discovery Communications, Inc. 1.92% -0.22%
Tractor Supply Co. 1.38% -0.22%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 5.68% 3.41%
Industrial Machinery 5.06% 1.81%
Hotels, Resorts & Cruise Lines^ 4.31% 1.70%
Data Processing and Outsourced Services 2.91% 1.58%
Internet Retail 4.64% 1.57%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 3.10% -0.19%
Health Care Technology 0.72% -0.10%
Metal & Glass Containers 0.10% -0.07%
Human Resource & Employment Services 0.18% -0.05%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 2.74% 2.61%
FleetCor Technologies, Inc. 2.91% 1.58%
IDEXX Laboratories, Inc. 3.58% 1.57%
Wynn Resorts Ltd. 2.60% 1.41%
The Priceline Group, Inc. 2.93% 1.21%
Top Detractors Average Weight Contribution
Medidata Solutions, Inc. 0.16% -0.24%
Ralph Lauren Corp. 2.33% -0.23%
Guidewire Software, Inc. 0.84% -0.22%
Intuitive Surgical, Inc. 0.12% -0.19%
Dick's Sporting Goods, Inc. 1.58% -0.13%
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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.