Baron Asset Fund (BARIX)

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Fund Description

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

    

Facts & Characteristics as of December 31, 2014

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.81 billion
# of Equity Securities / % of Net Assets 63/99.0%
Turnover (3 Year Average) 12.43%
Median Market Cap $7.94 billion
Weighted Average Market Cap $11.78 billion
CUSIP 068278605
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 16.2%
Price/Earnings Ratio (trailing 12-month) 27.9
Price/Book Ratio 3.9
Price/Sales Ratio 2.8

Top Ten Holdings as of January 31, 2015

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 4.9%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 4.7%
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 3.9%
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 3.2%
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 3.2%
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 3.1%
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 3.1%
Mettler-Toledo International, Inc.
Health Care 3.1%
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%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 2.7%
Total 34.7%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $7.413 4.8%
IDEXX Laboratories, Inc. Health Care $7.070 4.3%
Illumina, Inc. Health Care $26.210 3.6%
Vail Resorts, Inc. Consumer Discretionary $3.310 3.2%
FleetCor Technologies, Inc. Information Technology $12.467 3.2%
Verisk Analytics, Inc. Industrials $10.563 3.1%
Mettler-Toledo International, Inc. Health Care $8.635 3.0%
SBA Communications Corp. Telecommunication Services $14.299 2.9%
The Charles Schwab Corp. Financials $39.421 2.8%
Arch Capital Group Ltd. Financials $7.630 2.7%
FactSet Research Systems, Inc. Information Technology $5.876 2.5%
CBRE Group, Inc. Financials $11.401 2.4%
Hyatt Hotels Corp. Consumer Discretionary $9.140 2.2%
Nielsen N.V. Industrials $16.806 2.1%
Fastenal Co. Industrials $14.099 2.0%
CarMax, Inc. Consumer Discretionary $14.341 1.8%
Henry Schein, Inc. Health Care $11.466 1.7%
The Priceline Group, Inc. Consumer Discretionary $59.697 1.7%
Wynn Resorts Ltd. Consumer Discretionary $15.077 1.7%
Pall Corp. Industrials $10.782 1.7%
Guidewire Software, Inc. Information Technology $3.523 1.7%
Choice Hotels International, Inc. Consumer Discretionary $3.259 1.6%
Ralph Lauren Corp. Consumer Discretionary $16.240 1.6%
ANSYS, Inc. Information Technology $7.537 1.6%
The Middleby Corp. Industrials $5.675 1.6%
The Cooper Companies, Inc. Health Care $7.806 1.5%
Universal Health Services, Inc. Health Care $11.014 1.5%
Roper Industries, Inc. Industrials $15.660 1.5%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.940 1.4%
Tiffany & Co. Consumer Discretionary $13.823 1.4%
Tractor Supply Co. Consumer Discretionary $10.715 1.4%
Westinghouse Air Brake Technologies Corporation Industrials $8.364 1.4%
Alexander's, Inc. Financials $2.232 1.3%
Colfax Corp. Industrials $6.379 1.3%
Equinix, Inc. Information Technology $12.455 1.3%
West Pharmaceutical Services, Inc. Health Care $3.784 1.3%
Towers Watson & Co. Industrials $7.937 1.3%
LinkedIn Corp. Information Technology $28.525 1.3%
IDEX Corporation Industrials $6.180 1.2%
Stericycle, Inc. Industrials $11.132 1.2%
Verisign, Inc. Information Technology $6.902 1.2%
HomeAway, Inc. Information Technology $2.809 1.1%
Phillips 66 Partners LP Energy $5.098 1.1%
PRINCIPAL CASH Cash & Cash Equivalents - 1.0%
T. Rowe Price Group, Inc. Financials $22.271 1.0%
Concho Resources, Inc. Energy $11.273 1.0%
Shell Midstream Partners, L.P. Energy $5.530 1.0%
SS&C Technologies Holdings, Inc. Information Technology $5.052 0.9%
Quintiles Transnational Holdings, Inc. Health Care $7.527 0.9%
United Natural Foods, Inc. Consumer Staples $3.866 0.8%
Airgas, Inc. Materials $8.604 0.7%
Core Laboratories N.V. Energy $5.271 0.7%
First Republic Bank Financials $7.196 0.7%
Helmerich & Payne, Inc. Energy $7.299 0.7%
MRC Global, Inc. Industrials $1.546 0.7%
Cerner Corp. Health Care $22.080 0.6%
TerraForm Power, Inc. Utilities $3.120 0.6%
Discovery Communications, Inc. Series A Consumer Discretionary $23.144 0.5%
DeVry Education Group Inc. Consumer Discretionary $3.032 0.5%
Discovery Communications, Inc. Series C Consumer Discretionary $23.144 0.5%
Shutterstock, Inc. Information Technology $2.449 0.5%
Western Gas Equity Partners LP Energy $13.185 0.4%
Mobileye N.V. Information Technology $8.611 0.4%
TerraForm Power, Inc. - Cl A Utilities - 0.4%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
Artisan Partners Asset Management Inc. Financials $1.724 0.1%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of January 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
2.5%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 3.8%
  • Specialty Stores 3.8%
  • Leisure Facilities 3.2%
  • Automotive Retail 1.7%
  • Apparel, Accessories & Luxury Goods 1.5%
  • Casinos & Gaming 1.5%
  • Internet Retail 1.5%
  • Broadcasting 0.7%
  • Education Services 0.3%
18.0%
Consumer Staples
  • Food Distributors 0.8%
0.8%
Energy
  • Oil & Gas Storage & Transportation 2.4%
  • Oil & Gas Exploration & Production 1.0%
  • Oil & Gas Equipment & Services 0.5%
  • Oil & Gas Drilling 0.2%
4.1%
Financials
  • Property & Casualty Insurance 2.8%
  • Investment Banking & Brokerage 2.5%
  • Real Estate Services 2.4%
  • Office REITs^ 1.5%
  • Asset Management & Custody Banks 1.2%
  • Regional Banks 0.8%
11.0%
Health Care
  • Life Sciences Tools & Services 7.9%
  • Health Care Equipment 4.7%
  • Health Care Supplies 2.8%
  • Health Care Distributors 1.8%
  • Health Care Facilities 1.4%
  • Health Care Technology 0.6%
19.2%
Industrials
  • Industrial Machinery 5.5%
  • Research & Consulting Services 5.3%
  • Trading Companies & Distributors 2.2%
  • Human Resource & Employment Services 1.6%
  • Industrial Conglomerates 1.5%
  • Construction Machinery & Heavy Trucks 1.4%
  • Environmental & Facilities Services 1.2%
18.8%
Information Technology
  • Application Software 7.5%
  • IT Consulting & Other Services^ 6.2%
  • Internet Software & Services^ 3.9%
  • Data Processing and Outsourced Services 3.1%
20.7%
Materials
  • Industrial Gases 0.7%
0.7%
Telecommunication Services
  • Wireless Telecommunication Services 3.1%
3.2%
Utilities
  • Renewable Electricity 1.0%
1.0%
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Top Contributors & Detractors as of December 31, 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 7.25% 0.99%
Health Care Equipment 4.19% 0.97%
IT Consulting & Other Services^ 6.07% 0.81%
Application Software 6.44% 0.67%
Specialty Stores 4.00% 0.64%
Top Detractors Average Weight Contribution
Casinos & Gaming 2.29% -0.51%
Oil & Gas Drilling 1.01% -0.40%
Trading Companies & Distributors 2.78% -0.29%
Oil & Gas Exploration & Production 1.05% -0.27%
Oil & Gas Equipment & Services 1.00% -0.21%
By Holdings
Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 4.19% 0.97%
Gartner, Inc. 4.84% 0.69%
CarMax, Inc. 1.51% 0.57%
Illumina, Inc. 3.65% 0.48%
Shell Midstream Partners, L.P. 0.61% 0.46%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 2.29% -0.51%
Helmerich & Payne, Inc. 1.01% -0.40%
MRC Global, Inc. 0.87% -0.39%
Concho Resources, Inc. 1.05% -0.27%
HomeAway, Inc. 1.20% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 6.70% 2.67%
Health Care Equipment 3.90% 1.43%
Oil & Gas Storage & Transportation 1.47% 1.20%
IT Consulting & Other Services^ 5.54% 1.15%
Data Processing and Outsourced Services 2.96% 0.77%
Top Detractors Average Weight Contribution
Trading Companies & Distributors 2.93% -0.78%
Broadcasting 1.71% -0.58%
Oil & Gas Equipment & Services 1.59% -0.56%
Casinos & Gaming 2.70% -0.53%
Internet Retail 4.26% -0.33%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 3.42% 1.88%
IDEXX Laboratories, Inc. 3.90% 1.43%
Gartner, Inc. 4.39% 0.80%
FleetCor Technologies, Inc. 2.96% 0.77%
SBA Communications Corp. 3.02% 0.71%
Top Detractors Average Weight Contribution
MRC Global, Inc. 0.93% -0.78%
Core Laboratories N.V. 1.22% -0.58%
Wynn Resorts Ltd. 2.70% -0.53%
Discovery Communications, Inc. 1.66% -0.50%
HomeAway, Inc. 1.37% -0.48%
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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.