Baron Discovery Fund (BDFFX)

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Fund Description

Baron Discovery Fund invests primarily in small growth companies.
 

Fund Resources

Latest Fact Sheets
  Standard Fact Sheet

Facts & Characteristics as of June 30, 2015

Inception Date September 30, 2013
Net Assets (All share classes combined) $98.45 million
# of Equity Securities / % of Net Assets 58/94.8%
Turnover (1 Year) 106.58%
Median Market Cap $0.96 billion
Weighted Average Market Cap $1.41 billion
CUSIP 068278860
Gross Expense Ratio (as of 09/14) 2.16%
Less: Reimbursement of Expenses by Adviser (as of 09/14) (0.81)%
Net Expense Ratio (as of 09/14) 1.35%
EPS Growth (3-5 year forecast) 26.4%
Price/Earnings Ratio (trailing 12-month) 20.9
Price/Book Ratio 2.5
Price/Sales Ratio 2.2

Top Ten Holdings as of May 31, 2015

Holding Sector Percentage*
DigitalGlobe, Inc. (DGI) is an operator of a constellation of six satellites that provide high-resolution earth imagery used by government and commercial clients.
Industrials 3.1%
JUST EAT plc (je.ln) is the leading online/mobile restaurant delivery aggregator/platform in the U.K., Denmark, Ireland, France, Spain, Switzerland, Norway, and Canada, with a nascent position in Italy. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps.
Information Technology 3.0%
Examworks Group, Inc. (EXAM) provides a network of physician panels that provide medical exam services to health insurance companies.  Its independent medical examiners (IMEs) operate in the U.S., the U.K., Australia, and Canada.
Health Care 3.0%
Strategic Hotels & Resorts, Inc. (BEE), a self-administered and self-managed real estate investment trust (REIT), engages in the ownership and asset management of upper upscale and luxury hotels in North America and Europe.
Financials 3.0%
The Spectranetics Corporation (SPNC) develops laser-based devices for interventional vascular therapy. It specializes in vascular intervention (clearing blockages in leg arteries in particular but also in cardiac arteries) and lead management (removal of old pacemaker/defibrillator leads).
Health Care 2.9%
Rexford Industrial Realty, Inc. (REXR) is a real estate investment trust that owns a $1 billion (and growing) industrial portfolio concentrated in Southern California. The company was founded in 2001, and its IPO was in July 2013.
Financials 2.7%
CaesarStone Sdot-Yam Ltd. (CSTE) is a leading manufacturer of engineered quartz surfaces used for kitchen and bathroom countertops. CaesarStone has leading market positions worldwide, distributing to over 42 countries.
Industrials 2.7%
Press Ganey Holdings, Inc. (PGND) is a leading provider of patient experience and employee engagement measurement, analytics, and strategic advisory solutions for health care organizations.
Health Care 2.6%
Amber Road, Inc. (AMBR) is a SaaS-based software company that streamlines the processes behind the import and export of goods. The software is powered by a proprietary database that includes constantly updated information regarding shipping schedules, trade agreements, and tariffs from around the world.
Information Technology 2.5%
Zoe's Kitchen, Inc. (ZOES) is a fast-casual restaurant chain with 144 locations targeting affluent women with young families offering healthy and fresh (i.e., vegetables chopped and proteins prepared on-site, soup made from scratch, no frying) Mediterranean-style cooking.
Consumer Discretionary 2.5%
Total 28.0%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.2%
JUST EAT plc Information Technology $4.313 3.1%
CaesarStone Sdot-Yam Ltd. Industrials $2.408 2.8%
Strategic Hotels & Resorts, Inc. Financials $3.337 2.8%
DigitalGlobe, Inc. Industrials $2.015 2.7%
ExamWorks Group, Inc. Health Care $1.616 2.7%
Press Ganey Holdings Inc Health Care $1.535 2.6%
The Spectranetics Corporation Health Care $0.975 2.5%
Amber Road, Inc. Information Technology $0.183 2.5%
Zoe's Kitchen, Inc. Consumer Discretionary $0.791 2.5%
Parsley Energy, Inc. Energy $2.455 2.5%
Rexford Industrial Realty, Inc. Financials $0.807 2.5%
Fidelity National Financial Inc. - FNFV Group Financials $1.231 2.3%
Glaukos Corporation Health Care $0.880 2.3%
Qualys, Inc. Information Technology $1.370 2.2%
Flotek Industries, Inc. Materials $0.670 2.2%
INC Research Holdings, Inc. Health Care $2.257 2.2%
Sientra, Inc. Health Care $0.377 2.1%
NN, Inc. Industrials $0.660 2.1%
Mercury Systems, Inc. Information Technology $0.501 2.0%
MA-COM Technology Solutions Holdings, Inc. Information Technology $2.013 2.0%
Fiesta Restaurant Group, Inc. Consumer Discretionary $1.341 2.0%
Varonis Systems, Inc. Information Technology $0.549 2.0%
Pinnacle Entertainment, Inc. Consumer Discretionary $2.256 1.9%
Mattress Firm Holding Corp. Consumer Discretionary $2.145 1.9%
Foundation Medicine, Inc. Health Care $1.160 1.9%
Intersect ENT, Inc. Health Care $0.779 1.9%
Envestnet, Inc. Information Technology $1.427 1.8%
Chuy's Holdings Inc. Consumer Discretionary $0.441 1.8%
Barracuda Networks, Inc. Information Technology $2.108 1.7%
Inogen, Inc. Health Care $0.860 1.7%
Wingstop Inc. Consumer Discretionary $0.812 1.7%
Benefitfocus, Inc. Information Technology $1.254 1.6%
Boot Barn Holdings, Inc. Consumer Discretionary $0.826 1.6%
Trex Company, Inc. Industrials $1.586 1.5%
Coherent, Inc. Information Technology $1.513 1.5%
Valero Energy Partners LP Energy $3.039 1.5%
HealthEquity, Inc. Health Care $1.818 1.5%
ClubCorp Holdings, Inc. Consumer Discretionary $1.543 1.4%
TherapeuticsMD, Inc. Health Care $1.357 1.3%
AAC Holings, Inc. Health Care $0.951 1.3%
The KEYW Holding Corporation Industrials $0.356 1.2%
Esperion Therapeutics, Inc. Health Care $1.836 1.0%
BioScrip, Inc. Health Care $0.250 0.9%
Novadaq Technologies Inc. Health Care $0.680 0.9%
Westlake Chemical Partners LP Materials $0.589 0.9%
Unifi, Inc. Consumer Discretionary $0.610 0.9%
Ashford Hospitality Prime, Inc. Financials $0.361 0.8%
Cerus Corporation Health Care $0.495 0.8%
Kornit Digital Ltd. Industrials $0.410 0.8%
Unilife Corporation Health Care $0.282 0.7%
American Assets Trust, Inc. Financials $1.718 0.5%
Coupons.com Incorporated Information Technology $0.894 0.5%
Barfresh Food Group, Inc. Restricted Consumer Staples - 0.5%
Atlas Energy Group, LLC Energy $0.130 0.5%
Sage Therapeutics, Inc. Health Care $2.071 0.5%
Dirtt Environmental Solution Industrials $0.432 0.5%
The Container Store Group, Inc. Consumer Discretionary $0.810 0.4%
Shopify, Inc. Cl - A Consumer Discretionary $2.565 0.3%
Barfresh Food Group, Inc.-Series F Warrants Consumer Staples $0.061 0.1%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.2%
Consumer Discretionary
  • Restaurants 8.0%
  • Casinos & Gaming 1.9%
  • Homefurnishing Retail 1.9%
  • Apparel Retail 1.6%
  • Leisure Facilities 1.4%
  • Textiles 0.9%
  • Specialty Stores 0.4%
  • Internet Retail^ 0.3%
16.5%
Consumer Staples
  • Packaged Foods & Meats 0.6%
0.6%
Energy
  • Oil & Gas Exploration & Production 3.0%
  • Oil & Gas Storage & Transportation 1.5%
4.5%
Financials
  • Hotel & Resort REITs 3.6%
  • Industrial REITs 2.5%
  • Multi-Sector Holdings 2.3%
  • Diversified REITs 0.5%
8.9%
Health Care
  • Health Care Supplies 6.1%
  • Health Care Equipment 4.8%
  • Health Care Services 3.7%
  • Biotechnology 3.4%
  • Pharmaceuticals 3.1%
  • Health Care Technology 2.6%
  • Life Sciences Tools & Services 2.2%
  • Managed Health Care 1.5%
  • Health Care Facilities 1.3%
28.8%
Industrials
  • Building Products 4.8%
  • Aerospace & Defense 3.9%
  • Industrial Machinery 2.9%
11.5%
Information Technology
  • Internet Software & Services^ 9.5%
  • Systems Software 5.9%
  • Semiconductors 2.1%
  • Electronic Manufacturing Services 2.0%
  • Electronic Equipment & Instruments 1.5%
20.9%
Materials
  • Specialty Chemicals 2.2%
  • Commodity Chemicals 0.9%
3.1%
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Top Contributors & Detractors as of June 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Restaurants 6.95% 0.82%
Apparel Retail 1.68% 0.57%
Health Care Equipment 2.75% 0.57%
Health Care Facilities 1.26% 0.48%
Life Sciences Tools & Services 2.10% 0.48%
Top Detractors Average Weight Contribution
Health Care Supplies 6.38% -1.06%
Internet Software & Services 9.72% -0.98%
Biotechnology 4.89% -0.72%
Health Care Services 4.30% -0.50%
Commodity Chemicals 1.48% -0.44%
By Holdings
Top Contributors Average Weight Contribution
Inogen, Inc. 1.86% 0.64%
Zoe's Kitchen, Inc. 2.29% 0.64%
Boot Barn Holdings, Inc. 1.68% 0.57%
Sientra, Inc. 1.70% 0.54%
AAC Holings, Inc. 1.26% 0.48%
Top Detractors Average Weight Contribution
The Spectranetics Corporation 3.01% -1.12%
Foundation Medicine, Inc. 2.85% -1.03%
Aerie Pharmaceuticals, Inc. 0.44% -0.93%
Amber Road, Inc. 2.68% -0.76%
Unilife Corporation 1.01% -0.61%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Biotechnology 4.56% 4.86%
Restaurants 5.17% 2.58%
Systems Software 6.60% 2.18%
Pharmaceuticals 6.96% 2.03%
Health Care Facilities 1.68% 1.73%
Top Detractors Average Weight Contribution
Internet Software & Services 9.41% -3.52%
Specialty Chemicals 2.50% -2.85%
Health Care Services 4.88% -1.40%
Oil & Gas Exploration & Production 1.22% -1.35%
Insurance Brokers 0.20% -1.24%
By Holdings
Top Contributors Average Weight Contribution
Esperion Therapeutics, Inc. 1.25% 3.06%
Intersect ENT, Inc. 1.97% 2.16%
AAC Holings, Inc. 1.14% 1.68%
Foundation Medicine, Inc. 3.19% 1.61%
INC Research Holdings, Inc. 1.18% 1.48%
Top Detractors Average Weight Contribution
Flotek Industries, Inc. 2.50% -2.85%
BioScrip, Inc. 2.37% -2.02%
Amber Road, Inc. 2.17% -1.73%
E2open, Inc. 1.12% -1.52%
eHealth, Inc. 0.20% -1.24%
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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. As of 3/12/2014, Baron Discovery Fund no longer owns shares of Mandarin Oriental International.

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard ("GICS"), developed and exclusively owned by MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

^The Adviser has reclassified/classified certain securities in or out of this Sub-Industry. Such reclassifications/classifications are not supported by S&P or MSCI.

Top Contributors & Detractors Source: FactSet PA.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.