Baron Discovery Fund (BDFIX)

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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 March 31, 2014

Inception Date September 30, 2013
Net Assets (All share classes combined) $32.09 million
# of Equity Securities / % of Net Assets 53/94.6%
Turnover 56.10%
Median Market Cap $1.14 billion
Weighted Average Market Cap $1.18 billion
CUSIP 068278852
Estimated Gross Expense Ratio 3.00%
Less: Estimated Reimbursement of Expenses by Adviser (1.90)%
Net Expense Ratio 1.10%
EPS Growth (3-5 year forecast) 21.4%
Price/Earnings Ratio (trailing 12-month) 14.6
Price/Book Ratio 3.5
Price/Sales Ratio 1.1

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
Flotek Industries, Inc. (FTK) is a diversified global supplier of drilling and production-related products and services. The Company’s strategic focus includes oilfield specialty chemicals and logistics, downhole drilling tools, and downhole production tools used in the energy and mining industries.
Materials 3.7%
Pacira Pharmaceuticals, Inc. (PCRX) is a specialty pharmaceutical company with focuses on the development, commercialization, and manufacturing of proprietary pharmaceutical products. Its main line of business is the sale of EXPAREL, a pain control drug.
Health Care 3.7%
The Spectranetics Corporation
Health Care 3.5%
BioScrip, Inc.
Health Care 3.1%
Western Refining Logistics, LP
Energy 2.8%
Ascent Capital Group, Inc. (ASCMA), through its wholly owned subsidiary Monitronics, is in the business of home security alarm monitoring with over 1 million accounts. It does not market and install systems, but rather buys all of its accounts through about 280 independent authorized dealers.
Consumer Discretionary 2.6%
RigNet, Inc. (RNET) is a data network infrastructure provider serving the remote communications needs of the global oil and gas industry. The company provides and manages an IP/MP Label Switching global network to deliver voice, data, video and other services under a multi-tenant model.
Energy 2.5%
RSP Permian, Inc.
Energy 2.5%
Amber Road, Inc.
Information Technology 2.4%
Coupons.com Incorporated
Consumer Discretionary 2.3%
Total 29.1%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 5.4%
Pacira Pharmaceuticals, Inc. Health Care $2.360 3.7%
Flotek Industries, Inc. Materials $1.445 3.7%
The Spectranetics Corporation Health Care $1.253 3.5%
BioScrip, Inc. Health Care $0.476 3.1%
Western Refining Logistics, LP Energy $1.421 2.8%
Ascent Capital Group, Inc. Consumer Discretionary $1.060 2.6%
RigNet, Inc. Energy $0.934 2.5%
RSP Permian, Inc. Energy $2.095 2.5%
Amber Road, Inc. Information Technology $0.382 2.4%
SciQuest, Inc. Information Technology $0.729 2.3%
Coupons.com Incorporated Consumer Discretionary $1.843 2.3%
E2open, Inc. Information Technology $0.677 2.2%
Qualys, Inc. Information Technology $0.825 2.2%
comScore, Inc. Information Technology $1.133 2.0%
Marchex, Inc. Information Technology $0.464 2.0%
Rose Rock Midstream, L.P. Energy $1.205 2.0%
CaesarStone Sdot-Yam Ltd. Materials $1.889 2.0%
PDF Solutions, Inc. Information Technology $0.556 2.0%
Inogen, Inc. Health Care $0.298 2.0%
SunCoke Energy Partners, LP Materials $0.919 1.9%
Envestnet, Inc. Information Technology $1.367 1.9%
Power Integrations, Inc. Information Technology $1.998 1.8%
Polypore International, Inc. Industrials $1.539 1.8%
eHealth, Inc. Financials $0.959 1.8%
Astronics Corporation Industrials $1.140 1.8%
PowerSecure International, Inc. Industrials $0.515 1.8%
ESCO TECHNOLOGIES INC Industrials $0.932 1.7%
Ted Baker plc Consumer Discretionary $1.563 1.7%
TherapeuticsMD, Inc. Health Care $0.915 1.7%
Revance Therapeutics, Inc. Health Care $0.588 1.7%
Masimo Corporation Health Care $1.549 1.5%
Penn National Gaming, Inc. Consumer Discretionary $0.963 1.5%
Chesapeake Lodging Trust Financials $1.287 1.5%
Primoris Services Corp. Industrials $1.546 1.5%
Tallgrass Energy Partners, LP Energy $1.475 1.5%
Essent Group Ltd. Financials $1.943 1.5%
Coherent, Inc. Information Technology $1.623 1.4%
Foundation Medicine, Inc. Health Care $0.896 1.4%
Novadaq Technologies Inc. Health Care $1.223 1.3%
Park-Ohio Holdings Corp. Industrials $0.698 1.3%
MediWound Ltd. Health Care $0.294 1.3%
Imperva, Inc. Information Technology $1.453 1.2%
The KEYW Holding Corp. Industrials $0.697 1.1%
Craft Brew Alliance, Inc. Consumer Staples $0.290 1.0%
Mattress Firm Holding Corp. Consumer Discretionary $1.627 1.0%
Churchill Downs Incorporated Consumer Discretionary $1.638 1.0%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.659 1.0%
The Container Store Group, Inc. Consumer Discretionary $1.627 1.0%
Barracuda Networks, Inc. Information Technology $1.726 1.0%
Xoom Corporation Information Technology $0.735 0.9%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.403 0.8%
Varonis Systems, Inc. Information Technology $0.870 0.8%
AO plc Consumer Discretionary $2.204 0.7%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.4%
Consumer Discretionary
  • Casinos & Gaming 3.3%
  • Internet Retail 3.0%
  • Specialized Consumer Services 2.6%
  • Apparel, Accessories & Luxury Goods 1.7%
  • Restaurants 1.0%
  • Specialty Stores 1.0%
  • Homefurnishing Retail 1.0%
13.5%
Consumer Staples
  • Brewers 1.0%
1.0%
Energy
  • Oil & Gas Storage & Transportation 6.3%
  • Oil & Gas Equipment & Services 2.5%
  • Oil & Gas Exploration & Production 2.5%
11.3%
Financials
  • Insurance Brokers 1.8%
  • Thrifts & Mortgage Finance 1.5%
  • Hotel & Resort REITs 1.5%
4.8%
Health Care
  • Pharmaceuticals 8.4%
  • Health Care Equipment 4.8%
  • Health Care Supplies 3.5%
  • Health Care Services 3.1%
  • Biotechnology 1.4%
21.2%
Industrials
  • Aerospace & Defense 2.9%
  • Electrical Components & Equipment 1.8%
  • Heavy Electrical Equipment 1.8%
  • Industrial Machinery 1.7%
  • Construction & Engineering 1.5%
  • Air Freight & Logistics 1.3%
11.1%
Information Technology
  • Internet Software & Services 13.7%
  • Systems Software 5.2%
  • Semiconductor Equipment 2.0%
  • Semiconductors 1.8%
  • Electronic Equipment & Instruments 1.4%
24.0%
Materials
  • Specialty Chemicals 3.7%
  • Construction Materials 2.0%
  • Steel 1.9%
7.7%
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Top Contributors & Detractors as of March 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
Pharmaceuticals 6.75% 2.03%
Oil & Gas Storage & Transportation 5.71% 1.41%
Specialty Chemicals 3.05% 1.12%
Internet Retail 0.79% 0.98%
Aerospace & Defense 3.38% 0.96%
Top Detractors Average Weight Contribution
Semiconductor Equipment 2.01% -0.67%
Specialty Stores 1.59% -0.43%
Specialized Consumer Services 2.81% -0.37%
Food Retail 0.19% -0.34%
Electronic Equipment & Instruments 1.79% -0.28%
By Holdings
Top Contributors Average Weight Contribution
Flotek Industries, Inc. 3.05% 1.12%
Revance Therapeutics, Inc. 1.18% 0.99%
Coupons.com Incorporated 0.76% 0.94%
Pacira Pharmaceuticals, Inc. 3.09% 0.82%
Foundation Medicine, Inc. 1.87% 0.81%
Top Detractors Average Weight Contribution
PDF Solutions, Inc. 2.01% -0.67%
The Container Store Group, Inc. 1.59% -0.43%
Barracuda Networks, Inc. 1.78% -0.39%
Ascent Capital Group, Inc. 2.81% -0.37%
Xoom Corporation 1.90% -0.37%

12 Months

By Sub-Industry
By Holdings
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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.