Baron Fifth Avenue Growth Fund (BFTHX)

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Fund Description

Baron Fifth Avenue Growth Fund invests in large growth companies.

    

Facts & Characteristics as of March 31, 2014

Inception Date April 30, 2004
Net Assets (All share classes combined) $101.82 million
# of Equity Securities / % of Net Assets 34/95.9%
Turnover (3 Year Average) 50.81%
Median Market Cap $31.71 billion
Weighted Average Market Cap $93.94 billion
CUSIP 068278506
Gross Expense Ratio (as of FYE 09/13) 1.47%
Less: Reimbursement of Expenses by Adviser (as of FYE 09/13) (0.17)%
Net Expense Ratio (as of FYE 09/13) 1.30%
EPS Growth (3-5 year forecast) 20.0%
Price/Earnings Ratio (trailing 12-month) 25.4
Price/Book Ratio 4.2
Price/Sales Ratio 3.4

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
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 6.2%
Google, Inc. (GOOG) is a global technology company that provides Internet search, software, and advertising technologies. Google generates revenue by providing advertisers with the opportunity to deliver online advertising relevant to a user’s search or preferences.
Information Technology 5.5%
Facebook Inc. (FB) is the largest social networking company in the world with in excess of 1 billion active monthly users.
Information Technology 5.4%
Wynn Resorts Ltd. (WYNN)  is a leading company in the gaming industry with properties in Las Vegas and a majority ownership of Wynn Macau Ltd., which is developing land on the Cotai Strip with an expected opening in early 2016.  
Consumer Discretionary 5.1%
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing customers value and convenience. It is the world's largest online retail merchant. 
Consumer Discretionary 4.8%
Monsanto Co. (MON) produces agricultural products for farmers that include genetically modified seeds and crop protection chemicals. Monsanto’s genetically modified (GMO) seeds and herbicides are used to improve crop yields.
Materials 4.3%
priceline.com, 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, CarRentals.com, and Agoda.com. 
Consumer Discretionary 4.3%
Apple, Inc. (AAPL) designs, manufactures, and markets personal computers and related personal computing and mobile communication devices. Its products include Mac laptops, iPods, iPhones, and iPads along with OS X, iLife, iWork and professional software.
Information Technology 4.2%
Visa, Inc. (V) is the world's largest payment network that connects consumers, businesses, banks, and governments, enabling them to use electronic forms of payment instead of cash and checks.
Information Technology 3.9%
Starbucks Corp.
Consumer Discretionary 3.7%
Total 47.4%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Illumina, Inc. Health Care $19.058 6.2%
Google, Inc. Information Technology $375.194 5.5%
Facebook Inc. Information Technology $153.022 5.4%
Wynn Resorts Ltd. Consumer Discretionary $22.494 5.1%
Amazon.com, Inc. Consumer Discretionary $154.481 4.8%
priceline.com, Inc. Consumer Discretionary $62.148 4.3%
Monsanto Co. Materials $59.715 4.3%
Apple, Inc. Information Technology $478.766 4.2%
Cash & Cash Equivalents Cash & Cash Equivalents - 4.1%
Visa, Inc. Information Technology $136.706 3.9%
Starbucks Corp. Consumer Discretionary $55.468 3.7%
Las Vegas Sands Corp. Consumer Discretionary $65.639 3.5%
MasterCard, Inc. Information Technology $88.635 3.4%
CME Group, Inc. Financials $24.848 3.0%
SoftBank Corp. Telecommunication Services $92.107 2.8%
ASML Holding N.V. Information Technology $41.715 2.7%
Brookfield Asset Management, Inc. Financials $25.481 2.6%
YUM! Brands, Inc. Consumer Discretionary $33.318 2.6%
Equinix, Inc. Information Technology $9.132 2.5%
eBay, Inc. Information Technology $70.107 2.3%
Ralph Lauren Corp. Consumer Discretionary $14.539 2.3%
Verisk Analytics, Inc. Industrials $10.004 2.0%
Red Hat, Inc. Information Technology $10.042 2.0%
Liberty Media Corp. Consumer Discretionary $14.939 2.0%
Fastenal Co. Industrials $14.631 1.9%
Concho Resources, Inc. Energy $12.882 1.8%
T. Rowe Price Group, Inc. Financials $21.624 1.7%
VMware, Inc. Information Technology $46.486 1.7%
BIOGEN IDEC INC. Health Care $72.306 1.4%
Regeneron Pharmaceuticals, Inc. Health Care $29.853 1.4%
Costco Wholesale Corp. Consumer Staples $49.126 1.3%
Twitter, Inc. Information Technology $26.464 1.3%
ALEXION PHARMACEUTICALS, INC. Health Care $30.096 1.1%
LinkedIn Corp. Information Technology $22.083 1.0%
FireEye, Inc. Information Technology $8.875 0.2%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.1%
Consumer Discretionary
  • Internet Retail 9.1%
  • Casinos & Gaming 8.6%
  • Restaurants 6.4%
  • Apparel, Accessories & Luxury Goods 2.3%
  • Broadcasting 2.0%
28.4%
Consumer Staples
  • Hypermarkets & Super Centers 1.3%
1.3%
Energy
  • Oil & Gas Exploration & Production 1.8%
1.8%
Financials
  • Specialized Finance 3.0%
  • Diversified Real Estate Activities 2.5%
  • Asset Management & Custody Banks 1.7%
7.3%
Health Care
  • Life Sciences Tools & Services 6.2%
  • Biotechnology 3.9%
10.1%
Industrials
  • Research & Consulting Services 2.0%
  • Trading Companies & Distributors 1.9%
3.9%
Information Technology
  • Internet Software & Services^ 15.5%
  • Data Processing and Outsourced Services 7.3%
  • Technology Hardware, Storage & Peripherals 4.2%
  • Systems Software 3.9%
  • Semiconductor Equipment 2.7%
  • IT Consulting & Other Services^ 2.5%
36.0%
Materials
  • Fertilizers & Agricultural Chemicals 4.3%
4.3%
Telecommunication Services
  • Wireless Telecommunication Services 2.8%
2.8%
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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
Life Sciences Tools & Services 6.49% 1.88%
Casinos & Gaming 8.66% 0.86%
Oil & Gas Exploration & Production 1.03% 0.26%
Internet Software & Services^ 17.88% 0.22%
Biotechnology 3.57% 0.20%
Top Detractors Average Weight Contribution
Internet Retail 9.33% -0.69%
Data Processing and Outsourced Services 7.52% -0.51%
Broadcasting 2.28% -0.29%
Computer Hardware - discontinued 2.91% -0.28%
Application Software 0.65% -0.25%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 6.49% 1.88%
Facebook Inc. 6.51% 0.89%
Wynn Resorts Ltd. 5.17% 0.76%
Concho Resources, Inc. 1.03% 0.26%
VMware, Inc. 1.18% 0.16%
Top Detractors Average Weight Contribution
Amazon.com, Inc. 4.76% -0.82%
Twitter, Inc. 1.66% -0.50%
MasterCard, Inc. 3.39% -0.40%
Liberty Media Corp. 2.28% -0.29%
Citrix Systems, Inc. 0.65% -0.25%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services^ 16.48% 9.15%
Life Sciences Tools & Services 4.93% 5.56%
Casinos & Gaming 7.84% 4.50%
Internet Retail 8.91% 3.99%
Data Processing and Outsourced Services 7.79% 2.60%
Top Detractors Average Weight Contribution
Application Software 2.03% -0.86%
IT Consulting & Other Services^ 2.23% -0.49%
Diversified Banks 0.52% -0.48%
Trading Companies & Distributors 2.05% -0.18%
Communications Equipment 0.11% -0.12%
By Holdings
Top Contributors Average Weight Contribution
Facebook Inc. 5.58% 5.72%
Illumina, Inc. 4.93% 5.56%
Wynn Resorts Ltd. 4.51% 3.10%
The Priceline Group Inc. 4.47% 2.84%
Google, Inc. 6.02% 2.37%
Top Detractors Average Weight Contribution
BM&FBOVESPA SA 1.78% -0.67%
Citrix Systems, Inc. 1.85% -0.67%
Equinix, Inc. 2.23% -0.49%
ICICI Bank Limited 0.52% -0.48%
salesforce.com, inc. 0.18% -0.19%
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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. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%.
 
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.

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.

On November 7, 2013, the Fund participated in the initial public offering of Twitter, Inc. common stock.