Baron Fifth Avenue Growth Fund (BFTIX)

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Fund Description

Baron Fifth Avenue Growth Fund invests in large growth companies.

    

Facts & Characteristics as of September 30, 2014

Inception Date April 30, 2004
Net Assets (All share classes combined) $109.22 million
# of Equity Securities / % of Net Assets 34/97.2%
Turnover (3 Year Average) 39.61%
Median Market Cap $34.62 billion
Weighted Average Market Cap $116.69 billion
CUSIP 068278878
Gross Expense Ratio (as of FYE 09/13) 1.18%
Less: Reimbursement of Expenses by Adviser (as of FYE 09/13) (0.13)%
Net Expense Ratio (as of FYE 09/13) 1.05%
EPS Growth (3-5 year forecast) 23.3%
Price/Earnings Ratio (trailing 12-month) 27.8
Price/Book Ratio 3.7
Price/Sales Ratio 3.5

Top Ten Holdings as of October 31, 2014

Download Attribution Analysis
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 7.1%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly users.
Information Technology 5.9%
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%
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 5.2%
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 4.4%
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 4.4%
Alibaba Group Holding Ltd.
Information Technology 4.2%
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 into a $4 billion casino with an expected opening in early 2016.  
Consumer Discretionary 3.8%
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 3.8%
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 3.8%
Total 48.1%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Facebook Inc. Information Technology $204.529 6.6%
Illumina, Inc. Health Care $22.851 6.4%
Apple, Inc. Information Technology $603.278 5.1%
Amazon.com, Inc. Consumer Discretionary $148.979 4.9%
The Priceline Group, Inc. Consumer Discretionary $60.765 4.4%
Wynn Resorts Ltd. Consumer Discretionary $18.960 4.0%
Monsanto Co. Materials $59.022 3.9%
Starbucks Corp. Consumer Discretionary $56.686 3.6%
Visa, Inc. Information Technology $132.959 3.6%
Alibaba Group Holding Ltd. Information Technology $219.016 3.6%
Google, Inc. Information Technology $393.956 3.2%
MasterCard, Inc. Information Technology $85.597 3.1%
Cash & Cash Equivalents Cash & Cash Equivalents - 2.8%
Brookfield Asset Management, Inc. Financials $28.162 2.7%
Equinix, Inc. Information Technology $11.303 2.7%
Google, Inc. Information Technology $393.956 2.7%
Las Vegas Sands Corp. Consumer Discretionary $50.100 2.6%
ASML Holding N.V. Information Technology $44.155 2.6%
SoftBank Corp. Telecommunication Services $84.558 2.4%
Ralph Lauren Corp. Consumer Discretionary $14.487 2.2%
Concho Resources, Inc. Energy $14.163 2.2%
Red Hat, Inc. Information Technology $10.546 2.2%
Twitter, Inc. Information Technology $31.884 2.2%
CME Group, Inc. Financials $26.867 2.1%
VMware, Inc. Information Technology $40.362 2.0%
YUM! Brands, Inc. Consumer Discretionary $31.646 2.0%
Biogen Idec, Inc. Health Care $78.119 2.0%
Verisk Analytics, Inc. Industrials $10.137 1.9%
Fastenal Co. Industrials $13.325 1.7%
Regeneron Pharmaceuticals, Inc. Health Care $36.436 1.7%
Alexion Pharmaceuticals, Inc. Health Care $32.802 1.5%
Costco Wholesale Corp. Consumer Staples $54.927 1.3%
Liberty Media Corp. Consumer Discretionary $16.147 1.3%
LinkedIn Corp. Information Technology $25.540 1.2%
Mobileye N.V. Information Technology $11.377 0.8%
Liberty Media Corp. Consumer Discretionary $16.147 0.7%
FireEye, Inc. Information Technology $4.552 0.1%
Total 100.0%
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Sector Breakdown as of October 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.6%
Consumer Discretionary
  • Internet Retail 8.8%
  • Casinos & Gaming 6.2%
  • Restaurants 5.3%
  • Broadcasting 1.9%
  • Apparel, Accessories & Luxury Goods 1.0%
23.2%
Consumer Staples
  • Hypermarkets & Super Centers 1.4%
1.3%
Energy
  • Oil & Gas Exploration & Production 1.8%
  • Oil & Gas Storage & Transportation 1.2%
3.0%
Financials
  • Diversified Real Estate Activities 2.9%
  • Specialized Finance 2.1%
5.0%
Health Care
  • Life Sciences Tools & Services 7.1%
  • Biotechnology 5.5%
12.6%
Industrials
  • Research & Consulting Services 1.8%
  • Trading Companies & Distributors 1.5%
3.4%
Information Technology
  • Internet Software & Services^ 18.7%
  • Data Processing and Outsourced Services 7.2%
  • Technology Hardware, Storage & Peripherals 5.2%
  • Systems Software 3.9%
  • IT Consulting & Other Services^ 2.5%
  • Semiconductor Equipment 2.5%
  • Application Software 0.7%
40.7%
Materials
  • Fertilizers & Agricultural Chemicals 3.8%
3.8%
Telecommunication Services
  • Wireless Telecommunication Services 2.4%
2.4%
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Top Contributors & Detractors as of September 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
Internet Software & Services^ 15.87% 1.50%
Biotechnology 4.84% 0.55%
Technology Hardware, Storage & Peripherals 5.08% 0.43%
Auto Parts & Equipment 0.39% 0.39%
Specialized Finance 2.28% 0.28%
Top Detractors Average Weight Contribution
Casinos & Gaming 7.16% -0.97%
Life Sciences Tools & Services 6.87% -0.56%
Fertilizers & Agricultural Chemicals 4.18% -0.42%
Restaurants 5.98% -0.40%
Oil & Gas Exploration & Production 2.03% -0.30%
By Holdings
Top Contributors Average Weight Contribution
Facebook Inc. 6.24% 1.00%
Twitter, Inc. 1.98% 0.45%
Apple, Inc. 5.08% 0.43%
Mobileye N.V. 0.43% 0.43%
Regeneron Pharmaceuticals, Inc. 1.63% 0.39%
Top Detractors Average Weight Contribution
Illumina, Inc. 6.87% -0.56%
Las Vegas Sands Corp. 2.88% -0.56%
Monsanto Co. 4.18% -0.42%
Wynn Resorts Ltd. 4.28% -0.41%
YUM! Brands, Inc. 2.24% -0.32%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services^ 16.59% 5.58%
Life Sciences Tools & Services 6.17% 4.41%
Technology Hardware, Storage & Peripherals 2.83% 1.52%
Casinos & Gaming 8.07% 1.27%
Internet Retail 9.37% 1.19%
Top Detractors Average Weight Contribution
Application Software 0.63% -0.55%
Oil & Gas Equipment & Services 0.53% -0.39%
Wireless Telecommunication Services 1.59% -0.33%
Trading Companies & Distributors 1.84% -0.24%
Semiconductor Equipment 2.73% -0.15%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 6.17% 4.41%
Facebook Inc. 6.25% 3.24%
Apple, Inc. 4.78% 2.15%
Google, Inc. 6.02% 1.94%
Wynn Resorts Ltd. 4.74% 1.23%
Top Detractors Average Weight Contribution
Citrix Systems, Inc. 0.63% -0.59%
Frank's International N.V. 0.53% -0.39%
SoftBank Corp. 1.59% -0.33%
BM&FBOVESPA SA 0.76% -0.28%
eBay, Inc. 1.60% -0.28%
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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.

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

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