Baron Focused Growth Fund (BFGFX)

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Fund Description

Baron Focused Growth Fund invests in a focused portfolio of small and mid-size growth companies.

    

  

Facts & Characteristics as of March 31, 2014

Inception Date May 31, 1996
Net Assets (All share classes combined) $191.65 million
# of Equity Securities / % of Net Assets 27/99.6%
Turnover (3 Year Average) 39.58%
Median Market Cap $5.21 billion
Weighted Average Market Cap $5.81 billion
CUSIP 06828M207
Gross Expense Ratio (as of FYE 12/12)* 1.48%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/12) (0.13)%
Net Expense Ratio (as of FYE 12/12) 1.35%
EPS Growth (3-5 year forecast) 15.2%
Price/Earnings Ratio (trailing 12-month) 23.2
Price/Book Ratio 3.2
Price/Sales Ratio 2.2

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Colfax Corp. (CFX) is a diversified global industrial manufacturing and engineering company that provides gas- and fluid-handling products, and fabrication technology products.
Industrials 7.4%
Hyatt Hotels Corp. (H) is a global hospitality company with 535 Hyatt branded properties representing 143,656 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 6.7%
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 5.0%
Genesee & Wyoming, Inc. (GWR) owns and operates short-line and regional freight railroads in the United States, Canada, Australia, and the Netherlands. It owns and operates over 100 rail properties representing 15,000 miles of track. It is the only public short-line railroad in the U.S.
Industrials 4.8%
ITC Holdings Corp. (ITC) is the nation’s largest independent electric transmission company, serving an area of approximately 90,000 square miles in seven states.
Utilities 4.7%
Manchester United plc (MANU), is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 4.5%
Pinnacle Entertainment, Inc. (PNK) owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. It recently acquired Ameristar Casinos for $2.8 billion, which should be highly accretive for the company and help it reduce the debt on its balance sheet.
Consumer Discretionary 4.5%
Dick’s Sporting Goods, Inc. (DKS) is a full-line sporting goods retailer offering brand-name sporting goods equipment, apparel, and footwear in a specialty-store environment.
Consumer Discretionary 4.4%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 4.2%
Helmerich & Payne, Inc.
Energy 3.9%
Total 50.1%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Colfax Corp. Industrials $8.810 7.4%
Hyatt Hotels Corp. Consumer Discretionary $8.425 6.7%
Vail Resorts, Inc. Consumer Discretionary $2.519 5.0%
Genesee & Wyoming, Inc. Industrials $5.205 4.8%
ITC Holdings Corp. Utilities $5.885 4.7%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.403 4.5%
Manchester United plc Consumer Discretionary $2.824 4.5%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.869 4.4%
FactSet Research Systems, Inc. Information Technology $4.571 4.2%
Helmerich & Payne, Inc. Energy $11.566 3.9%
CarMax, Inc. Consumer Discretionary $10.447 3.9%
The Carlyle Group Financials $2.252 3.7%
Choice Hotels International, Inc. Consumer Discretionary $2.682 3.6%
CoStar Group, Inc. Information Technology $5.388 3.4%
Benefitfocus, Inc. Information Technology $1.152 3.4%
Fastenal Co. Industrials $14.631 3.1%
Arch Capital Group Ltd. Financials $7.713 3.0%
TreeHouse Foods, Inc. Consumer Staples $2.629 3.0%
BRP, Inc. Consumer Discretionary $3.094 2.9%
Verisk Analytics, Inc. Industrials $10.004 2.8%
Zillow, Inc. Information Technology $3.478 2.8%
CaesarStone Sdot-Yam Ltd. Materials $1.889 2.8%
Guidewire Software, Inc. Information Technology $3.333 2.6%
AO plc Consumer Discretionary $2.204 2.6%
Henry Schein, Inc. Health Care $10.199 2.1%
Airgas, Inc. Materials $7.878 2.0%
Church & Dwight Co., Inc. Consumer Staples $9.481 1.8%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.4%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.4%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 10.3%
  • Leisure Facilities 5.0%
  • Casinos & Gaming 4.5%
  • Movies & Entertainment 4.5%
  • Specialty Stores 4.4%
  • Automotive Retail 3.9%
  • Leisure Products 2.9%
  • Internet Retail 2.6%
38.0%
Consumer Staples
  • Packaged Foods & Meats 3.0%
  • Household Products 1.8%
4.8%
Energy
  • Oil & Gas Drilling 3.9%
3.9%
Financials
  • Asset Management & Custody Banks 3.7%
  • Property & Casualty Insurance 3.0%
6.7%
Health Care
  • Health Care Distributors 2.1%
2.1%
Industrials
  • Industrial Machinery 7.4%
  • Railroads 4.8%
  • Trading Companies & Distributors 3.1%
  • Research & Consulting Services 2.8%
18.2%
Information Technology
  • Internet Software & Services 9.6%
  • Application Software 6.8%
16.4%
Materials
  • Construction Materials 2.8%
  • Industrial Gases 2.0%
4.8%
Utilities
  • Electric Utilities 4.7%
4.7%
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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
Oil & Gas Drilling 3.39% 0.88%
Industrial Machinery 6.97% 0.84%
Electric Utilities 4.28% 0.69%
Movies & Entertainment 4.01% 0.43%
Hotels, Resorts & Cruise Lines 10.20% 0.30%
Top Detractors Average Weight Contribution
Casinos & Gaming 5.88% -1.31%
Internet Software & Services 8.47% -1.02%
Specialty Stores 5.09% -0.59%
Leisure Facilities 5.07% -0.38%
Research & Consulting Services 3.26% -0.28%
By Holdings
Top Contributors Average Weight Contribution
Helmerich & Payne, Inc. 3.39% 0.88%
Colfax Corp. 6.97% 0.84%
ITC Holdings Corp. 4.28% 0.69%
Hyatt Hotels Corp. 6.41% 0.55%
Manchester United plc 4.01% 0.43%
Top Detractors Average Weight Contribution
Penn National Gaming, Inc. 1.48% -0.90%
Benefitfocus, Inc. 4.90% -0.78%
CoStar Group, Inc. 1.03% -0.44%
Pinnacle Entertainment, Inc. 4.43% -0.41%
Vail Resorts, Inc. 5.07% -0.38%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Industrial Machinery 5.75% 2.66%
Oil & Gas Drilling 3.06% 1.93%
Hotels, Resorts & Cruise Lines 10.32% 1.71%
Internet Software & Services 3.33% 1.25%
Electric Utilities 4.95% 1.18%
Top Detractors Average Weight Contribution
Residential REITs 1.74% -0.88%
Food Retail 0.61% -0.74%
Fertilizers & Agricultural Chemicals 0.23% -0.26%
Health Care Facilities 0.16% -0.26%
Trading Companies & Distributors 3.36% -0.13%
By Holdings
Top Contributors Average Weight Contribution
Colfax Corp. 5.75% 2.66%
Helmerich & Payne, Inc. 3.06% 1.93%
Benefitfocus, Inc. 2.35% 1.38%
Hyatt Hotels Corp. 6.43% 1.38%
ITC Holdings Corp. 4.95% 1.18%
Top Detractors Average Weight Contribution
American Campus Communities, Inc. 1.74% -0.88%
Fairway Group Holdings Corp. 0.61% -0.74%
Penn National Gaming, Inc. 2.56% -0.58%
CoStar Group, Inc. 0.25% -0.44%
Agrinos AS 0.23% -0.26%
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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.