Baron Focused Growth Fund (BFGIX)

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Fund Description

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

    

  

Fund Resources

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Institutional Shares

Facts & Characteristics as of December 31, 2015

Inception Date May 31, 1996
Net Assets (All share classes combined) $184.18 million
# of Equity Securities / % of Net Assets 21/93.2%
Turnover (3 Year Average) 27.59%
Median Market Cap $4.30 billion
Weighted Average Market Cap $8.16 billion
CUSIP 06828M504
Expense Ratio (as of FYE 12/14)* 1.09%
EPS Growth (3-5 year forecast) 15.0%
Price/Earnings Ratio (trailing 12-month) 22.3
Price/Book Ratio 1.7
Price/Sales Ratio 3.3

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 12 world class ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe; and Perisher in Australia.
Consumer Discretionary 10.3%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It offers a sedan, Model S and its recently launched CUV, Model X; and it plans to offer its lower cost Model 3 in few years. It is also commercializing battery-based energy storage solutions.
Consumer Discretionary 9.5%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 7.9%
Hyatt Hotels Corp. (H) is a global hospitality company with 589 Hyatt-branded properties representing 156,754 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 7.9%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 6.8%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 5.2%
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 4.8%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 4.1%
Benefitfocus, Inc. (BNFT) is a leading provider of cloud-based benefits software for consumers, employers, insurance carriers, and brokers. The company offers an integrated suite of solutions to help customers more efficiently shop, enroll, manage, and exchange benefits information.
Information Technology 4.0%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,379 hotels and 638 hotels under development. Its franchise contracts are long term in nature, many for 20 years. Some of its brands include Quality Inn, Comfort Inn, Comfort Suites, Sleep Inn, and Cambria.
Consumer Discretionary 4.0%
Total 64.5%
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Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Tesla Motors, Inc. Consumer Discretionary $31.430 10.7%
Vail Resorts, Inc. Consumer Discretionary $4.638 9.5%
CoStar Group, Inc. Information Technology $6.715 8.4%
Hyatt Hotels Corp. Consumer Discretionary $6.528 7.3%
PRINCIPAL CASH Cash & Cash Equivalents - 6.8%
FactSet Research Systems, Inc. Financials $6.738 6.6%
Manchester United plc Consumer Discretionary $2.919 5.3%
Benefitfocus, Inc. Information Technology $1.061 4.5%
ITC Holdings Corp. Utilities $6.022 4.3%
Choice Hotels International, Inc. Consumer Discretionary $2.854 4.1%
Arch Capital Group Ltd. Financials $8.541 3.8%
Financial Engines, Inc. Financials $1.734 3.7%
Iridium Communications Inc. - Pfd Telecommunication Services $0.799 3.7%
Verisk Analytics, Inc. Industrials $13.026 3.3%
Guidewire Software, Inc. Information Technology $4.301 3.3%
CaesarStone Sdot-Yam Ltd. Industrials $1.530 3.1%
Inovalon Holdings, Inc. Cl A Health Care $2.565 2.6%
Church & Dwight Co., Inc. Consumer Staples $11.130 2.3%
Fastenal Co. Industrials $11.825 2.2%
The Carlyle Group Financials $1.253 2.2%
Dick's Sporting Goods, Inc. Consumer Discretionary $4.065 1.6%
Virtu Financial, Inc. Class A Financials $3.135 0.7%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.3%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 11.9%
  • Leisure Facilities 10.3%
  • Automobile Manufacturers 9.5%
  • Movies & Entertainment 5.2%
  • Specialty Stores 2.0%
38.9%
Consumer Staples
  • Household Products 2.5%
2.6%
Financials
  • Specialized Finance 6.8%
  • Asset Management & Custody Banks 5.4%
  • Property & Casualty Insurance 4.1%
  • Investment Banking & Brokerage 1.4%
17.7%
Health Care
  • Health Care Technology 2.9%
2.9%
Industrials
  • Research & Consulting Services 3.5%
  • Building Products 3.0%
  • Trading Companies & Distributors 2.5%
8.9%
Information Technology
  • Internet Software & Services 11.9%
  • Application Software 3.4%
15.3%
Telecommunication Services
  • Alternative Carriers 3.6%
3.6%
Utilities
  • Electric Utilities 4.8%
4.8%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 12.54% 2.08%
Leisure Facilities 8.75% 1.84%
Building Products 2.50% 0.90%
Alternative Carriers 3.50% 0.88%
Application Software 7.64% 0.85%
Top Detractors Average Weight Contribution
Specialty Stores 2.20% -0.78%
Specialized Finance 4.62% -0.51%
Automobile Manufacturers 10.09% -0.49%
Automotive Retail 3.21% -0.43%
Health Care Technology 0.65% -0.35%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 8.75% 1.84%
CoStar Group, Inc. 8.16% 1.44%
CaesarStone Sdot-Yam Ltd. 2.50% 0.90%
Iridium Communications Inc. 3.50% 0.88%
Airgas, Inc. 0.81% 0.81%
Top Detractors Average Weight Contribution
Dick's Sporting Goods, Inc. 2.20% -0.78%
Tesla Motors, Inc. 10.09% -0.49%
CarMax, Inc. 3.21% -0.43%
Inovalon Holdings, Inc. 0.65% -0.35%
Mobileye N.V. 2.15% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 7.42% 2.68%
Internet Software & Services 11.47% 1.29%
Application Software 9.33% 0.94%
Research & Consulting Services 3.08% 0.54%
Property & Casualty Insurance 3.47% 0.50%
Top Detractors Average Weight Contribution
Hotels, Resorts & Cruise Lines 11.46% -1.88%
Asset Management & Custody Banks 7.15% -1.43%
Building Products 2.68% -1.33%
Railroads 2.71% -0.98%
Automotive Retail 4.30% -0.80%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 7.42% 2.68%
CoStar Group, Inc. 7.41% 0.94%
FactSet Research Systems, Inc. 6.24% 0.88%
Verisk Analytics, Inc. 3.08% 0.54%
Guidewire Software, Inc. 2.86% 0.50%
Top Detractors Average Weight Contribution
Hyatt Hotels Corp. 7.17% -1.69%
The Carlyle Group 3.24% -1.15%
CaesarStone Sdot-Yam Ltd. 3.28% -1.00%
Genesee & Wyoming, Inc. 2.71% -0.98%
Mobileye N.V. 1.41% -0.96%
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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.