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.



Facts & Characteristics as of June 30, 2016

Inception Date May 31, 1996
Net Assets (All share classes combined) $178.40 million
# of Equity Securities / % of Net Assets 19/93.0%
Turnover (3 Year Average) 25.17%
Median Market Cap $4.48 billion
Weighted Average Market Cap $8.33 billion
CUSIP 06828M504
Expense Ratio (as of FYE 12/15)* 1.09%
EPS Growth (3-5 year forecast) 20.1%
Price/Earnings Ratio (trailing 12-month) 27.1
Price/Book Ratio 2.9
Price/Sales Ratio 3.4

Top Ten Holdings as of August 31, 2016

Holding Sector Percentage*
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 13 ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, Perisher in Australia and three U.S. regional resorts.
Consumer Discretionary 11.7%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles powered by purely electric drivetrains. It offers a sedan, Model S, and its recently launched CUV, Model X; in March 2016 it unveiled its lower cost Model 3 planned for production in 2017. It also commercializes battery-based energy storage solutions.
Consumer Discretionary 10.4%
Hyatt Hotels Corp. (H) is a global hospitality company with 612 Hyatt-branded properties representing 161,572 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.
Consumer Discretionary 9.9%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 8.4%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 7.3%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 5.0%
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 4.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 4.4%
Inovalon Holdings, Inc. (INOV) is a health care data and analytics company. The company combines advanced analytics with data-driven intervention platforms to achieve meaningful insight and improvement in clinical and quality outcomes, utilization, and financial performance across the health care landscape.
Health Care 4.3%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,445 hotels and 685 hotels under development. Its franchise contracts are long term in nature, many 20 years. Some of its brands include Quality Inn, Comfort Inn, Comfort Suites, Sleep Inn, and Cambria.
Consumer Discretionary 4.0%
Total 70.3%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Tesla Motors, Inc. Consumer Discretionary $31.264 10.7%
Vail Resorts, Inc. Consumer Discretionary $4.999 10.6%
Hyatt Hotels Corp. Consumer Discretionary $6.603 9.4%
CoStar Group, Inc. Information Technology $7.118 9.2%
PRINCIPAL CASH Cash & Cash Equivalents - 7.0%
FactSet Research Systems, Inc. Financials $6.599 6.8%
Manchester United plc Consumer Discretionary $2.611 4.9%
Benefitfocus, Inc. Information Technology $1.120 4.8%
Iridium Communications Inc. - Pfd Telecommunication Services $0.848 4.1%
Arch Capital Group Ltd. Financials $8.791 4.0%
Choice Hotels International, Inc. Consumer Discretionary $2.690 4.0%
Inovalon Holdings, Inc. Cl A Health Care $2.744 3.9%
Guidewire Software, Inc. Information Technology $4.479 3.5%
CaesarStone Ltd. Industrials $1.223 3.1%
Church & Dwight Co., Inc. Consumer Staples $13.204 2.9%
Verisk Analytics, Inc. Industrials $13.635 2.7%
Fastenal Co. Industrials $12.824 2.5%
Financial Engines, Inc. Financials $1.629 2.5%
The Carlyle Group Financials $1.313 2.4%
Virtu Financial, Inc. Class A Financials $2.498 1.0%
Total 100.0%
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Sector Breakdown as of August 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 13.8%
  • Leisure Facilities 11.7%
  • Automobile Manufacturers 10.4%
  • Movies & Entertainment 5.0%
  • Internet Retail 2.5%
Consumer Staples
  • Household Products 2.7%
  • Specialized Finance 7.3%
  • Asset Management & Custody Banks 6.7%
  • Property & Casualty Insurance 4.4%
  • Investment Banking & Brokerage 0.9%
Health Care
  • Health Care Technology 4.3%
  • Building Products 3.4%
  • Research & Consulting Services 2.7%
  • Trading Companies & Distributors 2.3%
Information Technology
  • Internet Software & Services 13.4%
  • Application Software 3.4%
Telecommunication Services
  • Alternative Carriers 3.7%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 12.96% 1.84%
Specialized Finance 6.54% 0.46%
Alternative Carriers 3.85% 0.45%
Movies & Entertainment 5.00% 0.44%
Application Software 3.30% 0.42%
Top Detractors Average Weight Contribution
Automobile Manufacturers 11.53% -0.78%
Asset Management & Custody Banks 5.46% -0.67%
Hotels, Resorts & Cruise Lines 13.25% -0.65%
Trading Companies & Distributors 2.58% -0.25%
Specialty Stores 0.76% -0.24%
By Holdings
Top Contributors Average Weight Contribution
CoStar Group, Inc. 8.35% 1.27%
Benefitfocus, Inc. 4.60% 0.58%
FactSet Research Systems, Inc. 6.54% 0.46%
Iridium Communications Inc. 3.85% 0.45%
Manchester United plc 5.00% 0.44%
Top Detractors Average Weight Contribution
Tesla Motors, Inc. 11.53% -0.78%
Financial Engines, Inc. 3.06% -0.63%
Choice Hotels International, Inc. 4.10% -0.53%
Fastenal Co. 2.58% -0.25%
Dick's Sporting Goods, Inc. 0.76% -0.24%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 9.17% 2.57%
Household Products 2.47% 0.70%
Electric Utilities 2.34% 0.65%
Industrial Gases 0.59% 0.55%
Alternative Carriers 3.57% 0.32%
Top Detractors Average Weight Contribution
Asset Management & Custody Banks 6.07% -3.07%
Automobile Manufacturers 10.67% -2.38%
Building Products 3.06% -2.09%
Automotive Retail 1.79% -0.83%
Movies & Entertainment 5.13% -0.73%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 9.17% 2.57%
CoStar Group, Inc. 7.98% 0.75%
Church & Dwight Co., Inc. 2.47% 0.70%
ITC Holdings Corp. 2.34% 0.65%
Airgas, Inc. 0.59% 0.55%
Top Detractors Average Weight Contribution
Tesla Motors, Inc. 10.67% -2.38%
Caesarstone Ltd. 3.06% -2.09%
Financial Engines, Inc. 3.47% -1.88%
The Carlyle Group 2.60% -1.19%
Mobileye N.V. 1.40% -1.16%
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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.