Baron Growth Fund (BGRFX)

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Fund Description

Baron Growth Fund invests primarily in small growth companies.

   

  

Fund Resources

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Ron Baron on investing in small companies.

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Standard Fact Sheet

Expanded Fact Sheet - Institutional Shares

1Q16 Quarterly Letter

Year-to-Date Attribution Analysis
 

Risk Return Profile over the Long-Term

Baron Growth Fund Risk Return Profile

Facts & Characteristics as of March 31, 2016

Inception Date December 31, 1994
Net Assets (All share classes combined) $6.08 billion
# of Equity Securities / % of Net Assets 63/96.7%
Turnover (3 Year Average) 8.53%
Median Market Cap $3.05 billion
Weighted Average Market Cap $5.49 billion
CUSIP 068278209
Expense Ratio (as of FYE 09/15)* 1.29%
EPS Growth (3-5 year forecast) 13.4%
Price/Earnings Ratio (trailing 12-month) 27.3
Price/Book Ratio 3.5
Price/Sales Ratio 2.3

Top Ten Holdings as of March 31, 2016

Holding Sector Percentage*
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 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 4.6%
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 4.5%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.2%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 4.0%
The Middleby Corp. (MIDD) designs, manufactures, markets, and services a broad line of equipment for use in cooking and preparing food. The products are used in residential, commercial, and industrial kitchens around the world.
Industrials 3.9%
SS&C Technologies, Inc. (SSNC) is a leading provider of mission-critical software products and services for the financial services industry.
Information Technology 3.2%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 3.1%
ANSYS, Inc. (ANSS) is the market leader in simulation-driven product development. ANSYS’ simulation software is used by engineers to test the effects of real-world forces on a design without a physical model.
Information Technology 2.7%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,423 hotels and 720 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 2.7%
Total 37.8%
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Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
Under Armour, Inc. Consumer Discretionary $18.446 4.9%
Arch Capital Group Ltd. Financials $8.680 4.6%
Vail Resorts, Inc. Consumer Discretionary $4.847 4.5%
Gartner, Inc. Information Technology $7.357 4.2%
FactSet Research Systems, Inc. Financials $6.242 4.0%
The Middleby Corp. Industrials $6.119 3.9%
PRINCIPAL CASH Cash & Cash Equivalents - 3.3%
SS&C Technologies Holdings, Inc. Information Technology $6.435 3.2%
CoStar Group, Inc. Information Technology $6.118 3.1%
Choice Hotels International, Inc. Consumer Discretionary $3.047 2.7%
ANSYS, Inc. Information Technology $7.865 2.7%
MSCI, Inc. Financials $7.286 2.6%
MAXIMUS, Inc. Information Technology $3.416 2.6%
IDEXX Laboratories, Inc. Health Care $7.017 2.3%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.908 2.3%
Church & Dwight Co., Inc. Consumer Staples $11.823 2.2%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.373 2.0%
Primerica, Inc. Financials $2.140 2.0%
Douglas Emmett, Inc. Financials $4.436 1.9%
Gaming and Leisure Properties, Inc. Financials $3.617 1.8%
Morningstar, Inc. Financials $3.788 1.7%
Marriott Vacations Worldwide Corp. Consumer Discretionary $1.920 1.7%
Mettler-Toledo International, Inc. Health Care $9.263 1.6%
Masonite International Corp. Industrials $1.999 1.6%
Pinnacle Entertainment, Inc. Consumer Discretionary $2.144 1.5%
Panera Bread Co. Consumer Discretionary $4.993 1.5%
Bio-Techne Corp. Health Care $3.515 1.5%
Inovalon Holdings, Inc. Cl A Health Care $2.810 1.5%
Cohen & Steers, Inc. Financials $1.784 1.4%
Booz Allen Hamilton Holding Corp. Information Technology $4.505 1.4%
Manchester United plc Consumer Discretionary $2.366 1.3%
Benefitfocus, Inc. Information Technology $0.974 1.3%
Financial Engines, Inc. Financials $1.936 1.2%
Trex Company, Inc. Industrials $1.481 1.2%
CaesarStone Sdot-Yam Ltd. Industrials $1.209 1.2%
Oaktree Capital Group, LLC Financials $3.055 1.2%
Alexandria Real Estate Equities, Inc. Financials $6.669 1.1%
Penn National Gaming, Inc. Consumer Discretionary $1.357 1.1%
West Pharmaceutical Services, Inc. Health Care $5.040 1.1%
TreeHouse Foods, Inc. Consumer Staples $4.893 1.1%
Guidewire Software, Inc. Information Technology $3.926 1.1%
Iridium Communications Inc. Telecommunication Services $0.752 1.0%
Smart & Final Stores, Inc. Consumer Staples $1.193 0.9%
Alexander's, Inc. Financials $1.943 0.8%
Pegasystems, Inc. Information Technology $1.936 0.8%
Nord Anglia Education Inc. Consumer Discretionary $2.175 0.8%
Performance Food Group Co. Consumer Staples $2.396 0.5%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.786 0.5%
American Assets Trust, Inc. Financials $1.813 0.5%
Air Lease Corp. Industrials $3.303 0.5%
Moelis & Company Financials $1.537 0.5%
Virtu Financial, Inc. Class A Financials $3.069 0.5%
Edwards Lifesciences Corp. Health Care $18.677 0.4%
FEI Company Information Technology $3.638 0.4%
The Carlyle Group Financials $1.373 0.4%
ConforMIS, Inc. Health Care $0.447 0.4%
Littelfuse, Inc. Information Technology $2.752 0.3%
Neogen Corp. Health Care $1.889 0.3%
Interval Leisure Group, Inc. Consumer Discretionary $0.830 0.3%
AO World plc Consumer Discretionary $1.083 0.3%
Artisan Partners Asset Management Inc. Financials $1.249 0.2%
ClubCorp Holdings, Inc. Consumer Discretionary $0.916 0.2%
Iridium Communications Inc. - Pfd Telecommunication Services $0.752 0.2%
Hudson's Bay Co. Consumer Discretionary $2.691 0.2%
Windy City Investments Holdings, L.L.C. Financials - 0.0%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of March 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.3%
Consumer Discretionary
  • Leisure Facilities 5.2%
  • Apparel, Accessories & Luxury Goods 4.9%
  • Hotels, Resorts & Cruise Lines 4.7%
  • Education Services 3.2%
  • Casinos & Gaming 2.5%
  • Specialty Stores 2.0%
  • Restaurants 1.5%
  • Movies & Entertainment 1.3%
  • Internet Retail 0.3%
  • Department Stores 0.2%
25.9%
Consumer Staples
  • Household Products 2.2%
  • Packaged Foods & Meats 1.1%
  • Food Retail 0.9%
  • Food Distributors 0.4%
4.5%
Financials
  • Specialized Finance 8.3%
  • Property & Casualty Insurance 4.6%
  • Asset Management & Custody Banks 4.4%
  • Specialized REITs^ 2.9%
  • Office REITs^ 2.7%
  • Life & Health Insurance 2.0%
  • Investment Banking & Brokerage 0.9%
  • Diversified REITs 0.5%
26.4%
Health Care
  • Health Care Equipment 3.2%
  • Life Sciences Tools & Services 3.1%
  • Health Care Technology 1.5%
  • Health Care Supplies 1.4%
9.3%
Industrials
  • Building Products 4.0%
  • Industrial Machinery 3.9%
  • Trading Companies & Distributors 0.5%
8.4%
Information Technology
  • Application Software 7.9%
  • IT Consulting & Other Services 5.6%
  • Internet Software & Services 4.4%
  • Data Processing and Outsourced Services 2.6%
  • Electronic Equipment & Instruments 0.4%
  • Electronic Components 0.3%
21.0%
Telecommunication Services
  • Alternative Carriers 1.2%
1.2%
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Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Specialty Stores 2.04% 0.64%
Hotels, Resorts & Cruise Lines 4.29% 0.56%
Apparel, Accessories & Luxury Goods 4.81% 0.37%
Asset Management & Custody Banks^ 4.06% 0.29%
Leisure Facilities 5.12% 0.26%
Top Detractors Average Weight Contribution
Application Software 7.91% -0.56%
Internet Software & Services 4.25% -0.43%
Movies & Entertainment 1.40% -0.32%
Data Processing and Outsourced Services 2.64% -0.21%
Industrial Machinery 3.73% -0.15%
By Holdings
Top Contributors Average Weight Contribution
Dick's Sporting Goods, Inc. 2.04% 0.64%
Under Armour, Inc. 4.81% 0.37%
Cohen & Steers, Inc. 1.17% 0.35%
Marriott Vacations Worldwide Corp. 1.50% 0.35%
Vail Resorts, Inc. 4.44% 0.30%
Top Detractors Average Weight Contribution
Manchester United plc 1.40% -0.32%
CoStar Group, Inc. 3.06% -0.31%
ConforMIS, Inc. 0.46% -0.30%
FactSet Research Systems, Inc. 4.12% -0.26%
SS&C Technologies Holdings, Inc. 3.23% -0.25%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 4.07% 1.03%
Property & Casualty Insurance 3.90% 0.49%
Application Software 9.05% 0.37%
Education Services 2.71% 0.36%
Restaurants 1.21% 0.30%
Top Detractors Average Weight Contribution
Health Care Facilities 1.35% -1.13%
Food Distributors 1.41% -1.02%
Railroads 1.21% -0.95%
Hotels, Resorts & Cruise Lines 4.38% -0.69%
Building Products 3.44% -0.68%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 3.39% 1.02%
Arch Capital Group Ltd. 3.90% 0.49%
MSCI, Inc. 2.02% 0.44%
Bright Horizons Family Solutions, Inc. 1.99% 0.38%
Panera Bread Co. 1.21% 0.30%
Top Detractors Average Weight Contribution
Community Health Systems, Inc. 1.35% -1.13%
United Natural Foods, Inc. 1.20% -1.10%
Genesee & Wyoming, Inc. 1.21% -0.95%
MAXIMUS, Inc. 2.55% -0.62%
CaesarStone Sdot-Yam Ltd. 1.15% -0.61%
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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.