Baron Growth Fund (BGRIX)

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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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Facts & Characteristics as of March 31, 2015

Inception Date December 31, 1994
Net Assets (All share classes combined) $8.28 billion
# of Equity Securities / % of Net Assets 88/98.6%
Turnover (3 Year Average) 9.13%
Median Market Cap $3.62 billion
Weighted Average Market Cap $5.20 billion
CUSIP 068278704
Expense Ratio (as of FYE 09/14)* 1.04%
EPS Growth (3-5 year forecast) 14.1%
Price/Earnings Ratio (trailing 12-month) 26.8
Price/Book Ratio 3.5
Price/Sales Ratio 1.9

Top Ten Holdings as of May 31, 2015

Holding Sector Percentage*
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 3.7%
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 3.5%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 3.3%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 3.2%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.1%
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 2.9%
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 most recently Perisher in Australia.
Consumer Discretionary 2.7%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 2.6%
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. The company also has stores specializing in golf and hunting and fishing. There are approximately 600 Dick's Sporting Goods locations.
Consumer Discretionary 2.6%
MAXIMUS, Inc. (MMS) is a leading provider of government health and human services program management and consulting.
Information Technology 2.5%
Total 30.1%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Under Armour, Inc. Consumer Discretionary $17.399 3.8%
The Middleby Corp. Industrials $5.879 3.2%
FactSet Research Systems, Inc. Information Technology $6.640 3.1%
ITC Holdings Corp. Utilities $5.809 3.0%
Arch Capital Group Ltd. Financials $7.710 2.9%
Gartner, Inc. Information Technology $7.339 2.9%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.770 2.8%
Vail Resorts, Inc. Consumer Discretionary $3.759 2.6%
CoStar Group, Inc. Information Technology $6.392 2.4%
MAXIMUS, Inc. Information Technology $4.397 2.4%
Choice Hotels International, Inc. Consumer Discretionary $3.677 2.3%
Genesee & Wyoming, Inc. Industrials $5.210 2.3%
SS&C Technologies Holdings, Inc. Information Technology $5.255 2.3%
Mettler-Toledo International, Inc. Health Care $9.228 2.2%
Community Health Systems, Inc. Health Care $6.104 2.1%
United Natural Foods, Inc. Consumer Staples $3.858 2.1%
ANSYS, Inc. Information Technology $7.939 2.0%
TreeHouse Foods, Inc. Consumer Staples $3.638 1.8%
IDEXX Laboratories, Inc. Health Care $7.236 1.7%
Primerica, Inc. Financials $2.659 1.7%
MSCI, Inc. Financials $6.891 1.6%
Generac Holdings, Inc. Industrials $3.364 1.6%
Gaming and Leisure Properties, Inc. Financials $4.191 1.6%
Church & Dwight Co., Inc. Consumer Staples $11.166 1.5%
PRINCIPAL CASH Cash & Cash Equivalents - 1.4%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.605 1.4%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.161 1.4%
Colfax Corp. Industrials $5.908 1.3%
Booz Allen Hamilton Holding Corp. Information Technology $4.297 1.3%
CaesarStone Sdot-Yam Ltd. Industrials $2.131 1.3%
Copart, Inc. Industrials $4.750 1.2%
Douglas Emmett, Inc. Financials $4.331 1.2%
Financial Engines, Inc. Financials $2.174 1.2%
Masonite International Corp. Industrials $2.025 1.2%
Advent Software, Inc. Information Technology $2.320 1.1%
Cohen & Steers, Inc. Financials $1.859 1.1%
Morningstar, Inc. Consumer Discretionary $3.323 1.1%
Pinnacle Entertainment, Inc. Consumer Discretionary $2.174 1.1%
Bio-Techne Corp. Health Care $3.724 1.1%
Trex Company, Inc. Industrials $1.749 1.1%
AO World plc Consumer Discretionary $1.144 1.1%
Targa Resources Corp. Energy $5.365 1.0%
Manchester United plc Consumer Discretionary $2.606 1.0%
Benefitfocus, Inc. Information Technology $1.047 1.0%
Alexandria Real Estate Equities, Inc. Financials $7.062 0.9%
Panera Bread Co. Consumer Discretionary $4.290 0.9%
Iridium Communications Inc. Telecommunication Services $0.918 0.9%
Air Lease Corp. Industrials $3.871 0.9%
Oaktree Capital Group, LLC Financials $2.468 0.9%
LaSalle Hotel Properties Financials $4.387 0.8%
West Pharmaceutical Services, Inc. Health Care $4.332 0.8%
Interval Leisure Group, Inc. Consumer Discretionary $1.497 0.8%
Alexander's, Inc. Financials $2.331 0.7%
Penn National Gaming, Inc. Consumer Discretionary $1.248 0.7%
The Boston Beer Company, Inc. Consumer Staples $3.596 0.7%
Guidewire Software, Inc. Information Technology $3.691 0.7%
The Carlyle Group Financials $1.867 0.7%
LKQ Corp. Consumer Discretionary $7.773 0.6%
Valmont Industries, Inc. Industrials $2.930 0.6%
Pegasystems, Inc. Information Technology $1.660 0.6%
FEI Company Information Technology $3.194 0.6%
Nord Anglia Education Inc. Consumer Discretionary $2.221 0.6%
Edwards Lifesciences Corp. Health Care $15.318 0.5%
Penske Automotive Group, Inc. Consumer Discretionary $4.651 0.5%
Badger Daylighting Ltd. Industrials $0.791 0.5%
Core Laboratories N.V. Energy $4.506 0.4%
Landstar System, Inc. Industrials $2.970 0.4%
MSC Industrial Direct Co., Inc. Industrials $4.467 0.4%
American Assets Trust, Inc. Financials $1.886 0.4%
Diplomat Pharmacy, Inc Consumer Staples $1.971 0.4%
American Campus Communities, Inc. Financials $4.814 0.3%
Bottomline Technologies (de), Inc. Information Technology $1.091 0.3%
Helmerich & Payne, Inc. Energy $7.327 0.3%
IHS, Inc. Industrials $7.826 0.3%
Shutterstock, Inc. Information Technology $2.449 0.3%
Foundation Medicine, Inc. Health Care $1.402 0.3%
Neogen Corp. Health Care $1.727 0.2%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.543 0.2%
BRP, Inc. Consumer Discretionary $2.267 0.2%
ClubCorp Holdings, Inc. Consumer Discretionary $1.251 0.2%
Acadia Pharmaceuticals Inc. Health Care $3.265 0.2%
Iridium Communications Inc. - Pfd Telecommunication Services $0.918 0.2%
Brookdale Senior Living, Inc. Health Care $6.929 0.1%
IPC Healthcare, Inc. Health Care $0.806 0.1%
Diamond Resorts International, Inc. Consumer Discretionary $2.454 0.1%
The Container Store Group, Inc. Consumer Discretionary $0.914 0.1%
Inovalon Holdings, Inc. Cl A Health Care $4.460 0.1%
Smart & Final Stores, Inc. Consumer Staples $1.298 0.1%
Windy City Investments Holdings, L.L.C. Financials - 0.0%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Agrinos AS Materials $0.019 0.0%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.1%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 4.7%
  • Apparel, Accessories & Luxury Goods 3.7%
  • Leisure Facilities 3.4%
  • Specialty Stores 2.7%
  • Education Services 2.4%
  • Casinos & Gaming 2.0%
  • Movies & Entertainment 1.2%
  • Internet Retail 1.2%
  • Publishing 1.1%
  • Restaurants 1.0%
  • Distributors 0.6%
  • Automotive Retail 0.5%
  • Leisure Products 0.2%
24.7%
Consumer Staples
  • Food Distributors 1.9%
  • Household Products 1.5%
  • Packaged Foods & Meats 1.4%
  • Brewers 0.8%
  • Food Retail 0.6%
  • Drug Retail 0.5%
6.8%
Energy
  • Oil & Gas Storage & Transportation 0.8%
  • Oil & Gas Equipment & Services 0.3%
  • Oil & Gas Drilling 0.2%
1.3%
Financials
  • Asset Management & Custody Banks 4.1%
  • Property & Casualty Insurance 3.2%
  • Specialized REITs^ 2.5%
  • Office REITs^ 1.9%
  • Specialized Finance 1.7%
  • Life & Health Insurance 1.5%
  • Hotel & Resort REITs 0.8%
  • Investment Banking & Brokerage 0.4%
  • Diversified REITs 0.4%
  • Residential REITs 0.3%
16.8%
Health Care
  • Life Sciences Tools & Services 3.3%
  • Health Care Facilities 2.2%
  • Health Care Equipment 1.8%
  • Health Care Supplies 1.0%
  • Health Care Technology 0.8%
  • Biotechnology 0.4%
  • Health Care Services 0.1%
9.5%
Industrials
  • Industrial Machinery 5.4%
  • Building Products 3.7%
  • Railroads 2.0%
  • Electrical Components & Equipment 1.4%
  • Trading Companies & Distributors 1.4%
  • Diversified Support Services 1.0%
  • Construction & Engineering 0.5%
  • Research & Consulting Services 0.4%
  • Trucking 0.4%
16.1%
Information Technology
  • Application Software 9.3%
  • IT Consulting & Other Services 4.2%
  • Internet Software & Services 3.9%
  • Data Processing and Outsourced Services 2.5%
  • Electronic Equipment & Instruments 0.6%
20.6%
Materials
  • Fertilizers & Agricultural Chemicals 0.0%
0.0%
Telecommunication Services
  • Alternative Carriers 1.2%
1.2%
Utilities
  • Electric Utilities 2.9%
2.9%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 9.69% 1.10%
Hotels, Resorts & Cruise Lines 4.51% 0.64%
Apparel, Accessories & Luxury Goods 3.46% 0.62%
Casinos & Gaming 1.55% 0.53%
Specialized REITs^ 2.35% 0.46%
Top Detractors Average Weight Contribution
Home Improvement Retail 0.75% -0.48%
Internet Retail 1.12% -0.44%
Electric Utilities 3.21% -0.22%
Oil & Gas Storage & Transportation 1.32% -0.18%
Electronic Equipment & Instruments 0.64% -0.12%
By Holdings
Top Contributors Average Weight Contribution
Community Health Systems, Inc. 2.12% 0.40%
The Middleby Corp. 3.39% 0.31%
Arch Capital Group Ltd. 3.12% 0.27%
Benefitfocus, Inc. 1.09% 0.22%
Marriott Vacations Worldwide Corp. 1.54% 0.20%
Top Detractors Average Weight Contribution
Genesee & Wyoming, Inc. 2.13% -0.48%
ITC Holdings Corp. 2.82% -0.41%
United Natural Foods, Inc. 1.94% -0.38%
Choice Hotels International, Inc. 2.20% -0.36%
Generac Holdings, Inc. 1.44% -0.31%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 9.48% 3.18%
Hotels, Resorts & Cruise Lines 3.92% 1.30%
Apparel, Accessories & Luxury Goods 3.23% 1.22%
IT Consulting & Other Services 4.04% 1.00%
Leisure Facilities 2.45% 0.99%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 1.56% -1.10%
Home Improvement Retail 0.95% -0.88%
Internet Retail 0.81% -0.59%
Construction & Engineering 0.65% -0.44%
Oil & Gas Exploration & Production 0.65% -0.44%
By Holdings
Top Contributors Average Weight Contribution
Under Armour, Inc. 3.49% 1.20%
The Middleby Corp. 3.03% 0.97%
FactSet Research Systems, Inc. 2.82% 0.92%
MAXIMUS, Inc. 2.00% 0.89%
Vail Resorts, Inc. 2.32% 0.88%
Top Detractors Average Weight Contribution
Colfax Corp. 1.53% -0.89%
Genesee & Wyoming, Inc. 2.31% -0.75%
Targa Resources Corp. 1.53% -0.75%
AO World plc 0.90% -0.63%
Lumber Liquidators Holdings, Inc. 0.65% -0.59%
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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.