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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Attribution Analysis
Attribution as of 9/30/14

Facts & Characteristics as of September 30, 2014

Inception Date December 31, 1994
Net Assets (All share classes combined) $7.77 billion
# of Equity Securities / % of Net Assets 98/98.4%
Turnover (3 Year Average) 12.16%
Median Market Cap $3.06 billion
Weighted Average Market Cap $4.62 billion
CUSIP 068278704
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 16.9%
Price/Earnings Ratio (trailing 12-month) 24.0
Price/Book Ratio 3.0
Price/Sales Ratio 1.8

Top Ten Holdings as of November 30, 2014

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Holding Sector Percentage*
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 3.5%
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 3.1%
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 3.0%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.0%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.8%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 2.7%
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 570 Dick's Sporting Goods locations.
Consumer Discretionary 2.5%
Genesee & Wyoming, Inc. (GWR) owns and operates short-line and regional freight railroads in the U.S., 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 2.4%
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 2.2%
United Natural Foods, Inc. (UNFI) is the largest wholesale distributor of natural and organic grocery products in North America.
Consumer Staples 2.1%
Total 27.3%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Under Armour, Inc. Consumer Discretionary $14.738 3.5%
ITC Holdings Corp. Utilities $5.544 3.1%
The Middleby Corp. Industrials $5.047 2.9%
Arch Capital Group Ltd. Financials $7.393 2.8%
Gartner, Inc. Information Technology $6.532 2.7%
FactSet Research Systems, Inc. Information Technology $5.080 2.5%
Genesee & Wyoming, Inc. Industrials $5.126 2.5%
Community Health Systems, Inc. Health Care $6.332 2.3%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.320 2.3%
Vail Resorts, Inc. Consumer Discretionary $3.142 2.3%
Targa Resources Corp. Energy $5.741 2.1%
Choice Hotels International, Inc. Consumer Discretionary $3.039 2.0%
CoStar Group, Inc. Information Technology $5.024 2.0%
TreeHouse Foods, Inc. Consumer Staples $3.387 1.9%
Mettler-Toledo International, Inc. Health Care $7.399 1.8%
United Natural Foods, Inc. Consumer Staples $3.052 1.8%
ANSYS, Inc. Information Technology $6.963 1.8%
Colfax Corp. Industrials $7.046 1.7%
SS&C Technologies Holdings, Inc. Information Technology $3.784 1.7%
Primerica, Inc. Financials $2.618 1.7%
Cash & Cash Equivalents Cash & Cash Equivalents - 1.6%
Generac Holdings, Inc. Industrials $2.791 1.5%
MAXIMUS, Inc. Information Technology $2.689 1.5%
Church & Dwight Co., Inc. Consumer Staples $9.378 1.4%
IDEXX Laboratories, Inc. Health Care $5.923 1.4%
Gaming and Leisure Properties, Inc. Financials $3.471 1.4%
Concur Technologies, Inc. Information Technology $7.238 1.3%
MSCI, Inc. Financials $5.480 1.3%
Booz Allen Hamilton Holding Corp. Information Technology $3.522 1.2%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.119 1.2%
Manchester United plc Consumer Discretionary $2.699 1.2%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $2.777 1.2%
Core Laboratories N.V. Energy $6.501 1.1%
Cohen & Steers, Inc. Financials $1.721 1.1%
Copart, Inc. Industrials $3.953 1.1%
Douglas Emmett, Inc. Financials $3.706 1.1%
LKQ Corp. Consumer Discretionary $8.048 1.1%
TECHNE Corp. Health Care $3.462 1.1%
CaesarStone Sdot-Yam Ltd. Materials $1.802 1.1%
Morningstar, Inc. Consumer Discretionary $3.037 1.0%
Financial Engines, Inc. Financials $1.771 1.0%
Masonite International Corp. Industrials $1.644 1.0%
Advent Software, Inc. Information Technology $1.627 0.9%
DeVry Education Group Inc. Consumer Discretionary $2.727 0.9%
Helmerich & Payne, Inc. Energy $10.592 0.9%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.500 0.9%
Panera Bread Co. Consumer Discretionary $4.404 0.9%
Atlas Energy, L.P. Energy $2.284 0.9%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $1.555 0.9%
Iridium Communications Inc. Telecommunication Services $0.824 0.9%
DreamWorks Animation SKG, Inc. Consumer Discretionary $2.309 0.8%
Air Lease Corp. Industrials $3.328 0.8%
Oaktree Capital Group, LLC Financials $2.222 0.8%
The Carlyle Group Financials $2.039 0.8%
Alexander's, Inc. Financials $1.909 0.7%
Alexandria Real Estate Equities, Inc. Financials $5.292 0.7%
LaSalle Hotel Properties Financials $3.563 0.7%
Valmont Industries, Inc. Industrials $3.534 0.7%
Trex Company, Inc. Industrials $1.106 0.7%
Guidewire Software, Inc. Information Technology $3.065 0.7%
Badger Daylighting Ltd. Industrials $0.923 0.7%
IHS, Inc. Industrials $8.535 0.6%
Penn National Gaming, Inc. Consumer Discretionary $0.882 0.6%
The Boston Beer Company, Inc. Consumer Staples $2.893 0.6%
West Pharmaceutical Services, Inc. Health Care $3.167 0.6%
Pegasystems, Inc. Information Technology $1.458 0.6%
FEI Company Information Technology $3.165 0.6%
Interval Leisure Group, Inc. Consumer Discretionary $1.088 0.6%
AO World plc Consumer Discretionary $1.283 0.6%
Edwards Lifesciences Corp. Health Care $10.831 0.5%
MSC Industrial Direct Co., Inc. Industrials $5.334 0.5%
Nord Anglia Education Inc. Consumer Discretionary $1.613 0.5%
SEACOR Holdings, Inc. Energy $1.483 0.4%
Bottomline Technologies (de), Inc. Information Technology $1.090 0.4%
Landstar System, Inc. Industrials $3.226 0.4%
Penske Automotive Group, Inc. Consumer Discretionary $3.662 0.4%
SM Energy Co. Energy $5.255 0.4%
Benefitfocus, Inc. Information Technology $0.686 0.4%
RSP Permian, Inc. Energy $1.976 0.4%
The Advisory Board Company Industrials $1.691 0.3%
American Campus Communities, Inc. Financials $3.825 0.3%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.625 0.3%
American Assets Trust, Inc. Financials $1.405 0.3%
Shutterstock, Inc. Information Technology $2.522 0.3%
WINDY CITY INVESTMENTS HOLDINGS, LLC (NUVEEN) Financials - 0.2%
Neogen Corp. Health Care $1.459 0.2%
The Container Store Group, Inc. Consumer Discretionary $1.044 0.2%
Iridium Communications Inc. Telecommunication Services $0.824 0.2%
Brookdale Senior Living, Inc. Health Care $5.908 0.1%
IPC The Hospitalist Co., Inc. Health Care $0.770 0.1%
Mistras Group, Inc. Industrials $0.584 0.1%
Oasis Petroleum, Inc. Energy $4.229 0.1%
MPLX LP Energy $4.357 0.1%
BRP, Inc. Consumer Discretionary $2.556 0.1%
Diamond Resorts International, Inc. Consumer Discretionary $1.719 0.1%
ClubCorp Holdings, Inc. Consumer Discretionary $1.278 0.1%
Acadia Pharmaceuticals Inc. Health Care $2.462 0.1%
Castlight Health Inc. Health Care $1.160 0.1%
VCA Inc. Health Care $3.391 0.0%
WINDY CITY INVESTMENTS HOLDINGS, LLC (NUVEEN) Financials - 0.0%
Agrinos AS Materials $0.020 0.0%
Total 100.0%
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Sector Breakdown as of November 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.0%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 4.2%
  • Apparel, Accessories & Luxury Goods 3.5%
  • Education Services 2.8%
  • Specialty Stores 2.7%
  • Leisure Facilities 2.6%
  • Casinos & Gaming 1.4%
  • Movies & Entertainment 1.4%
  • Distributors 1.1%
  • Home Improvement Retail 1.1%
  • Publishing 1.0%
  • Restaurants 0.9%
  • Internet Retail 0.7%
  • Automotive Retail 0.4%
  • Leisure Products 0.3%
24.0%
Consumer Staples
  • Food Distributors 2.1%
  • Packaged Foods & Meats 1.8%
  • Household Products 1.4%
  • Brewers 0.7%
6.0%
Energy
  • Oil & Gas Storage & Transportation 2.4%
  • Oil & Gas Equipment & Services 0.9%
  • Oil & Gas Drilling 0.6%
  • Oil & Gas Exploration & Production 0.6%
4.6%
Financials
  • Asset Management & Custody Banks 3.5%
  • Property & Casualty Insurance 2.8%
  • Specialized REITs^ 2.2%
  • Office REITs^ 1.8%
  • Life & Health Insurance 1.7%
  • Specialized Finance 1.3%
  • Hotel & Resort REITs 0.8%
  • Diversified REITs 0.3%
  • Residential REITs 0.3%
14.8%
Health Care
  • Life Sciences Tools & Services 3.0%
  • Health Care Equipment 2.3%
  • Health Care Facilities 2.0%
  • Health Care Supplies 0.9%
  • Biotechnology 0.2%
  • Health Care Services 0.1%
  • Health Care Technology 0.1%
8.5%
Industrials
  • Industrial Machinery 5.1%
  • Railroads 2.4%
  • Building Products 1.9%
  • Electrical Components & Equipment 1.5%
  • Trading Companies & Distributors 1.4%
  • Diversified Support Services 1.3%
  • Construction & Engineering 0.7%
  • Research & Consulting Services 0.7%
  • Trucking 0.5%
15.5%
Information Technology
  • Application Software 10.3%
  • IT Consulting & Other Services 4.3%
  • Internet Software & Services 2.9%
  • Data Processing and Outsourced Services 1.9%
  • Electronic Equipment & Instruments 0.7%
20.1%
Materials
  • Construction Materials 1.3%
  • Fertilizers & Agricultural Chemicals 0.0%
1.3%
Telecommunication Services
  • Alternative Carriers 1.1%
1.1%
Utilities
  • Electric Utilities 3.1%
3.1%
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Top Contributors & Detractors as of September 30, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Apparel, Accessories & Luxury Goods 3.36% 0.50%
Health Care Facilities 2.26% 0.38%
Application Software 9.57% 0.29%
IT Consulting & Other Services 3.74% 0.26%
Leisure Facilities 2.38% 0.24%
Top Detractors Average Weight Contribution
Asset Management & Custody Banks^ 4.02% -0.48%
Oil & Gas Equipment & Services 2.05% -0.47%
Industrial Machinery 5.23% -0.40%
Internet Software & Services 2.76% -0.37%
Specialty Stores 2.62% -0.29%
By Holdings
Top Contributors Average Weight Contribution
Under Armour, Inc. 3.36% 0.50%
Community Health Systems, Inc. 2.06% 0.38%
Concur Technologies, Inc. 1.04% 0.34%
Vail Resorts, Inc. 2.04% 0.23%
The Middleby Corp. 2.63% 0.19%
Top Detractors Average Weight Contribution
Colfax Corp. 1.89% -0.51%
Benefitfocus, Inc. 0.57% -0.29%
CARBO Ceramics, Inc. 0.42% -0.29%
Financial Engines, Inc. 1.01% -0.29%
Generac Holdings, Inc. 1.57% -0.27%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Apparel, Accessories & Luxury Goods 2.87% 1.68%
Oil & Gas Storage & Transportation 1.93% 1.00%
IT Consulting & Other Services 3.81% 0.92%
Health Care Facilities 2.18% 0.60%
Industrial Machinery 5.15% 0.60%
Top Detractors Average Weight Contribution
Specialty Stores 2.88% -0.83%
Home Improvement Retail 1.26% -0.68%
Internet Software & Services 2.88% -0.49%
Distributors 2.10% -0.43%
Internet Retail 0.42% -0.35%
By Holdings
Top Contributors Average Weight Contribution
Under Armour, Inc. 2.87% 1.68%
Targa Resources Corp. 1.57% 0.96%
The Middleby Corp. 2.56% 0.61%
Community Health Systems, Inc. 1.99% 0.55%
Vail Resorts, Inc. 1.86% 0.47%
Top Detractors Average Weight Contribution
Lumber Liquidators Holdings, Inc. 1.26% -0.68%
Dick's Sporting Goods, Inc. 2.55% -0.49%
Financial Engines, Inc. 0.90% -0.48%
LKQ Corp. 2.10% -0.43%
Benefitfocus, Inc. 0.54% -0.36%
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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.