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 December 31, 2014

Inception Date December 31, 1994
Net Assets (All share classes combined) $8.10 billion
# of Equity Securities / % of Net Assets 89/97.2%
Turnover (3 Year Average) 10.52%
Median Market Cap $3.30 billion
Weighted Average Market Cap $4.84 billion
CUSIP 068278704
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 14.9%
Price/Earnings Ratio (trailing 12-month) 25.4
Price/Book Ratio 3.2
Price/Sales Ratio 1.9

Top Ten Holdings as of December 31, 2014

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Holding Sector Percentage*
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 3.3%
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 3.2%
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 3.1%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 2.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.9%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 2.8%
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%
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 2.3%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 2.3%
SS&C Technologies Holdings, Inc.
Information Technology 2.2%
Total 27.5%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
ITC Holdings Corp. Utilities $6.296 3.3%
Under Armour, Inc. Consumer Discretionary $14.510 3.2%
The Middleby Corp. Industrials $5.675 3.1%
Arch Capital Group Ltd. Financials $7.630 2.9%
Gartner, Inc. Information Technology $7.413 2.9%
PRINCIPAL CASH Cash & Cash Equivalents - 2.8%
FactSet Research Systems, Inc. Information Technology $5.876 2.8%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.940 2.5%
CoStar Group, Inc. Information Technology $5.940 2.3%
Vail Resorts, Inc. Consumer Discretionary $3.310 2.3%
Community Health Systems, Inc. Health Care $6.273 2.2%
Genesee & Wyoming, Inc. Industrials $4.845 2.2%
SS&C Technologies Holdings, Inc. Information Technology $5.052 2.2%
United Natural Foods, Inc. Consumer Staples $3.866 2.2%
Choice Hotels International, Inc. Consumer Discretionary $3.259 2.1%
Mettler-Toledo International, Inc. Health Care $8.635 2.1%
MAXIMUS, Inc. Information Technology $3.612 2.0%
ANSYS, Inc. Information Technology $7.537 1.9%
TreeHouse Foods, Inc. Consumer Staples $3.620 1.9%
Primerica, Inc. Financials $2.883 1.8%
IDEXX Laboratories, Inc. Health Care $7.070 1.6%
Generac Holdings, Inc. Industrials $3.220 1.6%
Targa Resources Corp. Energy $4.469 1.6%
Church & Dwight Co., Inc. Consumer Staples $10.543 1.5%
Colfax Corp. Industrials $6.379 1.4%
MSCI, Inc. Financials $5.315 1.3%
CaesarStone Sdot-Yam Ltd. Materials $2.100 1.3%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.431 1.3%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.102 1.3%
Gaming and Leisure Properties, Inc. Financials $3.299 1.3%
Copart, Inc. Industrials $4.610 1.2%
Douglas Emmett, Inc. Financials $4.113 1.2%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $1.794 1.2%
Booz Allen Hamilton Holding Corp. Information Technology $3.963 1.2%
Cohen & Steers, Inc. Financials $1.885 1.1%
Manchester United plc Consumer Discretionary $2.604 1.1%
AO World plc Consumer Discretionary $1.839 1.1%
Masonite International Corp. Industrials $1.835 1.1%
DeVry Education Group Inc. Consumer Discretionary $3.032 1.0%
LKQ Corp. Consumer Discretionary $8.521 1.0%
Panera Bread Co. Consumer Discretionary $4.714 1.0%
Bio-Techne Corp. Health Care $3.426 1.0%
Financial Engines, Inc. Financials $1.899 1.0%
Alexandria Real Estate Equities, Inc. Financials $6.390 0.9%
Morningstar, Inc. Consumer Discretionary $2.885 0.9%
Iridium Communications Inc. Telecommunication Services $0.914 0.9%
Trex Company, Inc. Industrials $1.363 0.9%
Advent Software, Inc. Information Technology $1.584 0.8%
LaSalle Hotel Properties Financials $4.565 0.8%
Air Lease Corp. Industrials $3.513 0.8%
Oaktree Capital Group, LLC Financials $2.254 0.8%
Benefitfocus, Inc. Information Technology $0.839 0.8%
Alexander's, Inc. Financials $2.232 0.7%
Penn National Gaming, Inc. Consumer Discretionary $1.081 0.7%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.335 0.7%
The Boston Beer Company, Inc. Consumer Staples $3.783 0.7%
West Pharmaceutical Services, Inc. Health Care $3.784 0.7%
FEI Company Information Technology $3.754 0.7%
Guidewire Software, Inc. Information Technology $3.523 0.7%
Interval Leisure Group, Inc. Consumer Discretionary $1.193 0.7%
The Carlyle Group Financials $1.853 0.7%
Badger Daylighting Ltd. Industrials $0.843 0.7%
Core Laboratories N.V. Energy $5.271 0.6%
Valmont Industries, Inc. Industrials $3.125 0.6%
Pegasystems, Inc. Information Technology $1.586 0.6%
Nord Anglia Education Inc. Consumer Discretionary $1.865 0.6%
Edwards Lifesciences Corp. Health Care $13.626 0.5%
Helmerich & Payne, Inc. Energy $7.299 0.5%
MSC Industrial Direct Co., Inc. Industrials $5.021 0.5%
Penske Automotive Group, Inc. Consumer Discretionary $4.428 0.5%
IHS, Inc. Industrials $7.764 0.4%
Landstar System, Inc. Industrials $3.245 0.4%
American Assets Trust, Inc. Financials $1.736 0.4%
American Campus Communities, Inc. Financials $4.348 0.3%
Bottomline Technologies (de), Inc. Information Technology $1.009 0.3%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.672 0.3%
Shutterstock, Inc. Information Technology $2.449 0.3%
BRP, Inc. Consumer Discretionary $2.467 0.3%
Neogen Corp. Health Care $1.833 0.2%
Acadia Pharmaceuticals Inc. Health Care $3.168 0.2%
Iridium Communications Inc. - Pfd Telecommunication Services $0.914 0.2%
Brookdale Senior Living, Inc. Health Care $6.726 0.1%
DreamWorks Animation SKG, Inc. Consumer Discretionary $1.903 0.1%
IPC The Hospitalist Co., Inc. Health Care $0.790 0.1%
Diamond Resorts International, Inc. Consumer Discretionary $2.111 0.1%
ClubCorp Holdings, Inc. Consumer Discretionary $1.156 0.1%
Castlight Health Inc. Health Care $1.056 0.1%
Windy City Investments Holdings, L.L.C. Financials - 0.0%
DIAMOND FOODS INC Consumer Staples $0.887 0.0%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Agrinos AS Materials $0.020 0.0%
Juno Therapeutics, Inc. Health Care $4.722 0.0%
Total 100.0%
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Sector Breakdown as of December 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
2.8%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 4.2%
  • Apparel, Accessories & Luxury Goods 3.2%
  • Education Services 2.9%
  • Leisure Facilities 2.7%
  • Specialty Stores 2.5%
  • Casinos & Gaming 1.3%
  • Movies & Entertainment 1.2%
  • Home Improvement Retail 1.2%
  • Internet Retail 1.1%
  • Restaurants 1.0%
  • Distributors 1.0%
  • Publishing 0.9%
  • Automotive Retail 0.5%
  • Leisure Products 0.3%
23.9%
Consumer Staples
  • Food Distributors 2.2%
  • Packaged Foods & Meats 1.9%
  • Household Products 1.5%
  • Brewers 0.7%
6.3%
Energy
  • Oil & Gas Storage & Transportation 1.6%
  • Oil & Gas Equipment & Services 0.6%
  • Oil & Gas Drilling 0.5%
2.7%
Financials
  • Asset Management & Custody Banks 3.7%
  • Property & Casualty Insurance 2.9%
  • Specialized REITs^ 2.1%
  • Office REITs^ 1.9%
  • Life & Health Insurance 1.8%
  • Specialized Finance 1.3%
  • Hotel & Resort REITs 0.8%
  • Diversified REITs 0.3%
  • Residential REITs 0.3%
15.1%
Health Care
  • Life Sciences Tools & Services 3.1%
  • Health Care Facilities 2.3%
  • Health Care Equipment 2.1%
  • Health Care Supplies 0.9%
  • Biotechnology 0.2%
  • Health Care Services 0.1%
  • Health Care Technology 0.1%
8.8%
Industrials
  • Industrial Machinery 5.2%
  • Railroads 2.2%
  • Building Products 2.0%
  • Electrical Components & Equipment 1.6%
  • Trading Companies & Distributors 1.3%
  • Diversified Support Services 1.2%
  • Construction & Engineering 0.7%
  • Research & Consulting Services 0.4%
  • Trucking 0.4%
15.1%
Information Technology
  • Application Software 9.3%
  • IT Consulting & Other Services 4.2%
  • Internet Software & Services 3.4%
  • Data Processing and Outsourced Services 2.0%
  • Electronic Equipment & Instruments 0.7%
19.6%
Materials
  • Construction Materials 1.3%
  • Fertilizers & Agricultural Chemicals 0.0%
1.3%
Telecommunication Services
  • Alternative Carriers 1.1%
1.1%
Utilities
  • Electric Utilities 3.3%
3.3%
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Top Contributors & Detractors as of December 31, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 9.95% 1.28%
Data Processing and Outsourced Services 1.83% 0.59%
IT Consulting & Other Services 4.14% 0.57%
Health Care Equipment 2.17% 0.50%
Internet Software & Services 2.84% 0.50%
Top Detractors Average Weight Contribution
Oil & Gas Storage & Transportation 2.40% -0.78%
Oil & Gas Exploration & Production 0.63% -0.40%
Oil & Gas Drilling 0.73% -0.30%
Movies & Entertainment 1.46% -0.20%
Oil & Gas Equipment & Services 0.99% -0.18%
By Holdings
Top Contributors Average Weight Contribution
MAXIMUS, Inc. 1.83% 0.59%
SS&C Technologies Holdings, Inc. 1.92% 0.58%
United Natural Foods, Inc. 2.04% 0.49%
ITC Holdings Corp. 3.21% 0.46%
FactSet Research Systems, Inc. 2.67% 0.42%
Top Detractors Average Weight Contribution
Targa Resources Corp. 1.76% -0.46%
Atlas Energy, L.P. 0.60% -0.31%
Helmerich & Payne, Inc. 0.73% -0.30%
SM Energy Co. 0.23% -0.23%
Core Laboratories N.V. 0.89% -0.20%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Apparel, Accessories & Luxury Goods 3.09% 1.46%
IT Consulting & Other Services 3.94% 1.07%
Application Software 9.49% 0.96%
Health Care Equipment 1.87% 0.82%
Electric Utilities 3.01% 0.81%
Top Detractors Average Weight Contribution
Specialty Stores 2.80% -0.87%
Oil & Gas Equipment & Services 2.19% -0.86%
Asset Management & Custody Banks^ 4.06% -0.76%
Distributors 1.54% -0.52%
Home Improvement Retail 1.12% -0.50%
By Holdings
Top Contributors Average Weight Contribution
Under Armour, Inc. 3.09% 1.46%
ITC Holdings Corp. 3.01% 0.81%
FactSet Research Systems, Inc. 2.32% 0.70%
CFR Pharmaceuticals SA 1.00% 0.68%
Community Health Systems, Inc. 2.00% 0.68%
Top Detractors Average Weight Contribution
Core Laboratories N.V. 1.31% -0.60%
Financial Engines, Inc. 0.91% -0.58%
LKQ Corp. 1.54% -0.52%
Lumber Liquidators Holdings, Inc. 1.12% -0.50%
Dick's Sporting Goods, Inc. 2.45% -0.47%
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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.