Baron Opportunity Fund (BIOIX)

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Fund Description

Baron Opportunity Fund invests in innovative high-growth companies.

    

  

Fund Resources

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares

Facts & Characteristics as of March 31, 2015

Inception Date February 29, 2000
Net Assets (All share classes combined) $386.54 million
# of Equity Securities / % of Net Assets 56/99.7%
Turnover (3 Year Average) 65.96%
Median Market Cap $5.83 billion
Weighted Average Market Cap $23.85 billion
CUSIP 068278886
Expense Ratio (as of FYE 09/14)* 1.08%
EPS Growth (3-5 year forecast) 25.3%
Price/Earnings Ratio (trailing 12-month) 36.8
Price/Book Ratio 5.1
Price/Sales Ratio 4.5

Top Ten Holdings as of March 31, 2015

Download Attribution Analysis
Holding Sector Percentage*
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 5.0%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.0%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 3.5%
Illumina, Inc. (ILMN) develops and commercializes tools and services for genetic analysis. The company is the recognized leader in next generation DNA sequencing platforms. 
Health Care 3.0%
Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, healthcare, and mortgage industries. Verisk enables risk-bearing businesses to better understand and manage their risks.
Industrials 3.0%
Red Hat, Inc. (RHT) develops and supports Linux and open source software solutions, including enterprise operating system platform Red Hat Enterprise Linux, enterprise middleware platform JBoss Enterprise Middleware, virtualization and cloud solutions, and other enterprise technologies.
Information Technology 2.9%
Shutterstock, Inc. (SSTK) is an innovative global e-commerce company that is a leading provider of stock photos, illustrations, and video footage.
Information Technology 2.9%
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 2.9%
Equinix, Inc. (EQIX) is a network neutral operator of state-of-the-art data centers across North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers, among others.  
Information Technology 2.9%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars with over $13 billion in annual sales and 131 superstores.
Consumer Discretionary 2.8%
Total 32.9%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Guidewire Software, Inc. Information Technology $3.691 5.0%
Gartner, Inc. Information Technology $7.339 4.0%
CoStar Group, Inc. Information Technology $6.392 3.5%
Illumina, Inc. Health Care $26.695 3.0%
Verisk Analytics, Inc. Industrials $11.289 3.0%
Equinix, Inc. Information Technology $13.150 2.9%
Red Hat, Inc. Information Technology $13.894 2.9%
Shutterstock, Inc. Information Technology $2.449 2.9%
Benefitfocus, Inc. Information Technology $1.047 2.9%
CarMax, Inc. Consumer Discretionary $14.493 2.8%
ANSYS, Inc. Information Technology $7.939 2.8%
Concho Resources, Inc. Energy $13.911 2.7%
SBA Communications Corp. Telecommunication Services $15.151 2.5%
Facebook Inc. Information Technology $230.938 2.5%
Tesla Motors Inc. Consumer Discretionary $23.740 2.3%
Netflix, Inc. Consumer Discretionary $25.209 2.2%
Manchester United plc Consumer Discretionary $2.606 2.1%
SunEdison, Inc. Information Technology $6.537 2.0%
DigitalGlobe, Inc. Industrials $2.472 1.9%
Alibaba Group Holding Ltd. - ADR Information Technology $205.187 1.8%
Acxiom Corp. Information Technology $1.429 1.7%
Amazon.com, Inc. Consumer Discretionary $172.797 1.7%
salesforce.com, inc. Information Technology $43.467 1.7%
The Priceline Group, Inc. Consumer Discretionary $60.465 1.7%
Medidata Solutions, Inc. Health Care $2.707 1.5%
HomeAway, Inc. Information Technology $2.852 1.5%
Zillow Group, Inc. Information Technology $5.779 1.5%
Twitter, Inc. Information Technology $32.444 1.5%
Just Eat plc Information Technology $3.677 1.5%
Liberty Tripadvisor Holdings Inc. - Cl A Consumer Discretionary $2.388 1.5%
athenahealth, Inc. Health Care $4.560 1.4%
Mellanox Technologies Ltd. Information Technology $2.072 1.4%
LinkedIn Corp. Information Technology $31.262 1.4%
CaesarStone Sdot-Yam Ltd. Industrials $2.131 1.4%
Cepheid Health Care $4.067 1.4%
Workday, Inc. Information Technology $15.869 1.4%
Restoration Hardware Holdings, Inc. Consumer Discretionary $3.957 1.4%
The Middleby Corp. Industrials $5.879 1.3%
Pacira Pharmaceuticals, Inc. Health Care $3.220 1.3%
FireEye, Inc. Information Technology $6.110 1.3%
The Spectranetics Corporation Health Care $1.466 1.2%
MasterCard, Inc. Information Technology $99.770 1.1%
WEX Inc. Information Technology $4.165 1.1%
Under Armour, Inc. Consumer Discretionary $17.399 1.0%
Golar LNG Ltd. Energy $3.104 1.0%
Flotek Industries, Inc. Materials $0.805 1.0%
AO World plc Consumer Discretionary $1.144 1.0%
HealthEquity, Inc. Health Care $1.376 1.0%
The Charles Schwab Corp. Financials $39.968 0.9%
Mobileye N.V. Information Technology $9.108 0.9%
Aerie Pharmaceuticals, Inc. Health Care $0.754 0.9%
TerraForm Power, Inc. - Cl A Utilities - 0.9%
Alexion Pharmaceuticals, Inc. Health Care $35.032 0.7%
Foundation Medicine, Inc. Health Care $1.402 0.5%
Unilife Corporation Health Care $0.517 0.5%
Inovalon Holdings, Inc. Cl A Health Care $4.460 0.5%
PRINCIPAL CASH Cash & Cash Equivalents - 0.3%
TerraForm Power, Inc. Utilities $4.549 0.3%
Total 100.0%
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Sector Breakdown as of March 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.3%
Consumer Discretionary
  • Internet Retail 8.2%
  • Automotive Retail 2.8%
  • Automobile Manufacturers 2.3%
  • Movies & Entertainment 2.1%
  • Homefurnishing Retail 1.4%
  • Apparel, Accessories & Luxury Goods 1.0%
17.9%
Energy
  • Oil & Gas Exploration & Production 2.7%
  • Oil & Gas Storage & Transportation 1.0%
3.7%
Financials
  • Investment Banking & Brokerage 0.9%
0.9%
Health Care
  • Health Care Technology 3.3%
  • Life Sciences Tools & Services 3.0%
  • Biotechnology 2.6%
  • Pharmaceuticals 2.2%
  • Health Care Supplies 1.7%
  • Managed Health Care 1.0%
13.8%
Industrials
  • Research & Consulting Services 3.0%
  • Aerospace & Defense 1.9%
  • Building Products 1.4%
  • Industrial Machinery 1.3%
7.6%
Information Technology
  • Internet Software & Services^ 21.0%
  • Application Software 11.7%
  • IT Consulting & Other Services^ 8.6%
  • Systems Software 4.3%
  • Data Processing and Outsourced Services 2.1%
  • Semiconductor Equipment 2.0%
  • Semiconductors 1.4%
51.0%
Materials
  • Specialty Chemicals 1.0%
1.0%
Telecommunication Services
  • Wireless Telecommunication Services 2.5%
2.5%
Utilities
  • Renewable Electricity 1.3%
1.3%
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Top Contributors & Detractors as of March 31, 2015

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services^ 21.58% 1.36%
Application Software 10.99% 0.71%
Systems Software 4.62% 0.60%
Oil & Gas Exploration & Production 2.63% 0.43%
Semiconductor Equipment 1.75% 0.37%
Top Detractors Average Weight Contribution
Automobile Manufacturers 2.45% -0.41%
Specialty Chemicals 1.08% -0.27%
Health Care Technology 3.48% -0.26%
Broadcasting 0.71% -0.20%
Building Products 0.50% -0.10%
By Holdings
Top Contributors Average Weight Contribution
Twitter, Inc. 1.58% 0.54%
Just Eat plc 1.71% 0.50%
Netflix, Inc. 2.24% 0.46%
Concho Resources, Inc. 2.63% 0.43%
SunEdison, Inc. 1.75% 0.37%
Top Detractors Average Weight Contribution
AO World plc 1.42% -0.58%
Alibaba Group Holding Ltd. 1.86% -0.43%
Tesla Motors Inc. 2.45% -0.41%
athenahealth, Inc. 1.60% -0.32%
Flotek Industries, Inc. 1.08% -0.27%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 4.41% 1.50%
Systems Software 4.77% 1.17%
Automotive Retail 2.54% 1.13%
Application Software 9.73% 1.07%
Wireless Telecommunication Services 3.09% 0.89%
Top Detractors Average Weight Contribution
Internet Retail 7.94% -1.09%
Oil & Gas Exploration & Production 3.15% -1.01%
Health Care Technology 3.52% -0.89%
Specialty Chemicals 1.13% -0.76%
Oil & Gas Equipment & Services 0.64% -0.75%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.41% 1.50%
Red Hat, Inc. 3.12% 1.19%
Qualys, Inc. 1.09% 1.14%
CarMax, Inc. 2.54% 1.13%
Gartner, Inc. 4.56% 1.06%
Top Detractors Average Weight Contribution
Acxiom Corp. 1.99% -1.80%
Imperva, Inc. 0.09% -1.10%
Oasis Petroleum, Inc. 0.95% -1.09%
AO World plc 1.33% -0.87%
Coupons.com Incorporated 0.14% -0.80%
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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.

On November 7, 2013, the Fund participated in the initial public offering of Twitter, Inc. common stock.