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, 2014

Inception Date February 29, 2000
Net Assets (All share classes combined) $510.97 million
# of Equity Securities / % of Net Assets 62/99.8%
Turnover (3 Year Average) 76.75%
Median Market Cap $3.54 billion
Weighted Average Market Cap $8.19 billion
CUSIP 068278886
Expense Ratio (as of FYE 09/13)* 1.11%
EPS Growth (3-5 year forecast) 20.2%
Price/Earnings Ratio (trailing 12-month) 31.1
Price/Book Ratio 4.0
Price/Sales Ratio 3.6

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
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 4.5%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.0%
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 3.6%
Acxiom Corp. (ACXM) is a leading provider of database marketing solutions and IT outsourcing services to large enterprise customers.
Information Technology 3.1%
Coupons.com Incorporated
Consumer Discretionary 3.0%
DreamWorks Animation SKG, Inc. (DWA) is a leading developer, producer, and marketer of animated films, TV shows, and home entertainment. The company also merchandises and licenses its characters globally. 
Consumer Discretionary 2.6%
SBA Communications Corp. (SBAC) is the third largest independent owner of wireless towers in the U.S. and has a growing presence in Canada, Central America, and Brazil. SBA owns and operates approximately 20,000 towers in total.
Telecommunication Services 2.6%
comScore, Inc.
Information Technology 2.3%
Red Hat, Inc.
Information Technology 2.3%
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 2.3%
Total 30.3%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Illumina, Inc. Health Care $19.058 4.5%
Gartner, Inc. Information Technology $6.386 4.0%
Guidewire Software, Inc. Information Technology $3.333 3.6%
Acxiom Corp. Information Technology $2.627 3.1%
Coupons.com Incorporated Consumer Discretionary $1.843 3.0%
DreamWorks Animation SKG, Inc. Consumer Discretionary $2.225 2.6%
SBA Communications Corp. Telecommunication Services $11.712 2.6%
comScore, Inc. Information Technology $1.133 2.3%
Verisk Analytics, Inc. Industrials $10.004 2.3%
Red Hat, Inc. Information Technology $10.042 2.3%
CarMax, Inc. Consumer Discretionary $10.447 2.1%
Equinix, Inc. Information Technology $9.132 2.0%
Discovery Communications, Inc. Consumer Discretionary $28.245 2.0%
Berry Plastics Group, Inc. Materials $2.699 2.0%
CoStar Group, Inc. Information Technology $5.388 1.9%
ANSYS, Inc. Information Technology $7.127 1.9%
Concho Resources, Inc. Energy $12.882 1.9%
Shutterstock, Inc. Information Technology $2.547 1.9%
CARBO Ceramics, Inc. Energy $3.188 1.8%
Masimo Corporation Health Care $1.549 1.8%
priceline.com, Inc. Consumer Discretionary $62.148 1.8%
DigitalGlobe, Inc. Industrials $2.188 1.8%
Zillow, Inc. Information Technology $3.478 1.6%
Medidata Solutions, Inc. Health Care $2.944 1.5%
Liberty Media Corp. Consumer Discretionary $14.939 1.5%
Angie's List, Inc. Information Technology $0.713 1.5%
Benefitfocus, Inc. Information Technology $1.152 1.5%
salesforce.com, inc. Information Technology $34.831 1.4%
IHS, Inc. Industrials $8.269 1.4%
Shutterfly, Inc. Consumer Discretionary $1.632 1.4%
Citrix Systems, Inc. Information Technology $10.555 1.4%
Golar LNG Ltd. Energy $3.359 1.4%
Marchex, Inc. Information Technology $0.464 1.4%
CaesarStone Sdot-Yam Ltd. Materials $1.889 1.4%
Manchester United plc Consumer Discretionary $2.824 1.4%
Imperva, Inc. Information Technology $1.453 1.4%
Restoration Hardware Holdings, Inc. Consumer Discretionary $2.862 1.4%
Under Armour, Inc. Consumer Discretionary $12.132 1.3%
The Middleby Corp. Industrials $5.085 1.3%
Cepheid Health Care $3.590 1.3%
AO plc Consumer Discretionary $2.204 1.3%
Fossil Group, Inc. Consumer Discretionary $6.296 1.2%
Mellanox Technologies Ltd. Information Technology $1.734 1.2%
Workday, Inc. Information Technology $16.617 1.2%
Tableau Software, Inc. Information Technology $5.036 1.2%
lululemon athletica, inc. Consumer Discretionary $7.636 1.1%
Netflix, Inc. Consumer Discretionary $21.054 1.1%
Oasis Petroleum, Inc. Energy $4.223 1.1%
Xoom Corporation Information Technology $0.735 1.1%
Pandora Media, Inc. Information Technology $5.890 1.1%
athenahealth, Inc. Health Care $5.990 1.0%
Concur Technologies, Inc. Information Technology $5.610 1.0%
Intercontinental Exchange Group Inc. Financials $22.760 1.0%
Financial Engines, Inc. Financials $2.590 1.0%
Castlight Health Inc. Health Care - 1.0%
HomeAway, Inc. Consumer Discretionary $3.481 0.9%
LinkedIn Corp. Information Technology $22.083 0.8%
Splunk, Inc. Information Technology $8.429 0.8%
Criteo S.A. Information Technology $2.242 0.8%
Foundation Medicine, Inc. Health Care $0.896 0.5%
Acadia Pharmaceuticals Inc. Health Care $2.372 0.5%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.2%
Agrinos AS Materials $0.065 0.2%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.2%
Consumer Discretionary
  • Internet Retail 9.5%
  • Movies & Entertainment 4.0%
  • Apparel, Accessories & Luxury Goods 3.6%
  • Broadcasting 3.5%
  • Automotive Retail 2.1%
  • Homefurnishing Retail 1.4%
24.3%
Energy
  • Oil & Gas Exploration & Production 3.0%
  • Oil & Gas Equipment & Services 1.8%
  • Oil & Gas Storage & Transportation 1.4%
6.2%
Financials
  • Specialized Finance 1.0%
  • Asset Management & Custody Banks 1.0%
1.9%
Health Care
  • Life Sciences Tools & Services 4.5%
  • Health Care Technology^ 3.5%
  • Biotechnology 2.4%
  • Health Care Equipment 1.8%
12.1%
Industrials
  • Research & Consulting Services 3.7%
  • Aerospace & Defense 1.8%
  • Industrial Machinery 1.3%
6.7%
Information Technology
  • Internet Software & Services^ 15.8%
  • Application Software 11.3%
  • IT Consulting & Other Services^ 9.1%
  • Systems Software 4.9%
  • Semiconductors 1.2%
42.4%
Materials
  • Metal & Glass Containers 2.0%
  • Construction Materials 1.4%
  • Fertilizers & Agricultural Chemicals 0.2%
3.6%
Telecommunication Services
  • Wireless Telecommunication Services 2.6%
2.6%
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Top Contributors & Detractors as of March 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
Life Sciences Tools & Services 4.90% 1.60%
Internet Retail 8.40% 0.90%
Health Care Technology 2.85% 0.45%
Systems Software 5.40% 0.37%
Apparel, Accessories & Luxury Goods 3.52% 0.34%
Top Detractors Average Weight Contribution
Internet Software & Services^ 14.84% -1.20%
Application Software 12.53% -0.93%
Aerospace & Defense 2.55% -0.78%
Movies & Entertainment 4.04% -0.58%
Broadcasting 3.90% -0.46%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.90% 1.60%
Coupons.com Incorporated 0.85% 0.88%
Castlight Health Inc. 0.63% 0.48%
zulily, inc. 0.64% 0.45%
Under Armour, Inc. 1.51% 0.44%
Top Detractors Average Weight Contribution
DigitalGlobe, Inc. 2.55% -0.78%
DreamWorks Animation SKG, Inc. 2.75% -0.71%
Benefitfocus, Inc. 0.88% -0.44%
Xoom Corporation 1.45% -0.41%
RealPage, Inc. 0.77% -0.39%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 3.95% 4.47%
Internet Retail 7.63% 3.57%
Internet Software & Services^ 11.24% 3.22%
IT Consulting & Other Services^ 9.13% 2.26%
Industrial Machinery 1.72% 2.03%
Top Detractors Average Weight Contribution
Fertilizers & Agricultural Chemicals 0.39% -0.50%
Communications Equipment 0.55% -0.45%
Household Appliances 0.54% -0.43%
Semiconductors 0.85% -0.37%
Electrical Components & Equipment 1.25% -0.25%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 3.95% 4.47%
Acxiom Corp. 2.97% 1.80%
CaesarStone Sdot-Yam Ltd. 1.43% 1.34%
The ExOne Company 0.52% 1.31%
Tableau Software, Inc. 1.25% 1.30%
Top Detractors Average Weight Contribution
Angie's List, Inc. 1.76% -0.70%
Citrix Systems, Inc. 2.22% -0.64%
Equinix, Inc. 2.36% -0.58%
LivePerson, Inc. 0.12% -0.53%
Agrinos AS 0.39% -0.50%
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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.