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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Michael Lippert discusses how he invests in innovative companies

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares

Facts & Characteristics as of June 30, 2014

Inception Date February 29, 2000
Net Assets (All share classes combined) $488.36 million
# of Equity Securities / % of Net Assets 59 / 99.4%
Turnover (3 Year Average) 79.59%
Median Market Cap $4.74 billion
Weighted Average Market Cap $10.57 billion
CUSIP 068278886
Expense Ratio (as of FYE 09/13)* 1.11%
EPS Growth (3-5 year forecast) 28.9%
Price/Earnings Ratio (trailing 12-month) 30.9
Price/Book Ratio 4.5
Price/Sales Ratio 3.8

Top Ten Holdings as of June 30, 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 4.6%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.2%
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 3.1%
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%
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%
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%
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 2.9%
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 2.6%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars with over $13 billion in annual sales and 131 superstores.
Consumer Discretionary 2.5%
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 2.4%
Total 31.0%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Illumina, Inc. Health Care $22.925 4.6%
Gartner, Inc. Information Technology $6.363 4.2%
Guidewire Software, Inc. Information Technology $2.788 3.1%
SBA Communications Corp. Telecommunication Services $13.177 2.9%
Red Hat, Inc. Information Technology $10.422 2.9%
Shutterstock, Inc. Information Technology $2.921 2.9%
Benefitfocus, Inc. Information Technology $1.160 2.9%
Verisk Analytics, Inc. Industrials $9.987 2.6%
CarMax, Inc. Consumer Discretionary $11.484 2.5%
Equinix, Inc. Information Technology $10.467 2.4%
Pacira Pharmaceuticals, Inc. Health Care $3.275 2.2%
Acxiom Corp. Information Technology $1.671 2.1%
Just Eat plc Information Technology $2.464 2.1%
Liberty Ventures Group Consumer Discretionary $5.411 2.1%
ANSYS, Inc. Information Technology $7.026 2.0%
Concho Resources, Inc. Energy $16.145 2.0%
CoStar Group, Inc. Information Technology $5.091 1.9%
comScore, Inc. Information Technology $1.230 1.9%
Workday, Inc. Information Technology $16.579 1.9%
Liberty Media Corp. Consumer Discretionary $15.625 1.8%
DreamWorks Animation SKG, Inc. Consumer Discretionary $1.949 1.7%
The Priceline Group, Inc. Consumer Discretionary $63.076 1.7%
Oasis Petroleum, Inc. Energy $5.655 1.7%
Marchex, Inc. Information Technology $0.509 1.7%
Concur Technologies, Inc. Information Technology $5.309 1.6%
HomeAway, Inc. Consumer Discretionary $3.256 1.6%
CARBO Ceramics, Inc. Energy $3.561 1.5%
IHS, Inc. Industrials $9.242 1.5%
Medidata Solutions, Inc. Health Care $2.316 1.5%
DigitalGlobe, Inc. Industrials $2.097 1.5%
Berry Plastics Group, Inc. Materials $3.031 1.5%
Manchester United plc Consumer Discretionary $2.859 1.5%
Restoration Hardware Holdings, Inc. Consumer Discretionary $3.664 1.5%
AO World plc Consumer Discretionary $1.856 1.5%
Netflix, Inc. Consumer Discretionary $26.413 1.4%
athenahealth, Inc. Health Care $4.728 1.3%
Tesla Motors Inc. Consumer Discretionary $29.789 1.3%
Cepheid Health Care $3.343 1.3%
Qualys, Inc. Information Technology $0.839 1.3%
Flotek Industries, Inc. Materials $1.730 1.3%
The Middleby Corp. Industrials $4.737 1.2%
Discovery Communications, Inc. Consumer Discretionary $25.411 1.2%
Financial Engines, Inc. Financials $2.330 1.2%
Golar LNG Ltd. Energy $5.606 1.2%
CaesarStone Sdot-Yam Ltd. Materials $1.711 1.2%
Facebook Inc. Information Technology $172.690 1.2%
Pandora Media, Inc. Information Technology $6.061 1.2%
Fossil Group, Inc. Consumer Discretionary $5.594 1.1%
Mellanox Technologies Ltd. Information Technology $1.553 1.1%
Masimo Corporation Health Care $1.339 1.0%
Under Armour, Inc. Consumer Discretionary $12.691 1.0%
LinkedIn Corp. Information Technology $20.878 1.0%
Zillow, Inc. Information Technology $5.643 1.0%
Tableau Software, Inc. Information Technology $4.848 1.0%
Twitter, Inc. Information Technology $24.270 1.0%
Castlight Health Inc. Health Care - 0.7%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.6%
Xoom Corporation Information Technology $1.001 0.6%
Foundation Medicine, Inc. Health Care $0.760 0.5%
Agrinos AS Materials $0.053 0.1%
Total 100.0%
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Sector Breakdown as of June 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.6%
Consumer Discretionary
  • Internet Retail 8.4%
  • Movies & Entertainment 3.2%
  • Broadcasting 3.0%
  • Automotive Retail 2.5%
  • Apparel, Accessories & Luxury Goods 2.1%
  • Homefurnishing Retail 1.5%
  • Automobile Manufacturers 1.3%
22.0%
Energy
  • Oil & Gas Exploration & Production 3.7%
  • Oil & Gas Equipment & Services 1.5%
  • Oil & Gas Storage & Transportation 1.2%
6.3%
Financials
  • Asset Management & Custody Banks 1.2%
1.2%
Health Care
  • Life Sciences Tools & Services 4.6%
  • Health Care Technology^ 3.5%
  • Pharmaceuticals 2.2%
  • Biotechnology 1.8%
  • Health Care Equipment 1.0%
13.1%
Industrials
  • Research & Consulting Services 4.0%
  • Aerospace & Defense 1.5%
  • Industrial Machinery 1.2%
6.8%
Information Technology
  • Internet Software & Services^ 19.5%
  • IT Consulting & Other Services^ 8.6%
  • Application Software 8.6%
  • Systems Software 5.2%
  • Semiconductors 1.1%
43.0%
Materials
  • Metal & Glass Containers 1.5%
  • Specialty Chemicals 1.3%
  • Construction Materials 1.2%
  • Fertilizers & Agricultural Chemicals 0.1%
4.1%
Telecommunication Services
  • Wireless Telecommunication Services 2.9%
2.9%
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Top Contributors & Detractors as of June 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
Internet Software & Services^ 16.67% 1.16%
Life Sciences Tools & Services 4.80% 1.03%
Oil & Gas Exploration & Production 3.54% 0.79%
Pharmaceuticals 1.69% 0.70%
Oil & Gas Storage & Transportation 1.27% 0.46%
Top Detractors Average Weight Contribution
Application Software 8.87% -1.03%
IT Consulting & Other Services^ 9.20% -0.97%
Health Care Technology 3.54% -0.89%
Systems Software 4.76% -0.73%
Movies & Entertainment 4.37% -0.31%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.80% 1.03%
Pacira Pharmaceuticals, Inc. 1.69% 0.70%
Zillow, Inc. 1.10% 0.59%
Golar LNG Ltd. 1.27% 0.46%
Liberty Ventures Group 1.13% 0.44%
Top Detractors Average Weight Contribution
Acxiom Corp. 2.61% -1.43%
Imperva, Inc. 0.37% -1.07%
Coupons.com Incorporated 0.55% -0.78%
Guidewire Software, Inc. 3.18% -0.69%
Splunk, Inc. 0.57% -0.44%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 4.41% 4.36%
Internet Software & Services^ 13.48% 3.48%
Internet Retail 7.83% 2.51%
IT Consulting & Other Services^ 9.04% 1.25%
Oil & Gas Equipment & Services 1.35% 1.18%
Top Detractors Average Weight Contribution
Semiconductors 1.14% -0.55%
Household Appliances 0.54% -0.43%
Fertilizers & Agricultural Chemicals 0.29% -0.35%
Asset Management & Custody Banks 0.40% -0.33%
Movies & Entertainment 3.74% -0.25%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.41% 4.36%
Zillow, Inc. 1.26% 1.30%
Shutterstock, Inc. 2.20% 1.20%
CARBO Ceramics, Inc. 1.35% 1.18%
Twitter, Inc. 0.43% 1.13%
Top Detractors Average Weight Contribution
Angie's List, Inc. 1.42% -1.53%
Imperva, Inc. 1.10% -0.58%
Mellanox Technologies Ltd. 1.14% -0.55%
Shutterfly, Inc. 1.44% -0.51%
Splunk, Inc. 0.29% -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.