Baron Opportunity Fund (BIOIX)

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Fund Description

Baron Opportunity Fund invests in innovative high-growth companies.

    

  

Facts & Characteristics as of March 31, 2016

Inception Date February 29, 2000
Net Assets (All share classes combined) $268.06 million
# of Equity Securities / % of Net Assets 42/100.1%
Turnover (3 Year Average) 52.00%
Median Market Cap $13.25 billion
Weighted Average Market Cap $88.94 billion
CUSIP 068278886
Expense Ratio (as of FYE 09/15)* 1.10%
EPS Growth (3-5 year forecast) 24.5%
Price/Earnings Ratio (trailing 12-month) 32.4
Price/Book Ratio 4.4
Price/Sales Ratio 5.3

Top Ten Holdings as of May 31, 2016

Holding Sector Percentage*
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 6.4%
Alphabet, Inc. (GOOG) is the new name for Google, Inc., a company that focuses on improving the ways people connect with information. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Information Technology 6.4%
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing customers value and convenience. It also operates the industry-leading cloud infrastructure business Amazon Web Services.
Consumer Discretionary 6.3%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 6.1%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.5%
Facebook, Inc. (FB) is the world's largest social network with over 1.25 billion active monthly users, 950 million mobile users, and 750 million daily active users.
Information Technology 3.9%
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 3.5%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles powered by purely electric drivetrains. It offers a sedan, Model S, and its recently launched CUV, Model X; in March 2016 it unveiled its lower cost Model 3 planned for production in 2017. It also commercializes battery-based energy storage solutions.
Consumer Discretionary 3.4%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 2.9%
The Priceline Group, Inc. (PCLN) is a leading global online travel agent, with particular strength in international travel and hotel bookings. The company’s brands include priceline.com, Booking.com, RentalCars.com, and Agoda.com.
Consumer Discretionary 2.9%
Total 46.3%
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Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
Guidewire Software, Inc. Information Technology $3.926 6.4%
CoStar Group, Inc. Information Technology $6.118 5.4%
Facebook, Inc. Information Technology $324.761 5.4%
Gartner, Inc. Information Technology $7.357 5.2%
Amazon.com, Inc. Consumer Discretionary $279.511 5.1%
Benefitfocus, Inc. Information Technology $0.974 3.7%
Illumina, Inc. Health Care $23.837 3.4%
Tesla Motors, Inc. Consumer Discretionary $30.343 3.4%
Alphabet, Inc. - Cl A Information Technology $517.738 3.3%
Alphabet, Inc. - Cl C Information Technology $517.738 3.3%
Equinix, Inc. Financials $22.827 3.1%
Acxiom Corp. Information Technology $1.666 3.0%
The Priceline Group, Inc. Consumer Discretionary $63.954 2.9%
ANSYS, Inc. Information Technology $7.865 2.9%
The Charles Schwab Corp. Financials $37.026 2.4%
Manchester United plc Consumer Discretionary $2.366 2.4%
Alibaba Group Holding Limited - ADR Information Technology $195.671 2.3%
Servicenow Inc. Information Technology $9.875 2.3%
salesforce.com, inc. Information Technology $49.533 2.1%
athenahealth, Inc. Health Care $5.407 2.0%
Mellanox Technologies Ltd. Information Technology $2.587 2.0%
Netflix, Inc. Consumer Discretionary $43.763 2.0%
Red Hat, Inc. Information Technology $13.607 2.0%
Verisk Analytics, Inc. Industrials $13.429 1.8%
MarketAxess Holdings Inc. Financials $4.684 1.8%
Willis Towers Watson Plc. Financials $16.396 1.7%
MasterCard, Inc. Information Technology $104.965 1.6%
Visa, Inc. Information Technology $183.663 1.6%
FireEye, Inc. Information Technology $2.985 1.6%
SBA Communications Corp. Telecommunication Services $12.558 1.5%
Mobileye N.V. Information Technology $8.081 1.4%
Bristol-Myers Squibb Co. Health Care $106.848 1.3%
Inovalon Holdings, Inc. Cl A Health Care $2.810 1.3%
Allergan plc Health Care $105.905 1.2%
Under Armour, Inc. Consumer Discretionary $18.446 1.1%
Concho Resources, Inc. Energy $13.070 1.1%
Alexion Pharmaceuticals, Inc. Health Care $31.284 1.1%
HealthEquity, Inc. Health Care $1.425 1.0%
comScore, Inc. Information Technology $1.702 0.8%
Zillow Group, Inc. - Cl. C Information Technology $4.339 0.8%
DexCom, Inc. Health Care $5.551 0.6%
Biogen, Inc. Health Care $56.925 0.4%
TerraForm Global, Inc. Cl - A Utilities $0.424 0.3%
Total 100.0%
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Sector Breakdown as of May 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.3%
Consumer Discretionary
  • Internet Retail 12.5%
  • Automobile Manufacturers 3.4%
  • Movies & Entertainment 2.9%
  • Apparel, Accessories & Luxury Goods 0.9%
19.7%
Energy
  • Oil & Gas Exploration & Production 1.1%
1.1%
Financials
  • Specialized REITs 2.8%
  • Investment Banking & Brokerage 2.5%
  • Specialized Finance 2.0%
  • Insurance Brokers 1.5%
8.9%
Health Care
  • Health Care Technology 4.4%
  • Biotechnology 2.7%
  • Pharmaceuticals 2.6%
  • Life Sciences Tools & Services 2.3%
12.0%
Industrials
  • Research & Consulting Services 1.7%
1.7%
Information Technology
  • Internet Software & Services 23.6%
  • Application Software 12.4%
  • IT Consulting & Other Services 7.2%
  • Systems Software 6.4%
  • Data Processing and Outsourced Services 3.4%
  • Semiconductors 1.9%
54.8%
Telecommunication Services
  • Integrated Telecommunication Services 1.5%
1.5%
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Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Semiconductors 1.94% 0.57%
Specialized REITs 3.10% 0.29%
Specialized Finance 1.64% 0.24%
Integrated Telecommunication Services 1.01% 0.11%
IT Consulting & Other Services 7.88% 0.10%
Top Detractors Average Weight Contribution
Internet Software & Services 23.57% -1.80%
Application Software 12.93% -1.19%
Systems Software 5.74% -1.08%
Homefurnishing Retail 0.74% -0.81%
Biotechnology 1.78% -0.60%
By Holdings
Top Contributors Average Weight Contribution
Mellanox Technologies Ltd. 1.94% 0.57%
Facebook, Inc. 5.06% 0.53%
Equinix, Inc. 3.10% 0.29%
MarketAxess Holdings Inc. 1.64% 0.24%
Inovalon Holdings, Inc. 1.52% 0.21%
Top Detractors Average Weight Contribution
LinkedIn Corp. 0.64% -1.01%
Restoration Hardware Holdings, Inc. 0.74% -0.81%
Guidewire Software, Inc. 6.26% -0.74%
Illumina, Inc. 3.51% -0.60%
Alexion Pharmaceuticals, Inc. 1.65% -0.59%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 8.90% 2.11%
Specialized REITs 2.42% 0.94%
IT Consulting & Other Services^ 7.24% 0.88%
Semiconductors 1.65% 0.52%
Specialized Finance 0.91% 0.36%
Top Detractors Average Weight Contribution
Renewable Electricity 1.13% -1.67%
Internet Software & Services^ 20.35% -1.66%
Systems Software 5.35% -1.35%
Biotechnology 2.16% -1.26%
Semiconductor Equipment 0.96% -1.10%
By Holdings
Top Contributors Average Weight Contribution
Facebook, Inc. 3.66% 1.25%
Netflix, Inc. 2.33% 1.23%
Equinix, Inc. 3.17% 1.21%
Amazon.com, Inc. 3.38% 1.08%
Alphabet Inc. 3.49% 0.94%
Top Detractors Average Weight Contribution
TerraForm Global, Inc. 0.56% -1.15%
LinkedIn Corp. 1.17% -1.10%
SunEdison, Inc. 0.96% -1.10%
Restoration Hardware Holdings, Inc. 1.28% -1.08%
Shutterstock, Inc. 0.91% -1.08%
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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.