Baron Opportunity Fund (BIOPX)

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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 September 30, 2014

Inception Date February 29, 2000
Net Assets (All share classes combined) $440.56 million
# of Equity Securities / % of Net Assets 56/101.1%
Turnover (3 Year Average) 74.13%
Median Market Cap $4.98 billion
Weighted Average Market Cap $17.14 billion
CUSIP 068278407
Expense Ratio (as of FYE 09/13)* 1.37%
EPS Growth (3-5 year forecast) 25.4%
Price/Earnings Ratio (trailing 12-month) 30.5
Price/Book Ratio 3.4
Price/Sales Ratio 4.2

Top Ten Holdings as of September 30, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.8%
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%
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 3.8%
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 3.5%
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 3.4%
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 3.1%
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%
Shutterstock, Inc. (SSTK) is an innovative global e-commerce company that is a leading provider of stock photos, illustrations, and video footage.
Information Technology 2.6%
Just Eat plc (je.ln) is the #1 online/mobile restaurant delivery aggregator/platform in the UK, Denmark, Ireland France, Spain, Switzerland, Norway, and Canada with a nascent position in Italy. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps.
Information Technology 2.5%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars with over $13 billion in annual sales and 131 superstores.
Consumer Discretionary 2.4%
Total 33.7%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $6.532 4.8%
Illumina, Inc. Health Care $22.851 4.6%
Guidewire Software, Inc. Information Technology $3.065 3.8%
Red Hat, Inc. Information Technology $10.546 3.5%
SBA Communications Corp. Telecommunication Services $14.307 3.4%
Equinix, Inc. Information Technology $11.303 3.1%
Verisk Analytics, Inc. Industrials $10.137 3.0%
Shutterstock, Inc. Information Technology $2.522 2.6%
Just Eat plc Information Technology $2.715 2.5%
CarMax, Inc. Consumer Discretionary $10.183 2.4%
ANSYS, Inc. Information Technology $6.963 2.2%
CoStar Group, Inc. Information Technology $5.024 2.1%
Facebook Inc. Information Technology $204.529 2.1%
Concho Resources, Inc. Energy $14.163 2.0%
Tesla Motors Inc. Consumer Discretionary $30.245 2.0%
Concur Technologies, Inc. Information Technology $7.238 1.9%
Manchester United plc Consumer Discretionary $2.699 1.9%
The Priceline Group, Inc. Consumer Discretionary $60.765 1.8%
The Middleby Corp. Industrials $5.047 1.8%
DigitalGlobe, Inc. Industrials $2.153 1.8%
HomeAway, Inc. Consumer Discretionary $3.337 1.7%
CaesarStone Sdot-Yam Ltd. Materials $1.802 1.7%
Benefitfocus, Inc. Information Technology $0.686 1.7%
Netflix, Inc. Consumer Discretionary $27.112 1.6%
Twitter, Inc. Information Technology $31.884 1.6%
Alibaba Group Holding Ltd. Information Technology $219.016 1.6%
Acxiom Corp. Information Technology $1.277 1.5%
athenahealth, Inc. Health Care $5.000 1.5%
Mellanox Technologies Ltd. Information Technology $2.017 1.5%
comScore, Inc. Information Technology $1.244 1.5%
Medidata Solutions, Inc. Health Care $2.393 1.5%
Liberty Media Corp. Consumer Discretionary $16.147 1.5%
IHS, Inc. Industrials $8.535 1.4%
Oasis Petroleum, Inc. Energy $4.229 1.4%
LinkedIn Corp. Information Technology $25.540 1.4%
Cepheid Health Care $3.091 1.4%
Qualys, Inc. Information Technology $0.878 1.4%
Restoration Hardware Holdings, Inc. Consumer Discretionary $3.142 1.4%
Liberty Ventures Group Consumer Discretionary $2.802 1.4%
Discovery Communications, Inc. Consumer Discretionary $25.493 1.3%
Golar LNG Ltd. Energy $6.194 1.3%
Workday, Inc. Information Technology $15.329 1.3%
Flotek Industries, Inc. Materials $1.406 1.3%
Liberty Tripadvisor Holdings Inc. Consumer Discretionary $2.502 1.3%
Under Armour, Inc. Consumer Discretionary $14.738 1.1%
Pandora Media, Inc. Information Technology $4.989 1.1%
Fossil Group, Inc. Consumer Discretionary $4.968 1.0%
Zillow, Inc. Information Technology $4.679 1.0%
Xoom Corporation Information Technology $0.838 1.0%
The Spectranetics Corporation Health Care $1.112 1.0%
Pacira Pharmaceuticals, Inc. Health Care $3.479 1.0%
AO World plc Consumer Discretionary $1.283 1.0%
Mobileye N.V. Information Technology $11.377 0.9%
Liberty Media Corp. Consumer Discretionary $16.147 0.7%
Castlight Health Inc. Health Care $1.160 0.7%
HealthEquity, Inc. Health Care $1.002 0.5%
Cornerston OnDemand, Inc. Information Technology $1.837 0.5%
Total 100.0%
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Sector Breakdown as of September 30, 2014

Sector Sub-Industry Percentage*
Consumer Discretionary
  • Internet Retail 8.8%
  • Broadcasting 3.6%
  • Automotive Retail 2.4%
  • Apparel, Accessories & Luxury Goods 2.1%
  • Automobile Manufacturers 2.0%
  • Movies & Entertainment 1.9%
  • Homefurnishing Retail 1.4%
22.2%
Energy
  • Oil & Gas Exploration & Production 3.4%
  • Oil & Gas Storage & Transportation 1.3%
4.7%
Health Care
  • Life Sciences Tools & Services 4.6%
  • Health Care Technology 3.8%
  • Biotechnology 1.4%
  • Health Care Supplies 1.0%
  • Pharmaceuticals 1.0%
  • Managed Health Care 0.5%
12.3%
Industrials
  • Research & Consulting Services 4.5%
  • Industrial Machinery 1.8%
  • Aerospace & Defense 1.7%
8.0%
Information Technology
  • Internet Software & Services^ 20.8%
  • Application Software 10.0%
  • IT Consulting & Other Services^ 9.3%
  • Systems Software 4.9%
  • Semiconductors 1.5%
46.5%
Materials
  • Construction Materials 1.7%
  • Specialty Chemicals 1.2%
2.9%
Telecommunication Services
  • Wireless Telecommunication Services 3.4%
3.4%
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Top Contributors & Detractors as of September 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
Application Software 8.59% 0.74%
Auto Parts & Equipment 0.40% 0.39%
Semiconductors 1.30% 0.32%
Wireless Telecommunication Services 3.13% 0.25%
Pharmaceuticals 1.94% 0.14%
Top Detractors Average Weight Contribution
Internet Software & Services^ 19.58% -1.88%
Oil & Gas Equipment & Services 1.11% -0.85%
Oil & Gas Exploration & Production 3.63% -0.74%
Life Sciences Tools & Services 4.56% -0.38%
Internet Retail 8.54% -0.32%
By Holdings
Top Contributors Average Weight Contribution
Concur Technologies, Inc. 1.68% 0.53%
Mobileye N.V. 0.44% 0.43%
Mellanox Technologies Ltd. 1.30% 0.32%
Guidewire Software, Inc. 3.39% 0.30%
Twitter, Inc. 1.33% 0.29%
Top Detractors Average Weight Contribution
Benefitfocus, Inc. 2.45% -1.22%
CARBO Ceramics, Inc. 1.11% -0.85%
Marchex, Inc. 1.12% -0.59%
Acxiom Corp. 1.80% -0.48%
Oasis Petroleum, Inc. 1.68% -0.47%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 4.60% 3.46%
Internet Retail 8.19% 1.54%
Wireless Telecommunication Services 2.83% 0.97%
Pharmaceuticals 0.91% 0.81%
Oil & Gas Storage & Transportation 1.28% 0.67%
Top Detractors Average Weight Contribution
Application Software 10.67% -1.18%
Internet Software & Services^ 15.89% -0.95%
Movies & Entertainment 3.67% -0.79%
Asset Management & Custody Banks 0.61% -0.58%
Household Appliances 0.31% -0.46%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.60% 3.46%
Twitter, Inc. 0.76% 1.38%
SBA Communications Corp. 2.83% 0.97%
zulily, inc. 0.27% 0.87%
Pacira Pharmaceuticals, Inc. 0.91% 0.81%
Top Detractors Average Weight Contribution
Benefitfocus, Inc. 1.40% -1.34%
Acxiom Corp. 2.72% -1.15%
Angie's List, Inc. 0.92% -1.09%
Xoom Corporation 0.99% -0.79%
AO World plc 0.79% -0.67%
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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.