Baron Opportunity Fund (BIOPX)

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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 as of 6/30/2016) $250.83 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 068278407
Expense Ratio (as of FYE 09/15)* 1.38%
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 June 30, 2016

Holding Sector Percentage*
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 6.4%
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 5.9%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 5.3%
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 5.1%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
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 3.8%
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 3.5%
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%
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.
Financials 3.0%
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 3.0%
Total 43.3%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $337.650 6.4%
CoStar Group, Inc. Information Technology $7.118 5.3%
Guidewire Software, Inc. Information Technology $4.479 5.1%
Gartner, Inc. Information Technology $8.037 3.9%
Benefitfocus, Inc. Information Technology $1.120 3.8%
Facebook, Inc. Information Technology $326.876 3.5%
Tesla Motors, Inc. Consumer Discretionary $31.264 3.4%
Alphabet, Inc. - Cl C Information Technology $478.804 3.1%
Equinix, Inc. Financials $26.920 3.0%
The Priceline Group, Inc. Consumer Discretionary $61.970 3.0%
Acxiom Corp. Information Technology $1.711 2.9%
Alphabet, Inc. - Cl A Information Technology $478.804 2.8%
Manchester United plc Consumer Discretionary $2.611 2.8%
ANSYS, Inc. Information Technology $7.990 2.6%
ServiceNow, Inc. Information Technology $10.819 2.4%
Illumina, Inc. Health Care $20.664 2.3%
MarketAxess Holdings, Inc. Financials $5.462 2.2%
Mellanox Technologies Ltd. Information Technology $2.285 2.1%
Zillow Group, Inc. - Cl. C Information Technology $6.520 2.1%
salesforce.com, inc. Information Technology $53.800 2.0%
The Charles Schwab Corp. Financials $33.452 2.0%
Red Hat, Inc. Information Technology $13.147 2.0%
FireEye, Inc. Information Technology $2.740 2.0%
Press Ganey Holdings Inc Health Care $2.080 2.0%
Netflix, Inc. Consumer Discretionary $39.181 1.9%
MasterCard, Inc. Information Technology $96.751 1.8%
Visa, Inc. Information Technology $176.889 1.8%
SBA Communications Corp. Telecommunication Services $13.549 1.6%
Verisk Analytics, Inc. Industrials $13.635 1.6%
Bristol-Myers Squibb Co. Health Care $122.778 1.6%
Mobileye N.V. Information Technology $10.115 1.6%
Alibaba Group Holding Limited - ADR Information Technology $198.449 1.6%
PRINCIPAL CASH Cash & Cash Equivalents - 1.5%
athenahealth, Inc. Health Care $5.419 1.5%
Willis Towers Watson Plc. Financials $17.210 1.5%
Ctrip.com International, Ltd. Consumer Discretionary $18.550 1.4%
Alexion Pharmaceuticals, Inc. Health Care $26.157 1.4%
Inovalon Holdings, Inc. Cl A Health Care $2.744 1.4%
Concho Resources, Inc. Energy $15.690 1.2%
EXPEDIA INC. Consumer Discretionary $15.850 1.0%
Under Armour, Inc. Consumer Discretionary $16.644 0.5%
Pacira Pharmaceuticals, Inc. Health Care $1.254 0.5%
Biogen, Inc. Health Care $52.971 0.5%
TherapeuticsMD, Inc. Health Care $1.668 0.5%
Under Armour, Inc. CL C Consumer Discretionary $16.644 0.5%
Sage Therapeutics, Inc. Health Care $0.966 0.4%
Total 100.0%
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Sector Breakdown as of June 30, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.5%
Consumer Discretionary
  • Internet Retail 13.7%
  • Automobile Manufacturers 3.4%
  • Movies & Entertainment 2.8%
  • Apparel, Accessories & Luxury Goods 1.0%
20.9%
Energy
  • Oil & Gas Exploration & Production 1.2%
1.2%
Financials
  • Specialized REITs 3.0%
  • Specialized Finance 2.2%
  • Investment Banking & Brokerage 2.0%
  • Insurance Brokers 1.5%
8.7%
Health Care
  • Health Care Technology 4.9%
  • Pharmaceuticals 2.6%
  • Biotechnology 2.3%
  • Life Sciences Tools & Services 2.3%
12.1%
Industrials
  • Research & Consulting Services 1.6%
1.6%
Information Technology
  • Internet Software & Services 22.3%
  • Application Software 11.3%
  • IT Consulting & Other Services 6.8%
  • Systems Software 6.4%
  • Data Processing and Outsourced Services 3.5%
  • Semiconductors 2.1%
52.4%
Telecommunication Services
  • Integrated Telecommunication Services 1.6%
1.6%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 23.29% 1.41%
Application Software 12.47% 1.34%
Internet Retail 11.85% 0.68%
IT Consulting & Other Services 7.69% 0.63%
Specialized REITs 2.92% 0.48%
Top Detractors Average Weight Contribution
Life Sciences Tools & Services 2.68% -0.50%
Pharmaceuticals 2.41% -0.40%
Biotechnology 2.21% -0.32%
Automobile Manufacturers 3.50% -0.27%
Semiconductors 1.89% -0.23%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 5.93% 1.11%
CoStar Group, Inc. 5.64% 0.86%
Guidewire Software, Inc. 6.30% 0.80%
Zillow Group, Inc. 1.38% 0.66%
Gartner, Inc. 4.79% 0.57%
Top Detractors Average Weight Contribution
Illumina, Inc. 2.68% -0.50%
Alphabet Inc. 6.41% -0.48%
Pacira Pharmaceuticals, Inc. 0.60% -0.37%
Tesla Motors, Inc. 3.50% -0.27%
Alexion Pharmaceuticals, Inc. 1.42% -0.25%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 9.75% 1.73%
Specialized REITs 3.15% 1.46%
IT Consulting & Other Services^ 7.07% 1.26%
Specialized Finance 1.39% 0.69%
Application Software 12.97% 0.61%
Top Detractors Average Weight Contribution
Renewable Electricity 0.72% -1.69%
Systems Software 5.81% -1.68%
Life Sciences Tools & Services 3.27% -1.61%
Biotechnology 2.00% -1.59%
Semiconductor Equipment 0.37% -1.59%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 4.37% 1.97%
Equinix, Inc. 3.17% 1.47%
Facebook, Inc. 4.06% 1.19%
CoStar Group, Inc. 4.66% 0.73%
Guidewire Software, Inc. 5.95% 0.71%
Top Detractors Average Weight Contribution
Illumina, Inc. 3.27% -1.61%
SunEdison, Inc. 0.37% -1.59%
FireEye, Inc. 1.42% -1.17%
Restoration Hardware Holdings, Inc. 0.94% -1.10%
TerraForm Global, Inc. 0.50% -1.09%
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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.