Baron Opportunity Fund (BIOPX)

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Fund Description

Baron Opportunity Fund invests in innovative high-growth companies.

    

  

Facts & Characteristics as of September 30, 2016

Inception Date February 29, 2000
Net Assets (All share classes combined) $250.77 million
# of Equity Securities / % of Net Assets 45/100.0%
Turnover (3 Year Average) 45.88%
Median Market Cap $13.02 billion
Weighted Average Market Cap $100.41 billion
CUSIP 068278407
Expense Ratio (as of FYE 09/15)* 1.38%
EPS Growth (3-5 year forecast) 24.4%
Price/Earnings Ratio (trailing 12-month) 42.0
Price/Book Ratio 4.6
Price/Sales Ratio 5.5

Top Ten Holdings as of October 31, 2016

Holding Sector Percentage*
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing value and convenience to its customers. It also operates the industry-leading cloud infrastructure business Amazon Web Services.
Consumer Discretionary 7.5%
Alphabet, Inc. (GOOG) (formerly Google Inc.) is the world’s most recognized and dominant online search provider. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Information Technology 6.9%
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 5.0%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 4.8%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.0%
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 3.7%
Netflix, Inc. (NFLX) is an internet subscription service that allows subscribers to watch TV shows and movies on demand via their TVs, computers, and mobile devices. In the U.S., Netflix also offers a DVD-by-mail subscription service.
Consumer Discretionary 3.7%
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 3.4%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles powered by purely electric drivetrains. It offers a sedan (Model S), a CUV (Model X), and battery-based energy storage. Tesla expects to start delivering its mass market vehicle, Model 3, in 2017 for a base price of $35k.
Consumer Discretionary 3.3%
Acxiom Corp. (ACXM) is a leading provider of database marketing solutions and IT outsourcing services to large enterprise customers.
Information Technology 3.3%
Total 45.6%
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Portfolio Holdings as of September 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $396.947 7.5%
CoStar Group, Inc. Information Technology $7.060 4.9%
Guidewire Software, Inc. Information Technology $4.383 4.9%
Benefitfocus, Inc. Information Technology $1.184 3.9%
Gartner, Inc. Information Technology $7.308 3.7%
Acxiom Corporation Information Technology $2.063 3.6%
Alphabet Inc. - Cl C Information Technology $542.758 3.5%
Facebook, Inc. Information Technology $368.305 3.4%
Tesla Motors, Inc. Consumer Discretionary $30.338 3.3%
Alphabet Inc. - Cl A Information Technology $542.758 2.9%
Equinix, Inc. Real Estate $25.605 2.8%
ServiceNow, Inc. Information Technology $13.020 2.8%
Netflix, Inc. Consumer Discretionary $42.251 2.7%
Manchester United plc Consumer Discretionary $2.769 2.7%
Illumina, Inc. Health Care $26.631 2.2%
Visa, Inc. Information Technology $195.239 2.2%
Alibaba Group Holding Limited - ADR Information Technology $263.975 2.1%
salesforce.com, inc. Information Technology $48.861 2.0%
Expedia, Inc. Consumer Discretionary $17.495 2.0%
The Priceline Group, Inc. Consumer Discretionary $72.731 2.0%
The Charles Schwab Corp. Financials $41.767 2.0%
Mastercard Incorporated Information Technology $111.717 2.0%
Red Hat, Inc. Information Technology $14.638 2.0%
Press Ganey Holdings, Inc Health Care $2.242 2.0%
Zillow Group, Inc. - Cl. C Information Technology $6.231 2.0%
Mellanox Technologies Ltd. Information Technology $2.081 1.9%
ANSYS, Inc. Information Technology $8.077 1.9%
MarketAxess Holdings Inc. Financials $6.231 1.9%
SBA Communications Corp. Telecommunication Services $13.977 1.7%
Ctrip.com International, Ltd. Consumer Discretionary $23.175 1.7%
Willis Towers Watson Public Limited Company Financials $18.329 1.6%
Verisk Analytics, Inc. Industrials $13.734 1.5%
Mobileye N.V. Information Technology $9.333 1.5%
Concho Resources, Inc. Energy $19.337 1.3%
The Trade Desk Information Technology $1.117 1.3%
Glaukos Corporation Health Care $1.246 1.2%
athenahealth, Inc. Health Care $4.962 1.0%
Sage Therapeutics, Inc. Health Care $1.680 1.0%
TherapeuticsMD, Inc. Health Care $1.338 0.9%
Alexion Pharmaceuticals, Inc. Health Care $27.479 0.7%
Talend S.A. ADR Information Technology $0.732 0.7%
Foundation Medicine, Inc. Health Care $0.816 0.6%
Under Armour, Inc. Consumer Discretionary $15.774 0.5%
Qualys, Inc. Information Technology $1.351 0.5%
FireEye, Inc. Information Technology $2.499 0.5%
Juno Therapeutics, Inc. Health Care $3.174 0.5%
Under Armour, Inc. CL C Consumer Discretionary $15.774 0.5%
PRINCIPAL CASH Cash & Cash Equivalents - 0.0%
Total 100.0%
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Sector Breakdown as of October 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.0%
Consumer Discretionary
  • Internet & Direct Marketing Retail 17.3%
  • Automobile Manufacturers 3.3%
  • Movies & Entertainment 2.6%
  • Apparel, Accessories & Luxury Goods 0.8%
24.0%
Energy
  • Oil & Gas Exploration & Production 1.3%
1.3%
Financials
  • Investment Banking & Brokerage 2.0%
  • Financial Exchanges & Data 1.8%
  • Insurance Brokers 1.7%
5.5%
Health Care
  • Biotechnology 3.2%
  • Health Care Equipment 1.8%
  • Life Sciences Tools & Services 1.7%
  • Pharmaceuticals 0.9%
7.6%
Industrials
  • Research & Consulting Services 1.6%
1.6%
Information Technology
  • Internet Software & Services 24.0%
  • Application Software 10.6%
  • IT Consulting & Other Services 7.3%
  • Systems Software 6.7%
  • Data Processing and Outsourced Services 4.6%
  • Semiconductors 2.1%
55.3%
Real Estate
  • Specialized REITs 2.9%
2.9%
Telecommunication Services
  • Integrated Telecommunication Services 1.8%
1.8%
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Top Contributors & Detractors as of September 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 22.92% 2.29%
Internet & Direct Marketing Retail 14.73% 2.04%
Systems Software 6.63% 0.75%
Life Sciences Tools & Services 2.13% 0.56%
Biotechnology 2.30% 0.53%
Top Detractors Average Weight Contribution
Pharmaceuticals 1.97% -0.43%
Application Software 10.97% -0.41%
Health Care Technology 3.86% -0.27%
Semiconductors 1.94% -0.20%
Specialized REITs 2.84% -0.20%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 6.77% 1.11%
Alphabet Inc. 6.41% 0.79%
Acxiom Corporation 3.27% 0.63%
Illumina, Inc. 2.13% 0.56%
Alibaba Group Holding Limited 1.83% 0.53%
Top Detractors Average Weight Contribution
Bristol-Myers Squibb Company 1.32% -0.39%
Gartner, Inc. 3.77% -0.36%
salesforce.com, inc. 1.98% -0.21%
Equinix, Inc. 2.84% -0.20%
FireEye, Inc. 1.36% -0.20%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 22.80% 5.31%
Internet & Direct Marketing Retail 11.41% 3.78%
IT Consulting & Other Services 7.33% 1.54%
Specialized Finance 1.55% 1.20%
Specialized REITs 3.07% 1.18%
Top Detractors Average Weight Contribution
Homefurnishing Retail 0.55% -1.08%
Pharmaceuticals 1.57% -0.91%
Automobile Manufacturers 3.29% -0.72%
Biotechnology 1.91% -0.70%
Oil & Gas Storage & Transportation 0.20% -0.40%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 5.43% 2.92%
Facebook, Inc. 4.17% 1.61%
Alphabet Inc. 6.13% 1.29%
CoStar Group, Inc. 4.99% 1.27%
Equinix, Inc. 3.07% 1.18%
Top Detractors Average Weight Contribution
Restoration Hardware Holdings, Inc. 0.55% -1.08%
LinkedIn Corp. 0.54% -0.87%
FireEye, Inc. 1.38% -0.84%
Tesla Motors, Inc. 3.29% -0.72%
Alexion Pharmaceuticals, Inc. 1.24% -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.