Baron Partners Fund (BPTIX)

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Fund Description

Baron Partners Fund invests in all-cap companies with significant growth opportunities.



Fund Resources

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Ron Baron invests in people.

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Illumina Update     

Facts & Characteristics as of September 30, 2015

Inception Date January 31, 1992
Net Assets (All share classes combined) $1.90 billion
# of Equity Securities / % of Net Assets 29 / 124.7%
Turnover (3 Year Average) 21.25%
Median Market Cap $6.03 billion
Weighted Average Market Cap $11.09 billion
CUSIP 06828M405
Expense Ratio (as of FYE 12/14)* 1.06%
Interest Expense Ratio (as of FYE 12/14) 0.20%
Total Expense Ratio (as of FYE 12/14) 1.26%
EPS Growth (3-5 year forecast) 17.5%
Price/Earnings Ratio (trailing 12-month) 21.2
Price/Book Ratio 1.9
Price/Sales Ratio 2.8

Top Ten Holdings as of October 31, 2015

Holding Sector % of Long  
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 9.2%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 7.6%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It offers a sedan, Model S, its recently launched CUV, Model X, and plans to offer its lower cost Model 3 in few years. It is also commercializing battery based energy storage solutions.
Consumer Discretionary 7.3%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 5.6%
Hyatt Hotels Corp. (H) is a global hospitality company with 586 Hyatt-branded properties representing 157,284 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 5.4%
ITC Holdings Corp. (ITC) is the nation’s largest independent electric transmission company, serving an area of approximately 90,000 square miles in seven states.
Utilities 5.3%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars, with over $15 billion in annual sales and 150 superstores.
Consumer Discretionary 4.9%
The Charles Schwab Corp. (SCHW) is a premier discount brokerage firm offering securities brokerage and other financial services to individual investors directly and through independent financial advisors.
Financials 4.8%
Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, health care, and mortgage industries. Verisk enables risk-bearing businesses to better understand and manage their risks.
Industrials 4.4%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 12 world class ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, and Perisher in Australia.
Consumer Discretionary 4.4%
Total 58.9%
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Portfolio Holdings as of September 30, 2015

Holding Sector Market Cap ($Bn) % of Long  
Tesla Motors, Inc. Consumer Discretionary $32.352 8.6%
CoStar Group, Inc. Information Technology $5.619 8.0%
Arch Capital Group Ltd. Financials $8.996 7.6%
ITC Holdings Corp. Utilities $5.206 5.5%
FactSet Research Systems, Inc. Information Technology $6.619 5.2%
Hyatt Hotels Corp. Consumer Discretionary $6.740 5.2%
CarMax, Inc. Consumer Discretionary $12.341 5.0%
Verisk Analytics, Inc. Industrials $12.453 4.7%
The Charles Schwab Corp. Financials $37.574 4.6%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.882 4.3%
Vail Resorts, Inc. Consumer Discretionary $3.826 4.1%
Manchester United plc Consumer Discretionary $2.812 3.9%
Mobileye N.V. Information Technology $9.855 3.8%
Illumina, Inc. Health Care $25.441 3.7%
Air Lease Corp. Industrials $3.172 3.4%
IDEXX Laboratories, Inc. Health Care $6.831 3.3%
Fastenal Co. Industrials $10.623 2.9%
Gaming and Leisure Properties, Inc. Financials $3.401 2.8%
The Carlyle Group Financials $1.318 2.4%
Gartner, Inc. Information Technology $6.970 2.3%
Inovalon Holdings, Inc. Cl A Health Care $3.077 2.3%
Zillow Group, Inc. - Cl. C Information Technology $4.875 1.7%
The Middleby Corp. Industrials $6.030 1.2%
Zillow Group, Inc. - Cl. A Information Technology $4.875 1.2%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $13.131 0.7%
Under Armour, Inc. Consumer Discretionary $20.872 0.4%
Douglas Emmett, Inc. Financials $4.202 0.3%
Panera Bread Co. Consumer Discretionary $4.989 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.3%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $1.051 0.3%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of October 31, 2015

Sector Sub-Industry % of Long  
Consumer Discretionary
  • Automobile Manufacturers 7.3%
  • Hotels, Resorts & Cruise Lines 6.2%
  • Automotive Retail 4.9%
  • Leisure Facilities 4.4%
  • Movies & Entertainment 4.0%
  • Specialty Stores 3.3%
  • Apparel, Accessories & Luxury Goods 0.4%
  • Restaurants 0.3%
  • Property & Casualty Insurance 7.6%
  • Investment Banking & Brokerage 4.8%
  • Asset Management & Custody Banks 3.5%
  • Specialized REITs 2.6%
  • Office REITs 0.4%
Health Care
  • Health Care Equipment 3.0%
  • Life Sciences Tools & Services 3.0%
  • Health Care Technology 2.5%
  • Health Care Facilities 0.2%
  • Trading Companies & Distributors 6.2%
  • Research & Consulting Services 4.4%
  • Industrial Machinery 1.3%
Information Technology
  • Internet Software & Services 12.2%
  • Application Software 9.4%
  • IT Consulting & Other Services 2.4%
  • Electric Utilities 5.3%
  • Renewable Electricity 0.4%
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Top Contributors & Detractors as of September 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Property & Casualty Insurance 8.31% 0.69%
Health Care Equipment 3.63% 0.41%
Electric Utilities 6.31% 0.16%
Research & Consulting Services 5.40% 0.06%
Apparel, Accessories & Luxury Goods 0.46% 0.05%
Top Detractors Average Weight Contribution
Asset Management & Custody Banks^ 4.12% -1.58%
Internet Software & Services 13.25% -1.39%
Hotels, Resorts & Cruise Lines 7.34% -1.06%
Application Software 11.74% -0.98%
Life Sciences Tools & Services 5.03% -0.98%
By Holdings
Top Contributors Average Weight Contribution
Arch Capital Group Ltd. 8.31% 0.69%
IDEXX Laboratories, Inc. 3.63% 0.41%
ITC Holdings Corp. 6.31% 0.16%
Verisk Analytics, Inc. 5.40% 0.06%
Under Armour, Inc. 0.46% 0.05%
Top Detractors Average Weight Contribution
The Carlyle Group 3.81% -1.58%
CoStar Group, Inc. 10.17% -1.39%
Hyatt Hotels Corp. 6.47% -1.07%
Illumina, Inc. 5.03% -0.98%
Mobileye N.V. 5.61% -0.88%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Property & Casualty Insurance 7.69% 2.11%
Automotive Retail 6.37% 1.57%
Research & Consulting Services 5.21% 0.95%
Leisure Facilities 4.51% 0.82%
Health Care Equipment 3.85% 0.81%
Top Detractors Average Weight Contribution
Asset Management & Custody Banks^ 4.87% -1.72%
Oil & Gas Exploration & Production 1.11% -1.35%
Hotels, Resorts & Cruise Lines 7.68% -1.32%
Oil & Gas Drilling 0.71% -1.18%
Health Care Technology 2.04% -0.94%
By Holdings
Top Contributors Average Weight Contribution
Arch Capital Group Ltd. 7.69% 2.11%
FactSet Research Systems, Inc. 5.87% 1.58%
CarMax, Inc. 6.37% 1.57%
CoStar Group, Inc. 10.26% 1.15%
Verisk Analytics, Inc. 5.21% 0.95%
Top Detractors Average Weight Contribution
The Carlyle Group 4.54% -1.70%
Hyatt Hotels Corp. 7.20% -1.48%
Concho Resources, Inc. 1.11% -1.35%
Helmerich & Payne, Inc. 0.71% -1.18%
Inovalon Holdings, Inc. 2.04% -0.94%
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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, Sector Breakdown and Portfolio Holdings are based on long positions. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%. Excludes Cash and Cash Equivalents which was (24.7)% of Net Assets as of September 30, 2015.

Long Equity Exposure as a percentage of September 30, 2015 Net Assets              124.7%
Cash & Cash Equivalents as a percentage of September 30, 2015 Net Assets         (24.7)%

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.