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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Attribution Analysis 2Q14
Attribution Analysis 2Q14

Facts & Characteristics as of June 30, 2014

Inception Date January 31, 1992
Net Assets (All share classes combined) $1.84 billion
# of Equity Securities / % of Net Assets 25 / 116.3%
Turnover (3 Year Average) 21.18%
Median Market Cap $7.70 billion
Weighted Average Market Cap $11.66 billion
CUSIP 06828M405
Expense Ratio (as of FYE 12/13)* 1.11%
Interest Expense Ratio (as of FYE 12/13) 0.30%
Total Expense Ratio (as of FYE 12/13) 1.41%
EPS Growth (3-5 year forecast) 17.0%
Price/Earnings Ratio (trailing 12-month) 24.3
Price/Book Ratio 3.0
Price/Sales Ratio 2.3

Top Ten Holdings as of June 30, 2014

Download Attribution Analysis
Holding Sector % of Long  
Positions
Tesla Motors Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It also sells electric drivetrains to other vehicle manufacturers.
Consumer Discretionary 7.6%
Hyatt Hotels Corp. (H) is a global hospitality company with 554 Hyatt branded properties representing 148,239 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 7.1%
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 7.0%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 6.6%
Air Lease Corp. (AL) is a leasing company that purchases commercial aircraft to lease to airlines around the world.
Industrials 5.4%
Concho Resources, Inc. (CXO) is an independent oil and natural gas company engaged in the acquisition, development, exploitation, and exploration of oil and natural gas properties focused on the Permian basin in West Texas and New Mexico.
Energy 5.4%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars with over $13 billion in annual sales and 131 superstores.
Consumer Discretionary 4.9%
Dick’s Sporting Goods, Inc. (DKS) is a full-line sporting goods retailer offering brand-name sporting goods equipment, apparel, and footwear in a specialty-store environment. The company also has stores specializing in golf and hunting and fishing. There are approximately 570 Dick's Sporting Goods locations.
Consumer Discretionary 4.6%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 4.6%
The Charles Schwab Corp. (SCHW) is a premier discount brokerage firm offering securities brokerage and other financial services to individual investors directly, as well as through independent financial advisors.
Financials 4.5%
Total 57.7%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) % of Long  
Positions
Tesla Motors Inc. Consumer Discretionary $29.789 7.6%
Hyatt Hotels Corp. Consumer Discretionary $9.547 7.1%
ITC Holdings Corp. Utilities $5.750 7.0%
Arch Capital Group Ltd. Financials $7.703 6.6%
Concho Resources, Inc. Energy $16.145 5.4%
Air Lease Corp. Industrials $3.932 5.4%
CarMax, Inc. Consumer Discretionary $11.484 4.9%
CoStar Group, Inc. Information Technology $5.091 4.6%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.857 4.6%
The Charles Schwab Corp. Financials $35.040 4.5%
Fastenal Co. Industrials $14.681 4.2%
Verisk Analytics, Inc. Industrials $9.987 4.2%
FactSet Research Systems, Inc. Information Technology $5.093 3.9%
Helmerich & Payne, Inc. Energy $12.557 3.8%
The Carlyle Group Financials $2.177 3.5%
IDEXX Laboratories, Inc. Health Care $6.853 3.3%
Illumina, Inc. Health Care $22.925 3.3%
Vail Resorts, Inc. Consumer Discretionary $2.792 3.3%
Gaming and Leisure Properties, Inc. Financials $3.809 3.3%
Gartner, Inc. Information Technology $6.363 2.1%
Windy City Investments Holdings, L.L.C. Financials - 1.9%
Edwards Lifesciences Corp. Health Care $9.056 1.6%
T. Rowe Price Group, Inc. Financials $22.177 1.6%
Discovery Communications, Inc. Consumer Discretionary $25.411 1.4%
The Middleby Corp. Industrials $4.737 0.8%
Windy City Investments Holdings, L.L.C. Financials - 0.1%
Total 100.0%
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Sector Breakdown as of June 30, 2014

Sector Sub-Industry % of Long  
Positions
Consumer Discretionary
  • Automobile Manufacturers 7.6%
  • Hotels, Resorts & Cruise Lines 7.1%
  • Automotive Retail 4.9%
  • Specialty Stores 4.6%
  • Leisure Facilities 3.3%
  • Broadcasting 1.4%
28.9%
Energy
  • Oil & Gas Exploration & Production 5.4%
  • Oil & Gas Drilling 3.8%
9.2%
Financials
  • Asset Management & Custody Banks 7.2%
  • Property & Casualty Insurance 6.6%
  • Investment Banking & Brokerage 4.5%
  • Specialized REITs 3.3%
21.5%
Health Care
  • Health Care Equipment 4.9%
  • Life Sciences Tools & Services 3.3%
8.2%
Industrials
  • Trading Companies & Distributors 9.6%
  • Research & Consulting Services 4.2%
  • Industrial Machinery 0.8%
14.6%
Information Technology
  • Internet Software & Services 4.6%
  • Application Software 3.8%
  • IT Consulting & Other Services 2.1%
10.6%
Utilities
  • Electric Utilities 7.0%
7.0%
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Top Contributors & Detractors as of June 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
Hotels, Resorts & Cruise Lines 8.52% 1.13%
Automobile Manufacturers 7.66% 1.12%
Asset Management & Custody Banks^ 7.78% 1.11%
Oil & Gas Exploration & Production 6.28% 1.09%
Health Care Equipment 6.45% 0.77%
Top Detractors Average Weight Contribution
Health Care Technology 1.25% -1.09%
Internet Software & Services 5.37% -0.95%
Specialty Stores 4.84% -0.73%
Specialized REITs 4.02% -0.23%
Broadcasting 1.83% -0.22%
By Holdings
Top Contributors Average Weight Contribution
Windy City Investments Holdings, L.L.C. 2.38% 1.18%
Hyatt Hotels Corp. 8.52% 1.13%
Tesla Motors Inc. 7.66% 1.12%
Concho Resources, Inc. 6.28% 1.09%
Illumina, Inc. 3.55% 0.69%
Top Detractors Average Weight Contribution
athenahealth, Inc. 1.25% -1.09%
CoStar Group, Inc. 5.37% -0.95%
Dick's Sporting Goods, Inc. 4.84% -0.73%
Gaming and Leisure Properties, Inc. 4.02% -0.23%
Discovery Communications, Inc. 1.83% -0.22%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 4.69% 5.05%
Hotels, Resorts & Cruise Lines^ 9.26% 4.84%
Oil & Gas Exploration & Production 6.20% 4.05%
Oil & Gas Drilling 4.17% 3.02%
Asset Management & Custody Banks^ 6.39% 2.69%
Top Detractors Average Weight Contribution
Health Care Technology 0.72% -1.01%
Airlines 1.36% -0.45%
Specialty Stores 5.47% -0.17%
Movies & Entertainment 0.26% -0.05%
Air Freight & Logistics 2.47% -0.03%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.69% 5.05%
Hyatt Hotels Corp. 8.70% 4.06%
Concho Resources, Inc. 6.20% 4.05%
Helmerich & Payne, Inc. 4.17% 3.02%
ITC Holdings Corp. 9.98% 2.18%
Top Detractors Average Weight Contribution
athenahealth, Inc. 0.72% -1.01%
Ryanair Holdings plc 1.36% -0.45%
Dick's Sporting Goods, Inc. 5.47% -0.17%
DreamWorks Animation SKG, Inc. 0.26% -0.05%
T. Rowe Price Group, Inc. 0.47% -0.03%
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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 (16.3)% of Net Assets as of June 30, 2014.

Long Equity Exposure as a percentage of June 30, 2014 Net Assets              116.3%
Cash & Cash Equivalents as a percentage of June 30, 2014 Net Assets         (16.3)%

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.