Baron Partners Fund (BPTIX)

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Fund Description

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

   

   

Facts & Characteristics as of June 30, 2016

Inception Date January 31, 1992
Net Assets (All share classes combined) $1.65 billion
# of Equity Securities / % of Net Assets 30/129.6%
Turnover (3 Year Average) 24.22%
Median Market Cap $6.79 billion
Weighted Average Market Cap $12.72 billion
CUSIP 06828M405
Expense Ratio (as of FYE 12/15)* 1.06%
Interest Expense Ratio (as of FYE 12/15) 0.20%
Total Expense Ratio (as of FYE 12/15) 1.26%
EPS Growth (3-5 year forecast) 20.5%
Price/Earnings Ratio (trailing 12-month) 30.3
Price/Book Ratio 3.2
Price/Sales Ratio 3.5

Top Ten Holdings as of August 31, 2016

Holding Sector % of Long  
Positions
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 10.4%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 10.1%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 8.6%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 13 ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, Perisher in Australia and three U.S. regional resorts.
Consumer Discretionary 6.5%
Hyatt Hotels Corp. (H) is a global hospitality company with 612 Hyatt-branded properties representing 161,572 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.
Consumer Discretionary 6.1%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 6.1%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 5.0%
Zillow Group, Inc. (Z) operates the leading residential real estate web sites in the U.S., including Zillow.com, Trulia.com, StreetEasy.com and Hotpads.com. The company sells advertising on its sites to real estate brokerages, home builders, lenders, and home service providers. 
Information Technology 4.5%
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 4.1%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 3.9%
Total 65.3%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) % of Long  
Positions
CoStar Group, Inc. Information Technology $7.118 11.3%
Tesla Motors, Inc. Consumer Discretionary $31.264 11.0%
Arch Capital Group Ltd. Financials $8.791 8.1%
Vail Resorts, Inc. Consumer Discretionary $4.999 6.0%
Hyatt Hotels Corp. Consumer Discretionary $6.603 6.0%
FactSet Research Systems, Inc. Financials $6.599 5.9%
Zillow Group, Inc. - Cl. A Information Technology $6.520 5.4%
IDEXX Laboratories, Inc. Health Care $8.314 4.3%
Under Armour, Inc. Consumer Discretionary $16.644 4.1%
Manchester United plc Consumer Discretionary $2.611 4.0%
Gaming and Leisure Properties, Inc. Financials $6.967 3.6%
The Charles Schwab Corp. Financials $33.452 3.3%
Verisk Analytics, Inc. Industrials $13.635 3.3%
Gartner, Inc. Information Technology $8.037 3.0%
Inovalon Holdings, Inc. Cl A Health Care $2.744 2.9%
Fastenal Co. Industrials $12.824 2.5%
Illumina, Inc. Health Care $20.664 2.3%
The Carlyle Group Financials $1.313 2.2%
Air Lease Corp. Industrials $2.754 1.9%
AO World plc Consumer Discretionary $0.785 1.8%
Douglas Emmett, Inc. Financials $5.250 1.6%
CarMax, Inc. Consumer Discretionary $9.486 1.6%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $9.044 0.8%
Benefitfocus, Inc. Information Technology $1.120 0.7%
Mobileye N.V. Information Technology $10.115 0.6%
Amazon.com, Inc. Consumer Discretionary $337.650 0.5%
MGM Growth Properties LLC Financials $5.752 0.5%
Panera Bread Co. Consumer Discretionary $5.064 0.4%
Juno Therapeutics, Inc. Health Care $4.057 0.2%
Windy City Investments Holdings, L.L.C. Financials - 0.1%
Under Armour, Inc. CL C Consumer Discretionary $16.644 0.1%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of August 31, 2016

Sector Sub-Industry % of Long  
Positions
Consumer Discretionary
  • Automobile Manufacturers 10.4%
  • Hotels, Resorts & Cruise Lines 6.8%
  • Leisure Facilities 6.5%
  • Apparel, Accessories & Luxury Goods 4.2%
  • Movies & Entertainment 3.9%
  • Internet Retail 3.5%
  • Automotive Retail 1.8%
  • Restaurants 0.4%
37.5%
Financials
  • Property & Casualty Insurance 8.6%
  • Specialized Finance 6.1%
  • Investment Banking & Brokerage 3.9%
  • Specialized REITs 3.3%
  • Asset Management & Custody Banks 2.1%
  • Office REITs 1.6%
  • Hotel & Resort REITs 0.4%
26.1%
Health Care
  • Health Care Equipment 5.0%
  • Health Care Technology 3.6%
  • Life Sciences Tools & Services 2.6%
  • Biotechnology 0.1%
11.2%
Industrials
  • Trading Companies & Distributors 4.2%
  • Research & Consulting Services 3.1%
7.3%
Information Technology
  • Internet Software & Services 15.3%
  • IT Consulting & Other Services 2.6%
17.9%
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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 19.34% 4.25%
Health Care Equipment 5.18% 0.91%
Specialized REITs 4.40% 0.55%
Specialized Finance 7.23% 0.51%
Movies & Entertainment 5.23% 0.48%
Top Detractors Average Weight Contribution
Automobile Manufacturers 15.23% -1.09%
Internet Retail 3.16% -0.90%
Trading Companies & Distributors 6.16% -0.83%
Life Sciences Tools & Services 3.40% -0.69%
Specialty Stores 1.37% -0.46%
By Holdings
Top Contributors Average Weight Contribution
Zillow Group, Inc. 5.36% 2.15%
CoStar Group, Inc. 13.12% 1.99%
IDEXX Laboratories, Inc. 5.18% 0.91%
Gaming and Leisure Properties, Inc. 4.40% 0.55%
FactSet Research Systems, Inc. 7.23% 0.51%
Top Detractors Average Weight Contribution
Tesla Motors, Inc. 15.23% -1.09%
AO World plc 2.96% -0.90%
Illumina, Inc. 3.40% -0.69%
Air Lease Corp. 2.84% -0.51%
Dick's Sporting Goods, Inc. 1.37% -0.46%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 15.87% 3.00%
Leisure Facilities 6.27% 1.81%
Health Care Equipment 4.32% 1.67%
Electric Utilities 4.35% 1.18%
Property & Casualty Insurance 9.54% 0.74%
Top Detractors Average Weight Contribution
Automobile Manufacturers 12.29% -2.38%
Life Sciences Tools & Services 4.43% -2.20%
Investment Banking & Brokerage 5.60% -1.73%
Automotive Retail 5.45% -1.52%
Asset Management & Custody Banks^ 3.50% -1.38%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 6.27% 1.81%
IDEXX Laboratories, Inc. 4.32% 1.67%
Zillow Group, Inc. 3.77% 1.65%
CoStar Group, Inc. 11.72% 1.31%
ITC Holdings Corp. 4.35% 1.18%
Top Detractors Average Weight Contribution
Tesla Motors, Inc. 12.29% -2.38%
Illumina, Inc. 4.43% -2.20%
Mobileye N.V. 3.54% -1.84%
The Charles Schwab Corp. 5.60% -1.73%
CarMax, Inc. 5.45% -1.52%
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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 (29.6)% of Net Assets as of June 30, 2016.

Long Equity Exposure as a percentage of June 30, 2016 Net Assets              129.6%
Cash & Cash Equivalents as a percentage of June 30, 2016 Net Assets         (29.6)%

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.