Baron Partners Fund (BPTRX)

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Fund Description

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

   

   

Fund Resources

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Facts & Characteristics as of December 31, 2015

Inception Date January 31, 1992
Net Assets (All share classes combined) $1.90 billion
# of Equity Securities / % of Net Assets 31/129.8%
Turnover (3 Year Average) 22.16%
Median Market Cap $6.18 billion
Weighted Average Market Cap $11.79 billion
CUSIP 06828M108
Expense Ratio (as of FYE 12/14)* 1.32%
Interest Expense Ratio (as of FYE 12/14) 0.19%
Total Expense Ratio (as of FYE 12/14) 1.51%
EPS Growth (3-5 year forecast) 16.0%
Price/Earnings Ratio (trailing 12-month) 23.3
Price/Book Ratio 1.9
Price/Sales Ratio 2.9

Top Ten Holdings as of January 31, 2016

Holding Sector % of Long  
Positions
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It offers a sedan, Model S and its recently launched CUV, Model X; and it plans to offer its lower cost Model 3 in few years. It is also commercializing battery-based energy storage solutions.
Consumer Discretionary 9.5%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 9.4%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 7.9%
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 7.4%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 5.7%
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 5.6%
Hyatt Hotels Corp. (H) is a global hospitality company with 589 Hyatt-branded properties representing 156,754 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 4.9%
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 4.2%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 4.1%
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 3.8%
Total 62.5%
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Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) % of Long  
Positions
Tesla Motors, Inc. Consumer Discretionary $31.430 10.0%
CoStar Group, Inc. Information Technology $6.715 9.2%
Arch Capital Group Ltd. Financials $8.541 6.8%
ITC Holdings Corp. Utilities $6.022 6.1%
FactSet Research Systems, Inc. Financials $6.738 5.1%
The Charles Schwab Corp. Financials $43.353 5.1%
Hyatt Hotels Corp. Consumer Discretionary $6.528 5.0%
Vail Resorts, Inc. Consumer Discretionary $4.638 4.8%
Verisk Analytics, Inc. Industrials $13.026 4.5%
CarMax, Inc. Consumer Discretionary $10.936 4.3%
Illumina, Inc. Health Care $28.101 3.9%
Manchester United plc Consumer Discretionary $2.919 3.9%
Air Lease Corp. Industrials $3.401 3.3%
IDEXX Laboratories, Inc. Health Care $6.633 3.1%
Fastenal Co. Industrials $11.825 2.9%
Mobileye N.V. Information Technology $9.162 2.7%
Gaming and Leisure Properties, Inc. Financials $3.202 2.5%
Gartner, Inc. Information Technology $7.515 2.4%
The Carlyle Group Financials $1.253 2.1%
Dick's Sporting Goods, Inc. Consumer Discretionary $4.065 2.0%
AO World plc Consumer Discretionary $0.969 1.9%
Inovalon Holdings, Inc. Cl A Health Care $2.565 1.7%
Zillow Group, Inc. - Cl. A Information Technology $4.323 1.3%
Zillow Group, Inc. - Cl. C Information Technology $4.323 1.2%
Douglas Emmett, Inc. Financials $4.577 1.0%
The Middleby Corp. Industrials $6.183 0.9%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $13.350 0.7%
Benefitfocus, Inc. Information Technology $1.061 0.5%
Panera Bread Co. Consumer Discretionary $4.905 0.3%
Under Armour, Inc. Consumer Discretionary $17.397 0.3%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $0.995 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry % of Long  
Positions
Consumer Discretionary
  • Automobile Manufacturers 9.5%
  • Hotels, Resorts & Cruise Lines 5.6%
  • Leisure Facilities 5.6%
  • Movies & Entertainment 4.1%
  • Automotive Retail 3.7%
  • Specialty Stores 2.5%
  • Internet Retail 2.1%
  • Restaurants 0.4%
33.5%
Financials
  • Property & Casualty Insurance 7.9%
  • Specialized Finance 5.7%
  • Investment Banking & Brokerage 3.8%
  • Specialized REITs 2.8%
  • Asset Management & Custody Banks 2.3%
  • Office REITs 1.1%
23.6%
Health Care
  • Life Sciences Tools & Services 3.8%
  • Health Care Equipment 3.6%
  • Health Care Technology 2.0%
9.5%
Industrials
  • Trading Companies & Distributors 4.4%
  • Research & Consulting Services 4.2%
8.6%
Information Technology
  • Internet Software & Services 12.4%
  • IT Consulting & Other Services 2.8%
  • Application Software 2.0%
17.1%
Utilities
  • Electric Utilities 7.4%
  • Renewable Electricity 0.3%
7.7%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 14.81% 1.52%
Electric Utilities 6.94% 1.20%
Leisure Facilities 5.62% 1.16%
Investment Banking & Brokerage 6.25% 0.86%
Trading Companies & Distributors 7.77% 0.78%
Top Detractors Average Weight Contribution
Specialty Stores 3.73% -1.39%
Health Care Technology 2.86% -0.56%
Automotive Retail 5.79% -0.54%
Specialized Finance 4.57% -0.51%
Property & Casualty Insurance 9.27% -0.46%
By Holdings
Top Contributors Average Weight Contribution
CoStar Group, Inc. 11.31% 1.92%
ITC Holdings Corp. 6.94% 1.20%
Vail Resorts, Inc. 5.62% 1.16%
The Charles Schwab Corp. 6.25% 0.86%
Illumina, Inc. 4.30% 0.44%
Top Detractors Average Weight Contribution
Dick's Sporting Goods, Inc. 3.73% -1.39%
Inovalon Holdings, Inc. 2.86% -0.56%
CarMax, Inc. 5.79% -0.54%
Arch Capital Group Ltd. 9.27% -0.46%
Zillow Group, Inc. 3.47% -0.39%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 4.84% 1.76%
Property & Casualty Insurance 8.13% 1.14%
Research & Consulting Services 5.41% 0.97%
Internet Software & Services 13.07% 0.68%
Automobile Manufacturers 9.63% 0.60%
Top Detractors Average Weight Contribution
Health Care Technology 2.76% -1.52%
Hotels, Resorts & Cruise Lines 7.55% -1.45%
Asset Management & Custody Banks^ 4.43% -1.29%
Specialty Stores 5.05% -1.27%
Automotive Retail 6.32% -1.14%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 4.84% 1.76%
CoStar Group, Inc. 10.69% 1.46%
Arch Capital Group Ltd. 8.13% 1.14%
Verisk Analytics, Inc. 5.41% 0.97%
FactSet Research Systems, Inc. 6.19% 0.85%
Top Detractors Average Weight Contribution
Hyatt Hotels Corp. 6.88% -1.54%
Inovalon Holdings, Inc. 2.76% -1.52%
The Carlyle Group 4.02% -1.33%
Dick's Sporting Goods, Inc. 5.05% -1.27%
CarMax, Inc. 6.32% -1.14%
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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.