Baron Partners Fund (BPTRX)

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Fund Description

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

   

   

Facts & Characteristics as of March 31, 2016

Inception Date January 31, 1992
Net Assets (All share classes combined) $1.70 billion
# of Equity Securities / % of Net Assets 27/125.2%
Turnover (3 Year Average) 27.05%
Median Market Cap $6.12 billion
Weighted Average Market Cap $11.16 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) 21.2%
Price/Earnings Ratio (trailing 12-month) 27.4
Price/Book Ratio 3.0
Price/Sales Ratio 2.9

Top Ten Holdings as of March 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 12.0%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 9.8%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 8.0%
Hyatt Hotels Corp. (H) is a global hospitality company with 599 Hyatt-branded properties representing 159,336 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.
Consumer Discretionary 6.1%
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 5.8%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 5.5%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars, with over $15 billion in annual sales and 150 superstores.
Consumer Discretionary 4.2%
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 4.0%
Illumina, Inc. (ILMN)  is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.8%
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 3.8%
Total 63.0%
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Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) % of Long  
Positions
Tesla Motors, Inc. Consumer Discretionary $30.343 12.0%
CoStar Group, Inc. Information Technology $6.118 9.8%
Arch Capital Group Ltd. Financials $8.680 8.0%
Hyatt Hotels Corp. Consumer Discretionary $6.713 6.1%
Vail Resorts, Inc. Consumer Discretionary $4.847 5.8%
FactSet Research Systems, Inc. Financials $6.242 5.5%
CarMax, Inc. Consumer Discretionary $10.002 4.2%
The Charles Schwab Corp. Financials $37.026 4.0%
Illumina, Inc. Health Care $23.837 3.8%
Verisk Analytics, Inc. Industrials $13.429 3.8%
IDEXX Laboratories, Inc. Health Care $7.017 3.7%
Manchester United plc Consumer Discretionary $2.366 3.7%
Zillow Group, Inc. - Cl. A Information Technology $4.339 3.6%
Gaming and Leisure Properties, Inc. Financials $3.617 3.2%
Fastenal Co. Industrials $14.138 2.8%
Gartner, Inc. Information Technology $7.357 2.7%
Inovalon Holdings, Inc. Cl A Health Care $2.810 2.6%
AO World plc Consumer Discretionary $1.083 2.5%
Air Lease Corp. Industrials $3.303 2.4%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.373 2.2%
The Carlyle Group Financials $1.373 2.2%
Mobileye N.V. Information Technology $8.081 1.9%
Douglas Emmett, Inc. Financials $4.436 1.4%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $12.568 0.8%
Benefitfocus, Inc. Information Technology $0.974 0.6%
Panera Bread Co. Consumer Discretionary $4.993 0.4%
Windy City Investments Holdings, L.L.C. Financials - 0.3%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of March 31, 2016

Sector Sub-Industry % of Long  
Positions
Consumer Discretionary
  • Automobile Manufacturers 12.0%
  • Hotels, Resorts & Cruise Lines 6.9%
  • Leisure Facilities 5.8%
  • Automotive Retail 4.2%
  • Movies & Entertainment 3.7%
  • Internet Retail 2.5%
  • Specialty Stores 2.2%
  • Restaurants 0.4%
37.6%
Financials
  • Property & Casualty Insurance 8.0%
  • Specialized Finance 5.5%
  • Investment Banking & Brokerage 4.0%
  • Specialized REITs 3.2%
  • Asset Management & Custody Banks 2.5%
  • Office REITs 1.4%
24.7%
Health Care
  • Life Sciences Tools & Services 3.8%
  • Health Care Equipment 3.7%
  • Health Care Technology 2.6%
10.1%
Industrials
  • Trading Companies & Distributors 5.2%
  • Research & Consulting Services 3.8%
9.0%
Information Technology
  • Internet Software & Services 14.0%
  • IT Consulting & Other Services 2.7%
  • Application Software 1.9%
18.6%
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Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Specialty Stores 3.12% 1.04%
Hotels, Resorts & Cruise Lines 7.99% 0.76%
Leisure Facilities 7.28% 0.58%
Specialized REITs 3.75% 0.51%
Internet Retail 2.99% 0.43%
Top Detractors Average Weight Contribution
Investment Banking & Brokerage 5.32% -1.33%
Internet Software & Services 16.12% -1.30%
Movies & Entertainment 5.04% -1.16%
Life Sciences Tools & Services 4.97% -0.92%
Application Software 2.69% -0.76%
By Holdings
Top Contributors Average Weight Contribution
Dick's Sporting Goods, Inc. 3.12% 1.04%
Hyatt Hotels Corp. 7.07% 0.83%
Fastenal Co. 3.50% 0.66%
Vail Resorts, Inc. 7.28% 0.58%
Gaming and Leisure Properties, Inc. 3.75% 0.51%
Top Detractors Average Weight Contribution
The Charles Schwab Corp. 5.32% -1.33%
Manchester United plc 5.04% -1.16%
CoStar Group, Inc. 12.29% -1.14%
Illumina, Inc. 4.97% -0.92%
Mobileye N.V. 2.69% -0.76%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 5.59% 1.74%
Automobile Manufacturers 10.81% 1.60%
Property & Casualty Insurance 8.83% 1.15%
Internet Retail 0.98% 0.58%
Research & Consulting Services 5.43% 0.44%
Top Detractors Average Weight Contribution
Automotive Retail 6.00% -1.59%
Health Care Technology 3.03% -1.28%
Internet Software & Services 14.01% -1.25%
Asset Management & Custody Banks^ 3.99% -1.09%
Specialty Stores 4.38% -0.96%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 5.59% 1.74%
Tesla Motors, Inc. 10.81% 1.60%
Arch Capital Group Ltd. 8.83% 1.15%
Fastenal Co. 3.54% 0.73%
AO World plc 0.98% 0.58%
Top Detractors Average Weight Contribution
CarMax, Inc. 6.00% -1.59%
Mobileye N.V. 3.75% -1.58%
Inovalon Holdings, Inc. 3.03% -1.28%
The Carlyle Group 3.56% -1.12%
Dick's Sporting Goods, Inc. 4.38% -0.96%
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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 (29.8)% of Net Assets as of December 31, 2015.

Long Equity Exposure as a percentage of September 30, 2015 Net Assets              129.8%
Cash & Cash Equivalents as a percentage of September 30, 2015 Net Assets         (29.8)%

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.