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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Standard Fact Sheet

Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares


Attribution Analysis 1Q15
Attribution Analysis 1Q15

Facts & Characteristics as of March 31, 2015

Inception Date January 31, 1992
Net Assets (All share classes combined) $2.02 billion
# of Equity Securities / % of Net Assets 26/114.8%
Turnover (3 Year Average) 23.26%
Median Market Cap $7.00 billion
Weighted Average Market Cap $10.12 billion
CUSIP 06828M108
Expense Ratio (as of FYE 12/13)* 1.38%
Interest Expense Ratio (as of FYE 12/13) 0.29%
Total Expense Ratio (as of FYE 12/13) 1.67%
EPS Growth (3-5 year forecast) 15.8%
Price/Earnings Ratio (trailing 12-month) 23.5
Price/Book Ratio 3.1
Price/Sales Ratio 2.4

Top Ten Holdings as of April 30, 2015

Download Attribution Analysis for Institutional Share Class
Holding Sector % of Long  
Positions
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 9.5%
Tesla Motors Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It also sells electric drivetrains to other vehicle manufacturers and is in the process of developing battery storage devices for home applications.
Consumer Discretionary 7.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 6.3%
Hyatt Hotels Corp. (H) is a global hospitality company with 587 Hyatt-branded properties representing 155,265 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 6.1%
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 6.0%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars, with over $14 billion in annual sales and 140 superstores.
Consumer Discretionary 5.8%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 5.1%
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 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 600 Dick's Sporting Goods locations.
Consumer Discretionary 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 4.8%
Total 61.2%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) % of Long  
Positions
CoStar Group, Inc. Information Technology $6.392 9.4%
Tesla Motors Inc. Consumer Discretionary $23.740 6.7%
Arch Capital Group Ltd. Financials $7.710 6.5%
ITC Holdings Corp. Utilities $5.809 6.4%
Hyatt Hotels Corp. Consumer Discretionary $8.782 6.4%
CarMax, Inc. Consumer Discretionary $14.493 5.9%
FactSet Research Systems, Inc. Information Technology $6.640 5.3%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.770 5.2%
The Charles Schwab Corp. Financials $39.968 5.0%
Verisk Analytics, Inc. Industrials $11.289 4.6%
Air Lease Corp. Industrials $3.871 4.5%
Vail Resorts, Inc. Consumer Discretionary $3.759 4.1%
The Carlyle Group Financials $1.867 3.9%
Manchester United plc Consumer Discretionary $2.606 3.7%
IDEXX Laboratories, Inc. Health Care $7.236 3.5%
Gaming and Leisure Properties, Inc. Financials $4.191 3.5%
Fastenal Co. Industrials $12.244 3.2%
Inovalon Holdings, Inc. Cl A Health Care $4.460 3.2%
Gartner, Inc. Information Technology $7.339 2.3%
Illumina, Inc. Health Care $26.695 1.8%
Zillow Group, Inc. Information Technology $5.779 1.7%
Mobileye N.V. Information Technology $9.108 1.3%
The Middleby Corp. Industrials $5.879 1.2%
Windy City Investments Holdings, L.L.C. Financials - 0.3%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $12.343 0.3%
Under Armour, Inc. Consumer Discretionary $17.399 0.1%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of April 30, 2015

Sector Sub-Industry % of Long  
Positions
Consumer Discretionary
  • Automobile Manufacturers 7.9%
  • Hotels, Resorts & Cruise Lines 6.4%
  • Automotive Retail 5.8%
  • Specialty Stores 4.8%
  • Leisure Facilities 3.9%
  • Movies & Entertainment 3.5%
  • Restaurants 0.2%
  • Apparel, Accessories & Luxury Goods 0.1%
32.5%
Financials
  • Property & Casualty Insurance 6.3%
  • Investment Banking & Brokerage 4.9%
  • Asset Management & Custody Banks 4.5%
  • Specialized REITs 3.3%
19.0%
Health Care
  • Life Sciences Tools & Services 3.9%
  • Health Care Equipment 2.8%
  • Health Care Technology 2.8%
9.5%
Industrials
  • Trading Companies & Distributors 7.6%
  • Research & Consulting Services 4.8%
  • Industrial Machinery 1.2%
13.6%
Information Technology
  • Internet Software & Services 10.5%
  • Application Software 6.5%
  • IT Consulting & Other Services 2.3%
19.3%
Utilities
  • Electric Utilities 6.0%
6.1%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Specialized REITs 3.76% 0.94%
Specialty Stores 5.83% 0.83%
Application Software 6.87% 0.78%
Internet Software & Services 12.31% 0.66%
Leisure Facilities 4.26% 0.59%
Top Detractors Average Weight Contribution
Automobile Manufacturers 8.52% -1.44%
Electric Utilities 8.10% -0.54%
Casinos & Gaming 0.66% -0.34%
Broadcasting 0.37% -0.15%
Hotels, Resorts & Cruise Lines 7.75% -0.11%
By Holdings
Top Contributors Average Weight Contribution
Gaming and Leisure Properties, Inc. 3.76% 0.94%
Dick's Sporting Goods, Inc. 5.83% 0.83%
CoStar Group, Inc. 10.56% 0.81%
FactSet Research Systems, Inc. 5.89% 0.76%
Air Lease Corp. 6.53% 0.66%
Top Detractors Average Weight Contribution
Tesla Motors Inc. 8.52% -1.44%
Fastenal Co. 3.98% -0.55%
ITC Holdings Corp. 8.10% -0.54%
Wynn Resorts Ltd. 0.66% -0.34%
Hyatt Hotels Corp. 7.44% -0.16%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Automotive Retail 5.78% 2.55%
Application Software 5.63% 2.03%
Leisure Facilities 4.11% 1.78%
Health Care Equipment 4.98% 1.70%
Internet Software & Services 8.50% 1.23%
Top Detractors Average Weight Contribution
Oil & Gas Drilling 2.86% -1.59%
Automobile Manufacturers 9.14% -1.29%
Oil & Gas Exploration & Production 4.17% -1.24%
Health Care Technology 0.76% -0.97%
Broadcasting 1.37% -0.51%
By Holdings
Top Contributors Average Weight Contribution
CarMax, Inc. 5.78% 2.55%
FactSet Research Systems, Inc. 5.09% 2.27%
Vail Resorts, Inc. 4.11% 1.78%
CoStar Group, Inc. 7.86% 1.46%
Windy City Investments Holdings, L.L.C. 1.38% 1.32%
Top Detractors Average Weight Contribution
Helmerich & Payne, Inc. 2.86% -1.59%
Tesla Motors Inc. 9.14% -1.29%
Concho Resources, Inc. 4.17% -1.24%
athenahealth, Inc. 0.31% -1.12%
The Carlyle Group 4.46% -0.91%
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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 (14.8)% of Net Assets as of March 31, 2015.

Long Equity Exposure as a percentage of March 31, 2015 Net Assets              114.8%
Cash & Cash Equivalents as a percentage of March 31, 2015 Net Assets         (14.8)%

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.