Baron Real Estate Fund (BREFX)

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Fund Description

Baron Real Estate Fund invests in securities of real estate and real estate related companies of all sizes.

  

Facts & Characteristics as of December 31, 2014

Inception Date December 31, 2009
Net Assets (All share classes combined) $1.70 billion
# of Equity Securities / % of Net Assets 52/98.4%
Turnover (3 Year Average) 24.63%
Median Market Cap $6.34 billion
Weighted Average Market Cap $15.53 billion
CUSIP 06828M702
Expense Ratio (as of FYE 12/13) 1.35%
EPS Growth (3-5 year forecast) 13.6%
Price/Earnings Ratio (trailing 12-month) 28.1
Price/Book Ratio 2.9
Price/Sales Ratio 2.4

Top Ten Holdings as of December 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Brookdale Senior Living, Inc. (BKD) is a leading owner and operator of senior living communities located throughout the United States. The company offers residents in its communities a full continuum of services, including independent and assisted living, memory care, and skilled nursing.
Health Care 9.0%
Jones Lang LaSalle, Inc. (JLL) is one of the world's largest providers of commercial real estate transaction, consulting, and investment management services through a network of more than 100 offices worldwide.
Financials 3.6%
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 3.6%
CBRE Group, Inc. (CBG) is a leading commercial real estate services company with a number one market share in all of its major businesses.
Financials 3.6%
Starwood Hotels & Resorts Worldwide, Inc. (HOT) is a leading hotel company with operations primarily in the luxury and upper upscale segments with its St. Regis, Sheraton, Westin, W, Luxury Collection, Le Meridien, Four Points, Aloft, and Element brands.
Consumer Discretionary 3.4%
Capital Senior Living Corp. (CSU) is a senior housing company that owns, operates, manages, and develops independent and assisted living facilities for middle- and upper-income elderly residents. The company operates 99 senior living communities in 23 states.
Health Care 3.3%
Home Depot, Inc. (HD) is the largest home improvement retailer in the U.S., with 2,260 stores worldwide (1,977 U.S.).
Consumer Discretionary 3.1%
Wyndham Worldwide Corp. (WYN) is one of the largest hospitality companies, offering consumers and business customers a broad suite of services in the lodging, timeshare exchange, vacation rentals and vacation ownership businesses.
Consumer Discretionary 3.0%
Equinix, Inc. (EQIX) is a network neutral operator of state-of-the-art data centers across North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers, among others.  
Information Technology 2.9%
Mohawk Industries, Inc.
Consumer Discretionary 2.8%
Total 38.3%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Brookdale Senior Living, Inc. Health Care $6.726 9.0%
CBRE Group, Inc. Financials $11.401 3.6%
Jones Lang LaSalle, Inc. Financials $6.720 3.6%
Hyatt Hotels Corp. Consumer Discretionary $9.140 3.6%
Starwood Hotels & Resorts Worldwide, Inc. Consumer Discretionary $14.477 3.4%
Capital Senior Living Corp. Health Care $0.725 3.3%
Home Depot, Inc. Consumer Discretionary $138.332 3.1%
Wyndham Worldwide Corp. Consumer Discretionary $10.571 3.0%
Equinix, Inc. Information Technology $12.455 2.9%
Mohawk Industries, Inc. Consumer Discretionary $11.325 2.8%
Hilton Worldwide Holdings, Inc. Consumer Discretionary $25.689 2.6%
Diamond Resorts International, Inc. Consumer Discretionary $2.111 2.4%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $10.456 2.3%
Kennedy Wilson Europe Real Estate PLC Financials $2.225 2.1%
Kennedy-Wilson Holdings, Inc. Financials $2.399 1.9%
American Tower Corp. Financials $39.190 1.8%
Lowe's Companies, Inc. Consumer Discretionary $66.936 1.8%
SBA Communications Corp. Telecommunication Services $14.299 1.8%
Simon Property Group, Inc. Financials $57.241 1.8%
Toll Brothers, Inc. Consumer Discretionary $6.012 1.8%
D.R. Horton, Inc. Consumer Discretionary $9.239 1.7%
CaesarStone Sdot-Yam Ltd. Materials $2.100 1.7%
PRINCIPAL CASH Cash & Cash Equivalents - 1.6%
Brookfield Infrastructure Partners L.P. Utilities $6.294 1.6%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.751 1.6%
Sunstone Hotel Investors, Inc. Financials $3.391 1.6%
Masonite International Corp. Industrials $1.835 1.6%
Douglas Emmett, Inc. Financials $4.113 1.5%
Forest City Enterprises, Inc. - Cl A Financials $4.282 1.5%
Brookfield Residential Properties Inc. Consumer Discretionary $2.825 1.5%
Howard Hughes Corp. Financials $5.170 1.4%
Strategic Hotels & Resorts, Inc. Financials $3.538 1.4%
Alexandria Real Estate Equities, Inc. Financials $6.390 1.3%
SL Green Realty Corp. Financials $11.636 1.3%
Vornado Realty Trust Financials $22.098 1.3%
Essent Group Ltd. Financials $2.379 1.3%
Brookfield Asset Management, Inc. Financials $31.545 1.2%
Boston Properties, Inc. Financials $19.702 1.2%
General Growth Properties, Inc. Financials $24.870 1.2%
Prologis, Inc. Financials $21.515 1.2%
Education Realty Trust, Inc. Financials $1.738 1.2%
Blackstone Mortgage Trust, Inc. Financials $1.697 1.2%
American Campus Communities, Inc. Financials $4.348 1.1%
AvalonBay Communities, Inc. Financials $21.569 1.1%
Builders FirstSource, Inc. Industrials $0.674 1.1%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.419 1.1%
Las Vegas Sands Corp. Consumer Discretionary $46.644 1.0%
Wynn Resorts Ltd. Consumer Discretionary $15.077 1.0%
CyrusOne Inc. Financials $1.065 1.0%
ITC Holdings Corp. Utilities $6.296 0.9%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.431 0.8%
LaSalle Hotel Properties Financials $4.565 0.7%
Tanger Factory Outlet Centers, Inc. Financials $3.544 0.5%
Total 100.0%
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Sector Breakdown as of December 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.6%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 18.1%
  • Homebuilding 5.0%
  • Home Improvement Retail 4.8%
  • Home Furnishings 2.8%
  • Casinos & Gaming 2.0%
32.8%
Financials
  • Real Estate Services^ 9.1%
  • Office REITs^ 5.0%
  • Hotel & Resort REITs 3.7%
  • Retail REITs 3.6%
  • Real Estate Operating Companies^ 3.6%
  • Residential REITs 3.4%
  • Specialized REITs^ 3.1%
  • Real Estate Development 1.4%
  • Thrifts & Mortgage Finance 1.3%
  • Diversified REITs 1.3%
  • Industrial REITs 1.2%
  • Mortgage REITs 1.2%
  • Diversified Real Estate Activities 1.2%
39.1%
Health Care
  • Health Care Facilities 12.3%
12.3%
Industrials
  • Building Products 2.7%
2.7%
Information Technology
  • IT Consulting & Other Services^ 2.9%
2.9%
Materials
  • Construction Materials 1.7%
1.7%
Telecommunication Services
  • Wireless Telecommunication Services 4.5%
4.4%
Utilities
  • Electric Utilities 2.5%
2.5%
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Top Contributors & Detractors as of December 31, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Facilities 12.29% 1.75%
Real Estate Services 9.37% 1.38%
Home Improvement Retail 5.63% 1.06%
Homebuilding 4.88% 0.98%
Hotels, Resorts & Cruise Lines 18.60% 0.83%
Top Detractors Average Weight Contribution
Casinos & Gaming 4.37% -0.81%
Real Estate Development 1.30% -0.21%
Oil & Gas Storage & Transportation 0.11% -0.04%
Real Estate Operating Companies^ 3.72% -0.02%
Leisure Facilities 0.03% -0.01%
By Holdings
Top Contributors Average Weight Contribution
Brookdale Senior Living, Inc. 8.98% 1.20%
Jones Lang LaSalle, Inc. 3.71% 0.68%
Norwegian Cruise Line Holdings, Ltd. 2.04% 0.56%
Capital Senior Living Corp. 3.32% 0.55%
Lowe’s Companies, Inc. 1.95% 0.54%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 2.00% -0.49%
Extended Stay America, Inc. 0.64% -0.34%
Starwood Hotels & Resorts Worldwide, Inc. 3.94% -0.23%
Howard Hughes Corp. 1.30% -0.21%
Pinnacle Entertainment, Inc. 0.70% -0.17%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Facilities 12.62% 3.54%
Hotels, Resorts & Cruise Lines 18.30% 3.17%
Real Estate Services 9.55% 3.11%
Home Improvement Retail 5.28% 1.74%
Wireless Telecommunication Services 4.36% 1.74%
Top Detractors Average Weight Contribution
Casinos & Gaming 6.90% -1.49%
Building Products 2.01% -0.60%
Application Software 0.53% -0.40%
Internet Software & Services^ 0.12% -0.20%
Thrifts & Mortgage Finance 1.44% -0.14%
By Holdings
Top Contributors Average Weight Contribution
Emeritus Corp. 2.56% 1.78%
Brookdale Senior Living, Inc. 6.65% 1.69%
Jones Lang LaSalle, Inc. 3.58% 1.61%
CBRE Group, Inc. 3.80% 1.08%
Home Depot, Inc. 3.50% 1.05%
Top Detractors Average Weight Contribution
Las Vegas Sands Corp. 2.55% -0.73%
RealPage, Inc. 0.53% -0.40%
Wynn Resorts Ltd. 2.83% -0.39%
Extended Stay America, Inc. 0.92% -0.33%
Pinnacle Entertainment, Inc. 1.51% -0.32%
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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, Portfolio Holdings and Sector breakdown based on net assets. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%. Portfolio holdings are subject to change over time.

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.