Baron Real Estate Fund (BREIX)
- Facts & Characteristics
- Top Ten Holdings
- Portfolio Holdings
- Sector Breakdown
- Top Contributors & Detractors
Fund Description
Baron Real Estate Fund invests in securities of real estate and real estate related companies of all sizes.
Fund Resources
Jeff Kolitch on his approach to investing in real estate.
Latest Fact Sheets
Expanded Fact Sheet - Retail Shares
Expanded Fact Sheet - Institutional Shares
Three Year Performance
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Facts & Characteristics as of March 31, 2013
| Inception Date | December 31, 2009 |
| Net Assets (All share classes combined as of 4/30/2013) | $456.32 million |
| # of Equity Securities / % of Net Assets | 53/95.9% |
| Turnover (3 Year Average) | 53.05% |
| Median Market Cap | $2.88 billion |
| Weighted Average Market Cap | $8.22 billion |
| CUSIP | 06828M801 |
| Gross Expense Ratio (as of FYE 12/11)* | 2.14% |
| Less: Reimbursement of Expenses by Adviser (as of FYE 12/11) | (1.04)% |
| EPS Growth (3-5 year forecast)† | 15.3% |
| Net Expense Ratio (as of FYE 12/11) | 1.10% |
| Price/Earnings Ratio (trailing 12-month)*† | 25.3 |
| Price/Book Ratio*† | 2.4 |
| Price/Sales Ratio*† | 1.6 |
Top Ten Holdings as of April 30, 2013
| Holding | Sector | Percentage* |
|---|---|---|
|
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 | 5.1% |
|
Hyatt Hotels Corp. (H) is a global hospitality company with 473 Hyatt branded properties representing 133,799 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
|
Consumer Discretionary | 4.4% |
|
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 | 4.2% |
|
Wynn Resorts, Ltd. (WYNN) is a leading company in the gaming industry with properties in Macau in the East and Las Vegas in the West. The company also owns land on the Cotai Strip which it is developing.
|
Consumer Discretionary | 4.0% |
|
Brookdale Senior Living, Inc. (BKD) is the largest operator of senior living communities located throughout the United States. The company’s 647 facilities offer its residents a full continuum of services, including independent and assisted living and skilled nursing.
|
Health Care | 3.6% |
|
CaesarStone Sdot-Yam Ltd. (CSTE) is a leading manufacturer of engineered quartz surfaces used for kitchen and bathroom countertops. CaesarStone has leading market positions worldwide, distributing to over 42 countries, including the U.S. (30% of sales), Australia (30%), an
|
Materials | 3.4% |
|
Lowe's Companies, Inc. (LOW) is the second largest home improvement retailer in the U.S., with 1,754 stores (1,719 U.S.), versus The Home Depot with 2,256 stores (1,976 U.S.).
|
Consumer Discretionary | 3.4% |
|
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 spread throughout the world.
|
Financials | 3.2% |
|
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 | 3.2% |
|
Las Vegas Sands Corp. (LVS) is a leading company in the gaming industry with properties in three of the largest gaming markets in the world: Macau and Singapore in the East and Las Vegas in the West.
|
Consumer Discretionary | 3.2% |
| Total | 37.7% | |
Portfolio Holdings as of March 31, 2013
| Holding | Sector | Market Cap ($Bn) | Percentage* |
|---|---|---|---|
| Starwood Hotels & Resorts Worldwide, Inc. | Consumer Discretionary | $12.346 | 4.9% |
| Hyatt Hotels Corp. | Consumer Discretionary | $7.006 | 4.4% |
| Cash & Cash Equivalents | Cash & Cash Equivalents | - | 4.1% |
| Capital Senior Living Corp. | Health Care | $0.746 | 3.9% |
| Wynn Resorts Ltd. | Consumer Discretionary | $12.639 | 3.8% |
| Brookdale Senior Living, Inc. | Health Care | $3.422 | 3.4% |
| Lowe’s Companies, Inc. | Consumer Discretionary | $42.648 | 3.4% |
| CBRE Group, Inc. | Financials | $8.349 | 3.2% |
| Emeritus Corp. | Health Care | $1.275 | 3.1% |
| Las Vegas Sands Corp. | Consumer Discretionary | $46.456 | 3.0% |
| CaesarStone Sdot-Yam Ltd. | Materials | $0.881 | 2.9% |
| Jones Lang LaSalle, Inc. | Financials | $4.382 | 2.8% |
| Sunstone Hotel Investors, Inc. | Financials | $1.955 | 2.6% |
| Brookfield Asset Management, Inc. | Financials | $22.816 | 2.5% |
| Pinnacle Entertainment, Inc. | Consumer Discretionary | $0.854 | 2.5% |
| Wyndham Worldwide Corp. | Consumer Discretionary | $8.810 | 2.5% |
| Sarana Menara Nusantara Tbk PT | Telecommunication Services | $2.730 | 2.5% |
| Forestar Group Inc. | Financials | $0.757 | 2.5% |
| Stanley Black & Decker, Inc. | Industrials | $12.976 | 2.4% |
| SBA Communications Corp. | Telecommunication Services | $9.143 | 2.3% |
| Brookfield Infrastructure Partners L.P. | Utilities | $7.642 | 2.0% |
| Kennedy-Wilson Holdings, Inc. | Financials | $1.129 | 2.0% |
| Ashford Hospitality Trust, Inc. | Financials | $0.842 | 2.0% |
| Vornado Realty Trust | Financials | $15.619 | 1.7% |
| RealPage, Inc. | Information Technology | $1.569 | 1.7% |
| ITC Holdings Corp. | Utilities | $4.666 | 1.6% |
| LaSalle Hotel Properties | Financials | $2.425 | 1.6% |
| TRI Pointe Homes, Inc. | Consumer Discretionary | $0.637 | 1.6% |
| Strategic Hotels & Resorts, Inc. | Financials | $1.706 | 1.5% |
| Builders FirstSource, Inc. | Industrials | $0.568 | 1.4% |
| Douglas Emmett, Inc. | Financials | $3.552 | 1.4% |
| Golar LNG Partners L.P. | Energy | $1.865 | 1.3% |
| Marriott Vacations Worldwide Corp. | Consumer Discretionary | $1.508 | 1.3% |
| Even Construtora e Incorporadora SA | Consumer Discretionary | $1.131 | 1.2% |
| CyrusOne Inc. | Financials | $0.446 | 1.2% |
| Brookfield Residential Properties Inc. | Consumer Discretionary | $2.879 | 1.2% |
| Equinix, Inc. | Information Technology | $10.557 | 1.1% |
| Rose Rock Midstream, L.P. | Energy | $0.804 | 1.1% |
| American Tower Corp. | Financials | $30.391 | 1.0% |
| SL Green Realty Corp. | Financials | $7.859 | 1.0% |
| Norwegian Cruise Line Holdings, Ltd. | Consumer Discretionary | $6.049 | 1.0% |
| American Campus Communities, Inc. | Financials | $4.746 | 0.9% |
| Owens Corning | Industrials | $4.664 | 0.9% |
| Susser Petroleum Partners LP | Energy | $0.711 | 0.9% |
| Alexandria Real Estate Equities, Inc. | Financials | $4.524 | 0.8% |
| Boise Cascade Company | Materials | $1.467 | 0.8% |
| Penn National Gaming, Inc. | Consumer Discretionary | $4.230 | 0.7% |
| Education Realty Trust, Inc. | Financials | $1.199 | 0.7% |
| Toll Brothers, Inc. | Consumer Discretionary | $5.792 | 0.5% |
| CubeSmart | Financials | $2.111 | 0.3% |
| American Assets Trust, Inc. | Financials | $1.270 | 0.3% |
| Alexander's, Inc. | Financials | $1.683 | 0.2% |
| Interface, Inc. | Industrials | $1.272 | 0.2% |
| Targa Resources Corp. | Energy | $2.877 | 0.2% |
| Total | 100.0% | ||
Sector Breakdown as of April 30, 2013
Back to TopTop Contributors & Detractors as of March 31, 2013
3 Months
| By Sub-Industry | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Health Care Facilities | 12.22% | 2.59% |
| Hotels, Resorts & Cruise Lines | 14.75% | 2.35% |
| Construction Materials | 2.76% | 1.43% |
| Real Estate Services | 6.95% | 1.30% |
| Oil & Gas Storage & Transportation | 3.77% | 0.97% |
| Top Detractors | Average Weight | Contribution |
| Real Estate Development | 0.66% | -0.09% |
| Application Software | 1.79% | -0.08% |
| Movies & Entertainment | 0.67% | -0.06% |
| Residential REITs | 1.79% | -0.01% |
| By Holdings | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Capital Senior Living Corp. | 4.16% | 1.57% |
| CaesarStone Sdot-Yam Ltd. | 2.76% | 1.43% |
| Norwegian Cruise Line Holdings, Ltd. | 1.26% | 1.01% |
| CBRE Group, Inc. | 3.11% | 0.76% |
| Las Vegas Sands Corp. | 3.36% | 0.69% |
| Top Detractors | Average Weight | Contribution |
| Pinnacle Entertainment, Inc. | 2.51% | -0.34% |
| Orient-Express Hotels Ltd. | 0.67% | -0.14% |
| PATRIZIA Immobilien AG | 0.16% | -0.10% |
| RealPage, Inc. | 1.79% | -0.08% |
| Reading International, Inc. | 0.67% | -0.06% |
12 Months
| By Sub-Industry | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Health Care Facilities | 14.03% | 15.72% |
| Hotels, Resorts & Cruise Lines | 14.86% | 3.52% |
| Wireless Telecommunication Services | 5.08% | 2.94% |
| Real Estate Services | 5.95% | 2.37% |
| Construction Materials | 2.55% | 2.34% |
| Top Detractors | Average Weight | Contribution |
| Systems Software | 2.12% | -0.83% |
| Movies & Entertainment | 0.85% | -0.16% |
| Leisure Facilities | 0.09% | -0.05% |
| Diversified Support Services | 0.10% | -0.03% |
| By Holdings | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Capital Senior Living Corp. | 6.16% | 7.86% |
| Brookdale Senior Living, Inc. | 5.25% | 3.86% |
| Sunrise Senior Living, Inc. | 0.67% | 2.82% |
| CaesarStone Sdot-Yam Ltd. | 2.55% | 2.34% |
| Equinix, Inc. | 4.16% | 2.08% |
| Top Detractors | Average Weight | Contribution |
| MICROS Systems, Inc. | 2.12% | -0.83% |
| Pinnacle Entertainment, Inc. | 0.62% | -0.34% |
| Golar LNG Partners L.P. | 1.81% | -0.31% |
| Ameristar Casinos, Inc. | 0.69% | -0.23% |
| Orient-Express Hotels Ltd. | 1.17% | -0.17% |
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 based on net assets. 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 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.