Baron Real Estate Fund (BREIX)

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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 September 30, 2014

Inception Date December 31, 2009
Net Assets (All share classes combined) $1.49 billion
# of Equity Securities / % of Net Assets 50/97.2%
Turnover (3 Year Average) 22.81%
Median Market Cap $5.08 billion
Weighted Average Market Cap $15.02 billion
CUSIP 06828M801
Expense Ratio (as of FYE 12/13) 1.09%
EPS Growth (3-5 year forecast) 15.1%
Price/Earnings Ratio (trailing 12-month) 24.4
Price/Book Ratio 2.9
Price/Sales Ratio 1.9

Top Ten Holdings as of November 30, 2014

Download Attribution Analysis
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 3.9%
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 3.4%
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 3.3%
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 3.2%
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%
Mohawk Industries, Inc.
Consumer Discretionary 3.0%
Total 39.5%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Brookdale Senior Living, Inc. Health Care $5.908 9.1%
Starwood Hotels & Resorts Worldwide, Inc. Consumer Discretionary $15.853 5.3%
Home Depot, Inc. Consumer Discretionary $123.475 4.3%
Wyndham Worldwide Corp. Consumer Discretionary $10.171 4.2%
Hyatt Hotels Corp. Consumer Discretionary $9.299 4.0%
CBRE Group, Inc. Financials $9.877 3.5%
Jones Lang LaSalle, Inc. Financials $5.662 3.5%
Capital Senior Living Corp. Health Care $0.617 3.2%
Equinix, Inc. Information Technology $11.303 3.1%
Mohawk Industries, Inc. Consumer Discretionary $9.820 3.1%
Cash & Cash Equivalents Cash & Cash Equivalents - 2.8%
Wynn Resorts Ltd. Consumer Discretionary $18.960 2.4%
Lowe’s Companies, Inc. Consumer Discretionary $52.238 2.1%
Kennedy-Wilson Holdings, Inc. Financials $2.275 2.1%
Diamond Resorts International, Inc. Consumer Discretionary $1.719 2.1%
Kennedy Wilson Europe Real Estate PLC Financials $1.774 2.1%
Las Vegas Sands Corp. Consumer Discretionary $50.100 2.0%
SBA Communications Corp. Telecommunication Services $14.307 2.0%
Brookfield Residential Properties Inc. Consumer Discretionary $2.228 1.8%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.500 1.7%
CaesarStone Sdot-Yam Ltd. Materials $1.802 1.7%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $7.319 1.7%
D.R. Horton, Inc. Consumer Discretionary $7.479 1.6%
CyrusOne Inc. Financials $0.929 1.6%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.149 1.5%
Sunstone Hotel Investors, Inc. Financials $2.839 1.5%
Strategic Hotels & Resorts, Inc. Financials $2.882 1.5%
American Tower Corp. Financials $37.091 1.4%
Forest City Enterprises, Inc. Financials $3.936 1.4%
Extended Stay America, Inc. Consumer Discretionary $4.860 1.4%
Brookfield Asset Management, Inc. Financials $28.162 1.3%
Brookfield Infrastructure Partners L.P. Utilities $5.712 1.3%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.517 1.3%
Blackstone Mortgage Trust, Inc. Financials $1.545 1.3%
Simon Property Group, Inc. Financials $51.096 1.2%
Howard Hughes Corp. Financials $5.946 1.2%
Builders FirstSource, Inc. Industrials $0.535 1.0%
Douglas Emmett, Inc. Financials $3.706 1.0%
LaSalle Hotel Properties Financials $3.563 1.0%
Owens Corning Industrials $3.733 1.0%
Toll Brothers, Inc. Consumer Discretionary $5.544 1.0%
Vornado Realty Trust Financials $18.759 1.0%
American Campus Communities, Inc. Financials $3.825 0.9%
ITC Holdings Corp. Utilities $5.544 0.9%
Alexandria Real Estate Equities, Inc. Financials $5.292 0.8%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.119 0.8%
Essent Group Ltd. Financials $1.853 0.8%
Education Realty Trust, Inc. Financials $1.435 0.7%
SL Green Realty Corp. Financials $9.813 0.6%
Golar LNG Partners L.P. Energy $2.172 0.6%
Tanger Factory Outlet Centers, Inc. Financials $3.137 0.6%
Total 100.0%
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Sector Breakdown as of November 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.8%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 18.3%
  • Homebuilding 5.5%
  • Home Improvement Retail 4.9%
  • Casinos & Gaming 3.9%
  • Home Furnishings 3.0%
  • Leisure Facilities 0.1%
35.7%
Financials
  • Real Estate Services^ 9.5%
  • Office REITs^ 4.9%
  • Hotel & Resort REITs 3.7%
  • Real Estate Operating Companies^ 3.7%
  • Specialized REITs^ 2.9%
  • Retail REITs 2.5%
  • Residential REITs 2.0%
  • Real Estate Development 1.5%
  • Thrifts & Mortgage Finance 1.3%
  • Diversified Real Estate Activities 1.3%
  • Mortgage REITs 1.2%
  • Diversified REITs 1.0%
  • Industrial REITs 0.9%
36.4%
Health Care
  • Health Care Facilities 12.4%
12.4%
Industrials
  • Building Products 1.4%
1.4%
Information Technology
  • IT Consulting & Other Services^ 3.2%
3.2%
Materials
  • Construction Materials 1.8%
1.8%
Telecommunication Services
  • Wireless Telecommunication Services 4.8%
4.8%
Utilities
  • Electric Utilities 2.5%
2.5%
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Top Contributors & Detractors as of September 30, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Home Improvement Retail 5.90% 0.70%
Hotels, Resorts & Cruise Lines 18.57% 0.69%
Wireless Telecommunication Services 4.83% 0.14%
Construction Materials 1.59% 0.10%
Diversified Real Estate Activities 1.25% 0.03%
Top Detractors Average Weight Contribution
Casinos & Gaming 6.77% -0.77%
Health Care Facilities 12.88% -0.71%
Building Products 1.98% -0.50%
Real Estate Services 9.16% -0.47%
Homebuilding 3.41% -0.29%
By Holdings
Top Contributors Average Weight Contribution
Home Depot, Inc. 3.95% 0.50%
Wyndham Worldwide Corp. 3.88% 0.28%
Emeritus Corp. 1.63% 0.26%
Starwood Hotels & Resorts Worldwide, Inc. 5.06% 0.21%
Lowe’s Companies, Inc. 1.95% 0.19%
Top Detractors Average Weight Contribution
Brookdale Senior Living, Inc. 7.91% -0.58%
Las Vegas Sands Corp. 2.44% -0.49%
Capital Senior Living Corp. 3.40% -0.39%
Builders FirstSource, Inc. 1.04% -0.31%
Wynn Resorts Ltd. 2.68% -0.27%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 18.46% 5.45%
Real Estate Services 10.02% 3.48%
Health Care Facilities 12.30% 2.88%
Wireless Telecommunication Services 4.08% 1.38%
Casinos & Gaming 8.35% 1.18%
Top Detractors Average Weight Contribution
Industrial Machinery 0.10% -0.44%
Application Software 0.97% -0.34%
Building Products 2.17% -0.26%
Homebuilding 2.94% -0.24%
Internet Software & Services^ 0.12% -0.19%
By Holdings
Top Contributors Average Weight Contribution
Emeritus Corp. 3.32% 2.16%
Starwood Hotels & Resorts Worldwide, Inc. 4.96% 1.49%
Jones Lang LaSalle, Inc. 3.52% 1.47%
Hyatt Hotels Corp. 3.79% 1.40%
Wyndham Worldwide Corp. 3.89% 1.32%
Top Detractors Average Weight Contribution
Stanley Black & Decker, Inc. 0.10% -0.44%
Brookfield Residential Properties Inc. 1.89% -0.33%
RealPage, Inc. 0.97% -0.33%
Forestar Group Inc. 0.78% -0.28%
CoStar Group, Inc. 0.12% -0.19%
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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 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.