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 March 31, 2015

Inception Date December 31, 2009
Net Assets (All share classes combined) $1.90 billion
# of Equity Securities / % of Net Assets 49/97.1%
Turnover (3 Year Average) 25.86%
Median Market Cap $8.78 billion
Weighted Average Market Cap $17.21 billion
CUSIP 06828M801
Expense Ratio (as of FYE 12/13) 1.09%
EPS Growth (3-5 year forecast) 13.0%
Price/Earnings Ratio (trailing 12-month) 27.2
Price/Book Ratio 3.1
Price/Sales Ratio 2.4

Top Ten Holdings as of May 31, 2015

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 7.5%
Hilton Worldwide Holdings, Inc. (HLT) is the largest hotelier by room count in the world with 4,322 hotels consisting of 715,062 rooms. The company consists of 12 brands from Embassy Suites to its flagship Hilton and Waldorf brands.
Consumer Discretionary 3.9%
CBRE Group, Inc. (CBG) is a leading commercial real estate services company with the number one market share in all of its major businesses.
Financials 3.6%
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 3.3%
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 3.3%
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 3.2%
Norwegian Cruise Line Holdings, Ltd. (NCLH) is a global cruise line operator with itineraries in North American, the Mediterranean, the Baltic, Central America, Bermuda, and the Caribbean. It is the smallest of the three big cruise lines, with 21 ships.
Consumer Discretionary 3.1%
Brookfield Infrastructure Partners L.P.
Utilities 3.1%
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 3.1%
Mohawk Industries, Inc. (MHK) is the largest player in the $18 billion U.S. flooring industry, with 22% share. Flooring categories include carpets, rugs/mats, ceramic, stone, countertops, and laminate/hardwood.
Consumer Discretionary 3.0%
Total 37.1%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Brookdale Senior Living, Inc. Health Care $6.929 7.7%
Hilton Worldwide Holdings, Inc. Consumer Discretionary $29.248 3.7%
CBRE Group, Inc. Financials $12.891 3.6%
Hyatt Hotels Corp. Consumer Discretionary $8.782 3.3%
Capital Senior Living Corp. Health Care $0.755 3.2%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $12.343 3.1%
MGM Resorts International Consumer Discretionary $10.332 3.0%
Mohawk Industries, Inc. Consumer Discretionary $13.562 3.0%
Wyndham Worldwide Corp. Consumer Discretionary $10.907 3.0%
Diamond Resorts International, Inc. Consumer Discretionary $2.454 3.0%
PRINCIPAL CASH Cash & Cash Equivalents - 2.9%
Equinix, Inc. Information Technology $13.150 2.9%
Jones Lang LaSalle, Inc. Financials $7.640 2.9%
Brookfield Infrastructure Partners L.P. Utilities $6.845 2.8%
Home Depot, Inc. Consumer Discretionary $148.533 2.8%
Toll Brothers, Inc. Consumer Discretionary $6.909 2.7%
Howard Hughes Corp. Financials $6.156 2.3%
American Tower Corp. Financials $39.563 2.1%
Forest City Enterprises, Inc. - Cl A Financials $5.469 2.1%
Brookfield Asset Management, Inc. Financials $33.811 1.9%
Simon Property Group, Inc. Financials $61.507 1.8%
Global Logistic Properties Ltd. Financials $9.346 1.8%
Kennedy Wilson Europe Real Estate PLC Financials $2.208 1.8%
Masonite International Corp. Industrials $2.025 1.8%
Starwood Hotels & Resorts Worldwide, Inc. Consumer Discretionary $14.336 1.7%
Lowe's Companies, Inc. Consumer Discretionary $70.797 1.7%
SBA Communications Corp. Telecommunication Services $15.151 1.7%
Kennedy-Wilson Holdings, Inc. Financials $2.706 1.7%
CaesarStone Sdot-Yam Ltd. Industrials $2.131 1.7%
Douglas Emmett, Inc. Financials $4.331 1.5%
Wynn Resorts Ltd. Consumer Discretionary $12.780 1.5%
Sunstone Hotel Investors, Inc. Financials $3.479 1.5%
General Growth Properties, Inc. Financials $26.165 1.4%
Strategic Hotels & Resorts, Inc. Financials $3.422 1.4%
Alexandria Real Estate Equities, Inc. Financials $7.062 1.3%
SL Green Realty Corp. Financials $12.822 1.3%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.476 1.3%
American Campus Communities, Inc. Financials $4.814 1.2%
Boston Properties, Inc. Financials $21.520 1.2%
Las Vegas Sands Corp. Consumer Discretionary $43.950 1.2%
Vornado Realty Trust Financials $21.043 1.2%
AvalonBay Communities, Inc. Financials $23.010 1.1%
Prologis, Inc. Financials $22.702 1.1%
Builders FirstSource, Inc. Industrials $0.655 1.0%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.137 0.9%
ITC Holdings Corp. Utilities $5.809 0.8%
Education Realty Trust, Inc. Financials $1.700 0.5%
LaSalle Hotel Properties Financials $4.387 0.4%
D.R. Horton, Inc. Consumer Discretionary $10.407 0.3%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.605 0.2%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 17.5%
  • Home Improvement Retail 4.3%
  • Home Furnishings 3.0%
  • Casinos & Gaming 2.9%
  • Homebuilding 2.4%
  • Leisure Facilities 1.6%
  • Real Estate Services^ 8.6%
  • Real Estate Operating Companies^ 5.9%
  • Office REITs^ 5.1%
  • Specialized REITs^ 3.5%
  • Hotel & Resort REITs 3.3%
  • Retail REITs 3.1%
  • Residential REITs 2.4%
  • Real Estate Development 2.2%
  • Diversified Real Estate Activities 1.9%
  • Industrial REITs 1.2%
Health Care
  • Health Care Facilities 10.6%
  • Building Products 5.6%
  • Airport Services 1.0%
Information Technology
  • IT Consulting & Other Services^ 3.3%
  • Internet Software & Services^ 1.3%
Telecommunication Services
  • Wireless Telecommunication Services 3.7%
  • Electric Utilities 3.1%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 17.34% 1.40%
Real Estate Services 7.97% 0.80%
Home Furnishings 2.96% 0.54%
Home Improvement Retail 4.58% 0.38%
Real Estate Operating Companies^ 4.69% 0.35%
Top Detractors Average Weight Contribution
Casinos & Gaming 3.03% -0.48%
Thrifts & Mortgage Finance 0.52% -0.14%
Wireless Telecommunication Services 4.17% -0.12%
Hotel & Resort REITs 3.50% -0.07%
Mortgage REITs 0.76% -0.03%
By Holdings
Top Contributors Average Weight Contribution
Mohawk Industries, Inc. 2.96% 0.54%
Diamond Resorts International, Inc. 2.72% 0.50%
Norwegian Cruise Line Holdings, Ltd. 2.56% 0.41%
Hilton Worldwide Holdings, Inc. 3.04% 0.40%
Jones Lang LaSalle, Inc. 3.05% 0.37%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 0.74% -0.35%
Las Vegas Sands Corp. 0.57% -0.15%
Essent Group Ltd. 0.52% -0.14%
Tower Bersama Infrastructure Tbk PT 1.39% -0.13%
American Tower Corp. 1.95% -0.10%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 18.18% 4.78%
Real Estate Services 8.94% 3.07%
Home Improvement Retail 5.29% 2.39%
Hotel & Resort REITs 3.94% 1.16%
Office REITs^ 4.00% 1.14%
Top Detractors Average Weight Contribution
Casinos & Gaming 5.48% -2.51%
Building Products 2.25% -0.66%
Internet Software & Services^ 0.08% -0.14%
Thrifts & Mortgage Finance 1.03% -0.14%
Forest Products 0.05% -0.07%
By Holdings
Top Contributors Average Weight Contribution
Diamond Resorts International, Inc. 2.31% 1.71%
Home Depot, Inc. 3.47% 1.49%
Jones Lang LaSalle, Inc. 3.43% 1.36%
CBRE Group, Inc. 3.47% 1.28%
Norwegian Cruise Line Holdings, Ltd. 1.98% 1.18%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 2.12% -1.42%
Las Vegas Sands Corp. 1.91% -1.04%
Owens Corning 0.55% -0.45%
Builders FirstSource, Inc. 1.00% -0.33%
Extended Stay America, Inc. 0.80% -0.27%
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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.