Baron Small Cap Fund (BSCFX)

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Fund Description

Baron Small Cap Fund invests primarily in small growth companies.

    

    

Fund Resources

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Cliff Greenberg seeks long-term growth from small companies.

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Risk Return Profile over the Long-Term

Baron Small Cap Fund Risk Return Profile

Facts & Characteristics as of December 31, 2015

Inception Date September 30, 1997
Net Assets (All share classes combined) $4.07 billion
# of Equity Securities / % of Net Assets 79/98.3%
Turnover (3 Year Average) 15.90%
Median Market Cap $2.38 billion
Weighted Average Market Cap $5.11 billion
CUSIP 068278308
Expense Ratio (as of FYE 09/14)* 1.30%
EPS Growth (3-5 year forecast) 17.9%
Price/Earnings Ratio (trailing 12-month) 26.6
Price/Book Ratio 2.6
Price/Sales Ratio 1.9

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.9%
TransDigm Group, Inc. (TDG), through its subsidiaries, designs, produces, and supplies engineered aerospace components for commercial and military aircraft customers in the United States.
Industrials 4.8%
Bright Horizons Family Solutions, Inc. (BFAM) is the leading provider of high quality corporate sponsored childcare in the U.S. and U.K., as well as other countries. It provides child care and early education services under multi-year contracts in its own or sponsor owned centers.
Consumer Discretionary 4.6%
Acuity Brands, Inc. (AYI) is North America’s leading provider of lighting solutions.
Industrials 3.9%
Waste Connections, Inc. (WCN) is an integrated solid-waste services company that provides solid-waste collection, transfer, disposal, and recycling services in mostly secondary markets in the western and southern United States.
Industrials 3.7%
SBA Communications Corp. (SBAC) is the third largest independent owner of wireless towers in the U.S. and has a growing presence in Canada, Central America, and Brazil. SBA owns and operates approximately 20,000 towers in total.
Telecommunication Services 3.5%
The Ultimate Software Group, Inc. (ULTI) is a leading provider of cloud-based payroll and human resources software.
Information Technology 3.2%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 2.6%
On Assignment, Inc. (ASGN) is the second largest staffing firm in the US, providing in-demand skilled professionals. 85% of revenues are in the technology and digital/creative verticals which are experiencing strong secular growth with the balance from the life sciences. 98% of revenues are from the U.S. 
Industrials 2.5%
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 2.3%
Total 36.0%
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Portfolio Holdings as of September 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
TransDigm Group, Inc. Industrials $11.371 4.0%
Gartner, Inc. Information Technology $6.970 3.7%
PRINCIPAL CASH Cash & Cash Equivalents - 3.4%
SBA Communications Corp. Telecommunication Services $13.376 3.4%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.899 3.3%
Acuity Brands, Inc. Industrials $7.645 3.2%
The Ultimate Software Group, Inc. Information Technology $5.117 2.8%
Waste Connections, Inc. Industrials $5.995 2.4%
DexCom, Inc. Health Care $6.876 2.4%
FleetCor Technologies, Inc. Information Technology $12.671 2.3%
IDEXX Laboratories, Inc. Health Care $6.831 2.2%
On Assignment, Inc. Industrials $1.942 1.8%
Equinix, Inc. Financials $15.572 1.8%
Berry Plastics Group, Inc. Materials $3.602 1.8%
Gaming and Leisure Properties, Inc. Financials $3.401 1.8%
ICON plc Health Care $4.371 1.7%
Guidewire Software, Inc. Information Technology $3.734 1.7%
United Natural Foods, Inc. Consumer Staples $2.430 1.6%
The Madison Square Garden Co. Consumer Discretionary $5.470 1.6%
ACI Worldwide, Inc. Information Technology $2.488 1.6%
Mettler-Toledo International, Inc. Health Care $7.887 1.4%
Financial Engines, Inc. Financials $1.525 1.4%
FEI Company Information Technology $3.038 1.4%
Nord Anglia Education Inc. Consumer Discretionary $2.116 1.4%
Cognex Corp. Information Technology $2.994 1.3%
Mattress Firm Holding Corp. Consumer Discretionary $1.471 1.3%
WEX Inc. Information Technology $3.357 1.3%
Press Ganey Holdings Inc Health Care $1.557 1.3%
INC Research Holdings, Inc. Health Care $2.253 1.2%
Brookdale Senior Living, Inc. Health Care $4.237 1.1%
The Cheesecake Factory, Inc. Consumer Discretionary $2.648 1.1%
Penn National Gaming, Inc. Consumer Discretionary $1.346 1.1%
Catalent Inc. Health Care $3.026 1.1%
BJ's Restaurants, Inc. Consumer Discretionary $1.102 1.0%
Clean Harbors, Inc. Industrials $2.569 1.0%
Genesee & Wyoming, Inc. Industrials $3.196 1.0%
Nordson Corp. Industrials $3.793 1.0%
Globe Specialty Metals, Inc. Materials $0.895 1.0%
Scorpio Tankers Inc. Energy $1.660 1.0%
Valero Energy Partners LP Energy $2.627 1.0%
Electronics For Imaging Information Technology $2.048 1.0%
Targa Resources Corp. Energy $2.887 0.9%
DigitalGlobe, Inc. Industrials $1.350 0.9%
Sarana Menara Nusantara Tbk PT Telecommunication Services $2.779 0.9%
Flotek Industries, Inc. Materials $0.895 0.9%
Liberty Media Corp Cl C - Broadband Consumer Discretionary $11.723 0.9%
HealthEquity, Inc. Health Care $1.691 0.9%
Cantel Medical Corp. Health Care $2.359 0.9%
Summit Materials, Inc. Materials $1.865 0.9%
CBRE Group, Inc. Financials $10.662 0.8%
Cepheid Health Care $3.258 0.8%
Essent Group Ltd. Financials $2.303 0.8%
PRA Health Sciences, Inc. Health Care $2.336 0.8%
Houghton Mifflin Harcourt Company Consumer Discretionary $2.756 0.8%
Chesapeake Lodging Trust Financials $1.555 0.7%
Monro Muffler Brake, Inc. Consumer Discretionary $2.158 0.7%
Moelis & Company Financials $1.430 0.7%
Core Laboratories N.V. Energy $4.426 0.6%
Healthcare Services Group, Inc. Industrials $2.423 0.6%
SL Green Realty Corp. Financials $10.919 0.6%
The Chefs' Warehouse, Inc. Consumer Staples $0.372 0.6%
Tumi Holdings, Inc. Consumer Discretionary $1.196 0.6%
Artisan Partners Asset Management Inc. Financials $1.384 0.6%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.326 0.6%
Platform Specialty Products Corp. Materials $2.668 0.6%
RBC Bearings Incorporated Industrials $1.403 0.6%
Acxiom Corp. Information Technology $1.540 0.5%
Builders FirstSource, Inc. Industrials $1.377 0.5%
ITC Holdings Corp. Utilities $5.206 0.5%
comScore, Inc. Information Technology $1.807 0.5%
The Spectranetics Corporation Health Care $0.501 0.5%
The Container Store Group, Inc. Consumer Discretionary $0.676 0.5%
Diplomat Pharmacy, Inc. Health Care $1.829 0.5%
Iconix Brand Group, Inc. Consumer Discretionary $0.653 0.4%
Interface, Inc. Industrials $1.478 0.4%
Phillips 66 Partners LP Energy $4.034 0.4%
ExamWorks Group, Inc. Health Care $1.215 0.4%
Party City Holdco Inc. Consumer Discretionary $1.905 0.4%
LaSalle Hotel Properties Financials $3.211 0.3%
PBF Logistics LP Energy $0.592 0.3%
Dominion Midstream Partners, L.P. Energy $2.085 0.3%
Liberty Broadband-Cl C Consumer Discretionary $5.288 0.3%
Armstrong World Industries, Inc. Industrials $2.640 0.2%
Rexnord Corp. Industrials $1.704 0.2%
Liberty Media Corp. - Cl A Consumer Discretionary $11.723 0.2%
Western Refining Logistics, LP Energy $0.977 0.2%
Westlake Chemical Partners LP Materials $0.474 0.2%
Liberty Broadband-Cl A Consumer Discretionary $5.288 0.2%
Columbia Pipeline Partners LP Energy $1.274 0.2%
National CineMedia, Inc. Consumer Discretionary $0.825 0.1%
The KEYW Holding Corporation Industrials $0.237 0.1%
Abengoa Yield plc Utilities $1.659 0.1%
Aspen Technology, Inc. Information Technology $3.185 0.0%
SFX Entertainment, Inc. Consumer Discretionary $0.050 0.0%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.6%
Consumer Discretionary
  • Education Services 6.9%
  • Restaurants 3.2%
  • Broadcasting 1.5%
  • Movies & Entertainment 1.3%
  • Homefurnishing Retail 1.3%
  • Casinos & Gaming 1.2%
  • Cable & Satellite 1.1%
  • Automotive Retail 0.8%
  • Specialty Stores 0.5%
17.9%
Consumer Staples
  • Food Distributors 1.7%
1.7%
Energy
  • Oil & Gas Storage & Transportation 2.9%
  • Oil & Gas Equipment & Services 0.4%
3.3%
Financials
  • Specialized REITs 3.1%
  • Asset Management & Custody Banks 1.4%
  • Investment Banking & Brokerage 0.9%
  • Hotel & Resort REITs 0.9%
  • Real Estate Services 0.8%
  • Office REITs 0.5%
  • Thrifts & Mortgage Finance 0.3%
8.0%
Health Care
  • Life Sciences Tools & Services 6.6%
  • Health Care Equipment 5.8%
  • Health Care Technology 1.7%
  • Health Care Services 1.4%
  • Pharmaceuticals 1.0%
  • Managed Health Care 0.8%
  • Health Care Supplies 0.6%
  • Health Care Facilities 0.6%
18.5%
Industrials
  • Aerospace & Defense 5.2%
  • Electrical Components & Equipment 3.9%
  • Environmental & Facilities Services 3.7%
  • Human Resource & Employment Services 2.5%
  • Industrial Machinery 1.9%
  • Diversified Support Services 0.8%
  • Office Services & Supplies 0.2%
  • Building Products 0.1%
18.1%
Information Technology
  • Application Software 7.6%
  • IT Consulting & Other Services 5.5%
  • Data Processing and Outsourced Services 3.3%
  • Electronic Equipment & Instruments 2.6%
  • Technology Hardware, Storage & Peripherals 1.5%
  • Internet Software & Services 0.5%
21.0%
Materials
  • Metal & Glass Containers 1.8%
  • Construction Materials 1.0%
  • Diversified Metals & Mining 0.7%
  • Specialty Chemicals 0.4%
  • Commodity Chemicals 0.3%
4.2%
Telecommunication Services
  • Integrated Telecommunication Services 3.5%
  • Wireless Telecommunication Services 1.4%
4.9%
Utilities
  • Electric Utilities 0.8%
0.8%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Electrical Components & Equipment 3.79% 1.02%
Life Sciences Tools & Services 5.67% 0.85%
Application Software 6.73% 0.52%
Human Resource & Employment Services 2.23% 0.37%
Environmental & Facilities Services 3.13% 0.36%
Top Detractors Average Weight Contribution
Specialty Stores 0.88% -0.30%
Specialty Chemicals 1.20% -0.26%
Food Distributors 2.23% -0.24%
Biotechnology 0.39% -0.20%
Apparel, Accessories & Luxury Goods 0.52% -0.19%
By Holdings
Top Contributors Average Weight Contribution
Acuity Brands, Inc. 3.79% 1.02%
Waste Connections, Inc. 2.70% 0.39%
On Assignment, Inc. 2.23% 0.37%
Berry Plastics Group, Inc. 1.83% 0.35%
Gartner, Inc. 3.98% 0.30%
Top Detractors Average Weight Contribution
United Natural Foods, Inc. 1.46% -0.34%
Flotek Industries, Inc. 0.75% -0.25%
The Container Store Group, Inc. 0.39% -0.21%
Cepheid 0.39% -0.20%
Brookdale Senior Living, Inc. 0.97% -0.19%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 4.69% 1.65%
Application Software 6.11% 1.46%
Electrical Components & Equipment 3.12% 1.44%
Education Services 4.40% 0.79%
Health Care Equipment 4.51% 0.74%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 1.75% -1.40%
Food Distributors 2.51% -1.29%
Oil & Gas Storage & Transportation 4.87% -0.99%
Health Care Facilities 1.85% -0.90%
Specialty Chemicals 1.45% -0.75%
By Holdings
Top Contributors Average Weight Contribution
Acuity Brands, Inc. 3.01% 1.48%
Bright Horizons Family Solutions, Inc. 2.71% 0.86%
The Ultimate Software Group, Inc. 2.44% 0.63%
Waste Connections, Inc. 2.32% 0.62%
ICON plc 1.56% 0.58%
Top Detractors Average Weight Contribution
United Natural Foods, Inc. 1.73% -1.05%
Brookdale Senior Living, Inc. 1.85% -0.90%
Targa Resources Corp. 1.04% -0.81%
Iconix Brand Group, Inc. 0.79% -0.80%
DigitalGlobe, Inc. 1.19% -0.69%
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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%.

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 Fund’s Industrial holdings have, on average, low degree of commodity exposure. Within the Fund’s Industrials exposure, 84.3% of the weight has low to no degree, 6% has medium degree and 9.7% has high degree of commodity exposure. The Fund’s Industrials weight as of 6/30/2015 was 17.6%.
 
^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.