Baron Small Cap Fund (BSFIX)

Invest In Baron Funds Today

Fund Description

Baron Small Cap Fund invests primarily in small growth companies.

    

    

Facts & Characteristics as of March 31, 2014

Inception Date September 30, 1997
Net Assets (All share classes combined) $5.70 billion
# of Equity Securities / % of Net Assets 97/97.6%
Turnover (3 Year Average) 24.38%
Median Market Cap $2.57 billion
Weighted Average Market Cap $4.43 billion
CUSIP 068278803
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 18.4%
Price/Earnings Ratio (trailing 12-month) 31.1
Price/Book Ratio 3.4
Price/Sales Ratio 1.8

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
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 3.6%
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 3.3%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 2.7%
Gaming and Leisure Properties (GLPI) was spun out of Penn National Gaming. The company holds all of the real property interests related to Penn National Gaming’s gaming operations and also has full ownership for Penn’s Baton Rouge and Maryland casinos. 
Financials 2.2%
Acuity Brands, Inc.
Industrials 2.1%
FleetCor Technologies, Inc. (FLT) provides payment products and services to vehicle fleets around the world. The company's services enable businesses to better manage and control employee spending.
Information Technology 2.0%
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 1.9%
Berry Plastics Group, Inc.
Materials 1.8%
FEI Company
Information Technology 1.8%
United Natural Foods, Inc. (UNFI) is the largest wholesale distributor of natural and organic grocery products in North America.
Consumer Staples 1.8%
Total 23.2%
Back to Top

Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
SBA Communications Corp. Telecommunication Services $11.712 3.6%
TransDigm Group, Inc. Industrials $9.773 3.3%
Gartner, Inc. Information Technology $6.386 2.7%
Cash & Cash Equivalents Cash & Cash Equivalents - 2.4%
Gaming and Leisure Properties, Inc. Financials $4.044 2.2%
Acuity Brands, Inc. Industrials $5.709 2.1%
FleetCor Technologies, Inc. Information Technology $9.493 2.0%
Waste Connections, Inc. Industrials $5.421 1.9%
Brookdale Senior Living, Inc. Health Care $4.167 1.8%
United Natural Foods, Inc. Consumer Staples $3.519 1.8%
FEI Company Information Technology $4.352 1.8%
ACI Worldwide, Inc. Information Technology $2.276 1.8%
Berry Plastics Group, Inc. Materials $2.699 1.8%
The Ultimate Software Group, Inc. Information Technology $3.877 1.7%
Core Laboratories N.V. Energy $8.903 1.6%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $2.577 1.6%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $2.571 1.6%
Globe Specialty Metals, Inc. Materials $1.549 1.5%
Financial Engines, Inc. Financials $2.590 1.5%
HomeAway, Inc. Consumer Discretionary $3.481 1.5%
Liberty Media Corp. Consumer Discretionary $14.939 1.5%
The Cheesecake Factory, Inc. Consumer Discretionary $2.453 1.4%
Genesee & Wyoming, Inc. Industrials $5.205 1.4%
Iconix Brand Group, Inc. Consumer Discretionary $1.906 1.4%
IDEXX Laboratories, Inc. Health Care $6.253 1.4%
Equinix, Inc. Information Technology $9.132 1.3%
Fossil Group, Inc. Consumer Discretionary $6.296 1.3%
Targa Resources Corp. Energy $4.186 1.3%
Mattress Firm Holding Corp. Consumer Discretionary $1.627 1.3%
Rexnord Corp. Industrials $2.927 1.3%
Wynn Resorts Ltd. Consumer Discretionary $22.494 1.2%
The Madison Square Garden Co. Consumer Discretionary $4.364 1.2%
Acxiom Corp. Information Technology $2.627 1.1%
Clean Harbors, Inc. Industrials $3.327 1.1%
DigitalGlobe, Inc. Industrials $2.188 1.1%
Guidewire Software, Inc. Information Technology $3.333 1.1%
WEX Inc. Information Technology $3.697 1.1%
Platform Specialty Products Corp. Materials $2.285 1.1%
The Advisory Board Company Industrials $2.322 1.0%
Advent Software, Inc. Information Technology $1.509 1.0%
ICON plc Health Care $2.894 1.0%
Mettler-Toledo International, Inc. Health Care $6.909 1.0%
RealPage, Inc. Information Technology $1.419 1.0%
Cognex Corp. Information Technology $2.947 1.0%
Susser Holdings Corp. Consumer Staples $1.340 1.0%
Artisan Partners Asset Management Inc. Financials $1.872 1.0%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.659 1.0%
Nordson Corp. Industrials $4.536 0.9%
DexCom, Inc. Health Care $3.011 0.9%
Chesapeake Lodging Trust Financials $1.287 0.9%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.547 0.9%
Scorpio Tankers Inc. Energy $1.982 0.9%
The Container Store Group, Inc. Consumer Discretionary $1.627 0.9%
LaSalle Hotel Properties Financials $3.256 0.8%
The Chefs' Warehouse, Inc. Consumer Staples $0.536 0.8%
Coherent, Inc. Information Technology $1.623 0.8%
Forum Energy Technologies, Inc. Energy $2.878 0.8%
Tumi Holdings, Inc. Consumer Discretionary $1.536 0.8%
Heartware International, Inc. Health Care $1.590 0.8%
On Assignment, Inc. Industrials $2.084 0.7%
CBRE Group, Inc. Financials $9.106 0.7%
Penn National Gaming, Inc. Consumer Discretionary $0.963 0.7%
Cepheid Health Care $3.590 0.7%
Flotek Industries, Inc. Materials $1.445 0.7%
Essent Group Ltd. Financials $1.943 0.7%
BJ's Restaurants, Inc. Consumer Discretionary $0.928 0.6%
Covance, Inc. Health Care $5.950 0.6%
SL Green Realty Corp. Financials $9.684 0.6%
Graco, Inc. Industrials $4.541 0.6%
The KEYW Holding Corp. Industrials $0.697 0.6%
Susser Petroleum Partners LP Energy $0.772 0.6%
Phillips 66 Partners LP Energy $3.421 0.6%
Western Refining Logistics, LP Energy $1.421 0.6%
CARBO Ceramics, Inc. Energy $3.188 0.5%
Interface, Inc. Industrials $1.362 0.5%
Masimo Corporation Health Care $1.549 0.5%
National CineMedia, Inc. Consumer Discretionary $0.913 0.5%
Quiksilver, Inc. Consumer Discretionary $1.280 0.5%
Tesoro Logistics LP Energy $3.279 0.5%
Bonanza Creek Energy, Inc. Energy $1.788 0.5%
Rally Software Development Corp. Information Technology $0.327 0.5%
Valero Energy Partners LP Energy $2.280 0.5%
Nord Anglia Education Inc. Consumer Discretionary $1.819 0.5%
Emeritus Corp. Health Care $1.527 0.4%
ITC Holdings Corp. Utilities $5.885 0.4%
Sunstone Hotel Investors, Inc. Financials $2.516 0.4%
SunCoke Energy, Inc. Materials $1.593 0.4%
comScore, Inc. Information Technology $1.133 0.3%
Oasis Petroleum, Inc. Energy $4.223 0.3%
SFX Entertainment, Inc. Consumer Discretionary - 0.3%
SunCoke Energy Partners, LP Materials $0.919 0.3%
Angie's List, Inc. Information Technology $0.713 0.3%
Fairway Group Holdings Corp. Consumer Staples $0.330 0.2%
Athlon Energy Inc. Energy $2.912 0.2%
SFX Entertainment, Inc. Consumer Discretionary $0.625 0.2%
Vince Holding Corp. Consumer Discretionary $0.968 0.2%
Paylocity Holding Corp. Industrials $1.186 0.1%
Viggle, Inc. Information Technology $0.031 0.0%
Viggle, Inc. Information Technology $0.031 0.0%
Vitacost.com, Inc. Consumer Discretionary $0.175 0.0%
Viggle, Inc. Information Technology $0.031 0.0%
Viggle, Inc. Information Technology $0.031 0.0%
Total 100.0%
Back to Top

Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
2.4%
Consumer Discretionary
  • Apparel, Accessories & Luxury Goods 4.1%
  • Restaurants 3.0%
  • Education Services 2.1%
  • Casinos & Gaming 1.8%
  • Movies & Entertainment 1.7%
  • Home Improvement Retail 1.6%
  • Broadcasting 1.5%
  • Internet Retail 1.5%
  • Homefurnishing Retail 1.3%
  • Specialty Stores 0.9%
  • Advertising 0.5%
20.0%
Consumer Staples
  • Food Distributors 2.6%
  • Food Retail 1.3%
3.9%
Energy
  • Oil & Gas Storage & Transportation 5.0%
  • Oil & Gas Equipment & Services 2.9%
  • Oil & Gas Exploration & Production 1.0%
8.9%
Financials
  • Asset Management & Custody Banks 2.5%
  • Specialized REITs 2.2%
  • Hotel & Resort REITs 2.1%
  • Thrifts & Mortgage Finance 0.7%
  • Real Estate Services 0.7%
  • Office REITs 0.6%
8.8%
Health Care
  • Health Care Equipment 3.6%
  • Life Sciences Tools & Services 2.6%
  • Health Care Facilities 2.2%
  • Biotechnology 0.7%
9.1%
Industrials
  • Aerospace & Defense 5.0%
  • Environmental & Facilities Services 3.0%
  • Industrial Machinery 2.8%
  • Electrical Components & Equipment 2.1%
  • Railroads 1.4%
  • Research & Consulting Services 1.0%
  • Human Resource & Employment Services 0.9%
  • Office Services & Supplies 0.5%
16.7%
Information Technology
  • Application Software 6.5%
  • IT Consulting & Other Services^ 5.1%
  • Electronic Equipment & Instruments 3.7%
  • Data Processing and Outsourced Services 3.1%
  • Internet Software & Services^ 0.6%
  • Systems Software 0.5%
19.5%
Materials
  • Specialty Chemicals 1.8%
  • Metal & Glass Containers 1.8%
  • Diversified Metals & Mining 1.5%
  • Steel 0.7%
5.8%
Telecommunication Services
  • Wireless Telecommunication Services 4.5%
4.5%
Utilities
  • Electric Utilities 0.4%
0.4%
Back to Top

Top Contributors & Detractors as of March 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
Specialty Chemicals 1.53% 0.50%
Health Care Facilities 1.91% 0.46%
Oil & Gas Storage & Transportation 4.69% 0.43%
Wireless Telecommunication Services 4.36% 0.38%
Health Care Equipment 3.43% 0.24%
Top Detractors Average Weight Contribution
Application Software 7.08% -0.87%
Asset Management & Custody Banks 2.52% -0.52%
Food Retail 1.32% -0.42%
Food Distributors 2.69% -0.41%
Movies & Entertainment 1.89% -0.33%
By Holdings
Top Contributors Average Weight Contribution
TransDigm Group, Inc. 3.04% 0.43%
Acuity Brands, Inc. 2.07% 0.37%
Brookdale Senior Living, Inc. 1.57% 0.33%
Sarana Menara Nusantara Tbk PT 0.72% 0.31%
Platform Specialty Products Corp. 0.92% 0.29%
Top Detractors Average Weight Contribution
Financial Engines, Inc. 1.75% -0.54%
DigitalGlobe, Inc. 1.33% -0.43%
Fairway Group Holdings Corp. 0.35% -0.37%
SFX Entertainment, Inc. 0.58% -0.32%
RealPage, Inc. 1.15% -0.31%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 7.02% 1.59%
Electronic Equipment & Instruments 3.88% 1.59%
Oil & Gas Storage & Transportation 4.25% 1.44%
Apparel, Accessories & Luxury Goods 4.41% 1.36%
Health Care Equipment 3.87% 1.31%
Top Detractors Average Weight Contribution
Internet Software & Services^ 0.31% -0.37%
Systems Software 0.26% -0.37%
Building Products 0.37% -0.31%
Research & Consulting Services 1.26% -0.31%
Oil & Gas Exploration & Production 1.24% -0.19%
By Holdings
Top Contributors Average Weight Contribution
Acuity Brands, Inc. 1.72% 1.21%
TransDigm Group, Inc. 2.87% 1.01%
SBA Communications Corp. 3.70% 1.00%
Cognex Corp. 1.37% 0.85%
FleetCor Technologies, Inc. 1.90% 0.85%
Top Detractors Average Weight Contribution
Equinix, Inc. 1.70% -0.44%
Halcon Resources Corp. 0.33% -0.42%
Rally Software Development Corp. 0.26% -0.37%
Angie's List, Inc. 0.27% -0.34%
Fairway Group Holdings Corp. 0.46% -0.31%
Back to Top

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 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.