Baron Small Cap Fund (BSFIX)

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Fund Description

Baron Small Cap Fund invests primarily in small growth companies.

    

    

Facts & Characteristics as of December 31, 2014

Inception Date September 30, 1997
Net Assets (All share classes combined) $5.32 billion
# of Equity Securities / % of Net Assets 96/98.8%
Turnover (3 Year Average) 20.69%
Median Market Cap $2.38 billion
Weighted Average Market Cap $4.71 billion
CUSIP 068278803
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 18.5%
Price/Earnings Ratio (trailing 12-month) 27.2
Price/Book Ratio 3.0
Price/Sales Ratio 2.0

Top Ten Holdings as of February 28, 2015

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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 4.0%
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 3.5%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.3%
Berry Plastics Group, Inc. (BERY) is the second largest plastic packaging producer in the U.S., manufacturing mostly food and beverage containers.
Materials 2.8%
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 2.4%
Acuity Brands, Inc. (AYI) is North America’s leading provider of lighting solutions. 
Industrials 2.4%
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 2.2%
United Natural Foods, Inc. (UNFI) is the largest wholesale distributor of natural and organic grocery products in North America.
Consumer Staples 2.2%
Bright Horizon 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 2.2%
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 2.1%
Total 27.1%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
SBA Communications Corp. Telecommunication Services $14.299 4.0%
Gartner, Inc. Information Technology $7.413 3.6%
TransDigm Group, Inc. Industrials $10.300 3.2%
Berry Plastics Group, Inc. Materials $3.729 2.7%
Brookdale Senior Living, Inc. Health Care $6.726 2.6%
FleetCor Technologies, Inc. Information Technology $12.467 2.2%
Acuity Brands, Inc. Industrials $6.075 2.2%
United Natural Foods, Inc. Consumer Staples $3.866 2.1%
Waste Connections, Inc. Industrials $5.460 2.1%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.102 2.1%
IDEXX Laboratories, Inc. Health Care $7.070 1.9%
The Ultimate Software Group, Inc. Information Technology $4.165 1.9%
Equinix, Inc. Information Technology $12.455 1.7%
The Madison Square Garden Co. Consumer Discretionary $5.836 1.6%
Financial Engines, Inc. Financials $1.899 1.5%
Targa Resources Corp. Energy $4.469 1.5%
Mattress Firm Holding Corp. Consumer Discretionary $2.034 1.5%
ACI Worldwide, Inc. Information Technology $2.318 1.5%
Gaming and Leisure Properties, Inc. Financials $3.299 1.5%
Genesee & Wyoming, Inc. Industrials $4.845 1.4%
Mettler-Toledo International, Inc. Health Care $8.635 1.4%
FEI Company Information Technology $3.754 1.4%
DigitalGlobe, Inc. Industrials $2.328 1.4%
Guidewire Software, Inc. Information Technology $3.523 1.4%
The Cheesecake Factory, Inc. Consumer Discretionary $2.490 1.3%
Fossil Group, Inc. Consumer Discretionary $5.657 1.3%
ICON plc Health Care $3.140 1.3%
Iconix Brand Group, Inc. Consumer Discretionary $1.621 1.3%
DexCom, Inc. Health Care $4.215 1.3%
Globe Specialty Metals, Inc. Materials $1.271 1.3%
HomeAway, Inc. Information Technology $2.809 1.3%
Rexnord Corp. Industrials $2.869 1.3%
PRINCIPAL CASH Cash & Cash Equivalents - 1.2%
Advent Software, Inc. Information Technology $1.584 1.2%
On Assignment, Inc. Industrials $1.737 1.2%
WEX Inc. Information Technology $3.835 1.2%
Nordson Corp. Industrials $4.850 1.1%
Chesapeake Lodging Trust Financials $2.042 1.1%
Cognex Corp. Information Technology $3.598 1.1%
Clean Harbors, Inc. Industrials $2.881 1.0%
LaSalle Hotel Properties Financials $4.565 1.0%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $1.794 1.0%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.556 1.0%
Phillips 66 Partners LP Energy $5.098 1.0%
MWI Veterinary Supply, Inc. Health Care $2.194 1.0%
BJ's Restaurants, Inc. Consumer Discretionary $1.310 0.9%
Core Laboratories N.V. Energy $5.271 0.9%
The Chefs' Warehouse, Inc. Consumer Staples $0.577 0.9%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.419 0.9%
Tumi Holdings, Inc. Consumer Discretionary $1.611 0.9%
Platform Specialty Products Corp. Materials $4.224 0.9%
Nord Anglia Education Inc. Consumer Discretionary $1.865 0.9%
Penn National Gaming, Inc. Consumer Discretionary $1.081 0.8%
Cepheid Health Care $3.816 0.8%
Scorpio Tankers Inc. Energy $1.497 0.8%
Essent Group Ltd. Financials $2.379 0.8%
Moelis & Company Financials $2.026 0.8%
Liberty Media Corp Cl C - Broadband Consumer Discretionary $12.050 0.8%
CBRE Group, Inc. Financials $11.401 0.7%
comScore, Inc. Information Technology $1.588 0.7%
Artisan Partners Asset Management Inc. Financials $1.724 0.7%
SL Green Realty Corp. Financials $11.636 0.6%
Western Refining Logistics, LP Energy $1.427 0.6%
The Container Store Group, Inc. Consumer Discretionary $0.918 0.6%
Valero Energy Partners LP Energy $2.491 0.6%
HealthEquity, Inc. Health Care $1.394 0.6%
Acxiom Corp. Information Technology $1.561 0.5%
ITC Holdings Corp. Utilities $6.296 0.5%
Graco, Inc. Industrials $4.768 0.5%
Flotek Industries, Inc. Materials $1.010 0.5%
Rally Software Development Corp. Information Technology $0.287 0.5%
Catalent Inc. Health Care $3.452 0.5%
Dominion Midstream Partners, L.P. Energy $2.507 0.5%
Cantel Medical Corp Health Care $1.796 0.5%
Monro Muffler Brake, Inc. Consumer Discretionary $1.825 0.4%
The KEYW Holding Corp. Industrials $0.390 0.4%
Forum Energy Technologies, Inc. Energy $1.952 0.4%
SunCoke Energy, Inc. Materials $1.281 0.4%
Liberty Media Corp. - Cl A Consumer Discretionary $12.050 0.4%
Knowles Corporation Information Technology $2.466 0.4%
Westlake Chemical Partners LP Materials $0.785 0.4%
PRA Health Sciences, Inc. Health Care $1.449 0.4%
Interface, Inc. Industrials $1.091 0.3%
SunCoke Energy Partners, LP Materials $1.015 0.3%
SFX Entertainment, Inc. Consumer Discretionary $0.410 0.3%
PBF Logistics LP Energy $0.691 0.3%
ExamWorks Group, Inc. Health Care $1.666 0.3%
Liberty Broadband-Cl C Consumer Discretionary $5.159 0.3%
INC Research Holdings, Inc. Health Care $1.586 0.3%
RBC Bearings, Inc. Industrials $1.507 0.3%
Healthcare Services Group, Inc. Industrials $2.186 0.2%
Bonanza Creek Energy, Inc. Energy $0.990 0.2%
GrubHub Inc. Information Technology $2.961 0.2%
Abengoa Yield plc Utilities $2.186 0.2%
Franklin Electric Co., Inc. Industrials $1.784 0.2%
National CineMedia, Inc. Consumer Discretionary $0.875 0.1%
Fairway Group Holdings Corp. Consumer Staples $0.137 0.1%
Liberty Broadband-Cl A Consumer Discretionary $5.159 0.1%
Viggle, Inc. Warrants - Non-callable Information Technology $0.043 0.0%
Total 100.0%
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Sector Breakdown as of February 28, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.9%
Consumer Discretionary
  • Education Services 3.2%
  • Apparel, Accessories & Luxury Goods 2.7%
  • Restaurants 2.7%
  • Movies & Entertainment 1.9%
  • Homefurnishing Retail 1.6%
  • Broadcasting 1.3%
  • Casinos & Gaming 0.9%
  • Home Improvement Retail 0.7%
  • Specialty Stores 0.6%
  • Automotive Retail 0.5%
  • Cable & Satellite 0.4%
  • Advertising 0.1%
16.7%
Consumer Staples
  • Food Distributors 3.0%
  • Food Retail 0.1%
3.1%
Energy
  • Oil & Gas Storage & Transportation 5.2%
  • Oil & Gas Equipment & Services 1.2%
  • Oil & Gas Exploration & Production 0.3%
6.6%
Financials
  • Asset Management & Custody Banks 2.2%
  • Hotel & Resort REITs 1.7%
  • Specialized REITs 1.7%
  • Investment Banking & Brokerage 0.7%
  • Real Estate Services 0.7%
  • Thrifts & Mortgage Finance 0.6%
  • Office REITs 0.6%
8.3%
Health Care
  • Life Sciences Tools & Services 4.1%
  • Health Care Equipment 3.8%
  • Health Care Facilities 2.4%
  • Biotechnology 1.1%
  • Managed Health Care 0.5%
  • Pharmaceuticals 0.5%
  • Health Care Services 0.4%
12.8%
Industrials
  • Aerospace & Defense 5.2%
  • Environmental & Facilities Services 3.2%
  • Industrial Machinery 2.9%
  • Electrical Components & Equipment 2.6%
  • Railroads 1.5%
  • Human Resource & Employment Services 1.4%
  • Office Services & Supplies 0.4%
  • Diversified Support Services 0.4%
17.5%
Information Technology
  • Application Software 6.6%
  • IT Consulting & Other Services^ 5.4%
  • Data Processing and Outsourced Services 3.5%
  • Electronic Equipment & Instruments 2.4%
  • Internet Software & Services^ 1.8%
  • Systems Software 0.5%
  • Electronic Components 0.4%
  • Technology Hardware, Storage & Peripherals 0.2%
20.9%
Materials
  • Metal & Glass Containers 2.8%
  • Specialty Chemicals 1.6%
  • Diversified Metals & Mining 1.4%
  • Steel 0.6%
  • Commodity Chemicals 0.4%
6.7%
Telecommunication Services
  • Wireless Telecommunication Services 4.8%
4.8%
Utilities
  • Electric Utilities 0.5%
  • Renewable Electricity 0.2%
0.7%
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Top Contributors & Detractors as of December 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
Health Care Equipment 3.40% 0.76%
Food Distributors 2.63% 0.74%
IT Consulting & Other Services^ 5.56% 0.73%
Restaurants 3.06% 0.62%
Metal & Glass Containers 2.33% 0.54%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 0.67% -0.62%
Oil & Gas Equipment & Services 1.62% -0.47%
Oil & Gas Storage & Transportation 5.30% -0.35%
Environmental & Facilities Services 3.22% -0.32%
Specialty Chemicals 1.55% -0.29%
By Holdings
Top Contributors Average Weight Contribution
Berry Plastics Group, Inc. 2.33% 0.54%
Gartner, Inc. 3.47% 0.48%
United Natural Foods, Inc. 1.94% 0.46%
IDEXX Laboratories, Inc. 1.78% 0.40%
Acuity Brands, Inc. 2.13% 0.37%
Top Detractors Average Weight Contribution
Targa Resources Corp. 1.66% -0.43%
Bonanza Creek Energy, Inc. 0.38% -0.40%
Forum Energy Technologies, Inc. 0.62% -0.28%
HomeAway, Inc. 1.35% -0.27%
Oasis Petroleum, Inc. 0.16% -0.23%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 5.29% 1.19%
Wireless Telecommunication Services 4.73% 1.13%
Life Sciences Tools & Services 2.84% 0.80%
Health Care Equipment 3.39% 0.72%
Hotel & Resort REITs 1.58% 0.70%
Top Detractors Average Weight Contribution
Asset Management & Custody Banks 2.37% -1.21%
Oil & Gas Equipment & Services 2.35% -0.94%
Specialty Stores 0.79% -0.74%
Apparel, Accessories & Luxury Goods 3.84% -0.69%
Home Improvement Retail 1.22% -0.69%
By Holdings
Top Contributors Average Weight Contribution
TransDigm Group, Inc. 3.16% 1.09%
SBA Communications Corp. 3.85% 0.85%
Berry Plastics Group, Inc. 2.03% 0.67%
FleetCor Technologies, Inc. 2.27% 0.61%
Platform Specialty Products Corp. 1.01% 0.59%
Top Detractors Average Weight Contribution
Financial Engines, Inc. 1.57% -1.03%
The Container Store Group, Inc. 0.79% -0.74%
Lumber Liquidators Holdings, Inc. 1.22% -0.69%
Acxiom Corp. 0.73% -0.59%
Core Laboratories N.V. 1.24% -0.54%
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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 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.