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 June 30, 2014

Inception Date September 30, 1997
Net Assets (All share classes combined) $5.71 billion
# of Equity Securities / % of Net Assets 100 / 97.7%
Turnover (3 Year Average) 23.18%
Median Market Cap $2.79 billion
Weighted Average Market Cap $4.60 billion
CUSIP 068278803
Expense Ratio (as of FYE 09/13)* 1.05%
EPS Growth (3-5 year forecast) 18.6%
Price/Earnings Ratio (trailing 12-month) 31.4
Price/Book Ratio 3.4
Price/Sales Ratio 2.0

Top Ten Holdings as of August 31, 2014

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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 3.2%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.0%
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 2.5%
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 2.3%
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 2.2%
Berry Plastics Group, Inc. (BERY) is the second largest plastic packaging producer in the U.S., manufacturing mostly food and beverage containers.
Materials 2.0%
Targa Resources Corp. (TRGP) owns LP units and is the General Partner of Targa Resources Partners, a growth oriented master limited partnership focused on gas and natural gas liquids gathering, processing, and fractionation.
Energy 1.9%
The Ultimate Software Group, Inc.
Information Technology 1.9%
Acuity Brands, Inc. (AYI) is North America’s leading provider of lighting solutions. 
Industrials 1.8%
Total 24.8%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
SBA Communications Corp. Telecommunication Services $13.177 3.6%
Gartner, Inc. Information Technology $6.363 2.8%
TransDigm Group, Inc. Industrials $8.852 2.8%
Cash & Cash Equivalents Cash & Cash Equivalents - 2.3%
FleetCor Technologies, Inc. Information Technology $10.931 2.2%
Waste Connections, Inc. Industrials $6.018 2.1%
Acuity Brands, Inc. Industrials $5.974 2.0%
Berry Plastics Group, Inc. Materials $3.031 2.0%
Targa Resources Corp. Energy $5.884 1.8%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $2.819 1.8%
Gaming and Leisure Properties, Inc. Financials $3.809 1.8%
Brookdale Senior Living, Inc. Health Care $4.181 1.7%
The Ultimate Software Group, Inc. Information Technology $3.917 1.7%
Financial Engines, Inc. Financials $2.330 1.7%
IDEXX Laboratories, Inc. Health Care $6.853 1.6%
United Natural Foods, Inc. Consumer Staples $3.232 1.6%
Equinix, Inc. Information Technology $10.467 1.5%
Genesee & Wyoming, Inc. Industrials $5.638 1.5%
Iconix Brand Group, Inc. Consumer Discretionary $1.967 1.5%
Globe Specialty Metals, Inc. Materials $1.534 1.5%
ACI Worldwide, Inc. Information Technology $2.117 1.5%
The Madison Square Garden Co. Consumer Discretionary $4.800 1.4%
HomeAway, Inc. Consumer Discretionary $3.256 1.4%
Liberty Media Corp. Consumer Discretionary $15.625 1.4%
Clean Harbors, Inc. Industrials $3.904 1.3%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $2.083 1.3%
FEI Company Information Technology $3.834 1.3%
The Cheesecake Factory, Inc. Consumer Discretionary $2.319 1.2%
Core Laboratories N.V. Energy $7.497 1.2%
Fossil Group, Inc. Consumer Discretionary $5.594 1.2%
Cognex Corp. Information Technology $3.335 1.2%
Mattress Firm Holding Corp. Consumer Discretionary $1.629 1.2%
Rexnord Corp. Industrials $2.851 1.2%
WEX Inc. Information Technology $4.068 1.2%
Advent Software, Inc. Information Technology $1.676 1.1%
On Assignment, Inc. Industrials $1.932 1.1%
ICON plc Health Care $2.867 1.1%
Mettler-Toledo International, Inc. Health Care $7.398 1.1%
Wynn Resorts Ltd. Consumer Discretionary $21.017 1.1%
DigitalGlobe, Inc. Industrials $2.097 1.1%
Guidewire Software, Inc. Information Technology $2.788 1.1%
Platform Specialty Products Corp. Materials $3.848 1.1%
Nordson Corp. Industrials $5.105 1.0%
RealPage, Inc. Information Technology $1.771 1.0%
Forum Energy Technologies, Inc. Energy $3.394 1.0%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.651 1.0%
Phillips 66 Partners LP Energy $5.589 1.0%
LaSalle Hotel Properties Financials $3.672 0.9%
DexCom, Inc. Health Care $2.971 0.9%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.421 0.9%
Artisan Partners Asset Management Inc. Financials $1.651 0.9%
Scorpio Tankers Inc. Energy $1.929 0.9%
Flotek Industries, Inc. Materials $1.730 0.9%
The Container Store Group, Inc. Consumer Discretionary $1.333 0.9%
The Advisory Board Company Industrials $1.898 0.8%
CBRE Group, Inc. Financials $10.638 0.8%
Chesapeake Lodging Trust Financials $1.513 0.8%
Coherent, Inc. Information Technology $1.650 0.8%
Susser Holdings Corp. Consumer Staples $1.747 0.8%
Heartware International, Inc. Health Care $1.503 0.8%
Nord Anglia Education Inc. Consumer Discretionary $1.737 0.8%
Acxiom Corp. Information Technology $1.671 0.7%
SL Green Realty Corp. Financials $10.530 0.7%
The Chefs' Warehouse, Inc. Consumer Staples $0.495 0.7%
Tumi Holdings, Inc. Consumer Discretionary $1.366 0.7%
BJ's Restaurants, Inc. Consumer Discretionary $0.993 0.6%
Penn National Gaming, Inc. Consumer Discretionary $0.954 0.6%
Cepheid Health Care $3.343 0.6%
Bonanza Creek Energy, Inc. Energy $2.310 0.6%
Western Refining Logistics, LP Energy $1.492 0.6%
Essent Group Ltd. Financials $1.738 0.6%
Valero Energy Partners LP Energy $2.897 0.6%
CARBO Ceramics, Inc. Energy $3.561 0.5%
Interface, Inc. Industrials $1.252 0.5%
National CineMedia, Inc. Consumer Discretionary $1.065 0.5%
comScore, Inc. Information Technology $1.230 0.5%
Graco, Inc. Industrials $4.733 0.5%
Tesoro Logistics LP Energy $3.997 0.5%
Covance, Inc. Health Care $4.914 0.4%
Emeritus Corp. Health Care $1.552 0.4%
ITC Holdings Corp. Utilities $5.750 0.4%
Oasis Petroleum, Inc. Energy $5.655 0.4%
The KEYW Holding Corp. Industrials $0.470 0.4%
SFX Entertainment, Inc. Consumer Discretionary - 0.4%
SunCoke Energy Partners, LP Materials $1.046 0.4%
SunCoke Energy, Inc. Materials $1.500 0.4%
Rally Software Development Corp. Information Technology $0.271 0.4%
Moelis & Company Class A Financials $1.821 0.4%
PBF Logistics LP Energy $0.874 0.4%
MWI Veterinary Supply, Inc. Health Care $1.826 0.4%
Athlon Energy Inc. Energy $4.633 0.3%
Masimo Corporation Health Care $1.339 0.2%
Quiksilver, Inc. Consumer Discretionary $0.612 0.2%
Fairway Group Holdings Corp. Consumer Staples $0.289 0.2%
SFX Entertainment, Inc. Consumer Discretionary $0.723 0.2%
Vince Holding Corp. Consumer Discretionary $1.345 0.2%
GrubHub Inc. Information Technology $2.790 0.2%
Knowles Corporation Information Technology $2.466 0.2%
Abengoa Yield plc Utilities $3.026 0.2%
Susser Petroleum Partners LP Energy $1.031 0.1%
Viggle, Inc. Information Technology $0.060 0.0%
Vitacost.com, Inc. Consumer Discretionary $0.177 0.0%
Viggle, Inc. Information Technology $0.060 0.0%
Total 100.0%
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Sector Breakdown as of August 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.3%
Consumer Discretionary
  • Apparel, Accessories & Luxury Goods 3.7%
  • Restaurants 2.7%
  • Education Services 2.6%
  • Movies & Entertainment 2.0%
  • Broadcasting 1.6%
  • Casinos & Gaming 1.5%
  • Homefurnishing Retail 1.4%
  • Internet Retail 1.3%
  • Home Improvement Retail 0.8%
  • Specialty Stores 0.7%
  • Advertising 0.2%
18.6%
Consumer Staples
  • Food Distributors 2.4%
  • Food Retail 0.1%
2.5%
Energy
  • Oil & Gas Storage & Transportation 5.7%
  • Oil & Gas Equipment & Services 2.5%
  • Oil & Gas Exploration & Production 1.3%
9.5%
Financials
  • Asset Management & Custody Banks 2.3%
  • Hotel & Resort REITs 1.8%
  • Specialized REITs 1.8%
  • Real Estate Services 0.9%
  • Thrifts & Mortgage Finance 0.7%
  • Office REITs 0.7%
  • Investment Banking & Brokerage 0.5%
8.6%
Health Care
  • Health Care Equipment 3.2%
  • Life Sciences Tools & Services 2.9%
  • Health Care Facilities 2.3%
  • Health Care Distributors 0.7%
  • Biotechnology 0.5%
  • Managed Health Care 0.4%
  • Pharmaceuticals 0.4%
10.4%
Industrials
  • Aerospace & Defense 4.9%
  • Environmental & Facilities Services 3.5%
  • Industrial Machinery 2.9%
  • Electrical Components & Equipment 2.1%
  • Railroads 1.4%
  • Human Resource & Employment Services 1.2%
  • Research & Consulting Services 0.6%
  • Office Services & Supplies 0.4%
17.1%
Information Technology
  • Application Software 5.8%
  • IT Consulting & Other Services^ 5.0%
  • Data Processing and Outsourced Services 3.8%
  • Electronic Equipment & Instruments 3.2%
  • Internet Software & Services^ 0.8%
  • Electronic Components 0.8%
  • Systems Software 0.5%
19.9%
Materials
  • Metal & Glass Containers 2.0%
  • Specialty Chemicals 1.8%
  • Diversified Metals & Mining 1.5%
  • Steel 0.8%
  • Commodity Chemicals 0.4%
6.4%
Telecommunication Services
  • Wireless Telecommunication Services 4.9%
5.0%
Utilities
  • Electric Utilities 0.5%
  • Renewable Electricity 0.3%
0.7%
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Top Contributors & Detractors as of June 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
Oil & Gas Storage & Transportation 5.47% 1.50%
Specialty Chemicals 1.98% 0.62%
Data Processing and Outsourced Services 3.30% 0.44%
Environmental & Facilities Services 3.27% 0.43%
Wireless Telecommunication Services 4.52% 0.43%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 4.01% -0.35%
Home Improvement Retail 1.50% -0.33%
Asset Management & Custody Banks 2.57% -0.28%
Food Distributors 2.48% -0.22%
Research & Consulting Services 0.83% -0.21%
By Holdings
Top Contributors Average Weight Contribution
Targa Resources Corp. 1.55% 0.57%
Platform Specialty Products Corp. 1.17% 0.50%
SBA Communications Corp. 3.63% 0.46%
Phillips 66 Partners LP 0.81% 0.39%
Susser Holdings Corp. 1.04% 0.36%
Top Detractors Average Weight Contribution
Acxiom Corp. 0.84% -0.45%
Lumber Liquidators Holdings, Inc. 1.50% -0.33%
Quiksilver, Inc. 0.38% -0.31%
Core Laboratories N.V. 1.35% -0.25%
The KEYW Holding Corp. 0.44% -0.23%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 4.61% 2.94%
Wireless Telecommunication Services 4.38% 1.53%
Data Processing and Outsourced Services 3.10% 1.46%
Electronic Equipment & Instruments 3.65% 1.44%
Specialty Chemicals 1.19% 1.39%
Top Detractors Average Weight Contribution
Systems Software 0.38% -0.48%
Internet Software & Services^ 0.51% -0.32%
Building Products 0.30% -0.24%
Specialty Stores 0.53% -0.17%
Research & Consulting Services 1.07% -0.15%
By Holdings
Top Contributors Average Weight Contribution
SBA Communications Corp. 3.63% 1.31%
Acuity Brands, Inc. 1.85% 1.16%
Targa Resources Corp. 1.20% 1.11%
TransDigm Group, Inc. 2.91% 1.11%
FleetCor Technologies, Inc. 2.03% 1.07%
Top Detractors Average Weight Contribution
Fairway Group Holdings Corp. 0.42% -0.59%
Rally Software Development Corp. 0.38% -0.48%
Angie's List, Inc. 0.32% -0.39%
Intuitive Surgical, Inc. 0.30% -0.26%
Ply Gem Holdings, Inc. 0.30% -0.24%
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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.