Portfolio Characteristics

 

as of 09/30/18

Baron Health Care Fund Russell 3000 Health Care Total Return Index
Net Assets$6.63 million
# of Equity Securities / % of Net Assets43 / 94.5%
Active Share81.0%
Median Market Cap$7.71 billion$1.12 billion
Weighted Average Market Cap$42.92 billion$117.12 billion
EPS Growth (3-5 year forecast)17.7%12.3%
Price/Earnings Ratio (trailing 12-month)45.828.5
Price/Book Ratio6.34.3
Price/Sales Ratio4.32.1
Current Expense Ratio Date4/30/2018

Holdings

as of 10/31/18

Open All Close All Holding Sector % of Net Assets

UnitedHealth Group Incorporated

UnitedHealth Group Incorporated (UNH) is a diversified health and well-being company with $200 billion in revenue that operates across four segments: United Healthcare, Optum Health, OptumInsight, and OptumRX. The company serves 134 million individuals in all 50 states and more than 125 countries.

Health Care 6.2%

Medtronic Public Limited Company

Medtronic Public Limited Company (MDT) is among the world's largest medical device companies. The company serves hospitals, clinicians, and patients in 160 countries around the world. Medtronic operates in four segments: Cardiac and Vascular, Minimally Invasive Therapies, Restorative Therapies, and Diabetes.

Health Care 4.6%

argenx SE

Argenx SE (ARGX) is a biotech company developing antibodies for the treatment of autoimmune disorders and cancer based on the uniquely powerful immune system of llamas.

Health Care 4.3%

AstraZeneca PLC

AstraZeneca PLC (AZN) is a global biopharmaceutical that, since 2013, has followed a strategy based on a pipeline-driven transformation and a focus on three main therapy areas based on its core competencies: oncology, cardiovascular and metabolic diseases, and respiratory illnesses.

Health Care 3.9%

Intuitive Surgical, Inc.

Intuitive Surgical, Inc. (ISRG) manufactures and markets the da Vinci Surgical System, a robotic surgical system used for minimally invasive procedures.

Health Care 3.9%

Vertex Pharmaceuticals Incorporated

Vertex Pharmaceuticals Incorporated (VRTX) is the leader in cystic fibrosis (CF) treatment. Vertex has three currently approved and marketed drugs, each for treatment of differing subsets of CF. These drugs represent paradigm shifts for CF patients hoping to extend their lives beyond their 30s-40s.

Health Care 3.8%

Illumina, Inc.

Illumina, Inc. (ILMN) is the recognized leader in next-generation DNA sequencing platforms.

Health Care 3.5%

Teleflex Incorporated

Teleflex Incorporated (TFX) is a medical device company that sells primarily single-use products used by hospitals and health care providers for common diagnostic and therapeutic procedures in critical care and surgical applications.

Health Care 3.4%

Sage Therapeutics, Inc.

SAGE Therapeutics, Inc. (SAGE) is developing treatments for central nervous system disorders, focusing on depression. Lead asset SAGE-547 is being developed for post partum depression (PPD) and major depressive disorder, with initial PPD commercialization expected this year.

Health Care 3.2%

Bio-Techne Corporation

Bio-Techne Corporation (TECH) is a leading developer and manufacturer of life sciences tools, such as high quality purified proteins and protein analysis tools, which are sold to biomedical researchers and clinical research laboratories. 

Health Care 2.9%

Total

39.7%

as of 09/30/18

Name Sector % of Net Assets

UnitedHealth Group Incorporated

Health Care 6.8%

Medtronic Public Limited Company

Health Care 4.0%

Teleflex Incorporated

Health Care 4.0%

argenx SE - ADR

Health Care 4.0%

Sage Therapeutics, Inc.

Health Care 3.9%

Vertex Pharmaceuticals Incorporated

Health Care 3.9%

AstraZeneca PLC

Health Care 3.6%

Illumina, Inc.

Health Care 3.4%

Bio-Techne Corporation

Health Care 3.2%

Intuitive Surgical, Inc.

Health Care 3.1%

HUMANA, INC.

Health Care 2.9%

HCA Healthcare, Inc.

Health Care 2.6%

Aerie Pharmaceuticals, Inc.

Health Care 2.6%

Dechra Pharmaceuticals PLC

Health Care 2.5%

Mettler-Toledo International, Inc.

Health Care 2.5%

Neurocrine Biosciences, Inc.

Health Care 2.5%

Agilent Technologies, Inc.

Health Care 2.5%

Edwards Lifesciences Corp.

Health Care 2.5%

Eurofins Scientific SE

Health Care 2.4%

Align Technology, Inc.

Health Care 2.4%

LivaNova PLC

Health Care 2.2%

ICON plc

Health Care 2.0%

Acceleron Pharma Inc.

Health Care 2.0%

Ra Medical Systems, Inc.

Health Care 1.9%

CareDx, Inc.

Health Care 1.8%

Veeva Systems Inc. Cl - A

Health Care 1.7%

INSULET CORPORATION

Health Care 1.5%

Intersect ENT, Inc.

Health Care 1.5%

IntriCon Corporation

Health Care 1.5%

Adaptimmune Therapeutics plc

Health Care 1.5%

Cantel Medical Corp.

Health Care 1.4%

DexCom, Inc.

Health Care 1.4%

AnaptysBio, Inc.

Health Care 1.3%

Myovant Sciences Ltd.

Health Care 1.2%

IDEXX Laboratories, Inc.

Health Care 1.2%

West Pharmaceutical Services, Inc.

Health Care 0.9%

iRhythm Technologies, Inc.

Health Care 0.9%

Abcam plc

Health Care 0.8%

Assembly Biosciences, Inc.

Health Care 0.8%

AxoGen, Inc.

Health Care 0.6%

Zai Lab Limited -Adr

Health Care 0.6%

HealthEquity, Inc.

Health Care 0.5%

Elanco Animal Health Incorporated

Health Care 0.0%

GICS SECTOR BREAKDOWN

As of 10/31/18

As of 10/31/18

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
CareDx, Inc. 1.34% 1.24%
Bio-Techne Corporation 3.43% 1.15%
Illumina, Inc. 3.86% 1.10%
Medtronic Public Limited Company 4.68% 0.74%
Neurocrine Biosciences, Inc. 3.00% 0.69%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Gemphire Therapeutics Inc. 0.48% -0.89%
Sage Therapeutics, Inc. 4.23% -0.38%
Dechra Pharmaceuticals PLC 1.06% -0.28%
argenx SE 4.52% -0.26%
Intersect ENT, Inc. 1.06% -0.25%

Insights & News

Documents

Prospectus 04/30/18
Summary Prospectus 04/30/18
SAI 04/30/18
XBRL Filings 05/21/18
Semi-Annual Report 06/30/18

RISKS:

In addition to general market conditions, the value of the Fund will be affected by investments in health care companies which are subject to a number of risks, including the adverse impact of legislative actions and government regulations. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.