Baron Focused Growth Fund (BFGFX)

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Fund Description

Baron Focused Growth Fund invests in a focused portfolio of small and mid-size growth companies.

    

  

Facts & Characteristics as of December 31, 2016

Inception Date May 31, 1996
Net Assets (All share classes combined) $175.19 million
# of Equity Securities / % of Net Assets 18 / 95.2%
Turnover (3 Year Average) 21.14%
Median Market Cap $4.88 billion
Weighted Average Market Cap $8.91 billion
CUSIP 06828M207
Gross Expense Ratio (as of FYE 12/15)* 1.39%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/15) (0.04)%
Net Expense Ratio (as of FYE 12/15) 1.35%
EPS Growth (3-5 year forecast) 14.4%
Price/Earnings Ratio (trailing 12-month) 30.2
Price/Book Ratio 3.2
Price/Sales Ratio 3.2

Top Ten Holdings as of December 31, 2016

Holding Sector Percentage*
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 14 resorts, including Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, Whistler Blackstone in Canada, and Perisher in Australia.
Consumer Discretionary 12.5%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles powered by purely electric drivetrains. It offers a sedan (Model S), a CUV (Model X), and battery-based energy storage. Tesla expects to start delivering its mass market vehicle, Model 3, in 2017 for a base price of $35k.
Consumer Discretionary 11.0%
Hyatt Hotels Corp. (H) is a global hospitality company with 645 Hyatt-branded properties representing 169,132 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.
Consumer Discretionary 10.7%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 8.1%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 7.0%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 4.9%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,419 hotels and 745 hotels under development. Its franchise contracts are typically long term, many as long as 20 years. Brands include Quality Inn, Comfort Inn, Comfort Suites, Sleep Inn, and Cambria.
Consumer Discretionary 4.8%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 4.5%
Iridium Communications Inc. (IRDM) provides mobile voice and data communications services to businesses, U.S. and foreign governments, non-governmental organizations, and consumers using a constellation of low-earth orbiting satellites.
Telecommunication Services 4.4%
Benefitfocus, Inc. (BNFT) is a leading provider of cloud-based benefits software for consumers, employers, insurance carriers, and brokers. The company offers an integrated suite of solutions to help customers more efficiently shop, enroll, manage, and exchange benefits information.
Information Technology 3.8%
Total 71.7%
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Portfolio Holdings as of December 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
Vail Resorts, Inc. Consumer Discretionary $6.445 12.5%
Tesla Motors, Inc. Consumer Discretionary $34.423 11.0%
Hyatt Hotels Corp. Consumer Discretionary $7.231 10.7%
CoStar Group, Inc. Information Technology $6.144 8.1%
FactSet Research Systems, Inc. Financials $6.527 7.0%
Arch Capital Group Ltd. Financials $10.587 4.9%
PRINCIPAL CASH Cash & Cash Equivalents - 4.8%
Choice Hotels International, Inc. Consumer Discretionary $3.144 4.8%
Manchester United plc Consumer Discretionary $2.337 4.5%
Iridium Communications Inc. - Pfd Telecommunication Services $0.919 4.4%
The Carlyle Group Financials $1.290 3.8%
Benefitfocus, Inc. Information Technology $0.884 3.8%
Financial Engines, Inc. Financials $2.275 3.7%
Guidewire Software, Inc. Information Technology $3.626 2.9%
Verisk Analytics, Inc. Industrials $13.592 2.8%
Fastenal Co. Industrials $13.579 2.7%
Caesarstone Ltd. Industrials $1.008 2.6%
Church & Dwight Co., Inc. Consumer Staples $11.428 2.5%
AO World plc Consumer Discretionary $0.941 2.5%
Total 100.0%
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Sector Breakdown as of December 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.8%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 15.5%
  • Leisure Facilities 12.5%
  • Automobile Manufacturers 11.0%
  • Movies & Entertainment 4.5%
  • Internet & Direct Marketing Retail 2.5%
46.1%
Consumer Staples
  • Household Products 2.5%
2.5%
Financials
  • Asset Management & Custody Banks 7.5%
  • Financial Exchanges & Data 7.0%
  • Property & Casualty Insurance 4.9%
19.4%
Industrials
  • Research & Consulting Services 2.8%
  • Trading Companies & Distributors 2.7%
  • Building Products 2.6%
8.1%
Information Technology
  • Internet Software & Services 11.9%
  • Application Software 2.9%
14.7%
Telecommunication Services
  • Alternative Carriers 4.4%
4.4%
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Top Contributors & Detractors as of December 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 14.67% 2.28%
Asset Management & Custody Banks 7.12% 0.82%
Alternative Carriers 4.16% 0.63%
Leisure Facilities 12.48% 0.49%
Property & Casualty Insurance 4.70% 0.43%
Top Detractors Average Weight Contribution
Internet Software & Services 12.65% -2.68%
Building Products 2.93% -0.90%
Movies & Entertainment 4.84% -0.81%
Application Software 3.30% -0.64%
Health Care Technology 1.06% -0.46%
By Holdings
Top Contributors Average Weight Contribution
Hyatt Hotels Corp. 10.35% 1.28%
Choice Hotels International, Inc. 4.33% 1.00%
Financial Engines, Inc. 3.24% 0.76%
Iridium Communications Inc. 4.16% 0.63%
Vail Resorts, Inc. 12.48% 0.49%
Top Detractors Average Weight Contribution
Benefitfocus, Inc. 4.15% -1.42%
CoStar Group, Inc. 8.50% -1.25%
Caesarstone Ltd. 2.93% -0.90%
Manchester United plc 4.84% -0.81%
Guidewire Software, Inc. 3.30% -0.64%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 13.59% 3.09%
Leisure Facilities 11.04% 2.92%
Property & Casualty Insurance 4.24% 0.96%
Specialized Finance 4.52% 0.83%
Alternative Carriers 3.87% 0.74%
Top Detractors Average Weight Contribution
Internet Software & Services 12.86% -1.98%
Movies & Entertainment 4.93% -1.27%
Building Products 3.18% -1.25%
Automobile Manufacturers 10.66% -1.03%
Application Software 3.34% -0.99%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 11.04% 2.92%
Hyatt Hotels Corp. 9.42% 2.31%
Arch Capital Group Ltd. 4.24% 0.96%
Choice Hotels International, Inc. 4.17% 0.79%
Iridium Communications Inc. 3.87% 0.74%
Top Detractors Average Weight Contribution
Manchester United plc 4.93% -1.27%
Caesarstone Ltd. 3.18% -1.25%
Benefitfocus, Inc. 4.46% -1.05%
Tesla Motors, Inc. 10.66% -1.03%
CoStar Group, Inc. 8.40% -0.93%
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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.