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.



Fund Resources

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Institutional Shares

Facts & Characteristics as of September 30, 2015

Inception Date May 31, 1996
Net Assets (All share classes combined) $174.36 million
# of Equity Securities / % of Net Assets 24 / 99.1%
Turnover (3 Year Average) 28.37%
Median Market Cap $5.41 billion
Weighted Average Market Cap $8.69 billion
CUSIP 06828M207
Gross Expense Ratio (as of FYE 12/14)* 1.39%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.04)%
Net Expense Ratio (as of FYE 12/14) 1.35%
EPS Growth (3-5 year forecast) 16.4%
Price/Earnings Ratio (trailing 12-month) 19.2
Price/Book Ratio 1.7
Price/Sales Ratio 2.7

Top Ten Holdings as of October 31, 2015

Holding Sector Percentage*
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It offers a sedan, Model S, its recently launched CUV, Model X, and plans to offer its lower cost Model 3 in few years. It is also commercializing battery based energy storage solutions.
Consumer Discretionary 9.4%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 12 world class ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, and Perisher in Australia.
Consumer Discretionary 8.6%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 8.4%
Hyatt Hotels Corp. (H) is a global hospitality company with 586 Hyatt-branded properties representing 157,284 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 7.5%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 7.2%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 5.5%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,376 hotels and 613 hotels under development. Its franchise contracts are long term in nature, many for 20 years. Some of its brands include Quality Inn, Comfort Inn, Comfort Suites, Sleep Inn, and Cambria.
Consumer Discretionary 4.3%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 4.1%
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 4.0%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars, with over $15 billion in annual sales and 150 superstores.
Consumer Discretionary 3.9%
Total 62.9%
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Portfolio Holdings as of September 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Tesla Motors, Inc. Consumer Discretionary $32.352 11.7%
Vail Resorts, Inc. Consumer Discretionary $3.826 8.2%
CoStar Group, Inc. Information Technology $5.619 7.5%
Hyatt Hotels Corp. Consumer Discretionary $6.740 7.0%
FactSet Research Systems, Inc. Information Technology $6.619 6.9%
Manchester United plc Consumer Discretionary $2.812 5.4%
Arch Capital Group Ltd. Financials $8.996 4.2%
Choice Hotels International, Inc. Consumer Discretionary $2.745 4.1%
CarMax, Inc. Consumer Discretionary $12.341 4.1%
Benefitfocus, Inc. Information Technology $0.899 4.0%
ITC Holdings Corp. Utilities $5.206 3.8%
Verisk Analytics, Inc. Industrials $12.453 3.4%
Financial Engines, Inc. Financials $1.525 3.4%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.882 3.1%
Guidewire Software, Inc. Information Technology $3.734 3.1%
Iridium Communications Inc. - Pfd Telecommunication Services $0.583 3.1%
Mobileye N.V. Information Technology $9.855 2.7%
The Carlyle Group Financials $1.318 2.5%
Church & Dwight Co., Inc. Consumer Staples $10.987 2.4%
Fastenal Co. Industrials $10.623 2.1%
CaesarStone Sdot-Yam Ltd. Industrials $1.073 2.1%
Genesee & Wyoming, Inc. Industrials $3.196 2.0%
Airgas, Inc. Materials $6.669 1.5%
PRINCIPAL CASH Cash & Cash Equivalents - 0.9%
Virtu Financial, Inc. Class A Financials $3.173 0.8%
Total 100.0%
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Sector Breakdown as of October 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 11.8%
  • Automobile Manufacturers 9.4%
  • Leisure Facilities 8.6%
  • Movies & Entertainment 5.5%
  • Automotive Retail 3.9%
  • Specialty Stores 2.5%
Consumer Staples
  • Household Products 2.4%
  • Asset Management & Custody Banks 6.2%
  • Property & Casualty Insurance 4.1%
  • Investment Banking & Brokerage 0.8%
  • Research & Consulting Services 3.2%
  • Building Products 2.3%
  • Trading Companies & Distributors 2.2%
  • Railroads 2.2%
Information Technology
  • Application Software 13.1%
  • Internet Software & Services 12.4%
  • Industrial Gases 1.6%
Telecommunication Services
  • Alternative Carriers 3.7%
  • Electric Utilities 3.6%
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Top Contributors & Detractors as of September 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Property & Casualty Insurance 3.64% 0.30%
Electric Utilities 3.46% 0.09%
Household Products 2.22% 0.04%
Research & Consulting Services 3.10% 0.03%
Investment Banking & Brokerage 0.71% 0.00%
Top Detractors Average Weight Contribution
Asset Management & Custody Banks 7.04% -2.61%
Internet Software & Services 11.91% -2.43%
Building Products 3.25% -2.23%
Hotels, Resorts & Cruise Lines 11.20% -1.61%
Alternative Carriers 3.24% -0.85%
By Holdings
Top Contributors Average Weight Contribution
Arch Capital Group Ltd. 3.64% 0.30%
ITC Holdings Corp. 3.46% 0.09%
Church & Dwight Co., Inc. 2.22% 0.04%
Verisk Analytics, Inc. 3.10% 0.03%
Top Detractors Average Weight Contribution
CaesarStone Sdot-Yam Ltd. 3.25% -2.23%
Benefitfocus, Inc. 4.46% -1.40%
The Carlyle Group 3.18% -1.32%
Financial Engines, Inc. 3.86% -1.29%
Hyatt Hotels Corp. 7.20% -1.19%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 9.39% 1.19%
Automotive Retail 4.58% 1.16%
Leisure Facilities 6.77% 1.14%
Property & Casualty Insurance 3.20% 0.85%
Construction Materials 1.48% 0.80%
Top Detractors Average Weight Contribution
Building Products 2.05% -2.10%
Asset Management & Custody Banks 7.46% -1.77%
Hotels, Resorts & Cruise Lines 11.46% -1.69%
Railroads 3.32% -1.17%
Industrial Machinery 2.88% -0.96%
By Holdings
Top Contributors Average Weight Contribution
FactSet Research Systems, Inc. 5.81% 1.43%
CarMax, Inc. 4.58% 1.16%
Vail Resorts, Inc. 6.77% 1.14%
Arch Capital Group Ltd. 3.20% 0.85%
Dick's Sporting Goods, Inc. 3.58% 0.56%
Top Detractors Average Weight Contribution
Hyatt Hotels Corp. 7.18% -1.59%
The Carlyle Group 3.55% -1.39%
CaesarStone Sdot-Yam Ltd. 3.52% -1.30%
Genesee & Wyoming, Inc. 3.32% -1.17%
Colfax Corp. 2.88% -0.96%
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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.