Baron Asset Fund (BARAX)

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Fund Description

Baron Asset Fund invests primarily in mid-sized growth companies.

    

Facts & Characteristics as of June 30, 2014

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.78 billion
# of Equity Securities / % of Net Assets 62 / 99.5%
Turnover (3 Year Average) 13.27%
Median Market Cap $7.83 billion
Weighted Average Market Cap $12.19 billion
CUSIP 068278100
Expense Ratio (as of FYE 09/13)* 1.32%
EPS Growth (3-5 year forecast) 16.3%
Price/Earnings Ratio (trailing 12-month) 26.6
Price/Book Ratio 3.9
Price/Sales Ratio 2.8

Top Ten Holdings as of July 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.2%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 3.8%
Illumina, Inc. (ILMN) develops and commercializes tools and services for genetic analysis. The company is the recognized leader in next generation DNA sequencing platforms. 
Health Care 3.3%
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 3.2%
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 3.1%
Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, healthcare, and mortgage industries. Verisk enables risk-bearing businesses to better understand and manage their risks.
Industrials 3.0%
Wynn Resorts Ltd. (WYNN)  is a leading company in the gaming industry with properties in Las Vegas and a majority ownership of Wynn Macau Ltd., which is developing land on the Cotai Strip into a $4 billion casino with an expected opening in early 2016.  
Consumer Discretionary 3.0%
The Priceline Group, Inc. (PCLN) is a leading global online travel agent, with particular strength in international travel and hotel bookings. The company’s brands include priceline.com, Booking.com, RentalCars.com, and Agoda.com. 
Consumer Discretionary 2.9%
The Charles Schwab Corp. (SCHW) is a premier discount brokerage firm offering securities brokerage and other financial services to individual investors directly, as well as through independent financial advisors.
Financials 2.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.8%
Total 32.2%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $6.363 4.2%
IDEXX Laboratories, Inc. Health Care $6.853 4.0%
Illumina, Inc. Health Care $22.925 3.6%
Arch Capital Group Ltd. Financials $7.703 3.0%
SBA Communications Corp. Telecommunication Services $13.177 3.0%
FleetCor Technologies, Inc. Information Technology $10.931 3.0%
Verisk Analytics, Inc. Industrials $9.987 2.9%
Vail Resorts, Inc. Consumer Discretionary $2.792 2.8%
The Priceline Group, Inc. Consumer Discretionary $63.076 2.8%
Wynn Resorts Ltd. Consumer Discretionary $21.017 2.8%
The Charles Schwab Corp. Financials $35.040 2.7%
CBRE Group, Inc. Financials $10.638 2.5%
Colfax Corp. Industrials $9.210 2.5%
Mettler-Toledo International, Inc. Health Care $7.398 2.5%
Nielsen N.V. Industrials $18.343 2.4%
FactSet Research Systems, Inc. Information Technology $5.093 2.3%
Hyatt Hotels Corp. Consumer Discretionary $9.547 2.2%
Fastenal Co. Industrials $14.681 2.1%
Discovery Communications, Inc. Consumer Discretionary $25.411 1.8%
ANSYS, Inc. Information Technology $7.026 1.7%
Ralph Lauren Corp. Consumer Discretionary $14.208 1.6%
Tiffany & Co. Consumer Discretionary $12.937 1.6%
Pall Corp. Industrials $9.366 1.6%
Helmerich & Payne, Inc. Energy $12.557 1.5%
Henry Schein, Inc. Health Care $10.129 1.5%
Roper Industries, Inc. Industrials $14.570 1.5%
Choice Hotels International, Inc. Consumer Discretionary $2.752 1.4%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.857 1.4%
CarMax, Inc. Consumer Discretionary $11.484 1.4%
Windy City Investments Holdings, L.L.C. Financials - 1.4%
Concho Resources, Inc. Energy $16.145 1.4%
HomeAway, Inc. Consumer Discretionary $3.256 1.4%
Guidewire Software, Inc. Information Technology $2.788 1.4%
The Cooper Companies, Inc. Health Care $6.497 1.3%
Universal Health Services, Inc. Health Care $9.461 1.3%
Westinghouse Air Brake Technologies Corporation Industrials $7.966 1.3%
The Middleby Corp. Industrials $4.737 1.3%
Alexander's, Inc. Financials $1.887 1.2%
Equinix, Inc. Information Technology $10.467 1.2%
Tractor Supply Co. Consumer Discretionary $8.365 1.2%
Phillips 66 Partners LP Energy $5.589 1.2%
Core Laboratories N.V. Energy $7.497 1.1%
Stericycle, Inc. Industrials $10.029 1.1%
Verisign, Inc. Information Technology $6.416 1.1%
LinkedIn Corp. Information Technology $20.878 1.1%
T. Rowe Price Group, Inc. Financials $22.177 1.0%
MRC Global, Inc. Industrials $2.884 1.0%
First Republic Bank Financials $7.562 0.9%
Towers Watson & Co. Industrials $7.394 0.9%
Shutterstock, Inc. Information Technology $2.921 0.8%
Quintiles Transnational Holdings, Inc. Health Care $6.935 0.8%
Airgas, Inc. Materials $8.091 0.7%
Fossil Group, Inc. Consumer Discretionary $5.594 0.7%
Artisan Partners Asset Management Inc. Financials $1.651 0.7%
United Natural Foods, Inc. Consumer Staples $3.232 0.6%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.5%
Cerner Corp. Health Care $17.711 0.5%
DeVry Education Group Inc. Consumer Discretionary $2.688 0.5%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $6.506 0.5%
AO World plc Consumer Discretionary $1.856 0.5%
Western Gas Equity Partners LP Energy $13.725 0.4%
Oil States International, Inc. Energy $3.400 0.3%
Civeo Corporation Industrials $2.672 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.1%
Total 100.0%
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Sector Breakdown as of July 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.6%
Consumer Discretionary
  • Internet Retail 4.7%
  • Specialty Stores 3.9%
  • Hotels, Resorts & Cruise Lines 3.6%
  • Casinos & Gaming 3.0%
  • Leisure Facilities 2.8%
  • Broadcasting 2.1%
  • Apparel, Accessories & Luxury Goods 2.0%
  • Automotive Retail 1.4%
  • Education Services 0.5%
24.0%
Consumer Staples
  • Food Distributors 0.6%
0.6%
Energy
  • Oil & Gas Drilling 1.4%
  • Oil & Gas Equipment & Services 1.4%
  • Oil & Gas Exploration & Production 1.4%
  • Oil & Gas Storage & Transportation 1.4%
5.6%
Financials
  • Asset Management & Custody Banks 3.1%
  • Investment Banking & Brokerage 2.9%
  • Property & Casualty Insurance 2.8%
  • Real Estate Services 2.5%
  • Office REITs^ 1.2%
  • Regional Banks 0.7%
13.2%
Health Care
  • Life Sciences Tools & Services 6.7%
  • Health Care Equipment 3.8%
  • Health Care Supplies 1.6%
  • Health Care Distributors 1.5%
  • Health Care Facilities 1.5%
  • Health Care Technology 0.6%
15.7%
Industrials
  • Research & Consulting Services 5.4%
  • Industrial Machinery 4.9%
  • Trading Companies & Distributors 3.0%
  • Industrial Conglomerates 1.5%
  • Construction Machinery & Heavy Trucks 1.3%
  • Environmental & Facilities Services 1.1%
  • Human Resource & Employment Services 1.1%
  • Diversified Support Services 0.3%
18.6%
Information Technology
  • Application Software 5.5%
  • IT Consulting & Other Services^ 5.4%
  • Internet Software & Services^ 3.2%
  • Data Processing and Outsourced Services 3.1%
17.2%
Materials
  • Industrial Gases 0.7%
0.7%
Telecommunication Services
  • Wireless Telecommunication Services 3.2%
3.2%
Utilities
  • Renewable Electricity 0.6%
0.6%
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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
Life Sciences Tools & Services 6.31% 0.84%
Asset Management & Custody Banks^ 3.10% 0.59%
Oil & Gas Storage & Transportation 1.33% 0.56%
Data Processing and Outsourced Services 2.83% 0.39%
Health Care Equipment 3.96% 0.39%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 1.87% -0.23%
Specialty Stores 4.48% -0.23%
Broadcasting 1.92% -0.22%
Health Care Technology 0.88% -0.21%
Casinos & Gaming 2.87% -0.20%
By Holdings
Top Contributors Average Weight Contribution
Windy City Investments Holdings, L.L.C. 1.38% 0.66%
Illumina, Inc. 3.23% 0.63%
Phillips 66 Partners LP 0.99% 0.47%
FleetCor Technologies, Inc. 2.83% 0.39%
IDEXX Laboratories, Inc. 3.96% 0.39%
Top Detractors Average Weight Contribution
Core Laboratories N.V. 1.39% -0.30%
Dick's Sporting Goods, Inc. 1.49% -0.27%
Guidewire Software, Inc. 1.22% -0.23%
Discovery Communications, Inc. 1.92% -0.22%
Tractor Supply Co. 1.38% -0.22%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 5.68% 3.41%
Industrial Machinery 5.06% 1.81%
Hotels, Resorts & Cruise Lines^ 4.31% 1.70%
Data Processing and Outsourced Services 2.91% 1.58%
Internet Retail 4.64% 1.57%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 3.10% -0.19%
Health Care Technology 0.72% -0.10%
Metal & Glass Containers 0.10% -0.07%
Human Resource & Employment Services 0.18% -0.05%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 2.74% 2.61%
FleetCor Technologies, Inc. 2.91% 1.58%
IDEXX Laboratories, Inc. 3.58% 1.57%
Wynn Resorts Ltd. 2.60% 1.41%
The Priceline Group, Inc. 2.93% 1.21%
Top Detractors Average Weight Contribution
Medidata Solutions, Inc. 0.16% -0.24%
Ralph Lauren Corp. 2.33% -0.23%
Guidewire Software, Inc. 0.84% -0.22%
Intuitive Surgical, Inc. 0.12% -0.19%
Dick's Sporting Goods, Inc. 1.58% -0.13%
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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. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time.
 
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 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. The calculations for price/earnings ratio, price/book ratio, and price/sales ratio are based on weighted harmonic average.
 
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.