Baron Asset Fund (BARAX)

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Fund Description

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

    

Facts & Characteristics as of December 31, 2015

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.58 billion
# of Equity Securities / % of Net Assets 58/97.8%
Turnover (3 Year Average) 12.73%
Median Market Cap $9.04 billion
Weighted Average Market Cap $12.37 billion
CUSIP 068278100
Expense Ratio (as of FYE 09/14)* 1.31%
EPS Growth (3-5 year forecast) 14.2%
Price/Earnings Ratio (trailing 12-month) 27.5
Price/Book Ratio 3.2
Price/Sales Ratio 3.0

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 5.8%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 5.0%
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 4.3%
Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, health care, and mortgage industries. Verisk enables risk-bearing businesses to better understand and manage their risks.
Industrials 4.0%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 3.7%
Illumina, Inc. (ILMN)  is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.4%
Mettler-Toledo International, Inc. (MTD) is the world’s largest provider of weighing instruments for use in laboratory, industrial, and food retailing applications.
Health Care 3.3%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 3.2%
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 3.0%
The Charles Schwab Corp. (SCHW) is a premier discount brokerage firm offering securities brokerage and other financial services to individual investors directly and through independent financial advisors.
Financials 2.8%
Total 38.5%
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Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Gartner, Inc. Information Technology $7.515 5.5%
Vail Resorts, Inc. Consumer Discretionary $4.638 5.0%
IDEXX Laboratories, Inc. Health Care $6.633 4.6%
Illumina, Inc. Health Care $28.101 3.9%
Verisk Analytics, Inc. Industrials $13.026 3.9%
Arch Capital Group Ltd. Financials $8.541 3.5%
Mettler-Toledo International, Inc. Health Care $9.278 3.3%
The Charles Schwab Corp. Financials $43.353 3.3%
FleetCor Technologies, Inc. Information Technology $13.173 3.2%
FactSet Research Systems, Inc. Financials $6.738 3.1%
SBA Communications Corp. Telecommunication Services $13.255 2.9%
Towers Watson & Co. Industrials $8.921 2.7%
Guidewire Software, Inc. Information Technology $4.301 2.7%
CBRE Group, Inc. Financials $11.556 2.6%
PRINCIPAL CASH Cash & Cash Equivalents - 2.2%
Henry Schein, Inc. Health Care $13.118 2.1%
Verisign, Inc. Information Technology $9.741 2.0%
ANSYS, Inc. Information Technology $8.232 2.0%
Roper Technologies, Inc. Industrials $19.132 2.0%
Equinix, Inc. Financials $18.111 1.9%
The Priceline Group, Inc. Consumer Discretionary $63.472 1.7%
SS&C Technologies Holdings, Inc. Information Technology $6.824 1.7%
West Pharmaceutical Services, Inc. Health Care $4.341 1.7%
Tractor Supply Co. Consumer Discretionary $11.486 1.6%
The Middleby Corp. Industrials $6.183 1.6%
Hyatt Hotels Corp. Consumer Discretionary $6.528 1.5%
Perrigo Co. Plc Health Care $21.184 1.4%
Nielsen Holdings PLC Industrials $16.965 1.4%
Fastenal Co. Industrials $11.825 1.3%
LinkedIn Corp. Information Technology $29.505 1.3%
Quintiles Transnational Holdings, Inc. Health Care $8.452 1.3%
The Cooper Companies, Inc. Health Care $6.435 1.2%
IDEX Corporation Industrials $5.862 1.2%
Westinghouse Air Brake Technologies Corporation Industrials $6.862 1.2%
Mobileye N.V. Information Technology $9.162 1.2%
Alexander's, Inc. Financials $1.961 1.1%
First Republic Bank Financials $9.593 1.1%
Inovalon Holdings, Inc. Cl A Health Care $2.565 1.1%
Choice Hotels International, Inc. Consumer Discretionary $2.854 1.0%
CarMax, Inc. Consumer Discretionary $10.936 1.0%
Tiffany & Co. Consumer Discretionary $9.781 1.0%
Universal Health Services, Inc. Health Care $11.823 1.0%
Airgas, Inc. Materials $9.969 0.9%
T. Rowe Price Group, Inc. Financials $17.951 0.9%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $13.350 0.9%
Bio-Techne Corp. Health Care $3.347 0.8%
Concho Resources, Inc. Energy $11.992 0.7%
Shell Midstream Partners, L.P. Energy $5.923 0.7%
Stericycle, Inc. Industrials $10.249 0.5%
Ralph Lauren Corp. Consumer Discretionary $9.442 0.4%
United Natural Foods, Inc. Consumer Staples $1.981 0.4%
WABCO Holdings Inc. Industrials $5.865 0.4%
CDK Global, Inc. Information Technology $7.568 0.4%
Tallgrass Energy GP, LP - Cl A Energy $2.511 0.4%
Zillow Group, Inc. - Cl. C Information Technology $4.323 0.4%
Cerner Corp. Health Care $20.584 0.3%
Zillow Group, Inc. - Cl. A Information Technology $4.323 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
Western Gas Equity Partners LP Energy $7.944 0.2%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $0.995 0.2%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.3%
Consumer Discretionary
  • Leisure Facilities 4.3%
  • Hotels, Resorts & Cruise Lines 2.6%
  • Specialty Stores 2.6%
  • Internet Retail 1.4%
  • Automotive Retail 0.9%
  • Apparel, Accessories & Luxury Goods 0.5%
12.3%
Consumer Staples
  • Food Distributors 0.4%
0.3%
Energy
  • Oil & Gas Storage & Transportation 0.8%
  • Oil & Gas Exploration & Production 0.4%
1.3%
Financials
  • Specialized Finance 3.9%
  • Property & Casualty Insurance 3.7%
  • Investment Banking & Brokerage 2.8%
  • Insurance Brokers 2.7%
  • Real Estate Services 2.3%
  • Specialized REITs 2.2%
  • Regional Banks 1.3%
  • Asset Management & Custody Banks 1.3%
  • Office REITs^ 1.1%
21.4%
Health Care
  • Life Sciences Tools & Services 9.1%
  • Health Care Equipment 5.0%
  • Health Care Supplies 3.2%
  • Health Care Distributors 2.3%
  • Health Care Technology 1.9%
  • Pharmaceuticals 1.7%
  • Health Care Facilities 0.9%
24.1%
Industrials
  • Research & Consulting Services 5.6%
  • Industrial Machinery 2.5%
  • Industrial Conglomerates 1.9%
  • Construction Machinery & Heavy Trucks 1.5%
  • Trading Companies & Distributors 1.4%
  • Environmental & Facilities Services 0.6%
13.4%
Information Technology
  • Application Software 7.8%
  • IT Consulting & Other Services 5.8%
  • Internet Software & Services 3.8%
  • Data Processing and Outsourced Services 2.6%
20.0%
Materials
  • Industrial Gases 0.8%
0.8%
Telecommunication Services
  • Integrated Telecommunication Services 3.0%
3.0%
Utilities
  • Renewable Electricity 0.1%
0.1%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 4.49% 0.93%
Life Sciences Tools & Services 8.44% 0.79%
Application Software 8.55% 0.60%
Internet Software & Services 4.08% 0.50%
Human Resource & Employment Services 2.60% 0.43%
Top Detractors Average Weight Contribution
Construction Machinery & Heavy Trucks 1.79% -0.31%
Specialized Finance 2.15% -0.24%
Health Care Technology 1.55% -0.23%
Property & Casualty Insurance 3.67% -0.17%
Environmental & Facilities Services 0.85% -0.16%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 4.49% 0.93%
Mettler-Toledo International, Inc. 3.07% 0.52%
Towers Watson & Co. 2.60% 0.43%
The Charles Schwab Corp. 3.08% 0.42%
Gartner, Inc. 5.25% 0.40%
Top Detractors Average Weight Contribution
Westinghouse Air Brake Technologies Corporation 1.42% -0.30%
Inovalon Holdings, Inc. 1.20% -0.23%
The Cooper Companies, Inc. 1.50% -0.19%
Arch Capital Group Ltd. 3.67% -0.17%
Stericycle, Inc. 0.85% -0.16%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 8.78% 1.42%
Leisure Facilities 3.85% 1.40%
Research & Consulting Services 5.18% 0.73%
IT Consulting & Other Services^ 5.62% 0.51%
Property & Casualty Insurance 3.18% 0.49%
Top Detractors Average Weight Contribution
Health Care Technology 1.66% -0.67%
Renewable Electricity 0.87% -0.65%
Oil & Gas Storage & Transportation 2.33% -0.61%
Apparel, Accessories & Luxury Goods 0.68% -0.50%
Hotels, Resorts & Cruise Lines 3.67% -0.47%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 3.85% 1.40%
Verisign, Inc. 1.52% 0.68%
Verisk Analytics, Inc. 3.51% 0.64%
Equinix, Inc. 1.53% 0.53%
Arch Capital Group Ltd. 3.18% 0.49%
Top Detractors Average Weight Contribution
Inovalon Holdings, Inc. 1.13% -0.66%
Ralph Lauren Corp. 0.68% -0.50%
Hyatt Hotels Corp. 1.87% -0.42%
Tallgrass Energy GP, LP 0.52% -0.38%
Tiffany & Co. 1.07% -0.38%
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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.