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, 2016

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.50 billion
# of Equity Securities / % of Net Assets 55/98.1%
Turnover (3 Year Average) 12.86%
Median Market Cap $8.31 billion
Weighted Average Market Cap $11.39 billion
CUSIP 068278100
Expense Ratio (as of FYE 09/15)* 1.31%
EPS Growth (3-5 year forecast) 13.8%
Price/Earnings Ratio (trailing 12-month) 28.9
Price/Book Ratio 3.8
Price/Sales Ratio 3.4

Top Ten Holdings as of August 31, 2016

Holding Sector Percentage*
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 7.3%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 5.5%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 13 ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, Perisher in Australia and three U.S. regional resorts.
Consumer Discretionary 4.8%
Verisk Analytics, Inc. (VRSK) provides information about risk to companies in the insurance, financial services, and energy industries. Verisk enables these businesses to better understand and manage their risks and optimize their decision-making processes.
Industrials 4.2%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 4.0%
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 3.9%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 3.4%
FleetCor Technologies, Inc. (FLT) provides fuel cards and payment services to vehicle fleets and other businesses around the world. The company's services enable businesses to better manage and control employee spending.
Information Technology 3.2%
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 3.1%
Illumina, Inc. (ILMN)  is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.0%
Total 42.4%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
IDEXX Laboratories, Inc. Health Care $8.314 6.2%
Gartner, Inc. Information Technology $8.037 6.1%
Vail Resorts, Inc. Consumer Discretionary $4.999 4.3%
Verisk Analytics, Inc. Industrials $13.635 4.2%
Arch Capital Group Ltd. Financials $8.791 3.7%
Mettler-Toledo International, Inc. Health Care $9.765 3.7%
FactSet Research Systems, Inc. Financials $6.599 3.2%
Guidewire Software, Inc. Information Technology $4.479 3.0%
FleetCor Technologies, Inc. Information Technology $13.247 2.9%
SBA Communications Corp. Telecommunication Services $13.549 2.8%
Willis Towers Watson Plc. Financials $17.210 2.8%
Illumina, Inc. Health Care $20.664 2.6%
The Charles Schwab Corp. Financials $33.452 2.6%
Henry Schein, Inc. Health Care $14.509 2.5%
Equinix, Inc. Financials $26.920 2.3%
Verisign, Inc. Information Technology $9.379 2.3%
West Pharmaceutical Services, Inc. Health Care $5.545 2.3%
CBRE Group, Inc. Financials $8.882 2.0%
ANSYS, Inc. Information Technology $7.990 2.0%
PRINCIPAL CASH Cash & Cash Equivalents - 1.9%
The Cooper Companies, Inc. Health Care $8.312 1.8%
Bio-Techne Corp. Health Care $4.197 1.7%
The Priceline Group, Inc. Consumer Discretionary $61.970 1.6%
SS&C Technologies Holdings, Inc. Information Technology $5.642 1.6%
Tractor Supply Co. Consumer Discretionary $12.166 1.6%
Nielsen Holdings PLC Industrials $18.751 1.6%
Roper Technologies, Inc. Industrials $17.261 1.6%
Fastenal Co. Industrials $12.824 1.4%
IDEX Corporation Industrials $6.232 1.4%
Westinghouse Air Brake Technologies Corporation Industrials $6.328 1.4%
First Republic Bank Financials $10.430 1.3%
MarketAxess Holdings, Inc. Financials $5.462 1.3%
Vantiv, Inc-CL A Information Technology $10.832 1.3%
CoStar Group, Inc. Information Technology $7.118 1.2%
The Middleby Corp. Industrials $6.632 1.2%
Inovalon Holdings, Inc. Cl A Health Care $2.744 1.2%
Alexander's, Inc. Financials $2.090 1.0%
Choice Hotels International, Inc. Consumer Discretionary $2.690 1.0%
T. Rowe Price Group, Inc. Financials $18.111 1.0%
Universal Health Services, Inc. Health Care $13.019 1.0%
Hyatt Hotels Corp. Consumer Discretionary $6.603 1.0%
MAXIMUS, Inc. Information Technology $3.593 0.9%
Quintiles Transnational Holdings, Inc. Health Care $7.817 0.9%
Zillow Group, Inc. - Cl. C Information Technology $6.520 0.9%
CarMax, Inc. Consumer Discretionary $9.486 0.8%
Tiffany & Co. Consumer Discretionary $7.642 0.8%
Teleflex Incorporated Health Care $7.730 0.7%
Mobileye N.V. Information Technology $10.115 0.6%
Concho Resources, Inc. Energy $15.690 0.5%
CDK Global, Inc. Information Technology $8.620 0.5%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $9.044 0.4%
Zillow Group, Inc. - Cl. A Information Technology $6.520 0.4%
athenahealth, Inc. Health Care $5.419 0.3%
WABCO Holdings Inc. Industrials $5.151 0.3%
Tallgrass Energy GP, LP - Cl A Energy $3.549 0.2%
Ralph Lauren Corp. Consumer Discretionary $7.451 0.1%
Windy City Investments Holdings, L.L.C. Financials - 0.1%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of August 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.7%
Consumer Discretionary
  • Leisure Facilities 4.8%
  • Hotels, Resorts & Cruise Lines 2.2%
  • Internet Retail 2.1%
  • Specialty Stores 1.9%
  • Automotive Retail 0.9%
  • Apparel, Accessories & Luxury Goods 0.1%
12.0%
Energy
  • Oil & Gas Exploration & Production 0.5%
  • Oil & Gas Storage & Transportation 0.2%
0.7%
Financials
  • Specialized Finance 4.9%
  • Property & Casualty Insurance 4.0%
  • Investment Banking & Brokerage 3.1%
  • Insurance Brokers 2.4%
  • Real Estate Services 2.2%
  • Specialized REITs 2.1%
  • Regional Banks 1.4%
  • Office REITs^ 1.1%
  • Asset Management & Custody Banks 0.9%
22.1%
Health Care
  • Life Sciences Tools & Services 9.3%
  • Health Care Equipment 8.0%
  • Health Care Supplies 4.2%
  • Health Care Distributors 2.2%
  • Health Care Technology 0.9%
  • Health Care Facilities 0.8%
25.6%
Industrials
  • Research & Consulting Services 5.7%
  • Industrial Machinery 2.8%
  • Construction Machinery & Heavy Trucks 1.9%
  • Industrial Conglomerates 1.7%
  • Trading Companies & Distributors 1.1%
  • Environmental & Facilities Services 0.3%
13.5%
Information Technology
  • Application Software 7.6%
  • IT Consulting & Other Services 5.5%
  • Data Processing and Outsourced Services 5.4%
  • Internet Software & Services 4.2%
22.5%
Telecommunication Services
  • Integrated Telecommunication Services 2.9%
2.9%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Equipment 5.86% 1.03%
Internet Software & Services 4.34% 0.54%
IT Consulting & Other Services 5.92% 0.52%
Specialized Finance 4.23% 0.40%
Health Care Supplies 3.81% 0.39%
Top Detractors Average Weight Contribution
Hotels, Resorts & Cruise Lines 2.47% -0.30%
Investment Banking & Brokerage 2.92% -0.27%
Construction Machinery & Heavy Trucks 1.97% -0.24%
Real Estate Services 2.29% -0.19%
Trading Companies & Distributors 1.47% -0.14%
By Holdings
Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 5.75% 1.01%
Gartner, Inc. 5.92% 0.52%
Zillow Group, Inc. 0.97% 0.43%
Equinix, Inc. 2.13% 0.35%
Guidewire Software, Inc. 2.77% 0.35%
Top Detractors Average Weight Contribution
Illumina, Inc. 2.75% -0.45%
The Charles Schwab Corp. 2.92% -0.27%
SS&C Technologies Holdings, Inc. 1.74% -0.21%
CBRE Group, Inc. 2.29% -0.19%
Westinghouse Air Brake Technologies Corporation 1.58% -0.18%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Equipment 4.91% 1.92%
Leisure Facilities 4.25% 1.12%
Specialized REITs 1.90% 0.93%
Research & Consulting Services 5.34% 0.77%
IT Consulting & Other Services^ 5.44% 0.66%
Top Detractors Average Weight Contribution
Life Sciences Tools & Services 8.97% -1.23%
Oil & Gas Storage & Transportation 1.22% -1.09%
Renewable Electricity 0.31% -1.01%
Real Estate Services 2.44% -0.90%
Investment Banking & Brokerage 2.97% -0.81%
By Holdings
Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 4.88% 1.90%
Vail Resorts, Inc. 4.25% 1.12%
Equinix, Inc. 1.91% 0.93%
Gartner, Inc. 5.43% 0.65%
Verisign, Inc. 1.95% 0.63%
Top Detractors Average Weight Contribution
Illumina, Inc. 3.38% -1.66%
CBRE Group, Inc. 2.44% -0.90%
The Charles Schwab Corp. 2.97% -0.81%
LinkedIn Corp. 0.76% -0.70%
TerraForm Power, Inc. 0.20% -0.61%
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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.