Baron Asset Fund (BARAX)

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Fund Description

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

    

Facts & Characteristics as of September 30, 2016

Inception Date June 12, 1987
Net Assets (All share classes combined) $2.53 billion
# of Equity Securities / % of Net Assets 55/99.3%
Turnover (3 Year Average) 12.44%
Median Market Cap $8.74 billion
Weighted Average Market Cap $12.80 billion
CUSIP 068278100
Expense Ratio (as of FYE 09/15)* 1.31%
EPS Growth (3-5 year forecast) 13.7%
Price/Earnings Ratio (trailing 12-month) 30.0
Price/Book Ratio 4.0
Price/Sales Ratio 3.5

Top Ten Holdings as of October 31, 2016

Holding Sector Percentage*
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 7.4%
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 5.2%
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 4.4%
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 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 4.1%
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 manage and control employee spending.
Information Technology 3.6%
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 3.3%
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 over 25,000 towers in total.
Telecommunication Services 3.0%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 3.0%
Total 43.7%
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Portfolio Holdings as of September 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
IDEXX Laboratories, Inc. Health Care $10.094 7.4%
Gartner, Inc. Information Technology $7.308 5.4%
Vail Resorts, Inc. Consumer Discretionary $5.676 4.9%
Verisk Analytics, Inc. Industrials $13.734 4.2%
Mettler-Toledo International, Inc. Health Care $11.121 4.1%
Arch Capital Group Ltd. Financials $9.715 4.0%
FleetCor Technologies, Inc. Information Technology $16.080 3.4%
Illumina, Inc. Health Care $26.631 3.3%
The Charles Schwab Corp. Financials $41.767 3.2%
FactSet Research Systems, Inc. Financials $6.590 3.1%
SBA Communications Corp. Telecommunication Services $13.977 2.9%
Guidewire Software, Inc. Information Technology $4.383 2.8%
Willis Towers Watson Public Limited Company Financials $18.329 2.6%
Henry Schein, Inc. Health Care $13.331 2.3%
West Pharmaceutical Services, Inc. Health Care $5.455 2.2%
CBRE Group, Inc. Real Estate $9.391 2.1%
Equinix, Inc. Real Estate $25.605 2.1%
Verisign, Inc. Information Technology $8.353 2.0%
ANSYS, Inc. Information Technology $8.077 2.0%
The Priceline Group, Inc. Consumer Discretionary $72.731 1.9%
The Cooper Companies, Inc. Health Care $8.738 1.8%
Roper Technologies Inc. Industrials $18.492 1.7%
IDEX Corporation Industrials $7.124 1.6%
Bio-Techne Corporation Health Care $4.085 1.6%
Westinghouse Air Brake Technologies Corporation Industrials $7.358 1.6%
Nielsen Holdings plc Industrials $19.143 1.6%
MarketAxess Holdings Inc. Financials $6.231 1.5%
First Republic Bank Financials $11.491 1.4%
SS&C Technologies Holdings, Inc. Information Technology $6.467 1.4%
Vantiv, Inc-CL A Information Technology $10.777 1.4%
CoStar Group, Inc. Information Technology $7.060 1.2%
The Middleby Corp. Industrials $7.113 1.2%
Fastenal Co. Industrials $12.073 1.1%
Alexander's, Inc. Real Estate $2.143 1.0%
Hyatt Hotels Corp. Consumer Discretionary $6.548 1.0%
Choice Hotels International, Inc. Consumer Discretionary $2.529 0.9%
Universal Health Services, Inc. Health Care $11.999 0.9%
MAXIMUS, Inc. Information Technology $3.670 0.9%
Quintiles IMS Holdings, Inc. Health Care $9.650 0.9%
CarMax, Inc. Consumer Discretionary $10.215 0.8%
Tractor Supply Co. Consumer Discretionary $9.002 0.8%
Zillow Group, Inc. - Cl. C Information Technology $6.231 0.8%
PRINCIPAL CASH Cash & Cash Equivalents - 0.7%
Tiffany & Co. Consumer Discretionary $9.071 0.7%
T. Rowe Price Group, Inc. Financials $16.529 0.7%
Teleflex Incorporated Health Care $7.400 0.7%
Expedia, Inc. Consumer Discretionary $17.495 0.6%
Concho Resources, Inc. Energy $19.337 0.6%
Mobileye N.V. Information Technology $9.333 0.6%
Rollins, Inc. Industrials $6.392 0.6%
CDK Global, Inc. Information Technology $8.612 0.5%
WABCO Holdings Inc. Industrials $6.334 0.4%
Zillow Group, Inc. - Cl. A Information Technology $6.231 0.4%
Inovalon Holdings, Inc. Cl A Health Care $2.242 0.2%
Ralph Lauren Corp. Consumer Discretionary $8.320 0.1%
Windy City Investments Holdings, L.L.C. Financials - 0.1%
Tallgrass Energy GP, LP - Cl A Energy $3.781 0.1%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of October 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.9%
Consumer Discretionary
  • Leisure Facilities 5.2%
  • Internet & Direct Marketing Retail 2.7%
  • Hotels, Resorts & Cruise Lines 2.1%
  • Specialty Stores 1.5%
  • Automotive Retail 0.8%
  • Apparel, Accessories & Luxury Goods 0.1%
12.4%
Energy
  • Oil & Gas Exploration & Production 0.6%
0.6%
Financials
  • Financial Exchanges & Data 4.4%
  • Property & Casualty Insurance 4.1%
  • Investment Banking & Brokerage 3.3%
  • Insurance Brokers 2.6%
  • Regional Banks 1.5%
  • Asset Management & Custody Banks 0.8%
16.7%
Health Care
  • Life Sciences Tools & Services 9.2%
  • Health Care Equipment 7.4%
  • Health Care Supplies 4.1%
  • Health Care Distributors 2.2%
  • Health Care Facilities 0.9%
23.8%
Industrials
  • Research & Consulting Services 5.8%
  • Industrial Machinery 2.7%
  • Construction Machinery & Heavy Trucks 2.0%
  • Industrial Conglomerates 1.7%
  • Trading Companies & Distributors 1.1%
  • Environmental & Facilities Services 0.7%
  • Building Products 0.2%
14.1%
Information Technology
  • Application Software 7.3%
  • Data Processing and Outsourced Services 5.9%
  • IT Consulting & Other Services 5.5%
  • Internet Software & Services 4.5%
23.3%
Real Estate
  • Specialized REITs 2.2%
  • Real Estate Services 2.0%
  • Office REITs^ 1.0%
5.2%
Telecommunication Services
  • Integrated Telecommunication Services 3.0%
3.0%
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Top Contributors & Detractors as of September 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 9.37% 1.48%
Health Care Equipment 7.56% 1.28%
Specialized Finance 3.28% 0.65%
Investment Banking & Brokerage 2.91% 0.64%
Data Processing and Outsourced Services 5.32% 0.63%
Top Detractors Average Weight Contribution
IT Consulting & Other Services 5.70% -0.54%
Financial Exchanges & Data 1.50% -0.44%
Internet Software & Services 4.46% -0.28%
Specialty Stores 1.97% -0.20%
Health Care Technology 1.04% -0.19%
By Holdings
Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 6.85% 1.31%
Illumina, Inc. 2.92% 0.75%
The Charles Schwab Corp. 2.91% 0.64%
FleetCor Technologies, Inc. 3.12% 0.61%
Vail Resorts, Inc. 4.66% 0.58%
Top Detractors Average Weight Contribution
Gartner, Inc. 5.70% -0.54%
Tractor Supply Co. 1.23% -0.33%
Verisign, Inc. 2.05% -0.21%
Henry Schein, Inc. 2.32% -0.19%
Inovalon Holdings, Inc. 0.94% -0.16%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Equipment 5.73% 2.72%
Leisure Facilities 4.42% 1.95%
Life Sciences Tools & Services 9.11% 1.82%
Health Care Supplies 3.62% 1.07%
Data Processing and Outsourced Services 4.19% 0.95%
Top Detractors Average Weight Contribution
Health Care Technology 1.53% -0.46%
Financial Exchanges & Data 0.38% -0.44%
Real Estate Services 2.34% -0.44%
Wireless Telecommunication Services 1.01% -0.38%
Hotels, Resorts & Cruise Lines 2.71% -0.37%
By Holdings
Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 5.53% 2.74%
Vail Resorts, Inc. 4.42% 1.95%
Mettler-Toledo International, Inc. 3.50% 1.41%
FleetCor Technologies, Inc. 3.03% 0.74%
Equinix, Inc. 2.05% 0.71%
Top Detractors Average Weight Contribution
LinkedIn Corp. 0.47% -0.65%
CBRE Group, Inc. 2.34% -0.44%
Perrigo Co. Plc 0.49% -0.37%
Norwegian Cruise Line Holdings, Ltd. 0.54% -0.34%
Inovalon Holdings, Inc. 1.12% -0.31%
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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.