Baron Asset Fund (BARIX)

Portfolio Management

Andrew Peck

Fund Manager since 2003

Objective & Strategy

The Fund invests mainly in mid-sized U.S. companies that have matured beyond their start-up phase and have significant secular growth opportunities. Diversified.

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Fund Description

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


Performance Summary as of April 30, 2016

  Annualized Returns Since Inception
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
-1.47% -2.94% 9.64% 8.95% 6.40% 11.02% 1,946.91%
Growth of $10,000 Chart

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Top Ten Holdings as of April 30, 2016

Holding Sector Percentage
IDEXX Laboratories, Inc. Health Care 5.7%
Gartner, Inc. Information Technology 5.5%
Vail Resorts, Inc. Consumer Discretionary 4.1%
Verisk Analytics, Inc. Industrials 4.1%
Arch Capital Group Ltd. Financials 3.7%
Mettler-Toledo International, Inc. Health Care 3.6%
FleetCor Technologies, Inc. Information Technology 3.1%
FactSet Research Systems, Inc. Financials 3.0%
The Charles Schwab Corp. Financials 2.9%
Willis Towers Watson Public Limited Company Financials 2.8%
Total 38.5%
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Performance Based Characteristics as of March 31, 2016

Characteristics 3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 12.74 14.50 17.66 18.12
Sharpe Ratio 0.77 0.67 0.30 0.41
Alpha (%) -0.90 0.02 -0.49 3.24
Beta 0.98 0.97 0.93 0.77
R-Squared (%) 92.86 93.64 93.12 75.59
Tracking Error (%) 3.37 3.65 4.76 10.11
Information Ratio -0.39 -0.09 -0.21 0.11
Upside Capture (%) 96.90 99.79 95.74 91.60
Downside Capture (%) 103.50 101.63 98.97 84.04

Daily Price (NAV)

Prices for May 27 , 2016
NAV $59.55
Daily Change ($) $0.41
Daily Change (%) 0.69%
MTD 3.22%
YTD 1.71%
52-Week High $69.31
52-Week Low $49.82

Fund Facts

Inception Date June 12, 1987
Net Assets^ $2.49 billion
CUSIP 068278605
Expense Ratio* 1.04%
Risk/Return Comparison
Risk Return Graph

Securities issued by medium sized companies may be thinly traded and may be more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund’s returns.


Morningstar Ratings
Ratings based on risk-adjusted returns as of 3/31/2016
Category: US OE Mid-Cap Growth
Overall 4 Stars out of 640 funds
3 Year 4 Stars out of 640 funds
5 Year 4 Stars out of 574 funds

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Lipper Rankings
Rankings based on total returns as of 3/31/2016
Category: Mid-Cap Growth Funds
1 Year 85 out of 396 funds
3 Year 105 out of 347 funds
5 Year 51 out of 316 funds


Baron Category: Mid-Cap Growth
Large Value Large Core Large Growth Large
Mid Value Mid Core Mid Growth Mid
Small Value Small Core Small Growth Small
Value Core Growth  
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^All share classes combined. As of most recent quarter end.

*As of fiscal year ended 9/30/2015, the expense ratio of the Fund’s Institutional Shares was 1.04%.
Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above. For performance information current to the most recent month end, click here.
The Fund may not achieve its objectives

The Fund’s historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.
Prior to February 15, 2007, the Fund's strategy was to invest primarily in small and mid-sized growth companies. Since then, the Fund's investment strategy has shifted to mid-sized companies.
Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher.

The Risk/Return Comparison plots the since inception return of the Fund against the Fund's Standard Deviation for the same time period. Source: FactSet SPAR.
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
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”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) © 2015 Morningstar, Inc.  All Rights Reserved.  The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Lipper Analytical Services, Inc. rankings and fund performance do not reflect sales charges and are based on total return, including reinvestment of dividends and capital gains for the stated periods.

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Fund’s benchmark. Performance statistics for additional periods will be provided on request. Source: FactSet SPAR.
Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell Midcap® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth, and the S&P 500 Index of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. The Morningstar US OE Mid-Cap Growth Average is not weighted and represents the straight average of annualized returns of each of the funds in the Mid-Cap Growth category. The Fund’s Retail Shares have been included in the category since 4/1/99 and the Fund’s Institutional Shares since 5/29/09. © 2015 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market (Russell Midcap Growth) is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index (Russell Midcap Growth Index), and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns (Russell Midcap Growth Index). It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index (Russell Midcap Growth Index). The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are less than zero. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.