Baron Discovery Fund (BDFFX)

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Fund Description

Baron Discovery Fund invests primarily in small growth companies.
 

Fund Resources

Latest Fact Sheets
  Standard Fact Sheet

Facts & Characteristics as of June 30, 2014

Inception Date September 30, 2013
Net Assets (All share classes combined) $36.19 million
# of Equity Securities / % of Net Assets 55 / 94.0%
Turnover 89.81%
Median Market Cap $0.95 billion
Weighted Average Market Cap $1.28 billion
CUSIP 068278860
Estimated Gross Expense Ratio 3.25%
Less: Estimated Reimbursement of Expenses by Adviser (1.90)%
Net Expense Ratio 1.35%
EPS Growth (3-5 year forecast) 37.8%
Price/Earnings Ratio (trailing 12-month) 28.5
Price/Book Ratio 3.4
Price/Sales Ratio 2.1

Top Ten Holdings as of June 30, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Flotek Industries, Inc. (FTK) is a diversified global supplier of drilling and production-related products and services. The company’s strategic focus includes oilfield specialty chemicals and logistics, downhole drilling tools, and downhole production tools used in the energy and mining industries.
Materials 4.6%
Pacira Pharmaceuticals, Inc. (PCRX) is a specialty pharmaceutical company with focus on the development, commercialization, and manufacturing of proprietary pharmaceutical products. Its main line of business is the sale of EXPAREL, a pain control drug.
Health Care 4.6%
The Spectranetics Corporation (SPNC) develops laser-based devices for interventional cardiovascular therapy. It specializes in vascular intervention (clearing blockages in leg arteries in particular) and lead management (removal of old pacemaker/defibrillator leads).
Health Care 3.8%
Rose Rock Midstream, L.P. (RRMS) is engaged in the gathering, transportation, storage, and marketing of crude oil in the U.S. Rose Rock acquires, owns, develops, and operates a diversified portfolio of midstream energy assets. It is controlled by SemGroup Corporation.
Energy 3.5%
BioScrip, Inc. (BIOS) is a health care services company that provides Infusion Products/Services and Pharmacy Benefit Management Services. It has 40 infusion pharmacies and 33 nursing locations specializing in chronic care management.
Health Care 3.3%
Foundation Medicine, Inc. (FMI) offers a molecular information platform that provides genomic information about a patient's individual cancer, enabling physicians to optimize treatment in clinical practice and enabling biopharmaceutical companies to develop targeted oncology therapies more effectively.
Health Care 2.8%
RSP Permian (RSPP) is an independent E&P company with 39,000 net acres in the Midland Basin of the Permian Basin in West Texas. The company was formed in 2010 by its management team and Natural Gas Partners (NGP), a $10 billion energy-focused private equity firm.
Energy 2.7%
Qualys Inc. (QLYS) provides information technology security risk and compliance management solutions. The company offers cloud-based software products for vulnerability management, policy compliance, web application scanning, malware detection, and associated security products. 
Information Technology 2.6%
eHealth, Inc. (EHTH) is the largest United States on-line private health insurance exchange where individuals, families, and small businesses can compare health insurance products from 180 leading insurers and enroll in coverage online.
Financials 2.5%
Amber Road, Inc. (AMBR) is a SaaS-based software company that streamlines the processes behind the import and export of goods. The software is powered by a proprietary database that includes constantly updated information regarding shipping schedules, trade agreements, and tariffs from around the world.
Information Technology 2.5%
Total 32.9%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 6.0%
Pacira Pharmaceuticals, Inc. Health Care $3.275 4.6%
Flotek Industries, Inc. Materials $1.730 4.6%
The Spectranetics Corporation Health Care $0.951 3.8%
Rose Rock Midstream, L.P. Energy $1.788 3.5%
BioScrip, Inc. Health Care $0.571 3.3%
Foundation Medicine, Inc. Health Care $0.760 2.8%
RSP Permian, Inc. Energy $2.352 2.7%
Qualys, Inc. Information Technology $0.839 2.6%
eHealth, Inc. Financials $0.722 2.5%
Amber Road, Inc. Information Technology $0.407 2.5%
Strategic Hotels & Resorts, Inc. Financials $2.895 2.3%
Ascent Capital Group, Inc. Consumer Discretionary $0.918 2.2%
Inogen, Inc. Health Care $0.410 2.0%
PBF Logistics LP Energy $0.874 2.0%
RigNet, Inc. Energy $0.946 1.9%
Revance Therapeutics, Inc. Health Care $0.770 1.9%
Tallgrass Energy Partners, LP Energy $1.586 1.8%
Fiesta Restaurant Group, Inc. Consumer Discretionary $1.243 1.8%
TherapeuticsMD, Inc. Health Care $0.643 1.8%
Varonis Systems, Inc. Information Technology $0.709 1.8%
E2open, Inc. Information Technology $0.601 1.7%
PDF Solutions, Inc. Information Technology $0.648 1.7%
Power Integrations, Inc. Information Technology $1.750 1.6%
Coherent, Inc. Information Technology $1.650 1.6%
Envestnet, Inc. Information Technology $1.666 1.6%
Tesco Corporation Energy $0.856 1.6%
ESCO Technologies, Inc. Industrials $0.920 1.5%
Polypore International, Inc. Industrials $2.152 1.5%
Marchex, Inc. Information Technology $0.509 1.5%
The Container Store Group, Inc. Consumer Discretionary $1.333 1.5%
Parsley Energy, Inc. Energy $2.836 1.5%
comScore, Inc. Information Technology $1.230 1.4%
Chesapeake Lodging Trust Financials $1.513 1.4%
Western Refining Logistics, LP Energy $1.492 1.4%
Mandarin Oriental Int'l. Ltd. Consumer Discretionary $1.912 1.3%
Ted Baker plc Consumer Discretionary $1.353 1.3%
AO World plc Consumer Discretionary $1.856 1.3%
Farmer Bros. Co. Consumer Staples $0.358 1.3%
Iridium Communications Inc. Telecommunication Services $0.787 1.2%
CaesarStone Sdot-Yam Ltd. Materials $1.711 1.2%
Capital Senior Living Corp. Health Care $0.692 1.1%
Churchill Downs Incorporated Consumer Discretionary $1.609 1.1%
Zoe's Kitchen, Inc. Consumer Discretionary $0.663 1.1%
Masimo Corporation Health Care $1.339 1.0%
SunCoke Energy Partners, LP Materials $1.046 1.0%
Park-Ohio Holdings Corp. Industrials $0.722 1.0%
ARC Group Worldwide, Inc. Industrials $0.227 1.0%
The KEYW Holding Corp. Industrials $0.470 0.9%
MediWound Ltd. Health Care $0.232 0.9%
Craft Brew Alliance, Inc. Consumer Staples $0.210 0.8%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.501 0.8%
Benefitfocus, Inc. Information Technology $1.160 0.6%
Barracuda Networks, Inc. Information Technology $1.595 0.6%
Mattress Firm Holding Corp. Consumer Discretionary $1.629 0.4%
Novadaq Technologies Inc. Health Care $0.913 0.2%
Total 100.0%
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Sector Breakdown as of June 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
6.0%
Consumer Discretionary
  • Restaurants 2.9%
  • Specialized Consumer Services 2.2%
  • Casinos & Gaming 1.9%
  • Specialty Stores 1.5%
  • Apparel, Accessories & Luxury Goods 1.3%
  • Hotels, Resorts & Cruise Lines 1.3%
  • Internet Retail 1.3%
  • Homefurnishing Retail 0.4%
12.8%
Consumer Staples
  • Packaged Foods & Meats 1.3%
  • Brewers 0.8%
2.0%
Energy
  • Oil & Gas Storage & Transportation 8.7%
  • Oil & Gas Exploration & Production 4.2%
  • Oil & Gas Equipment & Services 3.4%
16.3%
Financials
  • Hotel & Resort REITs 3.7%
  • Insurance Brokers 2.5%
6.2%
Health Care
  • Pharmaceuticals 9.1%
  • Health Care Supplies 3.8%
  • Health Care Equipment 3.3%
  • Health Care Services 3.3%
  • Biotechnology 2.8%
  • Health Care Facilities 1.1%
23.5%
Industrials
  • Industrial Machinery 2.5%
  • Electrical Components & Equipment 1.5%
  • Air Freight & Logistics 1.0%
  • Aerospace & Defense 0.9%
5.9%
Information Technology
  • Internet Software & Services 9.3%
  • Systems Software 5.0%
  • Semiconductor Equipment 1.7%
  • Semiconductors 1.7%
  • Electronic Equipment & Instruments 1.6%
19.2%
Materials
  • Specialty Chemicals 4.6%
  • Construction Materials 1.2%
  • Steel 1.0%
6.9%
Telecommunication Services
  • Alternative Carriers 1.2%
1.2%
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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
Restaurants 3.00% 1.93%
Oil & Gas Storage & Transportation 8.50% 1.54%
Hotel & Resort REITs 3.81% 0.76%
Oil & Gas Exploration & Production 3.19% 0.76%
Pharmaceuticals 8.92% 0.75%
Top Detractors Average Weight Contribution
Heavy Electrical Equipment 0.83% -1.56%
Health Care Supplies 3.62% -0.94%
Aerospace & Defense 1.60% -0.71%
Internet Retail 1.51% -0.64%
Systems Software 4.21% -0.59%
By Holdings
Top Contributors Average Weight Contribution
Zoe's Kitchen, Inc. 1.69% 1.68%
Pacira Pharmaceuticals, Inc. 4.42% 1.39%
Rose Rock Midstream, L.P. 2.59% 0.90%
Flotek Industries, Inc. 4.40% 0.73%
BioScrip, Inc. 3.34% 0.66%
Top Detractors Average Weight Contribution
PowerSecure International, Inc. 0.83% -1.56%
The Spectranetics Corporation 3.62% -0.94%
SciQuest, Inc. 0.85% -0.85%
Imperva, Inc. 0.13% -0.63%
TherapeuticsMD, Inc. 1.41% -0.53%

12 Months

By Sub-Industry
By Holdings
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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. As of 3/12/2014, Baron Discovery Fund no longer owns shares of Mandarin Oriental International.

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"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

^The Adviser has reclassified/classified certain securities in or out of this Sub-Industry. Such reclassifications/classifications are not supported by S&P or MSCI.

Top Contributors & Detractors Source: FactSet PA.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.