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 September 30, 2014

Inception Date September 30, 2013
Net Assets (All share classes combined) $65.33 million
# of Equity Securities / % of Net Assets 58/94.0%
Turnover (1 Year) 109.40%
Median Market Cap $0.94 billion
Weighted Average Market Cap $1.12 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) 22.1%
Price/Earnings Ratio (trailing 12-month) 12.5
Price/Book Ratio 3.1
Price/Sales Ratio 1.9

Top Ten Holdings as of September 30, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
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 4.7%
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 4.0%
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 3.0%
Tallgrass Energy Partners, LP
Energy 2.8%
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 2.7%
Fiesta Restaurant Group, Inc.
Consumer Discretionary 2.6%
Strategic Hotels & Resorts, Inc.
Financials 2.3%
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 2.3%
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 2.2%
ExamWorks Group, Inc.
Health Care 2.2%
Total 28.8%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 6.0%
The Spectranetics Corporation Health Care $1.112 4.7%
Flotek Industries, Inc. Materials $1.406 4.0%
BioScrip, Inc. Health Care $0.474 3.0%
Tallgrass Energy Partners, LP Energy $2.217 2.8%
Foundation Medicine, Inc. Health Care $0.536 2.7%
Fiesta Restaurant Group, Inc. Consumer Discretionary $1.331 2.6%
Rose Rock Midstream, L.P. Energy $1.787 2.3%
Strategic Hotels & Resorts, Inc. Financials $2.882 2.3%
Qualys, Inc. Information Technology $0.878 2.2%
ExamWorks Group, Inc. Health Care $1.287 2.2%
American Assets Trust, Inc. Financials $1.405 2.1%
Primoris Services Corp. Industrials $1.386 2.1%
TherapeuticsMD, Inc. Health Care $0.723 2.1%
Chesapeake Lodging Trust Financials $1.600 2.0%
Ascent Capital Group, Inc. Consumer Discretionary $0.831 2.0%
Barracuda Networks, Inc. Information Technology $1.321 2.0%
Polypore International, Inc. Industrials $1.747 1.9%
Envestnet, Inc. Information Technology $1.537 1.9%
Varonis Systems, Inc. Information Technology $0.517 1.9%
PBF Logistics LP Energy $0.805 1.9%
Coherent, Inc. Information Technology $1.531 1.8%
Churchill Downs Incorporated Consumer Discretionary $1.693 1.8%
E2open, Inc. Information Technology $0.271 1.8%
Amber Road, Inc. Information Technology $0.438 1.8%
Intersect ENT, Inc. Health Care $0.362 1.8%
Power Integrations, Inc. Information Technology $1.623 1.7%
comScore, Inc. Information Technology $1.244 1.7%
Tumi Holdings, Inc. Consumer Discretionary $1.381 1.7%
Inventure Foods, Inc. Consumer Staples $0.253 1.7%
Inogen, Inc. Health Care $0.376 1.6%
Farmer Bros. Co. Consumer Staples $0.481 1.6%
Westlake Chemical Partners LP Materials $0.785 1.6%
RigNet, Inc. Energy $0.713 1.5%
CaesarStone Sdot-Yam Ltd. Materials $1.802 1.5%
Benefitfocus, Inc. Information Technology $0.686 1.5%
The KEYW Holding Corp. Industrials $0.416 1.4%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.451 1.3%
Revance Therapeutics, Inc. Health Care $0.454 1.3%
PDF Solutions, Inc. Information Technology $0.389 1.2%
Mattress Firm Holding Corp. Consumer Discretionary $2.053 1.1%
HealthEquity, Inc. Health Care $1.002 1.1%
Iridium Communications Inc. Telecommunication Services $0.824 1.0%
Pacira Pharmaceuticals, Inc. Health Care $3.479 1.0%
Western Refining Logistics, LP Energy $1.589 1.0%
The Container Store Group, Inc. Consumer Discretionary $1.044 1.0%
AO World plc Consumer Discretionary $1.283 1.0%
Regional Management Corp. Financials $0.228 1.0%
Novadaq Technologies Inc. Health Care $0.704 0.9%
Esperion Therapeutics, Inc. Health Care $0.378 0.9%
Park-Ohio Holdings Corp. Industrials $0.599 0.8%
Parsley Energy, Inc. Energy $2.689 0.6%
ARC Group Worldwide, Inc. Industrials $0.233 0.6%
Masimo Corporation Health Care $1.166 0.5%
Capital Senior Living Corp. Health Care $0.617 0.5%
RSP Permian, Inc. Energy $1.976 0.5%
Zoe's Kitchen, Inc. Consumer Discretionary $0.593 0.5%
The Descartes Systems Group Inc. Information Technology $1.040 0.5%
Aerie Pharmaceuticals, Inc. Health Care $0.494 0.5%
Total 100.0%
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Sector Breakdown as of September 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
6.0%
Consumer Discretionary
  • Restaurants 4.4%
  • Specialized Consumer Services 2.0%
  • Casinos & Gaming 1.8%
  • Apparel, Accessories & Luxury Goods 1.7%
  • Homefurnishing Retail 1.1%
  • Internet Retail 1.0%
  • Specialty Stores 1.0%
13.0%
Consumer Staples
  • Packaged Foods & Meats 3.3%
3.3%
Energy
  • Oil & Gas Storage & Transportation 7.9%
  • Oil & Gas Equipment & Services 1.5%
  • Oil & Gas Exploration & Production 1.1%
10.5%
Financials
  • Hotel & Resort REITs 4.3%
  • Diversified REITs 2.1%
  • Consumer Finance 1.0%
7.4%
Health Care
  • Pharmaceuticals 6.7%
  • Health Care Services 5.1%
  • Health Care Supplies 4.7%
  • Biotechnology 3.6%
  • Health Care Equipment 3.0%
  • Managed Health Care 1.1%
  • Health Care Facilities 0.5%
24.7%
Industrials
  • Construction & Engineering 2.1%
  • Electrical Components & Equipment 1.9%
  • Aerospace & Defense 1.4%
  • Air Freight & Logistics 0.8%
  • Industrial Machinery 0.6%
6.8%
Information Technology
  • Internet Software & Services 8.6%
  • Systems Software 6.2%
  • Electronic Equipment & Instruments 1.8%
  • Semiconductors 1.8%
  • Semiconductor Equipment 1.2%
  • Application Software 0.5%
20.1%
Materials
  • Specialty Chemicals 4.0%
  • Commodity Chemicals 1.6%
  • Construction Materials 1.5%
7.2%
Telecommunication Services
  • Alternative Carriers 1.1%
1.0%
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Top Contributors & Detractors as of September 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
Health Care Supplies 4.76% 0.64%
Oil & Gas Storage & Transportation 7.76% 0.42%
Packaged Foods & Meats 1.69% 0.42%
Pharmaceuticals 9.39% 0.41%
Consumer Finance 0.84% 0.13%
Top Detractors Average Weight Contribution
Internet Software & Services 8.84% -2.79%
Insurance Brokers 0.80% -1.04%
Specialty Chemicals 4.50% -0.89%
Semiconductor Equipment 1.81% -0.82%
Biotechnology 2.92% -0.80%
By Holdings
Top Contributors Average Weight Contribution
The Spectranetics Corporation 4.76% 0.64%
Intersect ENT, Inc. 1.44% 0.59%
Pacira Pharmaceuticals, Inc. 3.88% 0.57%
Farmer Bros. Co. 1.39% 0.42%
Tallgrass Energy Partners, LP 2.01% 0.27%
Top Detractors Average Weight Contribution
E2open, Inc. 1.70% -1.24%
eHealth, Inc. 0.80% -1.04%
Foundation Medicine, Inc. 2.88% -0.98%
Marchex, Inc. 1.11% -0.91%
Revance Therapeutics, Inc. 1.65% -0.89%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Industrial Machinery 1.34% 4.43%
Oil & Gas Storage & Transportation 6.45% 4.12%
Pharmaceuticals 7.25% 3.88%
Restaurants 3.08% 3.01%
Systems Software 5.33% 2.32%
Top Detractors Average Weight Contribution
Internet Software & Services 11.38% -1.39%
Heavy Electrical Equipment 0.54% -1.16%
Health Care Services 3.14% -0.97%
Semiconductor Equipment 1.86% -0.81%
Specialized Consumer Services 2.59% -0.69%
By Holdings
Top Contributors Average Weight Contribution
voxeljet AG 0.26% 4.45%
Pacira Pharmaceuticals, Inc. 3.67% 3.20%
Barracuda Networks, Inc. 1.25% 1.71%
Zoe's Kitchen, Inc. 0.63% 1.41%
The Spectranetics Corporation 3.34% 1.23%
Top Detractors Average Weight Contribution
E2open, Inc. 1.92% -1.23%
PowerSecure International, Inc. 0.54% -1.16%
BioScrip, Inc. 2.88% -0.88%
Foundation Medicine, Inc. 2.06% -0.88%
Xoom Corporation 1.22% -0.85%
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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.