Baron Discovery Fund (BDFIX)

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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, 2015

Inception Date September 30, 2013
Net Assets (All share classes combined) $98.45 million
# of Equity Securities / % of Net Assets 58/94.8%
Turnover (1 Year) 106.58%
Median Market Cap $0.96 billion
Weighted Average Market Cap $1.41 billion
CUSIP 068278852
Gross Expense Ratio (as of 09/14) 1.91%
Less: Reimbursement of Expenses by Adviser (as of 09/14) (0.81)%
Net Expense Ratio (as of 09/14) 1.10%
EPS Growth (3-5 year forecast) 26.4%
Price/Earnings Ratio (trailing 12-month) 20.9
Price/Book Ratio 2.5
Price/Sales Ratio 2.2

Top Ten Holdings as of July 31, 2015

Holding Sector Percentage*
Pinnacle Entertainment, Inc. (PNK) owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. It recently acquired Ameristar Casinos and is in the process of separating its real estate assets from the operating company and forming a REIT and an opco.
Consumer Discretionary 3.5%
Strategic Hotels & Resorts, Inc. (BEE), a self-administered and self-managed real estate investment trust (REIT), engages in the ownership and asset management of upper upscale and luxury hotels in North America and Europe.
Financials 3.3%
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 3.0%
JUST EAT plc (je.ln) is the leading online/mobile restaurant delivery aggregator/platform in the U.K., Denmark, Ireland, France, Spain, Switzerland, Norway, and Canada, with a nascent position in Italy. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps.
Information Technology 3.0%
CaesarStone Sdot-Yam Ltd. (CSTE) is a leading manufacturer of engineered quartz surfaces used for kitchen and bathroom countertops. CaesarStone has leading market positions worldwide, distributing to over 42 countries.
Industrials 3.0%
Press Ganey Holdings, Inc. (PGND) is a leading provider of patient experience and employee engagement measurement, analytics, and strategic advisory solutions for health care organizations.
Health Care 3.0%
Examworks Group, Inc. (EXAM) provides a network of physician panels that provide medical exam services to health insurance companies.  Its independent medical examiners (IMEs) operate in the U.S., the U.K., Australia, and Canada.
Health Care 2.7%
Rexford Industrial Realty, Inc. (REXR) is a real estate investment trust that owns a $1 billion (and growing) industrial portfolio concentrated in Southern California. The company was founded in 2001, and its IPO was in July 2013.
Financials 2.6%
Glaukos Corporation
Health Care 2.6%
Chesapeake Lodging Trust
Financials 2.5%
Total 29.2%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.2%
JUST EAT plc Information Technology $4.313 3.1%
CaesarStone Sdot-Yam Ltd. Industrials $2.408 2.8%
Strategic Hotels & Resorts, Inc. Financials $3.337 2.8%
DigitalGlobe, Inc. Industrials $2.015 2.7%
ExamWorks Group, Inc. Health Care $1.616 2.7%
Press Ganey Holdings Inc Health Care $1.535 2.6%
The Spectranetics Corporation Health Care $0.975 2.5%
Amber Road, Inc. Information Technology $0.183 2.5%
Zoe's Kitchen, Inc. Consumer Discretionary $0.791 2.5%
Parsley Energy, Inc. Energy $2.455 2.5%
Rexford Industrial Realty, Inc. Financials $0.807 2.5%
Fidelity National Financial Inc. - FNFV Group Financials $1.231 2.3%
Glaukos Corporation Health Care $0.880 2.3%
Qualys, Inc. Information Technology $1.370 2.2%
Flotek Industries, Inc. Materials $0.670 2.2%
INC Research Holdings, Inc. Health Care $2.257 2.2%
Sientra, Inc. Health Care $0.377 2.1%
NN, Inc. Industrials $0.660 2.1%
Mercury Systems, Inc. Information Technology $0.501 2.0%
MA-COM Technology Solutions Holdings, Inc. Information Technology $2.013 2.0%
Fiesta Restaurant Group, Inc. Consumer Discretionary $1.341 2.0%
Varonis Systems, Inc. Information Technology $0.549 2.0%
Pinnacle Entertainment, Inc. Consumer Discretionary $2.256 1.9%
Mattress Firm Holding Corp. Consumer Discretionary $2.145 1.9%
Foundation Medicine, Inc. Health Care $1.160 1.9%
Intersect ENT, Inc. Health Care $0.779 1.9%
Envestnet, Inc. Information Technology $1.427 1.8%
Chuy's Holdings Inc. Consumer Discretionary $0.441 1.8%
Barracuda Networks, Inc. Information Technology $2.108 1.7%
Inogen, Inc. Health Care $0.860 1.7%
Wingstop Inc. Consumer Discretionary $0.812 1.7%
Benefitfocus, Inc. Information Technology $1.254 1.6%
Boot Barn Holdings, Inc. Consumer Discretionary $0.826 1.6%
Trex Company, Inc. Industrials $1.586 1.5%
Coherent, Inc. Information Technology $1.513 1.5%
Valero Energy Partners LP Energy $3.039 1.5%
HealthEquity, Inc. Health Care $1.818 1.5%
ClubCorp Holdings, Inc. Consumer Discretionary $1.543 1.4%
TherapeuticsMD, Inc. Health Care $1.357 1.3%
AAC Holings, Inc. Health Care $0.951 1.3%
The KEYW Holding Corporation Industrials $0.356 1.2%
Esperion Therapeutics, Inc. Health Care $1.836 1.0%
BioScrip, Inc. Health Care $0.250 0.9%
Novadaq Technologies Inc. Health Care $0.680 0.9%
Westlake Chemical Partners LP Materials $0.589 0.9%
Unifi, Inc. Consumer Discretionary $0.610 0.9%
Ashford Hospitality Prime, Inc. Financials $0.361 0.8%
Cerus Corporation Health Care $0.495 0.8%
Kornit Digital Ltd. Industrials $0.410 0.8%
Unilife Corporation Health Care $0.282 0.7%
American Assets Trust, Inc. Financials $1.718 0.5%
Coupons.com Incorporated Information Technology $0.894 0.5%
Barfresh Food Group, Inc. Restricted Consumer Staples - 0.5%
Atlas Energy Group, LLC Energy $0.130 0.5%
Sage Therapeutics, Inc. Health Care $2.071 0.5%
Dirtt Environmental Solution Industrials $0.432 0.5%
The Container Store Group, Inc. Consumer Discretionary $0.810 0.4%
Shopify, Inc. Cl - A Consumer Discretionary $2.565 0.3%
Barfresh Food Group, Inc.-Series F Warrants Consumer Staples $0.061 0.1%
Total 100.0%
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Sector Breakdown as of July 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.0%
Consumer Discretionary
  • Restaurants 7.7%
  • Casinos & Gaming 3.5%
  • Homefurnishing Retail 1.9%
  • Apparel Retail 1.5%
  • Leisure Facilities 1.4%
  • Textiles 0.9%
  • Specialty Stores 0.5%
17.4%
Consumer Staples
  • Packaged Foods & Meats 0.5%
0.5%
Energy
  • Oil & Gas Storage & Transportation 1.4%
  • Oil & Gas Exploration & Production 1.0%
2.4%
Financials
  • Hotel & Resort REITs 5.8%
  • Industrial REITs 2.6%
  • Multi-Sector Holdings 2.0%
  • Diversified REITs 0.5%
10.9%
Health Care
  • Health Care Supplies 5.4%
  • Health Care Equipment 5.1%
  • Pharmaceuticals 4.3%
  • Health Care Services 3.4%
  • Health Care Technology 2.9%
  • Biotechnology 2.4%
  • Life Sciences Tools & Services 2.4%
  • Managed Health Care 1.7%
  • Health Care Facilities 1.2%
28.8%
Industrials
  • Building Products 5.1%
  • Aerospace & Defense 3.2%
  • Industrial Machinery 2.7%
11.0%
Information Technology
  • Internet Software & Services 9.1%
  • Systems Software 5.3%
  • Electronic Manufacturing Services 2.0%
  • Semiconductors 1.9%
  • Electronic Equipment & Instruments 1.4%
19.6%
Materials
  • Specialty Chemicals 3.0%
  • Commodity Chemicals 1.3%
4.4%
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Top Contributors & Detractors as of June 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Restaurants 6.95% 0.82%
Apparel Retail 1.68% 0.57%
Health Care Equipment 2.75% 0.57%
Health Care Facilities 1.26% 0.48%
Life Sciences Tools & Services 2.10% 0.48%
Top Detractors Average Weight Contribution
Health Care Supplies 6.38% -1.06%
Internet Software & Services 9.72% -0.98%
Biotechnology 4.89% -0.72%
Health Care Services 4.30% -0.50%
Commodity Chemicals 1.48% -0.44%
By Holdings
Top Contributors Average Weight Contribution
Inogen, Inc. 1.86% 0.64%
Zoe's Kitchen, Inc. 2.29% 0.64%
Boot Barn Holdings, Inc. 1.68% 0.57%
Sientra, Inc. 1.70% 0.54%
AAC Holings, Inc. 1.26% 0.48%
Top Detractors Average Weight Contribution
The Spectranetics Corporation 3.01% -1.12%
Foundation Medicine, Inc. 2.85% -1.03%
Aerie Pharmaceuticals, Inc. 0.44% -0.93%
Amber Road, Inc. 2.68% -0.76%
Unilife Corporation 1.01% -0.61%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Biotechnology 4.56% 4.86%
Restaurants 5.17% 2.58%
Systems Software 6.60% 2.18%
Pharmaceuticals 6.96% 2.03%
Health Care Facilities 1.68% 1.73%
Top Detractors Average Weight Contribution
Internet Software & Services 9.41% -3.52%
Specialty Chemicals 2.50% -2.85%
Health Care Services 4.88% -1.40%
Oil & Gas Exploration & Production 1.22% -1.35%
Insurance Brokers 0.20% -1.24%
By Holdings
Top Contributors Average Weight Contribution
Esperion Therapeutics, Inc. 1.25% 3.06%
Intersect ENT, Inc. 1.97% 2.16%
AAC Holings, Inc. 1.14% 1.68%
Foundation Medicine, Inc. 3.19% 1.61%
INC Research Holdings, Inc. 1.18% 1.48%
Top Detractors Average Weight Contribution
Flotek Industries, Inc. 2.50% -2.85%
BioScrip, Inc. 2.37% -2.02%
Amber Road, Inc. 2.17% -1.73%
E2open, Inc. 1.12% -1.52%
eHealth, Inc. 0.20% -1.24%
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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.