Baron Fifth Avenue Growth Fund (BFTHX)

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Fund Description

Baron Fifth Avenue Growth Fund invests in large growth companies.

    

Facts & Characteristics as of March 31, 2015

Inception Date April 30, 2004
Net Assets (All share classes combined) $137.72 million
# of Equity Securities / % of Net Assets 36/95.0%
Turnover (3 Year Average) 23.23%
Median Market Cap $34.58 billion
Weighted Average Market Cap $125.53 billion
CUSIP 68278506
Gross Expense Ratio (as of FYE 09/14) 1.37%
Less: Reimbursement of Expenses by Adviser (as of FYE 09/14) (0.07)%
Net Expense Ratio (as of FYE 09/14) 1.30%
EPS Growth (3-5 year forecast) 26.0%
Price/Earnings Ratio (trailing 12-month) 28.0
Price/Book Ratio 5.2
Price/Sales Ratio 3.4

Top Ten Holdings as of May 31, 2015

Holding Sector Percentage*
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing customers value and convenience. It is the world's largest online retail merchant.
Consumer Discretionary 8.4%
Illumina, Inc. (ILMN) develops and commercializes tools and services for genetic analysis. The company is the recognized leader in next generation DNA sequencing platforms. 
Health Care 5.9%
Apple, Inc. (AAPL) designs, manufactures, and markets personal computers and related personal computing and mobile communication devices. Its products include Mac laptops, iPods, iPhones, iPads, and Apple Watch, along with OS X, iLife, iWork, iPay, and professional software.
Information Technology 4.8%
Facebook Inc. (FB) is the world's largest social networking with over 1 billion active monthly users.
Information Technology 4.8%
Google, Inc. (GOOG) is a global technology company that provides Internet search, software, and advertising technologies. Google generates revenue by providing advertisers with the opportunity to deliver online advertising relevant to a user’s search or preferences.
Information Technology 4.6%
Alibaba Group Holding Ltd. (BABA) is the largest e-commerce company in China, as well as the world, generating $370 billion in annual gross merchandise value on a trailing twelve month basis. Its two primary online marketplaces in China are Taobao and TMall, which together comprise 82% of Alibaba's revenue.
Information Technology 4.4%
FireEye, Inc.
Information Technology 4.1%
MasterCard, Inc. (MA) is the world's second-largest payment network that connects consumers, businesses, banks, and governments, enabling them to use electronic forms of payment instead of cash and checks.
Information Technology 4.0%
Visa, Inc. (V) is the world's largest payment network that connects consumers, businesses, banks, and governments, enabling them to use electronic forms of payment instead of cash and checks.
Information Technology 3.7%
Starbucks Corp. (SBUX), founded in 1985, is a world-renowned specialty coffee retailer with approximately $19 billion in annual revenues and over 20,000 cafes globally.
Consumer Discretionary 3.6%
Total 48.3%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $172.797 7.9%
Illumina, Inc. Health Care $26.695 5.8%
Facebook Inc. Information Technology $230.938 5.5%
PRINCIPAL CASH Cash & Cash Equivalents - 5.0%
Apple, Inc. Information Technology $724.773 5.0%
MasterCard, Inc. Information Technology $99.770 4.1%
Twitter, Inc. Information Technology $32.444 4.0%
The Priceline Group, Inc. Consumer Discretionary $60.465 3.7%
Starbucks Corp. Consumer Discretionary $71.006 3.6%
Visa, Inc. Information Technology $160.621 3.5%
Alibaba Group Holding Ltd. - ADR Information Technology $205.187 3.5%
FireEye, Inc. Information Technology $6.110 3.2%
Brookfield Asset Management, Inc. Financials $33.811 3.0%
Google, Inc. - Cl C Information Technology $375.081 2.9%
Equinix, Inc. Information Technology $13.150 2.4%
Red Hat, Inc. Information Technology $13.894 2.4%
Wynn Resorts Ltd. Consumer Discretionary $12.780 2.1%
Alexion Pharmaceuticals, Inc. Health Care $35.032 2.1%
ASML Holding N.V. Information Technology $44.274 2.1%
Biogen, Inc. Health Care $99.064 2.1%
CME Group, Inc. Financials $31.970 2.0%
Google, Inc. - Cl A Information Technology $375.081 2.0%
Monsanto Co. Materials $54.389 2.0%
Concho Resources, Inc. Energy $13.911 1.8%
Regeneron Pharmaceuticals, Inc. Health Care $46.330 1.8%
Verisk Analytics, Inc. Industrials $11.289 1.7%
YUM! Brands, Inc. Consumer Discretionary $34.117 1.7%
VMware, Inc. Information Technology $35.069 1.6%
SoftBank Corp. Telecommunication Services $69.356 1.6%
Fastenal Co. Industrials $12.244 1.5%
Costco Wholesale Corp. Consumer Staples $66.654 1.3%
Las Vegas Sands Corp. Consumer Discretionary $43.950 1.2%
LinkedIn Corp. Information Technology $31.262 1.2%
Shell Midstream Partners, L.P. Energy $5.262 1.2%
Ctrip.com International, Ltd. Consumer Discretionary $7.932 1.1%
Mobileye N.V. Information Technology $9.108 1.0%
Liberty Media Corp Cl C - Broadband Consumer Discretionary $13.137 0.9%
Liberty Broadband-Cl C Consumer Discretionary $5.839 0.3%
Liberty Broadband-Cl A Consumer Discretionary $5.839 0.2%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
2.3%
Consumer Discretionary
  • Internet Retail 13.2%
  • Restaurants 5.7%
  • Cable & Satellite 1.8%
  • Broadcasting 0.8%
21.5%
Consumer Staples
  • Hypermarkets & Super Centers 1.1%
1.1%
Energy
  • Oil & Gas Storage & Transportation 3.3%
  • Oil & Gas Exploration & Production 1.7%
5.0%
Financials
  • Diversified Real Estate Activities 2.9%
  • Specialized Finance 2.0%
4.9%
Health Care
  • Life Sciences Tools & Services 5.9%
  • Biotechnology 5.8%
11.7%
Industrials
  • Research & Consulting Services 1.6%
  • Trading Companies & Distributors 1.4%
3.0%
Information Technology
  • Internet Software & Services^ 17.9%
  • Systems Software 8.2%
  • Data Processing and Outsourced Services 7.7%
  • Technology Hardware, Storage & Peripherals 4.9%
  • Semiconductor Equipment 3.2%
  • IT Consulting & Other Services^ 2.6%
  • Application Software 1.4%
45.9%
Materials
  • Fertilizers & Agricultural Chemicals 1.9%
1.9%
Telecommunication Services
  • Wireless Telecommunication Services 1.5%
1.5%
Utilities
  • Electric Utilities 1.2%
1.2%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 11.92% 1.72%
Internet Software & Services^ 18.88% 0.89%
Systems Software 6.40% 0.70%
Restaurants 5.27% 0.68%
Technology Hardware, Storage & Peripherals 5.07% 0.67%
Top Detractors Average Weight Contribution
Casinos & Gaming 3.98% -0.47%
Trading Companies & Distributors 1.66% -0.23%
Semiconductor Equipment 2.33% -0.16%
Fertilizers & Agricultural Chemicals 3.57% -0.15%
Apparel, Accessories & Luxury Goods 0.28% -0.11%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 7.73% 1.51%
Twitter, Inc. 3.54% 1.19%
Apple, Inc. 5.07% 0.67%
Starbucks Corp. 3.51% 0.54%
FireEye, Inc. 2.58% 0.52%
Top Detractors Average Weight Contribution
Alibaba Group Holding Ltd. 3.70% -0.86%
Wynn Resorts Ltd. 2.53% -0.35%
Fastenal Co. 1.66% -0.23%
ASML Holding N.V. 2.33% -0.16%
Monsanto Co. 3.57% -0.15%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Technology Hardware, Storage & Peripherals 5.03% 2.77%
Internet Software & Services^ 17.15% 2.46%
Life Sciences Tools & Services 6.60% 1.97%
Biotechnology 5.15% 1.70%
Data Processing and Outsourced Services 7.38% 1.39%
Top Detractors Average Weight Contribution
Casinos & Gaming 6.32% -2.97%
Wireless Telecommunication Services 2.33% -0.62%
Trading Companies & Distributors 1.78% -0.31%
Application Software 0.31% -0.14%
Oil & Gas Exploration & Production 1.89% -0.12%
By Holdings
Top Contributors Average Weight Contribution
Apple, Inc. 5.03% 2.77%
Facebook Inc. 5.84% 1.97%
Illumina, Inc. 6.60% 1.97%
Starbucks Corp. 3.64% 1.00%
Amazon.com, Inc. 5.70% 0.99%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 3.79% -1.88%
Las Vegas Sands Corp. 2.53% -1.09%
SoftBank Corp. 2.33% -0.62%
VMware, Inc. 1.80% -0.51%
Fastenal Co. 1.78% -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. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%.
 
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.

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 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.

On November 7, 2013, the Fund participated in the initial public offering of Twitter, Inc. common stock.