Baron Fifth Avenue Growth Fund (BFTIX)

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Fund Description

Baron Fifth Avenue Growth Fund invests in large growth companies.

    

Facts & Characteristics as of June 30, 2015

Inception Date April 30, 2004
Net Assets (All share classes combined) $149.57 million
# of Equity Securities / % of Net Assets 36/99.3%
Turnover (3 Year Average) 18.74%
Median Market Cap $35.30 billion
Weighted Average Market Cap $120.45 billion
CUSIP 68278878
Gross Expense Ratio (as of FYE 09/14) 1.08%
Less: Reimbursement of Expenses by Adviser (as of FYE 09/14) (0.03)%
Net Expense Ratio (as of FYE 09/14) 1.05%
EPS Growth (3-5 year forecast) 25.5%
Price/Earnings Ratio (trailing 12-month) 29.8
Price/Book Ratio 4.8
Price/Sales Ratio 4.8

Top Ten Holdings as of June 30, 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.
Consumer Discretionary 8.5%
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 6.2%
Facebook, Inc. (FB) is the world's largest social network with over 1.25 billion active monthly users, 950 million mobile users, and 750 million daily active users.
Information Technology 5.2%
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 4.7%
Google, Inc. (GOOG) focuses on improving the ways people connect with information. The company provides a variety of services and tools for advertisers, primarily for search and display.
Information Technology 4.6%
FireEye, Inc. (FEYE) is a leading cyber security vendor with a sophisticated set of tools and services that help large enterprises address Advanced Persistent Threats (APT).
Information Technology 4.3%
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 4.1%
Alibaba Group Holding Ltd. (BABA) is the largest e-commerce company in the world and the premier online shopping destination for consumers, brands, and retailers. Alibaba owns and operates the Taobao and Tmall platforms, and controls Alipay through its ownership itnerst in Ant Financial.
Information Technology 4.0%
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 3.7%
Visa, Inc. (V) is the world's largest payment network, connecting consumers, businesses, banks, and governments, and enabling them to use electronic forms of payment instead of cash and checks.
Information Technology 3.6%
Total 48.9%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $202.148 8.5%
Illumina, Inc. Health Care $31.466 6.2%
Facebook, Inc. Information Technology $240.848 5.2%
Apple, Inc. Information Technology $722.577 4.7%
FireEye, Inc. Information Technology $7.646 4.3%
MasterCard, Inc. Information Technology $108.411 4.1%
Alibaba Group Holding Ltd. - ADR Information Technology $206.697 4.0%
Starbucks Corp. Consumer Discretionary $80.449 3.7%
Visa, Inc. Information Technology $164.310 3.6%
The Priceline Group, Inc. Consumer Discretionary $59.683 3.3%
Brookfield Asset Management, Inc. Financials $34.251 3.1%
Google, Inc. - Cl C Information Technology $361.343 2.8%
Twitter, Inc. Information Technology $23.716 2.6%
Equinix, Inc. Information Technology $14.459 2.5%
Alexion Pharmaceuticals, Inc. Health Care $39.878 2.5%
Red Hat, Inc. Information Technology $13.931 2.2%
YUM! Brands, Inc. Consumer Discretionary $38.951 2.1%
CME Group, Inc. Financials $31.413 2.0%
ASML Holding N.V. Information Technology $45.123 2.0%
SunEdison, Inc. Information Technology $9.376 2.0%
Mobileye N.V. Information Technology $11.522 2.0%
VMware, Inc. Information Technology $36.342 1.9%
Biogen, Inc. Health Care $95.019 1.9%
Regeneron Pharmaceuticals, Inc. Health Care $52.685 1.9%
TerraForm Global, Inc. Utilities - 1.9%
Google, Inc. - Cl A Information Technology $361.343 1.8%
Monsanto Co. Materials $49.867 1.8%
Concho Resources, Inc. Energy $13.665 1.6%
Verisk Analytics, Inc. Industrials $12.232 1.6%
Tallgrass Energy GP, LP Class A Energy $5.055 1.6%
LinkedIn Corp. Information Technology $26.028 1.5%
Naspers Limited Consumer Discretionary $65.407 1.5%
Fastenal Co. Industrials $12.399 1.4%
Shell Midstream Partners, L.P. Energy $6.511 1.4%
Brookfield Infrastructure Partners L.P. Utilities $7.304 1.3%
Ctrip.com International, Ltd. Consumer Discretionary $10.210 1.3%
Costco Wholesale Corp. Consumer Staples $59.357 1.1%
PRINCIPAL CASH Cash & Cash Equivalents - 0.7%
Shell Midstream Partners, L.P. - Rest Energy - 0.4%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.7%
Consumer Discretionary
  • Internet Retail 13.1%
  • Restaurants 5.8%
  • Cable & Satellite 1.5%
20.3%
Consumer Staples
  • Hypermarkets & Super Centers 1.1%
1.1%
Energy
  • Oil & Gas Storage & Transportation 3.4%
  • Oil & Gas Exploration & Production 1.6%
5.0%
Financials
  • Diversified Real Estate Activities 3.1%
  • Specialized Finance 2.0%
5.1%
Health Care
  • Biotechnology 6.3%
  • Life Sciences Tools & Services 6.2%
12.6%
Industrials
  • Research & Consulting Services 1.6%
  • Trading Companies & Distributors 1.4%
3.0%
Information Technology
  • Internet Software & Services 18.0%
  • Systems Software 8.3%
  • Data Processing and Outsourced Services 7.7%
  • Technology Hardware, Storage & Peripherals 4.7%
  • Semiconductor Equipment 4.0%
  • IT Consulting & Other Services^ 2.5%
  • Application Software 2.0%
47.2%
Materials
  • Fertilizers & Agricultural Chemicals 1.8%
1.8%
Utilities
  • Renewable Electricity 1.9%
  • Electric Utilities 1.3%
3.2%
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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
Internet Retail 13.01% 1.50%
Life Sciences Tools & Services 5.81% 0.96%
Systems Software 8.01% 0.95%
Restaurants 5.50% 0.70%
Data Processing and Outsourced Services 7.64% 0.43%
Top Detractors Average Weight Contribution
Internet Software & Services^ 18.37% -1.42%
Casinos & Gaming 1.07% -0.28%
Renewable Electricity^ 0.46% -0.16%
Hypermarkets & Super Centers 1.14% -0.13%
Fertilizers & Agricultural Chemicals 1.94% -0.07%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 8.28% 1.27%
Illumina, Inc. 5.81% 0.96%
FireEye, Inc. 3.92% 0.87%
Starbucks Corp. 3.57% 0.45%
Mobileye N.V. 1.46% 0.36%
Top Detractors Average Weight Contribution
Twitter, Inc. 3.06% -1.00%
LinkedIn Corp. 1.60% -0.35%
Wynn Resorts Ltd. 0.68% -0.23%
Google, Inc. 4.71% -0.20%
TerraForm Global, Inc. 0.46% -0.16%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 11.00% 2.98%
Data Processing and Outsourced Services 7.44% 1.98%
Biotechnology 5.54% 1.92%
Systems Software 5.71% 1.87%
Technology Hardware, Storage & Peripherals 5.04% 1.81%
Top Detractors Average Weight Contribution
Casinos & Gaming 4.50% -2.71%
Wireless Telecommunication Services 1.93% -0.54%
Oil & Gas Exploration & Production 1.81% -0.53%
Fertilizers & Agricultural Chemicals 3.37% -0.40%
Trading Companies & Distributors 1.63% -0.29%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 6.57% 2.50%
Apple, Inc. 5.04% 1.81%
Facebook, Inc. 5.68% 1.46%
Illumina, Inc. 6.39% 1.45%
FireEye, Inc. 1.67% 1.36%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 2.74% -1.78%
Las Vegas Sands Corp. 1.76% -0.93%
Google, Inc. 5.26% -0.58%
SoftBank Corp. 1.93% -0.54%
Concho Resources, Inc. 1.81% -0.53%
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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.

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

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