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 March 31, 2016

Inception Date April 30, 2004
Net Assets (All share classes combined as of 6/30/2016) $149.28 million
# of Equity Securities / % of Net Assets 35/99.8%
Turnover (3 Year Average) 15.72%
Median Market Cap $37.03 billion
Weighted Average Market Cap $165.03 billion
CUSIP 068278878
Expense Ratio (as of FYE 09/15)* 1.04%
EPS Growth (3-5 year forecast) 23.5%
Price/Earnings Ratio (trailing 12-month) 26.4
Price/Book Ratio 4.3
Price/Sales Ratio 4.2

Top Ten Holdings as of July 31, 2016

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 also operates the industry-leading cloud infrastructure business Amazon Web Services.
Consumer Discretionary 14.2%
Alphabet, Inc. (GOOG) is the new name for Google, Inc., a company that 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 advertising.
Information Technology 7.0%
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%
Alibaba Group Holding Ltd. (BABA) is the largest e-commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao and Tmall. It also participates in the profits of Ant Financial, which owns Alipay, the largest 3rd party online payment provider in China.
Information Technology 5.0%
Equinix, Inc. (EQIX) is a network neutral operator of state-of-the-art data centers across North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers, among others.
Financials 4.7%
Visa, Inc. (V) is the world's largest payment network that facilitates electronic payments for consumers, merchants, and banks.
Information Technology 4.2%
MasterCard, Inc. (MA) is the world's second-largest payment network that facilitates electronic payments for consumers, merchants, and banks.
Information Technology 4.0%
The Priceline Group, Inc. (PCLN) is a leading global online travel agent, with particular strength in international travel and hotel bookings. The company’s brands include priceline.com, Booking.com, RentalCars.com, and Agoda.com.
Consumer Discretionary 3.8%
Illumina, Inc. (ILMN)  is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.6%
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 3.2%
Total 54.9%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $337.650 14.0%
Alphabet, Inc. - Cl C Information Technology $478.804 5.5%
Equinix, Inc. Financials $26.920 5.1%
Facebook, Inc. Information Technology $326.876 5.0%
Alibaba Group Holding Limited - ADR Information Technology $198.449 5.0%
Visa, Inc. Information Technology $176.889 4.1%
MasterCard, Inc. Information Technology $96.751 3.8%
The Priceline Group, Inc. Consumer Discretionary $61.970 3.6%
Starbucks Corp. Consumer Discretionary $83.675 3.3%
Illumina, Inc. Health Care $20.664 3.2%
Apple, Inc. Information Technology $523.642 2.9%
Mobileye N.V. Information Technology $10.115 2.8%
PRINCIPAL CASH Cash & Cash Equivalents - 2.7%
Naspers Limited Consumer Discretionary $66.712 2.5%
YUM! Brands, Inc. Consumer Discretionary $33.785 2.4%
Brookfield Asset Management, Inc. Financials $32.548 2.3%
CME Group, Inc. Financials $32.984 2.3%
FireEye, Inc. Information Technology $2.740 2.3%
Monsanto Co. Materials $45.250 2.2%
Red Hat, Inc. Information Technology $13.147 2.1%
Bristol-Myers Squibb Co. Health Care $122.778 2.1%
ASML Holding N.V. Information Technology $42.991 1.9%
Verisk Analytics, Inc. Industrials $13.635 1.8%
Ctrip.com International, Ltd. Consumer Discretionary $18.550 1.8%
Alexion Pharmaceuticals, Inc. Health Care $26.157 1.8%
Biogen, Inc. Health Care $52.971 1.8%
Allergan plc Health Care $91.409 1.7%
First Republic Bank Financials $10.430 1.5%
The Charles Schwab Corp. Financials $33.452 1.5%
Concho Resources, Inc. Energy $15.690 1.5%
athenahealth, Inc. Health Care $5.419 1.1%
Alphabet, Inc. - Cl A Information Technology $478.804 1.1%
Regeneron Pharmaceuticals, Inc. Health Care $36.697 1.0%
EPAM Systems, Inc. Information Technology $3.259 1.0%
Under Armour, Inc. CL C Consumer Discretionary $16.644 1.0%
TerraForm Global, Inc. Cl - A Utilities $0.581 0.3%
Total 100.0%
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Sector Breakdown as of July 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.2%
Consumer Discretionary
  • Internet Retail 20.6%
  • Restaurants 5.7%
  • Cable & Satellite 2.5%
  • Apparel, Accessories & Luxury Goods 1.4%
30.2%
Energy
  • Oil & Gas Exploration & Production 1.5%
1.5%
Financials
  • Specialized REITs 4.7%
  • Specialized Finance 2.3%
  • Asset Management & Custody Banks 2.3%
  • Investment Banking & Brokerage 1.6%
  • Regional Banks 1.5%
12.4%
Health Care
  • Pharmaceuticals 4.2%
  • Biotechnology 4.1%
  • Life Sciences Tools & Services 3.6%
  • Health Care Technology 0.9%
12.8%
Industrials
  • Research & Consulting Services 1.8%
1.8%
Information Technology
  • Internet Software & Services 17.1%
  • Data Processing and Outsourced Services 8.2%
  • Systems Software 4.4%
  • Technology Hardware, Storage & Peripherals 3.0%
  • Application Software 2.9%
  • Semiconductor Equipment 2.1%
  • IT Consulting & Other Services 1.0%
38.7%
Materials
  • Fertilizers & Agricultural Chemicals 2.1%
2.1%
Utilities
  • Renewable Electricity 0.3%
0.3%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 18.55% 2.11%
Specialized REITs 4.50% 0.77%
Application Software 2.29% 0.54%
Fertilizers & Agricultural Chemicals 1.76% 0.22%
Oil & Gas Exploration & Production 1.42% 0.21%
Top Detractors Average Weight Contribution
Internet Software & Services 18.71% -0.82%
Biotechnology 5.08% -0.53%
Life Sciences Tools & Services 3.26% -0.46%
Technology Hardware, Storage & Peripherals 3.40% -0.45%
Data Processing and Outsourced Services 8.43% -0.41%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 13.03% 2.38%
Equinix, Inc. 4.50% 0.77%
Mobileye N.V. 2.29% 0.54%
Bristol-Myers Squibb Company 1.95% 0.27%
Monsanto Co. 1.76% 0.22%
Top Detractors Average Weight Contribution
Alphabet Inc. 7.79% -0.58%
Illumina, Inc. 3.26% -0.46%
Apple, Inc. 3.40% -0.45%
Alexion Pharmaceuticals, Inc. 2.18% -0.35%
Allergan plc 1.34% -0.32%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 16.20% 5.70%
Specialized REITs 3.57% 1.72%
Internet Software & Services^ 19.89% 1.01%
Restaurants 5.79% 0.29%
Specialized Finance 2.09% 0.25%
Top Detractors Average Weight Contribution
Systems Software 5.33% -3.55%
Semiconductor Equipment 2.35% -2.88%
Biotechnology 5.69% -2.45%
Life Sciences Tools & Services 3.76% -1.76%
Renewable Electricity 0.76% -1.35%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 11.14% 5.18%
Facebook, Inc. 6.28% 1.81%
Equinix, Inc. 3.59% 1.74%
Alphabet Inc. 7.32% 1.41%
Visa, Inc. 4.01% 0.36%
Top Detractors Average Weight Contribution
SunEdison, Inc. 0.60% -2.89%
FireEye, Inc. 2.45% -2.78%
Illumina, Inc. 3.76% -1.76%
Twitter, Inc. 1.54% -1.51%
TerraForm Global, Inc. 0.76% -1.35%
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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.