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 December 31, 2014

Inception Date April 30, 2004
Net Assets (All share classes combined) $124.83 million
# of Equity Securities / % of Net Assets 36/96.7%
Turnover (3 Year Average) 23.30%
Median Market Cap $33.70 billion
Weighted Average Market Cap $119.79 billion
CUSIP 068278878
Gross Expense Ratio (as of FYE 09/13) 1.18%
Less: Reimbursement of Expenses by Adviser (as of FYE 09/13) (0.13)%
Net Expense Ratio (as of FYE 09/13) 1.05%
EPS Growth (3-5 year forecast) 23.3%
Price/Earnings Ratio (trailing 12-month) 28.5
Price/Book Ratio 5.0
Price/Sales Ratio 3.1

Top Ten Holdings as of February 28, 2015

Download Attribution Analysis
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 8.1%
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 6.1%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly 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, and iPads, along with OS X, iLife, iWork and professional software.
Information Technology 5.2%
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 5.1%
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 4.3%
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 3.9%
Twitter, Inc.
Information Technology 3.8%
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 3.6%
Monsanto Co. (MON) produces agricultural products for farmers that include genetically modified seeds and crop protection chemicals. Monsanto’s genetically modified (GMO) seeds and herbicides are used to improve crop yields.
Materials 3.6%
Total 48.9%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $143.694 7.1%
Illumina, Inc. Health Care $26.210 6.3%
Facebook Inc. Information Technology $218.187 5.7%
Apple, Inc. Information Technology $647.361 4.9%
MasterCard, Inc. Information Technology $99.647 4.5%
Alibaba Group Holding Ltd. - ADR Information Technology $256.213 4.1%
The Priceline Group, Inc. Consumer Discretionary $59.697 4.0%
Monsanto Co. Materials $57.832 3.9%
Visa, Inc. Information Technology $162.178 3.8%
Starbucks Corp. Consumer Discretionary $61.398 3.4%
PRINCIPAL CASH Cash & Cash Equivalents - 3.3%
Google, Inc. - Cl C Information Technology $358.421 3.1%
Brookfield Asset Management, Inc. Financials $31.545 2.8%
Wynn Resorts Ltd. Consumer Discretionary $15.077 2.8%
Twitter, Inc. Information Technology $22.760 2.8%
Equinix, Inc. Information Technology $12.455 2.6%
ASML Holding N.V. Information Technology $48.181 2.5%
Red Hat, Inc. Information Technology $12.986 2.4%
Google, Inc. - Cl A Information Technology $358.421 2.1%
Las Vegas Sands Corp. Consumer Discretionary $46.644 2.1%
Alexion Pharmaceuticals, Inc. Health Care $36.689 2.1%
CME Group, Inc. Financials $29.861 2.0%
Fastenal Co. Industrials $14.099 1.9%
Biogen Idec, Inc. Health Care $80.163 1.9%
SoftBank Corp. Telecommunication Services $71.467 1.8%
YUM! Brands, Inc. Consumer Discretionary $31.871 1.8%
Regeneron Pharmaceuticals, Inc. Health Care $41.708 1.8%
Concho Resources, Inc. Energy $11.273 1.7%
Verisk Analytics, Inc. Industrials $10.563 1.7%
VMware, Inc. Information Technology $35.524 1.5%
Shell Midstream Partners, L.P. Energy $5.530 1.4%
Costco Wholesale Corp. Consumer Staples $62.442 1.3%
LinkedIn Corp. Information Technology $28.525 1.1%
Ralph Lauren Corp. Consumer Discretionary $16.240 1.0%
Liberty Media Corp Cl C - Broadband Consumer Discretionary $12.050 0.9%
FireEye, Inc. Information Technology $4.750 0.5%
Mobileye N.V. Information Technology $8.611 0.5%
Liberty Media Corp. - Cl A Consumer Discretionary $12.050 0.4%
Liberty Broadband-Cl C Consumer Discretionary $5.159 0.3%
Liberty Broadband-Cl A Consumer Discretionary $5.159 0.2%
Total 100.0%
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Sector Breakdown as of February 28, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.5%
Consumer Discretionary
  • Internet Retail 12.6%
  • Restaurants 5.3%
  • Casinos & Gaming 3.7%
  • Broadcasting 1.3%
  • Cable & Satellite 0.4%
23.3%
Consumer Staples
  • Hypermarkets & Super Centers 1.2%
1.2%
Energy
  • Oil & Gas Exploration & Production 1.7%
  • Oil & Gas Storage & Transportation 1.2%
2.8%
Financials
  • Diversified Real Estate Activities 2.7%
  • Specialized Finance 2.0%
4.7%
Health Care
  • Life Sciences Tools & Services 6.1%
  • Biotechnology 5.6%
11.7%
Industrials
  • Research & Consulting Services 1.8%
  • Trading Companies & Distributors 1.5%
3.3%
Information Technology
  • Internet Software & Services^ 18.7%
  • Data Processing and Outsourced Services 7.9%
  • Systems Software 7.3%
  • Technology Hardware, Storage & Peripherals 5.2%
  • IT Consulting & Other Services^ 2.3%
  • Semiconductor Equipment 2.3%
  • Application Software 0.4%
44.2%
Materials
  • Fertilizers & Agricultural Chemicals 3.6%
3.6%
Telecommunication Services
  • Wireless Telecommunication Services 1.7%
1.7%
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Top Contributors & Detractors as of December 31, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Data Processing and Outsourced Services 7.22% 1.32%
Life Sciences Tools & Services 6.59% 0.93%
Oil & Gas Storage & Transportation 0.84% 0.66%
Technology Hardware, Storage & Peripherals 5.16% 0.51%
Biotechnology 5.54% 0.49%
Top Detractors Average Weight Contribution
Casinos & Gaming 5.73% -0.79%
Internet Software & Services^ 18.83% -0.63%
Oil & Gas Exploration & Production 1.78% -0.43%
Internet Retail 9.45% -0.35%
Wireless Telecommunication Services 2.15% -0.32%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 6.59% 0.93%
Visa, Inc. 3.73% 0.79%
Alibaba Group Holding Ltd. 4.23% 0.75%
Shell Midstream Partners, L.P. 0.84% 0.66%
MasterCard, Inc. 3.49% 0.53%
Top Detractors Average Weight Contribution
Twitter, Inc. 2.31% -0.80%
Wynn Resorts Ltd. 3.42% -0.67%
Google, Inc. 5.17% -0.59%
Concho Resources, Inc. 1.78% -0.43%
SoftBank Corp. 2.15% -0.32%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 6.65% 3.79%
Technology Hardware, Storage & Peripherals 4.13% 2.08%
Internet Software & Services^ 16.90% 1.74%
Biotechnology 4.57% 1.36%
Diversified Real Estate Activities 2.71% 0.82%
Top Detractors Average Weight Contribution
Casinos & Gaming 7.47% -1.45%
Internet Retail 9.42% -1.14%
Wireless Telecommunication Services 2.13% -0.66%
Application Software 0.33% -0.41%
Computer Hardware - discontinued 0.72% -0.31%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 6.65% 3.79%
Facebook Inc. 6.11% 2.61%
Apple, Inc. 4.84% 1.77%
Alibaba Group Holding Ltd. 1.19% 0.82%
Brookfield Asset Management, Inc. 2.71% 0.82%
Top Detractors Average Weight Contribution
Amazon.com, Inc. 4.97% -1.38%
Twitter, Inc. 1.78% -1.04%
Las Vegas Sands Corp. 3.03% -0.81%
SoftBank Corp. 2.13% -0.66%
Wynn Resorts Ltd. 4.44% -0.64%
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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.