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, 2015

Inception Date April 30, 2004
Net Assets (All share classes combined) $173.15 million
# of Equity Securities / % of Net Assets 37/95.3%
Turnover (3 Year Average) 16.06%
Median Market Cap $31.50 billion
Weighted Average Market Cap $160.84 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) 26.0%
Price/Earnings Ratio (trailing 12-month) 25.9
Price/Book Ratio 3.8
Price/Sales Ratio 3.9

Top Ten Holdings as of January 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 in Amazon Web Services.
Consumer Discretionary 11.1%
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 8.2%
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 7.6%
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 4.2%
Visa, Inc. (V) is the world's largest payment network that authorizes and facilitates electronic payments for consumers, merchants, and banks.
Information Technology 4.0%
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 3.9%
MasterCard, Inc. (MA) is the world's second-largest payment network that authorizes and facilitates electronic payments for consumers, merchants, and banks.
Information Technology 3.8%
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 3.7%
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 3.5%
Illumina, Inc. (ILMN)  is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.5%
Total 53.5%
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Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $316.832 11.4%
Facebook, Inc. Information Technology $295.978 6.4%
Alphabet, Inc. - Cl C Information Technology $527.961 5.2%
PRINCIPAL CASH Cash & Cash Equivalents - 4.7%
Alibaba Group Holding Ltd. - ADR Information Technology $201.217 4.0%
Illumina, Inc. Health Care $28.101 3.7%
Starbucks Corp. Consumer Discretionary $89.133 3.7%
MasterCard, Inc. Information Technology $109.313 3.7%
Visa, Inc. Information Technology $170.670 3.7%
Apple, Inc. Information Technology $586.859 3.4%
Equinix, Inc. Financials $18.111 3.4%
The Priceline Group, Inc. Consumer Discretionary $63.472 3.2%
Brookfield Asset Management, Inc. Financials $30.855 2.6%
Alexion Pharmaceuticals, Inc. Health Care $42.981 2.6%
Alphabet, Inc. - Cl A Information Technology $527.961 2.3%
Mobileye N.V. Information Technology $9.162 2.2%
Red Hat, Inc. Information Technology $15.138 2.0%
FireEye, Inc. Information Technology $3.330 2.0%
CME Group, Inc. Financials $30.644 1.9%
Naspers Limited Consumer Discretionary $60.123 1.9%
Regeneron Pharmaceuticals, Inc. Health Care $56.494 1.8%
Allergan Inc. Health Care $123.164 1.7%
YUM! Brands, Inc. Consumer Discretionary $31.502 1.7%
Biogen, Inc. Health Care $68.286 1.7%
Twitter, Inc. Information Technology $15.803 1.7%
The Charles Schwab Corp. Financials $43.353 1.5%
Under Armour, Inc. Consumer Discretionary $17.397 1.5%
Verisk Analytics, Inc. Industrials $13.026 1.5%
Ctrip.com International, Ltd. Consumer Discretionary $17.620 1.5%
LinkedIn Corp. Information Technology $29.505 1.5%
ASML Holding N.V. Information Technology $38.467 1.5%
Monsanto Co. Materials $43.333 1.4%
Shell Midstream Partners, L.P. Energy $5.923 1.4%
Fastenal Co. Industrials $11.825 1.2%
Costco Wholesale Corp. Consumer Staples $71.024 1.1%
athenahealth, Inc. Health Care $6.251 1.0%
Concho Resources, Inc. Energy $11.992 1.0%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $0.995 0.7%
VMware, Inc. Information Technology $23.817 0.6%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.4%
Consumer Discretionary
  • Internet Retail 15.7%
  • Restaurants 6.2%
  • Cable & Satellite 2.0%
  • Apparel, Accessories & Luxury Goods 1.8%
25.7%
Consumer Staples
  • Hypermarkets & Super Centers 1.1%
1.1%
Energy
  • Oil & Gas Storage & Transportation 1.4%
  • Oil & Gas Exploration & Production 1.1%
2.5%
Financials
  • Specialized REITs 3.9%
  • Diversified Real Estate Activities 2.7%
  • Specialized Finance 2.1%
  • Investment Banking & Brokerage 1.4%
10.2%
Health Care
  • Biotechnology 5.4%
  • Life Sciences Tools & Services 3.5%
  • Pharmaceuticals 3.0%
  • Health Care Technology 1.4%
13.2%
Industrials
  • Research & Consulting Services 1.6%
  • Trading Companies & Distributors 1.3%
2.9%
Information Technology
  • Internet Software & Services 22.3%
  • Data Processing and Outsourced Services 7.8%
  • Systems Software 4.1%
  • Technology Hardware, Storage & Peripherals 3.5%
  • Semiconductor Equipment 1.7%
  • Application Software 1.6%
41.0%
Materials
  • Fertilizers & Agricultural Chemicals 1.4%
1.4%
Utilities
  • Renewable Electricity 0.6%
0.6%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 20.93% 3.80%
Internet Retail 16.34% 3.79%
Biotechnology 6.04% 0.88%
Data Processing and Outsourced Services 7.86% 0.82%
Specialized REITs 3.12% 0.48%
Top Detractors Average Weight Contribution
Systems Software 5.38% -1.19%
Semiconductor Equipment 2.10% -0.30%
Application Software 2.29% -0.13%
Technology Hardware, Storage & Peripherals 3.90% -0.11%
Renewable Electricity 0.78% -0.09%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 11.23% 3.08%
Alphabet Inc. 7.49% 1.62%
Alibaba Group Holding Limited 3.49% 1.09%
Facebook, Inc. 6.60% 1.04%
Ctrip.com International, Ltd. 1.59% 0.55%
Top Detractors Average Weight Contribution
FireEye, Inc. 2.32% -1.04%
VMware, Inc. 0.98% -0.46%
SunEdison, Inc. 0.48% -0.33%
Tallgrass Energy GP, LP 0.98% -0.24%
Twitter, Inc. 1.79% -0.22%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 13.87% 8.32%
Internet Software & Services^ 19.23% 2.30%
Restaurants 5.47% 1.49%
Data Processing and Outsourced Services 7.80% 1.19%
Specialized REITs 1.49% 0.61%
Top Detractors Average Weight Contribution
Semiconductor Equipment 2.71% -3.36%
Systems Software 6.78% -1.27%
Renewable Electricity 0.68% -1.25%
Oil & Gas Storage & Transportation 2.24% -0.78%
Casinos & Gaming 1.25% -0.75%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 9.19% 7.15%
Alphabet Inc. 5.83% 2.23%
Facebook, Inc. 5.71% 1.68%
Starbucks Corp. 3.67% 1.47%
Equinix, Inc. 2.74% 0.94%
Top Detractors Average Weight Contribution
SunEdison, Inc. 0.75% -3.03%
TerraForm Global, Inc. 0.68% -1.25%
FireEye, Inc. 3.09% -1.10%
Alibaba Group Holding Limited 3.64% -0.93%
Tallgrass Energy GP, LP 0.85% -0.83%
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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.