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, 2016

Inception Date April 30, 2004
Net Assets (All share classes combined) $140.39 million
# of Equity Securities / % of Net Assets 32 / 98.7%
Turnover (3 Year Average) 15.28%
Median Market Cap $38.93 billion
Weighted Average Market Cap $174.02 billion
CUSIP 068278878
Expense Ratio (as of FYE 09/15 restated to reflect current management fee)* 0.84%
EPS Growth (3-5 year forecast) 22.5%
Price/Earnings Ratio (trailing 12-month) 28.8
Price/Book Ratio 4.2
Price/Sales Ratio 5.1

Top Ten Holdings as of December 31, 2016

Holding Sector Percentage*
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing value and convenience to its customers. It also operates the industry-leading cloud infrastructure business Amazon Web Services.
Consumer Discretionary 14.8%
Alphabet, Inc. (GOOG) (formerly Google Inc.) is the world’s most recognized and dominant online search provider. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Information Technology 6.6%
Alibaba Group Holding Limited (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 third party online payment provider in China.
Information Technology 5.9%
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 5.3%
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.
Real Estate 5.0%
MasterCard, Inc. (MA) is the world's second-largest payment network that facilitates electronic payments for consumers, merchants, and banks.
Information Technology 4.8%
Visa, Inc. (V) is the world's largest payment network authorizing and facilitates electronic payments for consumers, merchants, and banks.
Information Technology 4.6%
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 4.5%
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 3.2%
CME Group, Inc.
Financials 2.9%
Total 57.6%
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Portfolio Holdings as of December 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $356.313 14.8%
Alibaba Group Holding Limited - ADR Information Technology $219.110 5.9%
Alphabet Inc. - Cl C Information Technology $538.572 5.5%
Facebook, Inc. Information Technology $332.402 5.3%
Equinix, Inc. Real Estate $25.512 5.0%
Mastercard Incorporated Information Technology $112.503 4.8%
Visa, Inc. Information Technology $181.545 4.6%
The Priceline Group, Inc. Consumer Discretionary $72.343 4.5%
Apple, Inc. Information Technology $617.589 3.2%
CME Group, Inc. Financials $39.144 2.9%
Illumina, Inc. Health Care $18.809 2.8%
Naspers Limited Consumer Discretionary $64.376 2.6%
First Republic Bank Financials $14.155 2.4%
The Charles Schwab Corp. Financials $52.324 2.4%
Mobileye N.V. Information Technology $8.357 2.4%
Monsanto Co. Materials $46.133 2.3%
ASML Holding N.V. Information Technology $49.278 2.2%
Brookfield Asset Management, Inc. Financials $32.548 2.1%
INTUITIVE SURGICAL, INC. Health Care $24.572 2.1%
Starbucks Corp. Consumer Discretionary $80.804 2.0%
Ctrip.com International, Ltd. Consumer Discretionary $19.905 2.0%
Red Hat, Inc. Information Technology $12.518 2.0%
Expedia, Inc. Consumer Discretionary $16.995 1.9%
Concho Resources, Inc. Energy $19.366 1.8%
Allergan plc Health Care $70.265 1.6%
Verisk Analytics, Inc. Industrials $13.592 1.5%
Alexion Pharmaceuticals, Inc. Health Care $27.437 1.4%
PRINCIPAL CASH Cash & Cash Equivalents - 1.3%
Synchrony Financial Financials $29.940 1.2%
Alphabet Inc. - Cl A Information Technology $538.572 1.1%
Biogen, Inc. Health Care $61.700 1.1%
Regeneron Pharmaceuticals, Inc. Health Care $38.717 1.1%
EPAM Systems, Inc. Information Technology $3.282 1.1%
Under Armour, Inc. CL C Consumer Discretionary $11.808 1.1%
Total 100.0%
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Sector Breakdown as of December 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.3%
Consumer Discretionary
  • Internet & Direct Marketing Retail 23.2%
  • Cable & Satellite 2.6%
  • Restaurants 2.0%
  • Apparel, Accessories & Luxury Goods 1.1%
28.8%
Energy
  • Oil & Gas Exploration & Production 1.8%
1.8%
Financials
  • Financial Exchanges & Data 2.9%
  • Regional Banks 2.4%
  • Investment Banking & Brokerage 2.4%
  • Asset Management & Custody Banks 2.1%
  • Consumer Finance 1.2%
11.0%
Health Care
  • Biotechnology 3.6%
  • Life Sciences Tools & Services 2.8%
  • Health Care Equipment 2.1%
  • Pharmaceuticals 1.6%
10.2%
Industrials
  • Research & Consulting Services 1.5%
1.5%
Information Technology
  • Internet Software & Services 17.8%
  • Data Processing and Outsourced Services 9.4%
  • Technology Hardware, Storage & Peripherals 3.2%
  • Application Software 2.4%
  • Semiconductor Equipment 2.2%
  • Systems Software 2.0%
  • IT Consulting & Other Services 1.1%
38.1%
Materials
  • Fertilizers & Agricultural Chemicals 2.3%
2.3%
Real Estate
  • Specialized REITs 5.0%
5.0%
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Top Contributors & Detractors as of December 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Investment Banking & Brokerage 2.08% 0.46%
Regional Banks 1.93% 0.38%
Financial Exchanges & Data 2.67% 0.36%
Consumer Finance 0.63% 0.15%
Technology Hardware, Storage & Peripherals 3.13% 0.09%
Top Detractors Average Weight Contribution
Internet & Direct Marketing Retail 23.16% -2.06%
Internet Software & Services 17.77% -1.79%
Life Sciences Tools & Services 3.13% -1.13%
Systems Software 3.90% -0.67%
Cable & Satellite 2.54% -0.42%
By Holdings
Top Contributors Average Weight Contribution
The Charles Schwab Corp. 2.08% 0.46%
First Republic Bank 1.93% 0.38%
CME Group, Inc. 2.67% 0.36%
Synchrony Financial 0.63% 0.15%
Yum China Holdings, Inc. 0.31% 0.10%
Top Detractors Average Weight Contribution
Amazon.com, Inc. 15.25% -1.64%
Illumina, Inc. 3.13% -1.13%
Alibaba Group Holding Limited 6.09% -1.12%
Facebook, Inc. 5.37% -0.60%
Naspers Limited 2.54% -0.42%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet & Direct Marketing Retail 19.62% 1.89%
Specialized REITs 4.42% 0.86%
Regional Banks 1.01% 0.51%
Semiconductor Equipment 1.91% 0.51%
Oil & Gas Exploration & Production 1.44% 0.50%
Top Detractors Average Weight Contribution
Biotechnology 4.59% -1.89%
Systems Software 4.15% -1.49%
Life Sciences Tools & Services 3.36% -1.34%
Pharmaceuticals 3.03% -1.13%
Health Care Technology 1.08% -0.59%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 13.40% 1.64%
Equinix, Inc. 4.42% 0.86%
CME Group, Inc. 2.35% 0.76%
Facebook, Inc. 5.85% 0.63%
The Priceline Group, Inc. 3.84% 0.62%
Top Detractors Average Weight Contribution
Illumina, Inc. 3.36% -1.34%
Alexion Pharmaceuticals, Inc. 1.96% -1.07%
FireEye, Inc. 1.95% -1.04%
Allergan plc 1.79% -0.86%
LinkedIn Corp. 0.14% -0.86%
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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.