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, 2014

Inception Date April 30, 2004
Net Assets (All share classes combined) $104.02 million
# of Equity Securities / % of Net Assets 34 / 98.5%
Turnover (3 Year Average) 45.56%
Median Market Cap $29.70 billion
Weighted Average Market Cap $103.95 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) 21.5%
Price/Earnings Ratio (trailing 12-month) 25.3
Price/Book Ratio 4.9
Price/Sales Ratio 3.5

Top Ten Holdings as of August 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
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 6.9%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly users.
Information Technology 6.2%
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 5.8%
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%
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 4.8%
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 4.7%
Wynn Resorts Ltd. (WYNN)  is a leading company in the gaming industry with properties in Las Vegas and a majority ownership of Wynn Macau Ltd., which is developing land on the Cotai Strip into a $4 billion casino with an expected opening in early 2016.  
Consumer Discretionary 4.1%
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 4.0%
Starbucks Corp. (SBUX)  Founded in 1985, Starbucks is a world-renowned specialty coffee retailer with approximately $17 billion in revenues competing in a $50 billion market.
Consumer Discretionary 3.7%
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 3.5%
Total 48.9%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Illumina, Inc. Health Care $22.925 7.3%
Facebook Inc. Information Technology $172.690 5.9%
Apple, Inc. Information Technology $560.337 5.0%
Amazon.com, Inc. Consumer Discretionary $149.453 4.8%
Wynn Resorts Ltd. Consumer Discretionary $21.017 4.6%
Monsanto Co. Materials $65.438 4.6%
The Priceline Group, Inc. Consumer Discretionary $63.076 4.2%
Starbucks Corp. Consumer Discretionary $58.252 3.8%
Visa, Inc. Information Technology $132.406 3.7%
Google, Inc. Information Technology $390.929 3.4%
Las Vegas Sands Corp. Consumer Discretionary $61.576 3.3%
MasterCard, Inc. Information Technology $87.175 3.3%
CME Group, Inc. Financials $23.825 2.8%
Equinix, Inc. Information Technology $10.467 2.8%
Google, Inc. Information Technology $390.929 2.8%
YUM! Brands, Inc. Consumer Discretionary $35.840 2.8%
Brookfield Asset Management, Inc. Financials $27.622 2.7%
SoftBank Corp. Telecommunication Services $90.241 2.7%
ASML Holding N.V. Information Technology $41.675 2.6%
Ralph Lauren Corp. Consumer Discretionary $14.208 2.3%
Red Hat, Inc. Information Technology $10.422 2.3%
Concho Resources, Inc. Energy $16.145 2.1%
VMware, Inc. Information Technology $41.678 2.0%
Liberty Media Corp. Consumer Discretionary $15.625 2.0%
Biogen Idec, Inc. Health Care $74.792 2.0%
Fastenal Co. Industrials $14.681 1.9%
Verisk Analytics, Inc. Industrials $9.987 1.9%
Twitter, Inc. Information Technology $24.270 1.9%
T. Rowe Price Group, Inc. Financials $22.177 1.7%
Cash & Cash Equivalents Cash & Cash Equivalents - 1.5%
Regeneron Pharmaceuticals, Inc. Health Care $28.496 1.4%
Costco Wholesale Corp. Consumer Staples $50.474 1.3%
Alexion Pharmaceuticals, Inc. Health Care $30.906 1.1%
LinkedIn Corp. Information Technology $20.878 1.0%
Arista Networks, Inc. Information Technology $4.016 0.4%
FireEye, Inc. Information Technology $5.883 0.1%
Total 100.0%
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Sector Breakdown as of August 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
6.2%
Consumer Discretionary
  • Internet Retail 9.6%
  • Casinos & Gaming 6.8%
  • Restaurants 5.7%
  • Apparel, Accessories & Luxury Goods 2.2%
  • Broadcasting 2.0%
  • Auto Parts & Equipment 0.6%
26.9%
Consumer Staples
  • Hypermarkets & Super Centers 1.3%
1.3%
Energy
  • Oil & Gas Exploration & Production 1.9%
1.9%
Financials
  • Diversified Real Estate Activities 2.8%
  • Specialized Finance 2.0%
4.7%
Health Care
  • Life Sciences Tools & Services 6.9%
  • Biotechnology 4.8%
11.8%
Industrials
  • Research & Consulting Services 2.0%
  • Trading Companies & Distributors 1.7%
3.6%
Information Technology
  • Internet Software & Services^ 15.4%
  • Data Processing and Outsourced Services 6.7%
  • Technology Hardware, Storage & Peripherals 5.2%
  • Systems Software 4.5%
  • IT Consulting & Other Services^ 2.7%
  • Semiconductor Equipment 2.5%
37.1%
Materials
  • Fertilizers & Agricultural Chemicals 4.0%
4.0%
Telecommunication Services
  • Wireless Telecommunication Services 2.5%
2.5%
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Top Contributors & Detractors as of June 30, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 6.64% 1.37%
Technology Hardware, Storage & Peripherals 4.81% 1.00%
Internet Software & Services^ 15.03% 0.55%
Fertilizers & Agricultural Chemicals 4.56% 0.46%
Restaurants 6.65% 0.45%
Top Detractors Average Weight Contribution
Casinos & Gaming 8.38% -0.57%
Systems Software 3.99% -0.16%
Internet Retail 9.25% -0.13%
Specialized Finance 2.97% -0.11%
Data Processing and Outsourced Services 7.41% -0.09%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 6.64% 1.37%
Apple, Inc. 4.81% 1.00%
Facebook Inc. 5.71% 0.69%
Monsanto Co. 4.56% 0.46%
Equinix, Inc. 2.72% 0.39%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 4.91% -0.35%
Las Vegas Sands Corp. 3.47% -0.22%
Amazon.com, Inc. 4.80% -0.18%
eBay, Inc. 1.11% -0.18%
VMware, Inc. 1.83% -0.17%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services^ 16.62% 9.57%
Life Sciences Tools & Services 5.56% 5.38%
Casinos & Gaming 8.07% 4.15%
Internet Retail 9.16% 2.86%
Data Processing and Outsourced Services 7.65% 1.88%
Top Detractors Average Weight Contribution
Diversified Banks 0.13% -0.33%
Apparel, Accessories & Luxury Goods 2.57% -0.21%
Specialized Finance 4.64% -0.19%
Wireless Telecommunication Services 0.93% -0.17%
Application Software 1.25% -0.09%
By Holdings
Top Contributors Average Weight Contribution
Facebook Inc. 6.05% 6.83%
Illumina, Inc. 5.56% 5.38%
Apple, Inc. 4.73% 2.89%
Wynn Resorts Ltd. 4.68% 2.68%
The Priceline Group, Inc. 4.57% 2.06%
Top Detractors Average Weight Contribution
ICICI Bank Limited 0.13% -0.33%
BM&FBOVESPA SA 1.20% -0.22%
Ralph Lauren Corp. 2.57% -0.21%
SoftBank Corp. 0.93% -0.17%
Citrix Systems, Inc. 1.25% -0.09%
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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.