Baron Focused Growth Fund (BFGFX)

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Fund Description

Baron Focused Growth Fund invests in a focused portfolio of small and mid-size growth companies.

    

  

Facts & Characteristics as of June 30, 2014

Inception Date May 31, 1996
Net Assets (All share classes combined) $198.98 million
# of Equity Securities / % of Net Assets 28 / 100.5%
Turnover (3 Year Average) 36.58%
Median Market Cap $5.20 billion
Weighted Average Market Cap $5.96 billion
CUSIP 06828M207
Gross Expense Ratio (as of FYE 12/13)* 1.42%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.07)%
Net Expense Ratio (as of FYE 12/13) 1.35%
EPS Growth (3-5 year forecast) 13.5%
Price/Earnings Ratio (trailing 12-month) 23.6
Price/Book Ratio 2.8
Price/Sales Ratio 1.9

Top Ten Holdings as of August 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Hyatt Hotels Corp. (H) is a global hospitality company with 554 Hyatt branded properties representing 148,239 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 7.4%
Colfax Corp. (CFX) is a diversified global industrial manufacturing and engineering company that provides gas- and fluid-handling products, and fabrication technology products.
Industrials 6.4%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 10 world class ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons in Utah; and Heavenly, Northstar, and Kirkland in Lake Tahoe. It also operates resorts in Michigan and Minnesota. 
Consumer Discretionary 5.4%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 4.8%
Genesee & Wyoming, Inc. (GWR) owns and operates short-line and regional freight railroads in the U.S., Canada, Australia, and the Netherlands. It owns and operates over 100 rail properties representing 15,000 miles of track. It is the only public short-line railroad in the U.S.
Industrials 4.7%
Pinnacle Entertainment, Inc. (PNK) owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. It recently acquired Ameristar Casinos.
Consumer Discretionary 4.6%
ITC Holdings Corp. (ITC) is the nation’s largest independent electric transmission company, serving an area of approximately 90,000 square miles in seven states.
Utilities 4.5%
Manchester United plc (MANU), is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 4.3%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars with over $13 billion in annual sales and 131 superstores.
Consumer Discretionary 4.2%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisors in the world with 6,364 hotels and 493 hotels under development. Its franchise contracts are long term in nature, many for 20 years. Some of its brands include Quality Inn, Comfort Inn, Comfort Suites, Sleep Inn, and Cambria.
Consumer Discretionary 4.1%
Total 50.4%
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Portfolio Holdings as of August 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Hyatt Hotels Corp. Consumer Discretionary $9.387 7.4%
Colfax Corp. Industrials $7.867 6.4%
Vail Resorts, Inc. Consumer Discretionary $2.876 5.4%
FactSet Research Systems, Inc. Information Technology $5.360 4.8%
Genesee & Wyoming, Inc. Industrials $5.288 4.7%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.494 4.6%
ITC Holdings Corp. Utilities $5.811 4.5%
Manchester United plc Consumer Discretionary $2.794 4.3%
CarMax, Inc. Consumer Discretionary $11.488 4.2%
Choice Hotels International, Inc. Consumer Discretionary $3.165 4.1%
Iridium Communications Inc. Telecommunication Services $0.875 4.0%
The Carlyle Group Financials $2.226 3.8%
Helmerich & Payne, Inc. Energy $11.369 3.7%
Cash & Cash Equivalents Cash & Cash Equivalents - 3.6%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.464 3.5%
CoStar Group, Inc. Information Technology $4.676 3.3%
TreeHouse Foods, Inc. Consumer Staples $3.472 3.3%
Verisk Analytics, Inc. Industrials $10.686 2.9%
Arch Capital Group Ltd. Financials $7.510 2.8%
Fastenal Co. Industrials $13.438 2.7%
CaesarStone Sdot-Yam Ltd. Materials $1.813 2.7%
BRP, Inc. Consumer Discretionary $2.881 2.6%
Concur Technologies, Inc. Information Technology $5.725 2.3%
Guidewire Software, Inc. Information Technology $3.123 2.3%
Airgas, Inc. Materials $8.227 1.9%
Benefitfocus, Inc. Information Technology $0.841 1.8%
Church & Dwight Co., Inc. Consumer Staples $9.121 1.7%
Mobileye N.V. Consumer Discretionary $9.176 0.7%
Total 100.0%
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Sector Breakdown as of August 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.6%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 11.5%
  • Leisure Facilities 5.4%
  • Casinos & Gaming 4.6%
  • Movies & Entertainment 4.3%
  • Automotive Retail 4.2%
  • Specialty Stores 3.5%
  • Leisure Products 2.6%
  • Auto Parts & Equipment 0.7%
36.7%
Consumer Staples
  • Packaged Foods & Meats 3.3%
  • Household Products 1.7%
5.0%
Energy
  • Oil & Gas Drilling 3.7%
3.7%
Financials
  • Asset Management & Custody Banks 3.8%
  • Property & Casualty Insurance 2.8%
6.6%
Industrials
  • Industrial Machinery 6.4%
  • Railroads 4.7%
  • Research & Consulting Services 2.9%
  • Trading Companies & Distributors 2.7%
16.7%
Information Technology
  • Application Software 9.4%
  • Internet Software & Services 5.1%
14.5%
Materials
  • Construction Materials 2.7%
  • Industrial Gases 1.9%
4.7%
Telecommunication Services
  • Alternative Carriers 4.0%
4.0%
Utilities
  • Electric Utilities 4.5%
4.5%
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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
Hotels, Resorts & Cruise Lines 10.81% 1.08%
Alternative Carriers 2.09% 0.87%
Leisure Facilities 5.01% 0.58%
Automotive Retail 3.82% 0.42%
Railroads 4.90% 0.39%
Top Detractors Average Weight Contribution
Specialty Stores 3.93% -0.71%
Internet Retail 2.33% -0.49%
Construction Materials 2.73% -0.33%
Internet Software & Services 6.45% -0.24%
Leisure Products 2.93% -0.17%
By Holdings
Top Contributors Average Weight Contribution
Hyatt Hotels Corp. 7.26% 0.97%
Iridium Communications Inc. 2.09% 0.87%
Zillow, Inc. 1.02% 0.61%
Vail Resorts, Inc. 5.01% 0.58%
FactSet Research Systems, Inc. 4.27% 0.51%
Top Detractors Average Weight Contribution
Dick's Sporting Goods, Inc. 3.93% -0.71%
CoStar Group, Inc. 3.21% -0.56%
Guidewire Software, Inc. 2.12% -0.50%
AO World plc 2.33% -0.49%
CaesarStone Sdot-Yam Ltd. 2.73% -0.33%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 10.29% 3.68%
Industrial Machinery 6.37% 2.45%
Oil & Gas Drilling 3.31% 2.24%
Asset Management & Custody Banks 4.28% 1.55%
Leisure Facilities 5.27% 1.48%
Top Detractors Average Weight Contribution
Food Retail 0.61% -0.76%
Residential REITs 0.86% -0.52%
Internet Retail 0.82% -0.47%
Specialty Stores 4.50% -0.35%
Health Care Facilities 0.15% -0.25%
By Holdings
Top Contributors Average Weight Contribution
Hyatt Hotels Corp. 6.57% 2.94%
Colfax Corp. 6.37% 2.45%
Helmerich & Payne, Inc. 3.31% 2.24%
Vail Resorts, Inc. 5.27% 1.48%
Pinnacle Entertainment, Inc. 4.61% 1.35%
Top Detractors Average Weight Contribution
CoStar Group, Inc. 1.05% -1.01%
Fairway Group Holdings Corp. 0.61% -0.76%
American Campus Communities, Inc. 0.86% -0.52%
AO World plc 0.82% -0.47%
Penn National Gaming, Inc. 2.03% -0.44%
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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.