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 December 31, 2014

Inception Date May 31, 1996
Net Assets (All share classes combined) $195.27 million
# of Equity Securities / % of Net Assets 24/98.6%
Turnover (3 Year Average) 36.32%
Median Market Cap $5.91 billion
Weighted Average Market Cap $7.47 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) 16.0%
Price/Earnings Ratio (trailing 12-month) 24.5
Price/Book Ratio 2.9
Price/Sales Ratio 2.3

Top Ten Holdings as of May 31, 2015

Holding Sector Percentage*
Tesla Motors Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It also sells electric drivetrains to other vehicle manufacturers and is in the process of developing battery storage devices for home applications.
Consumer Discretionary 10.0%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 7.6%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 12 world class ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, and most recently Perisher in Australia.
Consumer Discretionary 6.9%
Hyatt Hotels Corp. (H) is a global hospitality company with 587 Hyatt-branded properties representing 155,265 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 6.7%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 6.0%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars, with over $14 billion in annual sales and 140 superstores.
Consumer Discretionary 5.0%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 4.6%
Financial Engines, Inc. (FNGN) provides asset allocation advice and implementation to 401(k) plan participants. The company has approximately $900 billion in assets under contract and oversees over $100 billion in assets under management.
Financials 4.2%
Choice Hotels International, Inc. (CHH) is one of the largest hotel franchisers in the world, with 6,379 hotels and 603 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%
Iridium Communications Inc.
Telecommunication Services 4.1%
Total 59.2%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Tesla Motors Inc. Consumer Discretionary $23.740 7.7%
Hyatt Hotels Corp. Consumer Discretionary $8.782 7.1%
Vail Resorts, Inc. Consumer Discretionary $3.759 7.0%
CoStar Group, Inc. Information Technology $6.392 6.9%
FactSet Research Systems, Inc. Information Technology $6.640 5.9%
CarMax, Inc. Consumer Discretionary $14.493 5.1%
Choice Hotels International, Inc. Consumer Discretionary $3.677 4.8%
Manchester United plc Consumer Discretionary $2.606 4.4%
Financial Engines, Inc. Financials $2.174 4.2%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.770 4.1%
Benefitfocus, Inc. Information Technology $1.047 4.1%
Iridium Communications Inc. - Pfd Telecommunication Services $0.918 3.9%
Genesee & Wyoming, Inc. Industrials $5.210 3.8%
ITC Holdings Corp. Utilities $5.809 3.7%
CaesarStone Sdot-Yam Ltd. Industrials $2.131 3.6%
The Carlyle Group Financials $1.867 3.5%
Arch Capital Group Ltd. Financials $7.710 3.1%
Verisk Analytics, Inc. Industrials $11.289 3.0%
Guidewire Software, Inc. Information Technology $3.691 2.7%
Fastenal Co. Industrials $12.244 2.5%
Colfax Corp. Industrials $5.908 2.4%
Church & Dwight Co., Inc. Consumer Staples $11.166 2.1%
Airgas, Inc. Materials $7.971 1.8%
TerraForm Power, Inc. - Cl A Utilities - 1.5%
PRINCIPAL CASH Cash & Cash Equivalents - 0.6%
TerraForm Power, Inc. Utilities $4.549 0.5%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.5%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 10.8%
  • Automobile Manufacturers 10.0%
  • Leisure Facilities 6.9%
  • Automotive Retail 5.0%
  • Movies & Entertainment 4.6%
  • Specialty Stores 3.7%
40.9%
Consumer Staples
  • Household Products 2.0%
2.0%
Financials
  • Asset Management & Custody Banks 8.1%
  • Property & Casualty Insurance 3.1%
  • Investment Banking & Brokerage 0.6%
11.8%
Industrials
  • Building Products 3.6%
  • Railroads 3.0%
  • Research & Consulting Services 2.8%
  • Trading Companies & Distributors 2.3%
  • Industrial Machinery 2.0%
13.7%
Information Technology
  • Internet Software & Services 11.5%
  • Application Software 8.4%
20.0%
Materials
  • Industrial Gases 1.5%
1.5%
Telecommunication Services
  • Alternative Carriers 4.1%
4.0%
Utilities
  • Electric Utilities 3.4%
  • Renewable Electricity 2.1%
5.6%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 10.06% 1.04%
Application Software 8.46% 0.88%
Leisure Facilities 6.32% 0.85%
Asset Management & Custody Banks 7.58% 0.73%
Specialty Stores 4.06% 0.58%
Top Detractors Average Weight Contribution
Automobile Manufacturers 7.05% -1.21%
Industrial Machinery 4.20% -0.39%
Trading Companies & Distributors 2.68% -0.38%
Building Products 1.33% -0.28%
Electric Utilities 4.09% -0.28%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 6.32% 0.85%
FactSet Research Systems, Inc. 5.75% 0.76%
Choice Hotels International, Inc. 4.67% 0.67%
Financial Engines, Inc. 4.03% 0.59%
Dick's Sporting Goods, Inc. 4.06% 0.58%
Top Detractors Average Weight Contribution
Tesla Motors Inc. 7.05% -1.21%
Colfax Corp. 4.20% -0.39%
Fastenal Co. 2.68% -0.38%
ITC Holdings Corp. 4.09% -0.28%
Airgas, Inc. 2.04% -0.15%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 8.32% 3.57%
Leisure Facilities 5.74% 2.53%
Hotels, Resorts & Cruise Lines 11.38% 2.33%
Automotive Retail 4.33% 1.82%
Alternative Carriers 3.50% 1.37%
Top Detractors Average Weight Contribution
Industrial Machinery 5.97% -2.57%
Automobile Manufacturers 3.37% -2.06%
Internet Retail 0.76% -1.11%
Oil & Gas Drilling 2.34% -0.93%
Leisure Products 1.47% -0.58%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 5.74% 2.53%
FactSet Research Systems, Inc. 4.97% 2.20%
CarMax, Inc. 4.33% 1.82%
Choice Hotels International, Inc. 4.06% 1.56%
Iridium Communications Inc. 3.50% 1.37%
Top Detractors Average Weight Contribution
Colfax Corp. 5.97% -2.57%
Tesla Motors Inc. 3.37% -2.06%
AO World plc 0.76% -1.11%
Helmerich & Payne, Inc. 2.34% -0.93%
The Carlyle Group 3.57% -0.81%
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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.