Baron Focused Growth Fund (BFGIX)

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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 September 30, 2014

Inception Date May 31, 1996
Net Assets (All share classes combined) $192.97 million
# of Equity Securities / % of Net Assets 29/99.0%
Turnover (3 Year Average) 37.71%
Median Market Cap $5.13 billion
Weighted Average Market Cap $6.24 billion
CUSIP 06828M504
Gross Expense Ratio (as of FYE 12/13)* 1.12%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.02)%
Net Expense Ratio (as of FYE 12/13) 1.10%
EPS Growth (3-5 year forecast) 14.5%
Price/Earnings Ratio (trailing 12-month) 22.6
Price/Book Ratio 2.6
Price/Sales Ratio 1.8

Top Ten Holdings as of October 31, 2014

Download Attribution Analysis
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 7.2%
Tesla Motors Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It also sells electric drivetrains to other vehicle manufacturers.
Consumer Discretionary 6.1%
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 6.0%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 5.7%
Colfax Corp. (CFX) is a diversified global industrial manufacturing and engineering company that provides gas- and fluid-handling products, and fabrication technology products.
Industrials 5.5%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 5.0%
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 4.7%
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 4.6%
Manchester United plc (MANU), is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 4.4%
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%
Total 53.4%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Hyatt Hotels Corp. Consumer Discretionary $9.299 7.5%
Vail Resorts, Inc. Consumer Discretionary $3.142 6.1%
Colfax Corp. Industrials $7.046 5.9%
CoStar Group, Inc. Information Technology $5.024 5.4%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.500 4.8%
FactSet Research Systems, Inc. Information Technology $5.080 4.7%
Genesee & Wyoming, Inc. Industrials $5.126 4.5%
ITC Holdings Corp. Utilities $5.544 4.4%
Manchester United plc Consumer Discretionary $2.699 4.3%
Choice Hotels International, Inc. Consumer Discretionary $3.039 4.1%
Iridium Communications Inc. Telecommunication Services $0.824 3.9%
CarMax, Inc. Consumer Discretionary $10.183 3.7%
The Carlyle Group Financials $2.039 3.6%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.320 3.5%
Tesla Motors Inc. Consumer Discretionary $30.245 3.2%
Helmerich & Payne, Inc. Energy $10.592 3.1%
Arch Capital Group Ltd. Financials $7.393 2.8%
Fastenal Co. Industrials $13.325 2.8%
Verisk Analytics, Inc. Industrials $10.137 2.8%
CaesarStone Sdot-Yam Ltd. Materials $1.802 2.8%
TreeHouse Foods, Inc. Consumer Staples $3.387 2.5%
Guidewire Software, Inc. Information Technology $3.065 2.3%
BRP, Inc. Consumer Discretionary $2.556 2.1%
Airgas, Inc. Materials $8.247 2.0%
Church & Dwight Co., Inc. Consumer Staples $9.378 1.8%
Financial Engines, Inc. Financials $1.771 1.8%
Benefitfocus, Inc. Information Technology $0.686 1.4%
Cash & Cash Equivalents Cash & Cash Equivalents - 1.0%
Mobileye N.V. Information Technology $11.377 0.8%
Concur Technologies, Inc. Information Technology $7.238 0.4%
Total 100.0%
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Sector Breakdown as of October 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.0%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 11.3%
  • Automobile Manufacturers 6.1%
  • Leisure Facilities 6.0%
  • Casinos & Gaming 4.7%
  • Movies & Entertainment 4.4%
  • Automotive Retail 4.2%
  • Specialty Stores 3.5%
40.3%
Consumer Staples
  • Packaged Foods & Meats 2.6%
  • Household Products 1.8%
4.4%
Energy
  • Oil & Gas Drilling 2.4%
2.4%
Financials
  • Asset Management & Custody Banks 7.7%
  • Property & Casualty Insurance 2.9%
10.5%
Industrials
  • Industrial Machinery 5.5%
  • Railroads 4.1%
  • Research & Consulting Services 2.8%
  • Trading Companies & Distributors 2.7%
15.2%
Information Technology
  • Application Software 7.6%
  • Internet Software & Services 5.7%
13.3%
Materials
  • Construction Materials 3.4%
  • Industrial Gases 2.0%
5.4%
Telecommunication Services
  • Alternative Carriers 4.0%
3.9%
Utilities
  • Electric Utilities 4.6%
4.6%
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Top Contributors & Detractors as of September 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
Application Software 9.22% 1.05%
Leisure Facilities 5.49% 0.64%
Auto Parts & Equipment 0.40% 0.40%
Hotels, Resorts & Cruise Lines 11.28% 0.29%
Alternative Carriers 3.81% 0.20%
Top Detractors Average Weight Contribution
Industrial Machinery 6.66% -1.76%
Internet Software & Services 5.73% -1.07%
Oil & Gas Drilling 3.78% -0.64%
Internet Retail 0.71% -0.56%
Railroads 4.80% -0.48%
By Holdings
Top Contributors Average Weight Contribution
Concur Technologies, Inc. 2.29% 0.74%
Vail Resorts, Inc. 5.49% 0.64%
Mobileye N.V. 0.44% 0.44%
Choice Hotels International, Inc. 3.85% 0.37%
Guidewire Software, Inc. 2.19% 0.21%
Top Detractors Average Weight Contribution
Colfax Corp. 6.66% -1.76%
Benefitfocus, Inc. 2.08% -1.05%
Helmerich & Payne, Inc. 3.78% -0.64%
AO World plc 0.71% -0.56%
Genesee & Wyoming, Inc. 4.80% -0.48%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 10.53% 2.98%
Application Software 7.68% 1.39%
Leisure Facilities 5.22% 1.30%
Oil & Gas Drilling 3.54% 1.18%
Alternative Carriers 1.48% 1.03%
Top Detractors Average Weight Contribution
Internet Software & Services 6.23% -1.51%
Internet Retail 1.00% -1.01%
Specialty Stores 4.37% -0.82%
Food Retail 0.33% -0.75%
Casinos & Gaming 5.80% -0.63%
By Holdings
Top Contributors Average Weight Contribution
Hyatt Hotels Corp. 6.80% 2.24%
Vail Resorts, Inc. 5.22% 1.30%
Helmerich & Payne, Inc. 3.54% 1.18%
Iridium Communications Inc. 1.48% 1.03%
Concur Technologies, Inc. 0.91% 1.02%
Top Detractors Average Weight Contribution
Benefitfocus, Inc. 3.28% -1.42%
AO World plc 1.00% -1.01%
CoStar Group, Inc. 1.97% -0.98%
Dick's Sporting Goods, Inc. 4.05% -0.78%
Fairway Group Holdings Corp. 0.33% -0.75%
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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.