Baron Growth Fund (BGRFX)

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Fund Description

Baron Growth Fund invests primarily in small growth companies.

   

  

Fund Resources

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Ron Baron on investing in small companies.

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Expanded Fact Sheet - Institutional Shares

Attribution Analysis 2Q14
Attribution Analysis 2Q14

Facts & Characteristics as of June 30, 2014

Inception Date December 31, 1994
Net Assets (All share classes combined) $8.34 billion
# of Equity Securities / % of Net Assets 104 / 99.8%
Turnover (3 Year Average) 11.08%
Median Market Cap $2.92 billion
Weighted Average Market Cap $4.56 billion
CUSIP 068278209
Expense Ratio (as of FYE 09/13)* 1.30%
EPS Growth (3-5 year forecast) 15.4%
Price/Earnings Ratio (trailing 12-month) 25.1
Price/Book Ratio 3.1
Price/Sales Ratio 1.8

Top Ten Holdings as of June 30, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 3.0%
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 2.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.8%
The Middleby Corp. (MIDD) designs, manufactures, markets, and services a broad line of equipment for use in cooking and preparing food. The products are used in residential, commercial, and industrial kitchens around the world.
Industrials 2.5%
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 2.5%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 2.4%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 2.3%
Dick’s Sporting Goods, Inc. (DKS) is a full-line sporting goods retailer offering brand-name sporting goods equipment, apparel, and footwear in a specialty-store environment. The company also has stores specializing in golf and hunting and fishing. There are approximately 570 Dick's Sporting Goods locations.
Consumer Discretionary 2.3%
Colfax Corp. (CFX) is a diversified global industrial manufacturing and engineering company that provides gas- and fluid-handling products, and fabrication technology products.
Industrials 2.1%
Targa Resources Corp. (TRGP) owns LP units and is the General Partner of Targa Resources Partners, a growth oriented master limited partnership focused on gas and natural gas liquids gathering, processing, and fractionation.
Energy 2.0%
Total 24.8%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Under Armour, Inc. Consumer Discretionary $12.691 3.0%
ITC Holdings Corp. Utilities $5.750 2.9%
Arch Capital Group Ltd. Financials $7.703 2.8%
Genesee & Wyoming, Inc. Industrials $5.638 2.5%
The Middleby Corp. Industrials $4.737 2.5%
Gartner, Inc. Information Technology $6.363 2.4%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.857 2.3%
FactSet Research Systems, Inc. Information Technology $5.093 2.3%
Colfax Corp. Industrials $9.210 2.1%
Targa Resources Corp. Energy $5.884 2.0%
CoStar Group, Inc. Information Technology $5.091 1.9%
Community Health Systems, Inc. Health Care $5.230 1.9%
Vail Resorts, Inc. Consumer Discretionary $2.792 1.9%
United Natural Foods, Inc. Consumer Staples $3.232 1.8%
Choice Hotels International, Inc. Consumer Discretionary $2.752 1.7%
Mettler-Toledo International, Inc. Health Care $7.398 1.7%
ANSYS, Inc. Information Technology $7.026 1.7%
TreeHouse Foods, Inc. Consumer Staples $2.945 1.7%
SS&C Technologies Holdings, Inc. Information Technology $3.756 1.6%
Generac Holdings, Inc. Industrials $3.355 1.6%
Primerica, Inc. Financials $2.604 1.6%
MAXIMUS, Inc. Information Technology $2.912 1.6%
CFR Pharmaceuticals SA Health Care $2.762 1.6%
Copart, Inc. Industrials $4.533 1.5%
IDEXX Laboratories, Inc. Health Care $6.853 1.4%
Booz Allen Hamilton Holding Corp. Information Technology $3.193 1.4%
Gaming and Leisure Properties, Inc. Financials $3.809 1.4%
Church & Dwight Co., Inc. Consumer Staples $9.507 1.3%
LKQ Corp. Consumer Discretionary $8.057 1.3%
Core Laboratories N.V. Energy $7.497 1.2%
Douglas Emmett, Inc. Financials $4.055 1.2%
MSCI, Inc. Financials $5.351 1.2%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $2.819 1.2%
Cohen & Steers, Inc. Financials $1.942 1.1%
Helmerich & Payne, Inc. Energy $12.557 1.1%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $2.083 1.1%
Financial Engines, Inc. Financials $2.330 1.1%
Manchester United plc Consumer Discretionary $2.859 1.1%
DeVry Education Group Inc. Consumer Discretionary $2.688 1.0%
Morningstar, Inc. Consumer Discretionary $3.212 1.0%
TECHNE Corp. Health Care $3.425 1.0%
CaesarStone Sdot-Yam Ltd. Materials $1.711 1.0%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.019 1.0%
Concur Technologies, Inc. Information Technology $5.309 0.9%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.501 0.9%
Air Lease Corp. Industrials $3.932 0.9%
Advent Software, Inc. Information Technology $1.676 0.8%
Panera Bread Co. Consumer Discretionary $4.115 0.8%
Atlas Energy, L.P. Energy $2.328 0.8%
Iridium Communications Inc. Telecommunication Services $0.787 0.8%
Interval Leisure Group, Inc. Consumer Discretionary $1.267 0.8%
The Carlyle Group Financials $2.177 0.8%
AO World plc Consumer Discretionary $1.856 0.8%
Masonite International Corp. Industrials $1.656 0.8%
Alexandria Real Estate Equities, Inc. Financials $5.563 0.7%
DreamWorks Animation SKG, Inc. Consumer Discretionary $1.949 0.7%
LaSalle Hotel Properties Financials $3.672 0.7%
Valmont Industries, Inc. Industrials $4.085 0.7%
Pegasystems, Inc. Information Technology $1.610 0.7%
FEI Company Information Technology $3.834 0.7%
Oaktree Capital Group, LLC Financials $2.173 0.7%
The Container Store Group, Inc. Consumer Discretionary $1.333 0.7%
Badger Daylighting Ltd. Industrials $1.220 0.7%
Alexander's, Inc. Financials $1.887 0.6%
CARBO Ceramics, Inc. Energy $3.561 0.6%
IHS, Inc. Industrials $9.242 0.6%
MSC Industrial Direct Co., Inc. Industrials $5.943 0.6%
Penn National Gaming, Inc. Consumer Discretionary $0.954 0.6%
Trex Company, Inc. Industrials $0.968 0.6%
Guidewire Software, Inc. Information Technology $2.788 0.6%
Benefitfocus, Inc. Information Technology $1.160 0.6%
SEACOR Holdings, Inc. Energy $1.696 0.5%
Eaton Vance Corp. Financials $4.562 0.5%
The Boston Beer Company, Inc. Consumer Staples $2.914 0.5%
West Pharmaceutical Services, Inc. Health Care $2.981 0.5%
RSP Permian, Inc. Energy $2.352 0.5%
Nord Anglia Education Inc. Consumer Discretionary $1.737 0.5%
Bottomline Technologies (de), Inc. Information Technology $1.178 0.4%
Edwards Lifesciences Corp. Health Care $9.056 0.4%
Landstar System, Inc. Industrials $2.877 0.4%
Penske Automotive Group, Inc. Consumer Discretionary $4.482 0.4%
SM Energy Co. Energy $5.640 0.4%
Shutterstock, Inc. Information Technology $2.921 0.4%
The Advisory Board Company Industrials $1.898 0.3%
American Campus Communities, Inc. Financials $4.012 0.3%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.632 0.3%
American Assets Trust, Inc. Financials $1.449 0.3%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.2%
Imax Corp. Consumer Discretionary $1.946 0.2%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
Mistras Group, Inc. Industrials $0.697 0.2%
Neogen Corp. Health Care $1.484 0.2%
Oasis Petroleum, Inc. Energy $5.655 0.2%
Iridium Communications Inc. Telecommunication Services $0.787 0.2%
Noodles & Company Consumer Discretionary $1.021 0.2%
Brookdale Senior Living, Inc. Health Care $4.181 0.1%
IPC The Hospitalist Co., Inc. Health Care $0.758 0.1%
VCA Inc. Health Care $3.099 0.1%
Agrinos AS Materials $0.053 0.1%
Castlight Health Inc. Health Care - 0.1%
MPLX LP Energy $4.767 0.1%
BRP, Inc. Consumer Discretionary $2.916 0.1%
Diamond Resorts International, Inc. Consumer Discretionary $1.756 0.1%
Acadia Pharmaceuticals Inc. Health Care $2.236 0.1%
Windy City Investments Holdings, L.L.C. Financials - 0.0%
Foundation Medicine, Inc. Health Care $0.760 0.0%
ClubCorp Holdings, Inc. Consumer Discretionary $1.194 0.0%
Agrinos AS Materials $0.053 0.0%
Castlight Health Inc. Health Care $1.360 0.0%
Total 100.0%
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Sector Breakdown as of June 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.2%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 3.5%
  • Apparel, Accessories & Luxury Goods 3.0%
  • Specialty Stores 3.0%
  • Education Services 2.7%
  • Leisure Facilities 2.2%
  • Movies & Entertainment 2.0%
  • Casinos & Gaming 1.4%
  • Distributors 1.3%
  • Home Improvement Retail 1.1%
  • Restaurants 1.0%
  • Publishing 1.0%
  • Internet Retail 0.8%
  • Automotive Retail 0.4%
  • Leisure Products 0.1%
23.5%
Consumer Staples
  • Food Distributors 1.8%
  • Packaged Foods & Meats 1.7%
  • Household Products 1.3%
  • Brewers 0.5%
5.3%
Energy
  • Oil & Gas Storage & Transportation 2.8%
  • Oil & Gas Equipment & Services 2.3%
  • Oil & Gas Drilling 1.1%
  • Oil & Gas Exploration & Production 1.1%
7.3%
Financials
  • Asset Management & Custody Banks 4.5%
  • Property & Casualty Insurance 2.8%
  • Specialized REITs^ 2.2%
  • Office REITs^ 1.8%
  • Life & Health Insurance 1.6%
  • Specialized Finance 1.2%
  • Hotel & Resort REITs 0.7%
  • Diversified REITs 0.3%
  • Residential REITs 0.3%
15.3%
Health Care
  • Life Sciences Tools & Services 2.7%
  • Health Care Facilities 2.1%
  • Health Care Equipment 1.9%
  • Pharmaceuticals 1.6%
  • Health Care Supplies 0.7%
  • Health Care Technology^ 0.2%
  • Health Care Services 0.1%
  • Biotechnology 0.1%
9.4%
Industrials
  • Industrial Machinery 5.3%
  • Railroads 2.5%
  • Electrical Components & Equipment 1.6%
  • Trading Companies & Distributors 1.5%
  • Diversified Support Services 1.5%
  • Building Products 1.4%
  • Research & Consulting Services 1.1%
  • Construction & Engineering 0.7%
  • Trucking 0.4%
16.1%
Information Technology
  • Application Software 9.0%
  • IT Consulting & Other Services 3.8%
  • Internet Software & Services 2.9%
  • Data Processing and Outsourced Services 1.6%
  • Electronic Equipment & Instruments 0.7%
18.0%
Materials
  • Construction Materials 1.0%
  • Fertilizers & Agricultural Chemicals 0.1%
1.1%
Telecommunication Services
  • Alternative Carriers 0.9%
0.9%
Utilities
  • Electric Utilities 2.9%
2.9%
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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
Pharmaceuticals^ 1.36% 0.69%
Oil & Gas Storage & Transportation 2.10% 0.65%
Application Software 8.70% 0.37%
Health Care Facilities 2.07% 0.29%
Alternative Carriers 0.53% 0.27%
Top Detractors Average Weight Contribution
Specialty Stores 3.18% -0.59%
Electrical Components & Equipment 1.91% -0.39%
Internet Software & Services 2.72% -0.31%
Oil & Gas Equipment & Services 2.72% -0.27%
Home Improvement Retail 1.19% -0.26%
By Holdings
Top Contributors Average Weight Contribution
CFR Pharmaceuticals SA 1.36% 0.69%
Targa Resources Corp. 1.67% 0.61%
Community Health Systems, Inc. 1.88% 0.29%
Iridium Communications Inc. 0.53% 0.27%
FactSet Research Systems, Inc. 2.11% 0.26%
Top Detractors Average Weight Contribution
Dick's Sporting Goods, Inc. 2.44% -0.43%
Generac Holdings, Inc. 1.91% -0.39%
CoStar Group, Inc. 1.97% -0.35%
Core Laboratories N.V. 1.52% -0.29%
Lumber Liquidators Holdings, Inc. 1.19% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Apparel, Accessories & Luxury Goods 2.61% 1.98%
Application Software 9.79% 1.83%
Industrial Machinery 5.02% 1.69%
Oil & Gas Storage & Transportation 1.48% 1.27%
IT Consulting & Other Services 3.87% 1.03%
Top Detractors Average Weight Contribution
Specialty Stores 2.93% -0.36%
Restaurants 0.98% -0.23%
Building Products 0.32% -0.18%
Fertilizers & Agricultural Chemicals 0.08% -0.11%
Health Care Facilities 2.25% -0.11%
By Holdings
Top Contributors Average Weight Contribution
Under Armour, Inc. 2.61% 1.98%
Targa Resources Corp. 1.34% 1.22%
The Middleby Corp. 2.46% 0.96%
Colfax Corp. 1.82% 0.68%
Helmerich & Payne, Inc. 0.96% 0.64%
Top Detractors Average Weight Contribution
Panera Bread Co. 0.96% -0.23%
The Container Store Group, Inc. 0.24% -0.19%
Trex Company, Inc. 0.15% -0.19%
Dick's Sporting Goods, Inc. 2.69% -0.17%
Community Health Systems, Inc. 2.07% -0.16%
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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 Hodings 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.