Baron Growth Fund (BGRIX)

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Fund Description

Baron Growth Fund invests primarily in small growth companies.

   

  

Facts & Characteristics as of March 31, 2016

Inception Date December 31, 1994
Net Assets (All share classes combined as of 6/30/2016) $6.06 billion
# of Equity Securities / % of Net Assets 63/96.7%
Turnover (3 Year Average) 8.53%
Median Market Cap $3.05 billion
Weighted Average Market Cap $5.49 billion
CUSIP 068278704
Expense Ratio (as of FYE 09/15)* 1.04%
EPS Growth (3-5 year forecast) 13.4%
Price/Earnings Ratio (trailing 12-month) 27.3
Price/Book Ratio 3.5
Price/Sales Ratio 2.3

Top Ten Holdings as of June 30, 2016

Holding Sector Percentage*
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns and operates 13 ski resorts in Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, Perisher in Australia and three U.S. regional resorts.
Consumer Discretionary 4.7%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 4.7%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.5%
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 4.4%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 4.3%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 3.6%
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 3.3%
Gaming and Leisure Properties, Inc. (GLPI) holds all of the real property interests related to Penn National Gaming’s gaming operations and the Casino Queen in Illinois. It also has full ownership and operates Penn’s Baton Rouge and Maryland casinos. It should close soon on its Pinnacle acquisition.
Financials 3.2%
SS&C Technologies, Inc. (SSNC) is a leading provider of mission-critical software products and services for the financial services industry.
Information Technology 2.9%
ANSYS, Inc. (ANSS) is the market leader in simulation-driven product development. ANSYS’ simulation software is used by engineers to test the effects of real-world forces on a design without a physical model.
Information Technology 2.8%
Total 38.4%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Arch Capital Group Ltd. Financials $8.791 4.7%
Vail Resorts, Inc. Consumer Discretionary $4.999 4.7%
Gartner, Inc. Information Technology $8.037 4.5%
FactSet Research Systems, Inc. Financials $6.599 4.3%
CoStar Group, Inc. Information Technology $7.118 3.6%
The Middleby Corp. Industrials $6.632 3.3%
Gaming and Leisure Properties, Inc. Financials $6.967 3.2%
SS&C Technologies Holdings, Inc. Information Technology $5.642 2.9%
IDEXX Laboratories, Inc. Health Care $8.314 2.8%
ANSYS, Inc. Information Technology $7.990 2.8%
MSCI, Inc. Financials $7.442 2.7%
MAXIMUS, Inc. Information Technology $3.593 2.7%
Primerica, Inc. Financials $2.693 2.5%
Church & Dwight Co., Inc. Consumer Staples $13.204 2.4%
Choice Hotels International, Inc. Consumer Discretionary $2.690 2.4%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.959 2.4%
Under Armour, Inc. Consumer Discretionary $16.644 2.3%
Douglas Emmett, Inc. Financials $5.250 2.2%
Under Armour, Inc. CL C Consumer Discretionary $16.644 2.1%
Bio-Techne Corp. Health Care $4.197 1.8%
Marriott Vacations Worldwide Corp. Consumer Discretionary $1.933 1.8%
Morningstar, Inc. Financials $3.509 1.6%
Panera Bread Co. Consumer Discretionary $5.064 1.6%
Masonite International Corp. Industrials $2.004 1.6%
Inovalon Holdings, Inc. Cl A Health Care $2.744 1.6%
Cohen & Steers, Inc. Financials $1.855 1.5%
Dick's Sporting Goods, Inc. Consumer Discretionary $5.140 1.5%
Mettler-Toledo International, Inc. Health Care $9.765 1.5%
Benefitfocus, Inc. Information Technology $1.120 1.5%
Booz Allen Hamilton Holding Corp. Information Technology $4.392 1.4%
Manchester United plc Consumer Discretionary $2.611 1.4%
PRINCIPAL CASH Cash & Cash Equivalents - 1.3%
Alexandria Real Estate Equities, Inc. Financials $7.648 1.3%
West Pharmaceutical Services, Inc. Health Care $5.545 1.3%
TreeHouse Foods, Inc. Consumer Staples $5.793 1.3%
Guidewire Software, Inc. Information Technology $4.479 1.2%
CaesarStone Ltd. Industrials $1.223 1.2%
Iridium Communications Inc. Telecommunication Services $0.848 1.1%
Trex Company, Inc. Industrials $1.318 1.1%
Oaktree Capital Group, LLC Financials $2.803 1.1%
Financial Engines, Inc. Financials $1.629 1.0%
Alexander's, Inc. Financials $2.090 0.9%
Penn National Gaming, Inc. Consumer Discretionary $1.138 0.9%
Pegasystems, Inc. Information Technology $2.057 0.9%
Nord Anglia Education Inc. Consumer Discretionary $2.201 0.9%
Smart & Final Stores, Inc. Consumer Staples $1.098 0.8%
Red Rock Resorts, Inc. Class A Consumer Discretionary $2.547 0.6%
Littelfuse, Inc. Information Technology $2.650 0.5%
Performance Food Group Co. Consumer Staples $2.761 0.5%
American Assets Trust, Inc. Financials $1.927 0.5%
Pinnacle Entertainment, Inc. Consumer Discretionary $0.677 0.5%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.709 0.4%
Air Lease Corp. Industrials $2.754 0.4%
The Carlyle Group Financials $1.313 0.4%
AO World plc Consumer Discretionary $0.785 0.4%
Moelis & Company Financials $1.924 0.4%
Virtu Financial, Inc. Class A Financials $2.498 0.4%
Neogen Corp. Health Care $2.111 0.3%
Interval Leisure Group, Inc. Consumer Discretionary $2.045 0.3%
Artisan Partners Asset Management Inc. Financials $1.142 0.2%
ClubCorp Holdings, Inc. Consumer Discretionary $0.852 0.2%
Iridium Communications Inc. - Pfd Telecommunication Services $0.848 0.2%
Hudson's Bay Co. Consumer Discretionary $2.198 0.1%
Bats Global Markets, Inc. Financials $2.476 0.1%
Windy City Investments Holdings, L.L.C. Financials - 0.0%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of June 30, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.3%
Consumer Discretionary
  • Leisure Facilities 5.4%
  • Apparel, Accessories & Luxury Goods 4.4%
  • Hotels, Resorts & Cruise Lines 4.4%
  • Education Services 3.3%
  • Casinos & Gaming 1.9%
  • Restaurants 1.6%
  • Specialty Stores 1.5%
  • Movies & Entertainment 1.4%
  • Internet Retail 0.4%
  • Department Stores 0.2%
24.5%
Consumer Staples
  • Household Products 2.4%
  • Packaged Foods & Meats 1.3%
  • Food Retail 0.8%
  • Food Distributors 0.5%
5.0%
Financials
  • Specialized Finance 8.7%
  • Property & Casualty Insurance 4.7%
  • Specialized REITs^ 4.5%
  • Asset Management & Custody Banks 4.1%
  • Office REITs^ 3.1%
  • Life & Health Insurance 2.6%
  • Investment Banking & Brokerage 0.8%
  • Diversified REITs 0.5%
28.9%
Health Care
  • Life Sciences Tools & Services 3.3%
  • Health Care Equipment 2.8%
  • Health Care Supplies 1.6%
  • Health Care Technology 1.6%
9.3%
Industrials
  • Building Products 3.9%
  • Industrial Machinery 3.3%
  • Trading Companies & Distributors 0.4%
7.7%
Information Technology
  • Application Software 7.7%
  • IT Consulting & Other Services 5.9%
  • Internet Software & Services 5.1%
  • Data Processing and Outsourced Services 2.7%
  • Electronic Components 0.6%
22.0%
Telecommunication Services
  • Alternative Carriers 1.3%
1.3%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 4.66% 0.67%
Life & Health Insurance 2.31% 0.60%
Specialized REITs^ 3.93% 0.50%
Office REITs^ 2.87% 0.43%
Life Sciences Tools & Services 3.32% 0.39%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 4.52% -0.47%
Asset Management & Custody Banks^ 4.26% -0.27%
Hotels, Resorts & Cruise Lines 4.31% -0.25%
Investment Banking & Brokerage 0.87% -0.18%
Application Software 7.78% -0.14%
By Holdings
Top Contributors Average Weight Contribution
Primerica, Inc. 2.31% 0.60%
CoStar Group, Inc. 3.26% 0.50%
IDEXX Laboratories, Inc. 2.55% 0.45%
Gartner, Inc. 4.44% 0.39%
Douglas Emmett, Inc. 2.04% 0.36%
Top Detractors Average Weight Contribution
Under Armour, Inc. 4.52% -0.47%
SS&C Technologies Holdings, Inc. 3.07% -0.37%
Choice Hotels International, Inc. 2.41% -0.32%
ConforMIS, Inc. 0.23% -0.24%
Financial Engines, Inc. 1.08% -0.22%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 4.54% 0.92%
IT Consulting & Other Services 5.21% 0.69%
Household Products 1.95% 0.58%
Life & Health Insurance 1.94% 0.56%
Office REITs^ 2.50% 0.56%
Top Detractors Average Weight Contribution
Health Care Facilities 0.82% -1.55%
Building Products 3.56% -0.85%
Asset Management & Custody Banks^ 3.96% -0.73%
Hotels, Resorts & Cruise Lines 4.29% -0.70%
Food Distributors 1.05% -0.62%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 3.84% 1.06%
IDEXX Laboratories, Inc. 2.08% 0.82%
Church & Dwight Co., Inc. 1.95% 0.58%
MSCI, Inc. 2.27% 0.57%
Primerica, Inc. 1.94% 0.56%
Top Detractors Average Weight Contribution
Community Health Systems, Inc. 0.82% -1.55%
Caesarstone Ltd. 1.14% -0.77%
United Natural Foods, Inc. 0.71% -0.77%
ConforMIS, Inc. 0.39% -0.62%
Financial Engines, Inc. 1.11% -0.59%
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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.