Baron Growth Fund (BGRIX)

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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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4Q15 Quarterly Letter
 

Risk Return Profile over the Long-Term

Baron Growth Fund Risk Return Profile

Facts & Characteristics as of December 31, 2015

Inception Date December 31, 1994
Net Assets (All share classes combined) $6.59 billion
# of Equity Securities / % of Net Assets 75/100.3%
Turnover (3 Year Average) 9.03%
Median Market Cap $2.92 billion
Weighted Average Market Cap $5.33 billion
CUSIP 068278704
Expense Ratio (as of FYE 09/14)* 1.04%
EPS Growth (3-5 year forecast) 12.7%
Price/Earnings Ratio (trailing 12-month) 23.8
Price/Book Ratio 3.2
Price/Sales Ratio 1.9

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 5.2%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 4.6%
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 Perisher in Australia.
Consumer Discretionary 4.5%
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 4.3%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 4.3%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 4.2%
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 3.6%
SS&C Technologies, Inc. (SSNC) is a leading provider of mission-critical software products and services for the financial services industry.
Information Technology 3.4%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 3.0%
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 39.9%
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Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Under Armour, Inc. Consumer Discretionary $17.397 4.4%
Arch Capital Group Ltd. Financials $8.541 4.2%
The Middleby Corp. Industrials $6.183 4.1%
Vail Resorts, Inc. Consumer Discretionary $4.638 4.0%
FactSet Research Systems, Inc. Financials $6.738 3.9%
Gartner, Inc. Information Technology $7.515 3.9%
ITC Holdings Corp. Utilities $6.022 3.7%
SS&C Technologies Holdings, Inc. Information Technology $6.824 3.2%
CoStar Group, Inc. Information Technology $6.715 3.1%
Mettler-Toledo International, Inc. Health Care $9.278 2.6%
ANSYS, Inc. Information Technology $8.232 2.6%
MAXIMUS, Inc. Information Technology $3.710 2.6%
Choice Hotels International, Inc. Consumer Discretionary $2.854 2.3%
MSCI, Inc. Financials $7.406 2.3%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $4.011 2.3%
IDEXX Laboratories, Inc. Health Care $6.633 2.0%
Primerica, Inc. Financials $2.284 1.9%
Church & Dwight Co., Inc. Consumer Staples $11.130 1.8%
Douglas Emmett, Inc. Financials $4.577 1.7%
Dick's Sporting Goods, Inc. Consumer Discretionary $4.065 1.7%
Morningstar, Inc. Financials $3.556 1.5%
TreeHouse Foods, Inc. Consumer Staples $3.381 1.5%
Booz Allen Hamilton Holding Corp. Information Technology $4.580 1.5%
Manchester United plc Consumer Discretionary $2.919 1.5%
Gaming and Leisure Properties, Inc. Financials $3.202 1.5%
Masonite International Corp. Industrials $1.860 1.4%
Panera Bread Co. Consumer Discretionary $4.905 1.3%
Bio-Techne Corp. Health Care $3.347 1.3%
Marriott Vacations Worldwide Corp. Consumer Discretionary $1.769 1.3%
Benefitfocus, Inc. Information Technology $1.061 1.3%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.894 1.2%
Financial Engines, Inc. Financials $1.734 1.2%
Guidewire Software, Inc. Information Technology $4.301 1.1%
CaesarStone Sdot-Yam Ltd. Industrials $1.530 1.1%
Alexandria Real Estate Equities, Inc. Financials $6.551 1.0%
Cohen & Steers, Inc. Financials $1.385 1.0%
Iridium Communications Inc. Telecommunication Services $0.799 1.0%
Oaktree Capital Group, LLC Financials $2.323 1.0%
Penn National Gaming, Inc. Consumer Discretionary $1.285 0.9%
West Pharmaceutical Services, Inc. Health Care $4.341 0.9%
Pegasystems, Inc. Information Technology $2.102 0.9%
Trex Company, Inc. Industrials $1.174 0.9%
Air Lease Corp. Industrials $3.401 0.9%
Inovalon Holdings, Inc. Cl A Health Care $2.565 0.9%
Smart & Final Stores, Inc. Consumer Staples $1.343 0.9%
Alexander's, Inc. Financials $1.961 0.8%
United Natural Foods, Inc. Consumer Staples $1.981 0.8%
Nord Anglia Education Inc. Consumer Discretionary $2.111 0.8%
Genesee & Wyoming, Inc. Industrials $3.097 0.7%
The Boston Beer Company, Inc. Consumer Staples $2.608 0.7%
FEI Company Information Technology $3.260 0.6%
ConforMIS, Inc. Health Care $0.704 0.6%
Community Health Systems, Inc. Health Care $3.136 0.5%
The Carlyle Group Financials $1.253 0.5%
Moelis & Company Financials $1.588 0.5%
Edwards Lifesciences Corp. Health Care $17.037 0.4%
IHS, Inc. Industrials $8.074 0.4%
Performance Food Group Co. Consumer Staples $2.374 0.4%
Generac Holdings, Inc. Industrials $2.000 0.4%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.686 0.4%
American Assets Trust, Inc. Financials $1.739 0.4%
Interval Leisure Group, Inc. Consumer Discretionary $0.897 0.4%
ClubCorp Holdings, Inc. Consumer Discretionary $1.183 0.4%
Diplomat Pharmacy, Inc. Health Care $2.202 0.4%
Virtu Financial, Inc. Class A Financials $3.135 0.4%
LaSalle Hotel Properties Financials $2.841 0.3%
Penske Automotive Group, Inc. Consumer Discretionary $3.814 0.3%
Neogen Corp. Health Care $2.112 0.3%
Artisan Partners Asset Management Inc. Financials $1.421 0.3%
ACADIA Pharmaceuticals Inc. Health Care $3.598 0.3%
Colfax Corp. Industrials $2.901 0.2%
Iridium Communications Inc. - Pfd Telecommunication Services $0.799 0.2%
Diamond Resorts International, Inc. Consumer Discretionary $1.829 0.1%
Juno Therapeutics, Inc. Health Care $4.424 0.1%
Hudson's Bay Co. Consumer Discretionary $2.382 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 January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.2%
Consumer Discretionary
  • Apparel, Accessories & Luxury Goods 5.2%
  • Leisure Facilities 5.1%
  • Hotels, Resorts & Cruise Lines 3.8%
  • Education Services 3.5%
  • Casinos & Gaming 2.3%
  • Specialty Stores 2.0%
  • Restaurants 1.5%
  • Movies & Entertainment 1.5%
  • Department Stores 0.2%
  • Internet Retail 0.0%
25.1%
Consumer Staples
  • Household Products 2.1%
  • Packaged Foods & Meats 1.0%
  • Food Retail 0.9%
  • Food Distributors 0.6%
4.6%
Financials
  • Specialized Finance 8.4%
  • Property & Casualty Insurance 4.6%
  • Asset Management & Custody Banks 3.9%
  • Office REITs^ 2.7%
  • Specialized REITs^ 2.6%
  • Life & Health Insurance 2.1%
  • Investment Banking & Brokerage 1.0%
  • Diversified REITs 0.5%
25.8%
Health Care
  • Life Sciences Tools & Services 3.3%
  • Health Care Equipment 3.1%
  • Health Care Supplies 1.3%
  • Health Care Technology 1.1%
  • Health Care Services 0.3%
9.0%
Industrials
  • Building Products 3.5%
  • Industrial Machinery 3.5%
  • Trading Companies & Distributors 0.4%
7.5%
Information Technology
  • Application Software 8.2%
  • IT Consulting & Other Services 5.7%
  • Internet Software & Services 4.2%
  • Data Processing and Outsourced Services 2.8%
  • Electronic Equipment & Instruments 0.5%
21.4%
Telecommunication Services
  • Alternative Carriers 1.1%
1.1%
Utilities
  • Electric Utilities 4.3%
4.3%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Leisure Facilities 4.16% 0.68%
Internet Software & Services 4.02% 0.62%
Application Software 8.61% 0.61%
Electric Utilities 3.11% 0.53%
IT Consulting & Other Services 4.96% 0.50%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 4.77% -0.83%
Specialty Stores 2.10% -0.71%
Health Care Facilities 0.98% -0.64%
Property & Casualty Insurance 4.15% -0.20%
Food Distributors 1.63% -0.19%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 3.46% 0.70%
ITC Holdings Corp. 3.11% 0.53%
CoStar Group, Inc. 2.84% 0.46%
Mettler-Toledo International, Inc. 2.37% 0.40%
MSCI, Inc. 2.05% 0.39%
Top Detractors Average Weight Contribution
Under Armour, Inc. 4.77% -0.83%
Dick's Sporting Goods, Inc. 2.10% -0.71%
Community Health Systems, Inc. 0.98% -0.64%
United Natural Foods, Inc. 1.25% -0.26%
Marriott Vacations Worldwide Corp. 1.32% -0.23%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 9.49% 1.94%
Leisure Facilities 3.47% 1.03%
Property & Casualty Insurance 3.47% 0.48%
IT Consulting & Other Services 4.48% 0.46%
Apparel, Accessories & Luxury Goods 4.18% 0.42%
Top Detractors Average Weight Contribution
Health Care Facilities 1.87% -1.14%
Food Distributors 1.80% -0.96%
Railroads 1.76% -0.74%
Specialty Stores 2.55% -0.70%
Hotels, Resorts & Cruise Lines 4.43% -0.66%
By Holdings
Top Contributors Average Weight Contribution
Vail Resorts, Inc. 2.86% 1.02%
MSCI, Inc. 1.75% 0.68%
Bright Horizons Family Solutions, Inc. 1.71% 0.56%
Arch Capital Group Ltd. 3.47% 0.48%
Under Armour, Inc. 4.18% 0.42%
Top Detractors Average Weight Contribution
Community Health Systems, Inc. 1.84% -1.14%
United Natural Foods, Inc. 1.71% -1.03%
Genesee & Wyoming, Inc. 1.76% -0.74%
Dick's Sporting Goods, Inc. 2.50% -0.68%
Colfax Corp. 1.02% -0.66%
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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.