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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Facts & Characteristics as of June 30, 2015

Inception Date December 31, 1994
Net Assets (All share classes combined) $7.87 billion
# of Equity Securities / % of Net Assets 89/99.3%
Turnover (3 Year Average) 8.68%
Median Market Cap $3.45 billion
Weighted Average Market Cap $5.21 billion
CUSIP 068278704
Expense Ratio (as of FYE 09/14)* 1.04%
EPS Growth (3-5 year forecast) 14.4%
Price/Earnings Ratio (trailing 12-month) 25.6
Price/Book Ratio 3.3
Price/Sales Ratio 1.9

Top Ten Holdings as of June 30, 2015

Holding Sector Percentage*
Under Armour, Inc. (UA) is a leading designer, developer, marketer, and distributor of athletic and performance apparel.
Consumer Discretionary 3.9%
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%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 3.4%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 3.3%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.1%
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 2.9%
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 2.6%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 2.6%
MAXIMUS, Inc. (MMS) is a leading provider of government health and human services program management and consulting.
Information Technology 2.5%
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 600 Dick's Sporting Goods locations.
Consumer Discretionary 2.5%
Total 30.4%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Under Armour, Inc. Consumer Discretionary $17.993 3.9%
The Middleby Corp. Industrials $6.434 3.6%
Arch Capital Group Ltd. Financials $8.305 3.4%
FactSet Research Systems, Inc. Information Technology $6.787 3.3%
Gartner, Inc. Information Technology $7.122 3.1%
Vail Resorts, Inc. Consumer Discretionary $3.971 2.9%
CoStar Group, Inc. Information Technology $6.523 2.6%
ITC Holdings Corp. Utilities $4.995 2.6%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.132 2.5%
SS&C Technologies Holdings, Inc. Information Technology $5.941 2.5%
MAXIMUS, Inc. Information Technology $4.331 2.5%
Community Health Systems, Inc. Health Care $7.433 2.4%
Mettler-Toledo International, Inc. Health Care $9.550 2.3%
Choice Hotels International, Inc. Consumer Discretionary $3.124 2.1%
ANSYS, Inc. Information Technology $8.191 2.1%
United Natural Foods, Inc. Consumer Staples $3.190 1.9%
MSCI, Inc. Financials $6.920 1.7%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.912 1.7%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.574 1.7%
Genesee & Wyoming, Inc. Industrials $4.115 1.6%
Primerica, Inc. Financials $2.346 1.6%
Gaming and Leisure Properties, Inc. Financials $4.247 1.6%
Church & Dwight Co., Inc. Consumer Staples $10.618 1.5%
IDEXX Laboratories, Inc. Health Care $6.003 1.5%
CaesarStone Sdot-Yam Ltd. Industrials $2.408 1.5%
TreeHouse Foods, Inc. Consumer Staples $3.474 1.4%
Benefitfocus, Inc. Information Technology $1.254 1.3%
Masonite International Corp. Industrials $2.116 1.3%
Colfax Corp. Industrials $5.715 1.2%
Pinnacle Entertainment, Inc. Consumer Discretionary $2.256 1.2%
Financial Engines, Inc. Financials $2.203 1.2%
Manchester United plc Consumer Discretionary $2.925 1.2%
Douglas Emmett, Inc. Financials $3.930 1.1%
Morningstar, Inc. Consumer Discretionary $3.532 1.1%
Bio-Techne Corp. Health Care $3.659 1.1%
Generac Holdings, Inc. Industrials $2.749 1.1%
Booz Allen Hamilton Holding Corp. Information Technology $3.701 1.1%
Panera Bread Co. Consumer Discretionary $4.667 1.0%
Trex Company, Inc. Industrials $1.586 1.0%
Oaktree Capital Group, LLC Financials $2.572 1.0%
Cohen & Steers, Inc. Financials $1.548 0.9%
Penn National Gaming, Inc. Consumer Discretionary $1.465 0.9%
Iridium Communications Inc. Telecommunication Services $0.859 0.9%
Air Lease Corp. Industrials $3.477 0.9%
AO World plc Consumer Discretionary $0.957 0.9%
Alexandria Real Estate Equities, Inc. Financials $6.301 0.8%
Copart, Inc. Industrials $4.489 0.8%
West Pharmaceutical Services, Inc. Health Care $4.179 0.8%
Targa Resources Corp. Energy $4.998 0.8%
Guidewire Software, Inc. Information Technology $3.734 0.8%
Interval Leisure Group, Inc. Consumer Discretionary $1.313 0.8%
Inovalon Holdings, Inc. Cl A Health Care $4.120 0.8%
PRINCIPAL CASH Cash & Cash Equivalents - 0.7%
Alexander's, Inc. Financials $2.094 0.7%
LaSalle Hotel Properties Financials $4.006 0.7%
The Boston Beer Company, Inc. Consumer Staples $3.095 0.7%
FEI Company Information Technology $3.447 0.7%
The Carlyle Group Financials $2.209 0.7%
Nord Anglia Education Inc. Consumer Discretionary $2.551 0.7%
Smart & Final Stores, Inc. Consumer Staples $1.318 0.7%
LKQ Corp. Consumer Discretionary $9.200 0.6%
Pegasystems, Inc. Information Technology $1.752 0.6%
Diplomat Pharmacy, Inc Consumer Staples $2.793 0.6%
Penske Automotive Group, Inc. Consumer Discretionary $4.703 0.5%
Valmont Industries, Inc. Industrials $2.800 0.5%
IHS, Inc. Industrials $8.802 0.4%
Landstar System, Inc. Industrials $2.970 0.4%
MSC Industrial Direct Co., Inc. Industrials $4.304 0.4%
American Assets Trust, Inc. Financials $1.718 0.4%
ClubCorp Holdings, Inc. Consumer Discretionary $1.543 0.4%
Virtu Financial, Inc. Class A Financials $3.251 0.4%
American Campus Communities, Inc. Financials $4.233 0.3%
Core Laboratories N.V. Energy $4.882 0.3%
Edwards Lifesciences Corp. Health Care $15.320 0.3%
Whistler Blackcomb Holdings, Inc. Consumer Discretionary $0.600 0.3%
ACADIA Pharmaceuticals Inc. Health Care $4.201 0.3%
Badger Daylighting Ltd. Industrials $0.777 0.3%
Moelis & Company Financials $1.554 0.3%
Bottomline Technologies (de), Inc. Information Technology $1.138 0.2%
Helmerich & Payne, Inc. Energy $7.581 0.2%
Neogen Corp. Health Care $1.757 0.2%
Shutterstock, Inc. Information Technology $2.103 0.2%
BRP, Inc. Consumer Discretionary $2.763 0.2%
Iridium Communications Inc. - Pfd Telecommunication Services $0.859 0.2%
IPC Healthcare, Inc. Health Care $0.963 0.1%
Diamond Resorts International, Inc. Consumer Discretionary $2.313 0.1%
Foundation Medicine, Inc. Health Care $1.160 0.1%
The Container Store Group, Inc. Consumer Discretionary $0.810 0.1%
Steiner Leisure, Ltd. Consumer Discretionary $0.690 0.0%
Windy City Investments Holdings, L.L.C. Financials - 0.0%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Agrinos AS Materials $0.031 0.0%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.7%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 4.6%
  • Apparel, Accessories & Luxury Goods 3.9%
  • Leisure Facilities 3.6%
  • Specialty Stores 2.6%
  • Education Services 2.4%
  • Casinos & Gaming 2.1%
  • Movies & Entertainment 1.2%
  • Publishing 1.1%
  • Restaurants 1.0%
  • Internet Retail 0.9%
  • Distributors 0.6%
  • Automotive Retail 0.5%
  • Leisure Products 0.2%
  • Specialized Consumer Services 0.0%
24.8%
Consumer Staples
  • Food Distributors 1.8%
  • Household Products 1.5%
  • Packaged Foods & Meats 1.4%
  • Food Retail 0.7%
  • Brewers 0.7%
  • Drug Retail 0.6%
6.7%
Energy
  • Oil & Gas Storage & Transportation 0.8%
  • Oil & Gas Equipment & Services 0.3%
  • Oil & Gas Drilling 0.2%
1.2%
Financials
  • Asset Management & Custody Banks 3.9%
  • Property & Casualty Insurance 3.4%
  • Specialized REITs^ 2.5%
  • Office REITs^ 1.9%
  • Specialized Finance 1.7%
  • Life & Health Insurance 1.6%
  • Investment Banking & Brokerage 0.7%
  • Hotel & Resort REITs 0.7%
  • Diversified REITs 0.4%
  • Residential REITs 0.3%
16.9%
Health Care
  • Life Sciences Tools & Services 3.4%
  • Health Care Facilities 2.4%
  • Health Care Equipment 1.7%
  • Health Care Supplies 1.0%
  • Health Care Technology 0.8%
  • Biotechnology 0.4%
  • Health Care Services 0.1%
9.9%
Industrials
  • Industrial Machinery 5.3%
  • Building Products 3.9%
  • Railroads 1.6%
  • Trading Companies & Distributors 1.3%
  • Electrical Components & Equipment 1.1%
  • Diversified Support Services 0.8%
  • Research & Consulting Services 0.4%
  • Trucking 0.4%
  • Construction & Engineering 0.3%
15.2%
Information Technology
  • Application Software 9.5%
  • IT Consulting & Other Services 4.2%
  • Internet Software & Services 4.1%
  • Data Processing and Outsourced Services 2.5%
  • Electronic Equipment & Instruments 0.7%
21.0%
Materials
  • Fertilizers & Agricultural Chemicals 0.0%
0.0%
Telecommunication Services
  • Alternative Carriers 1.0%
1.0%
Utilities
  • Electric Utilities 2.6%
2.6%
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Top Contributors & Detractors as of June 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Facilities 2.15% 0.40%
Leisure Facilities 3.30% 0.27%
Property & Casualty Insurance 3.12% 0.27%
Industrial Machinery 5.24% 0.25%
Education Services 2.26% 0.24%
Top Detractors Average Weight Contribution
Railroads 2.13% -0.48%
Electric Utilities 2.82% -0.41%
Food Distributors 1.94% -0.38%
Health Care Equipment 1.91% -0.32%
Electrical Components & Equipment 1.44% -0.31%
By Holdings
Top Contributors Average Weight Contribution
Community Health Systems, Inc. 2.12% 0.40%
The Middleby Corp. 3.39% 0.31%
Arch Capital Group Ltd. 3.12% 0.27%
Benefitfocus, Inc. 1.09% 0.22%
Marriott Vacations Worldwide Corp. 1.54% 0.20%
Top Detractors Average Weight Contribution
Genesee & Wyoming, Inc. 2.13% -0.48%
ITC Holdings Corp. 2.82% -0.41%
United Natural Foods, Inc. 1.94% -0.38%
Choice Hotels International, Inc. 2.20% -0.36%
Generac Holdings, Inc. 1.44% -0.31%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 9.65% 2.93%
Apparel, Accessories & Luxury Goods 3.49% 1.20%
Hotels, Resorts & Cruise Lines 4.26% 1.05%
Leisure Facilities 2.76% 0.97%
IT Consulting & Other Services 4.08% 0.91%
Top Detractors Average Weight Contribution
Oil & Gas Storage & Transportation 1.92% -1.09%
Oil & Gas Equipment & Services 0.97% -0.77%
Railroads 2.31% -0.75%
Internet Retail 0.90% -0.63%
Oil & Gas Exploration & Production 0.41% -0.61%
By Holdings
Top Contributors Average Weight Contribution
Under Armour, Inc. 3.49% 1.20%
The Middleby Corp. 3.03% 0.97%
FactSet Research Systems, Inc. 2.82% 0.92%
MAXIMUS, Inc. 2.00% 0.89%
Vail Resorts, Inc. 2.32% 0.88%
Top Detractors Average Weight Contribution
Colfax Corp. 1.53% -0.89%
Genesee & Wyoming, Inc. 2.31% -0.75%
Targa Resources Corp. 1.53% -0.75%
AO World plc 0.90% -0.63%
Lumber Liquidators Holdings, Inc. 0.65% -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.