Baron Opportunity Fund (BIOIX)

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Fund Description

Baron Opportunity Fund invests in innovative high-growth companies.

    

  

Fund Resources

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Standard Fact Sheet

Expanded Fact Sheet - Institutional Shares

4Q15 Quarterly Letter

 

Updates
Illumina Update

Facts & Characteristics as of December 31, 2015

Inception Date February 29, 2000
Net Assets (All share classes combined) $310.93 million
# of Equity Securities / % of Net Assets 43/104.0%
Turnover (3 Year Average) 56.93%
Median Market Cap $9.16 billion
Weighted Average Market Cap $77.51 billion
CUSIP 068278886
Expense Ratio (as of FYE 09/14)* 1.08%
EPS Growth (3-5 year forecast) 23.4%
Price/Earnings Ratio (trailing 12-month) 33.0
Price/Book Ratio 3.9
Price/Sales Ratio 4.7

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
Alphabet, Inc. (GOOG) is the new name for Google, Inc., a company that focuses on improving the ways people connect with information. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Information Technology 6.6%
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 6.5%
Facebook, Inc. (FB) is the world's largest social network with over 1.25 billion active monthly users, 950 million mobile users, and 750 million daily active users.
Information Technology 5.3%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 5.1%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 4.8%
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing customers value and convenience. It also operates the industry-leading cloud infrastructure business in Amazon Web Services.
Consumer Discretionary 4.7%
Illumina, Inc. (ILMN)  is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.4%
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 3.4%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It offers a sedan, Model S and its recently launched CUV, Model X; and it plans to offer its lower cost Model 3 in few years. It is also commercializing battery-based energy storage solutions.
Consumer Discretionary 3.2%
Equinix, Inc. (EQIX) is a network neutral operator of state-of-the-art data centers across North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers, among others.
Financials 3.1%
Total 46.1%
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Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Guidewire Software, Inc. Information Technology $4.301 5.9%
Amazon.com, Inc. Consumer Discretionary $316.832 4.7%
CoStar Group, Inc. Information Technology $6.715 4.7%
Gartner, Inc. Information Technology $7.515 4.5%
Illumina, Inc. Health Care $28.101 4.2%
Facebook, Inc. Information Technology $295.978 4.1%
Tesla Motors, Inc. Consumer Discretionary $31.430 3.3%
Equinix, Inc. Financials $18.111 3.2%
ANSYS, Inc. Information Technology $8.232 3.1%
Verisk Analytics, Inc. Industrials $13.026 3.0%
The Charles Schwab Corp. Financials $43.353 2.9%
Alphabet, Inc. - Cl A Information Technology $527.961 2.8%
MasterCard, Inc. Information Technology $109.313 2.8%
Benefitfocus, Inc. Information Technology $1.061 2.8%
Alphabet, Inc. - Cl C Information Technology $527.961 2.8%
The Priceline Group, Inc. Consumer Discretionary $63.472 2.7%
Netflix, Inc. Consumer Discretionary $48.885 2.5%
Manchester United plc Consumer Discretionary $2.919 2.5%
Acxiom Corp. Information Technology $1.629 2.4%
salesforce.com, inc. Information Technology $52.058 2.3%
Red Hat, Inc. Information Technology $15.138 2.2%
Alibaba Group Holding Ltd. - ADR Information Technology $201.217 2.2%
athenahealth, Inc. Health Care $6.251 2.1%
SBA Communications Corp. Telecommunication Services $13.255 2.0%
JUST EAT plc Information Technology $4.916 1.7%
Servicenow Inc. Information Technology $13.763 1.7%
Towers Watson & Co. Industrials $8.921 1.6%
Alexion Pharmaceuticals, Inc. Health Care $42.981 1.6%
Mellanox Technologies Ltd. Information Technology $1.973 1.5%
LinkedIn Corp. Information Technology $29.505 1.5%
Concho Resources, Inc. Energy $11.992 1.4%
Mobileye N.V. Information Technology $9.162 1.3%
Inovalon Holdings, Inc. Cl A Health Care $2.565 1.3%
MarketAxess Holdings Inc. Financials $4.161 1.3%
The Middleby Corp. Industrials $6.183 1.2%
FireEye, Inc. Information Technology $3.330 1.2%
Restoration Hardware Holdings, Inc. Consumer Discretionary $3.216 1.2%
Under Armour, Inc. Consumer Discretionary $17.397 1.1%
Aspen Technology, Inc. Information Technology $3.145 1.0%
CarMax, Inc. Consumer Discretionary $10.936 1.0%
HealthEquity, Inc. Health Care $1.445 0.9%
Qualys, Inc. Information Technology $1.132 0.7%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $0.995 0.5%
Zillow Group, Inc. - Cl. C Information Technology $4.323 0.4%
Zillow Group, Inc. - Cl. A Information Technology $4.323 0.2%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.1%
Consumer Discretionary
  • Internet Retail 8.8%
  • Automobile Manufacturers 3.2%
  • Movies & Entertainment 2.6%
  • Apparel, Accessories & Luxury Goods 1.3%
  • Homefurnishing Retail 1.2%
17.1%
Energy
  • Oil & Gas Exploration & Production 1.3%
1.3%
Financials
  • Specialized REITs 3.1%
  • Investment Banking & Brokerage 2.7%
  • Insurance Brokers 1.7%
  • Specialized Finance 1.6%
9.1%
Health Care
  • Health Care Technology 3.5%
  • Life Sciences Tools & Services 3.4%
  • Pharmaceuticals 2.0%
  • Biotechnology 1.7%
  • Managed Health Care 0.9%
  • Health Care Equipment 0.7%
12.2%
Industrials
  • Research & Consulting Services 2.5%
2.5%
Information Technology
  • Internet Software & Services 23.7%
  • Application Software 12.8%
  • IT Consulting & Other Services 7.7%
  • Systems Software 5.1%
  • Data Processing and Outsourced Services 3.1%
  • Semiconductors 2.0%
54.4%
Telecommunication Services
  • Integrated Telecommunication Services 1.8%
1.8%
Utilities
  • Renewable Electricity 0.5%
0.5%
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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
Internet Software & Services 21.44% 3.45%
Internet Retail 9.49% 1.48%
Application Software 13.60% 1.17%
Specialized REITs 3.41% 0.54%
IT Consulting & Other Services 6.70% 0.48%
Top Detractors Average Weight Contribution
Oil & Gas Storage & Transportation 0.81% -0.40%
Apparel, Accessories & Luxury Goods 1.17% -0.21%
Biotechnology 1.35% -0.21%
Homefurnishing Retail 1.46% -0.19%
Managed Health Care 1.06% -0.16%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 4.21% 1.11%
Alphabet Inc. 5.17% 1.05%
Guidewire Software, Inc. 5.84% 0.82%
CoStar Group, Inc. 4.38% 0.75%
Facebook, Inc. 3.94% 0.59%
Top Detractors Average Weight Contribution
FireEye, Inc. 1.11% -0.48%
Golar LNG Ltd. 0.81% -0.40%
Cepheid 0.61% -0.33%
Inovalon Holdings, Inc. 1.09% -0.27%
Under Armour, Inc. 1.17% -0.21%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 8.66% 3.10%
Application Software 12.33% 1.52%
Internet Software & Services^ 19.85% 1.47%
IT Consulting & Other Services^ 7.53% 0.75%
Specialized REITs 1.66% 0.70%
Top Detractors Average Weight Contribution
Renewable Electricity 1.31% -1.23%
Health Care Supplies 0.94% -0.96%
Semiconductor Equipment 1.40% -0.83%
Pharmaceuticals 0.51% -0.72%
Biotechnology 2.20% -0.67%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 2.58% 1.98%
Netflix, Inc. 2.40% 1.96%
Equinix, Inc. 3.13% 1.10%
Alphabet Inc. 1.87% 1.08%
Guidewire Software, Inc. 5.24% 0.96%
Top Detractors Average Weight Contribution
Shutterstock, Inc. 1.54% -1.22%
TerraForm Global, Inc. 0.46% -0.89%
SunEdison, Inc. 1.40% -0.83%
AO World plc 0.62% -0.80%
The Spectranetics Corporation 0.77% -0.76%
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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.

On November 7, 2013, the Fund participated in the initial public offering of Twitter, Inc. common stock.