Baron Opportunity Fund (BIOPX)

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Fund Description

Baron Opportunity Fund invests in innovative high-growth companies.

    

  

Fund Resources

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Michael Lippert discusses how he invests in innovative companies

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Institutional Shares

Facts & Characteristics as of June 30, 2015

Inception Date February 29, 2000
Net Assets (All share classes combined) $377.13 million
# of Equity Securities / % of Net Assets 55/99.9%
Turnover (3 Year Average) 63.78%
Median Market Cap $6.52 billion
Weighted Average Market Cap $30.90 billion
CUSIP 068278407
Expense Ratio (as of FYE 09/14)* 1.35%
EPS Growth (3-5 year forecast) 29.5%
Price/Earnings Ratio (trailing 12-month) 38.2
Price/Book Ratio 4.3
Price/Sales Ratio 4.8

Top Ten Holdings as of June 30, 2015

Holding Sector Percentage*
Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry.
Information Technology 4.9%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.7%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 3.4%
Illumina, Inc. (ILMN) develops and commercializes tools and services for genetic analysis. The company is the recognized leader in next generation DNA sequencing platforms.
Health Care 3.3%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles which are powered by purely electric drivetrains. It also sells electric drivetrains to other vehicle manufacturers and is in the process of developing and commercializing battery based energy storage devices for homes, businesses and utilities.
Consumer Discretionary 3.2%
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 2.9%
Benefitfocus, Inc. (BNFT) is a leading provider of cloud-based benefits software for consumers, employers, insurance carriers, and brokers. The company offers an integrated suite of solutions to help customers more efficiently shop, enroll, manage, and exchange benefits information.
Information Technology 2.9%
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.
Information Technology 2.8%
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 2.7%
Shutterstock, Inc. (SSTK) is an innovative global e-commerce company that is a leading provider of stock photos, illustrations, and video footage.
Information Technology 2.7%
Total 32.5%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Guidewire Software, Inc. Information Technology $3.734 4.9%
Gartner, Inc. Information Technology $7.122 3.7%
CoStar Group, Inc. Information Technology $6.523 3.4%
Illumina, Inc. Health Care $31.466 3.3%
Tesla Motors, Inc. Consumer Discretionary $33.909 3.2%
ANSYS, Inc. Information Technology $8.191 2.9%
Benefitfocus, Inc. Information Technology $1.254 2.9%
Equinix, Inc. Information Technology $14.459 2.8%
Facebook, Inc. Information Technology $240.848 2.7%
Shutterstock, Inc. Information Technology $2.103 2.7%
Verisk Analytics, Inc. Industrials $12.232 2.5%
Red Hat, Inc. Information Technology $13.931 2.5%
SunEdison, Inc. Information Technology $9.376 2.5%
CarMax, Inc. Consumer Discretionary $13.853 2.4%
SBA Communications Corp. Telecommunication Services $14.883 2.4%
Manchester United plc Consumer Discretionary $2.925 2.4%
Amazon.com, Inc. Consumer Discretionary $202.148 2.0%
Netflix, Inc. Consumer Discretionary $39.826 2.0%
Concho Resources, Inc. Energy $13.665 1.9%
Alibaba Group Holding Ltd. - ADR Information Technology $206.697 1.9%
Acxiom Corp. Information Technology $1.374 1.8%
salesforce.com, inc. Information Technology $45.677 1.8%
The Priceline Group, Inc. Consumer Discretionary $59.683 1.7%
Alexion Pharmaceuticals, Inc. Health Care $39.878 1.7%
DigitalGlobe, Inc. Industrials $2.015 1.7%
FireEye, Inc. Information Technology $7.646 1.7%
Mellanox Technologies Ltd. Information Technology $2.231 1.6%
CaesarStone Sdot-Yam Ltd. Industrials $2.408 1.6%
The Charles Schwab Corp. Financials $42.886 1.5%
Golar LNG Ltd. Energy $4.366 1.5%
Restoration Hardware Holdings, Inc. Consumer Discretionary $3.901 1.5%
Medidata Solutions, Inc. Health Care $3.003 1.4%
Towers Watson & Co. Industrials $8.721 1.4%
Zillow Group, Inc. Information Technology $5.092 1.4%
TerraForm Power, Inc. Utilities $5.536 1.4%
Liberty Tripadvisor Holdings Inc. - Cl A Consumer Discretionary $2.408 1.4%
athenahealth, Inc. Health Care $4.417 1.3%
Cepheid Health Care $4.390 1.3%
Workday, Inc. Information Technology $14.591 1.3%
Mobileye N.V. Information Technology $11.522 1.3%
The Middleby Corp. Industrials $6.434 1.2%
MasterCard, Inc. Information Technology $108.411 1.2%
LinkedIn Corp. Information Technology $26.028 1.2%
The Spectranetics Corporation Health Care $0.975 1.2%
Inovalon Holdings, Inc. Cl A Health Care $4.120 1.2%
Under Armour, Inc. Consumer Discretionary $17.993 1.1%
WEX Inc. Information Technology $4.405 1.1%
JUST EAT plc Information Technology $4.313 1.1%
HealthEquity, Inc. Health Care $1.818 1.1%
TerraForm Global, Inc. Utilities - 1.1%
Google, Inc. - Cl A Information Technology $361.343 1.0%
AO World plc Consumer Discretionary $0.957 0.7%
Qualys, Inc. Information Technology $1.370 0.5%
Flotek Industries, Inc. Materials $0.670 0.5%
Virtu Financial, Inc. Class A Financials $3.251 0.4%
PRINCIPAL CASH Cash & Cash Equivalents - 0.1%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.1%
Consumer Discretionary
  • Internet Retail 7.8%
  • Automobile Manufacturers 3.2%
  • Movies & Entertainment 2.4%
  • Automotive Retail 2.4%
  • Homefurnishing Retail 1.5%
  • Apparel, Accessories & Luxury Goods 1.1%
18.3%
Energy
  • Oil & Gas Exploration & Production 1.9%
  • Oil & Gas Storage & Transportation 1.5%
3.4%
Financials
  • Investment Banking & Brokerage 1.9%
1.9%
Health Care
  • Health Care Technology 3.9%
  • Life Sciences Tools & Services 3.3%
  • Biotechnology 3.1%
  • Health Care Supplies 1.2%
  • Managed Health Care 1.1%
12.5%
Industrials
  • Research & Consulting Services 2.5%
  • Aerospace & Defense 1.7%
  • Building Products 1.6%
  • Human Resource & Employment Services 1.4%
  • Industrial Machinery 1.2%
8.5%
Information Technology
  • Internet Software & Services 18.3%
  • Application Software 12.2%
  • IT Consulting & Other Services^ 8.2%
  • Systems Software 4.7%
  • Semiconductor Equipment 2.5%
  • Data Processing and Outsourced Services 2.3%
  • Semiconductors 1.6%
49.9%
Materials
  • Specialty Chemicals 0.5%
0.5%
Telecommunication Services
  • Wireless Telecommunication Services 2.4%
2.4%
Utilities
  • Renewable Electricity 2.5%
2.5%
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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
Internet Retail 8.43% 1.25%
Automobile Manufacturers 2.82% 0.96%
Life Sciences Tools & Services 3.13% 0.52%
Semiconductor Equipment 2.37% 0.50%
Oil & Gas Storage & Transportation 1.33% 0.45%
Top Detractors Average Weight Contribution
Pharmaceuticals 0.56% -0.82%
Internet Software & Services^ 19.16% -0.73%
Health Care Supplies 1.67% -0.70%
Aerospace & Defense 1.92% -0.38%
Specialty Chemicals 0.66% -0.08%
By Holdings
Top Contributors Average Weight Contribution
Netflix, Inc. 2.37% 1.16%
Tesla Motors, Inc. 2.82% 0.96%
Benefitfocus, Inc. 2.86% 0.59%
Illumina, Inc. 3.13% 0.52%
SunEdison, Inc. 2.37% 0.50%
Top Detractors Average Weight Contribution
Aerie Pharmaceuticals, Inc. 0.30% -0.73%
The Spectranetics Corporation 1.29% -0.46%
Shutterstock, Inc. 2.86% -0.44%
Twitter, Inc. 0.98% -0.41%
DigitalGlobe, Inc. 1.92% -0.38%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software^ 10.47% 2.51%
Systems Software 4.69% 2.36%
IT Consulting & Other Services^ 9.15% 1.44%
Life Sciences Tools & Services 4.00% 0.97%
Semiconductor Equipment 1.24% 0.89%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 2.82% -1.86%
Internet Software & Services^ 20.44% -1.19%
Specialty Chemicals 1.02% -1.04%
Oil & Gas Equipment & Services 0.28% -0.94%
Pharmaceuticals 1.27% -0.69%
By Holdings
Top Contributors Average Weight Contribution
Guidewire Software, Inc. 4.37% 1.26%
Netflix, Inc. 1.95% 1.13%
Red Hat, Inc. 3.14% 1.09%
Gartner, Inc. 4.44% 1.08%
Illumina, Inc. 4.00% 0.97%
Top Detractors Average Weight Contribution
Oasis Petroleum, Inc. 0.61% -1.56%
Flotek Industries, Inc. 1.02% -1.04%
Shutterstock, Inc. 2.71% -1.03%
CARBO Ceramics, Inc. 0.28% -0.94%
AO World plc 1.21% -0.80%
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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.