Baron Partners Fund (BPTIX)

Portfolio Management

Ron Baron

Fund Manager since 1992

Objective & Strategy

This is a focused Fund that invests mainly in U.S. companies of any size with significant growth potential. The Fund's top 10 holdings are expected to comprise a significant percentage of the Fund. It also uses leverage. Non-diversified.

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Fund Description

Baron Partners Fund invests in all-cap companies with significant growth opportunities.



Performance Summary as of December 31, 2016

  Annualized Returns Since Inception
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
4.29% 4.29% 4.00% 14.21% 6.32% 12.23% 1,673.32%
Growth of $10,000 Chart

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Top Ten Holdings as of December 31, 2016

Holding Sector % of Long
Tesla Motors, Inc. Consumer Discretionary 11.6%
CoStar Group, Inc. Information Technology 10.2%
Arch Capital Group Ltd. Financials 10.1%
Vail Resorts, Inc. Consumer Discretionary 7.3%
Hyatt Hotels Corp. Consumer Discretionary 7.0%
FactSet Research Systems, Inc. Financials 6.2%
IDEXX Laboratories, Inc. Health Care 5.7%
The Charles Schwab Corp. Financials 5.4%
Zillow Group, Inc. Information Technology 4.5%
Manchester United plc Consumer Discretionary 3.7%
Total 71.7%
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Performance Based Characteristics as of December 31, 2016

Characteristics 3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 17.17 15.78 21.19 24.54
Sharpe Ratio 0.23 0.90 0.26 0.39
Alpha (%) -3.15 -1.27 -1.61 3.55
Beta 1.26 1.18 1.09 1.04
R-Squared (%) 82.65 79.90 87.09 69.81
Tracking Error (%) 7.75 7.34 7.75 13.48
Information Ratio -0.29 0.10 -0.19 0.22
Upside Capture (%) 114.68 114.99 108.59 115.95
Downside Capture (%) 135.96 125.95 118.08 108.96

Daily Price (NAV)

Prices for Jan 13 , 2017
NAV $39.72
Daily Change ($) $0.52
Daily Change (%) 1.33%
MTD 5.36%
YTD 5.36%
52-Week High $39.72
52-Week Low $27.57

Fund Facts

Inception Date January 31, 1992
Net Assets^ $1.57 billion
CUSIP 06828M405
Expense Ratio* 1.26%
Risk/Return Comparison
Risk Return Graph

Specific risks associated with non-diversification and leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of loss in any given period. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.


Morningstar Ratings
Ratings based on risk-adjusted returns as of 12/31/2016
Category: US Fund Mid-Cap Growth
Overall 3 Stars out of 588 funds
3 Year 2 Stars out of 588 funds
5 Year 4 Stars out of 504 funds

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Lipper Rankings
Rankings based on total returns as of 12/31/2016
Category: Mid-Cap Growth Funds
1 Year 232 out of 389 funds
3 Year 167 out of 361 funds
5 Year 46 out of 317 funds


Baron Category: All-Cap Growth
Large Value Large Core Large Growth Large
Mid Value Mid Core Mid Growth Mid
Small Value Small Core Small Growth Small
Value Core Growth  
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Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above. For performance information current to the most recent month end, click here.

The Fund may not achieve its objectives.

Performance for the Institutional Shares prior to 5/29/2009, is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009 did not reflect this fee, the returns would be higher.

^All share classes combined. As of most recent quarter end.

*As of fiscal year ended 12/31/2015, the total expense ratio of the Fund's Institutional Shares was 1.26% (comprised of a 1.06% expense ratio plus an interest expense of 0.20%).

† Top Ten Holdings, Sector Breakdown and Portfolio Holdings are based on long positions. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%. Excludes Cash and Cash Equivalents which was (29.6)% of Net Assets as of June 30, 2016.

Reflects actual fees and expenses charged when the Fund was a partnership. The partnership charged a 20% performance fee. If the annual returns for the Fund did not reflect the performance fee for the years the predecessor partnership charged a performance fee, the returns would be higher. The Fund’s shareholders are not charged a performance fee. The partnership’s performance is before April 30, 2003. During that period, the partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it was, might have adversely affected its performance.

The Risk/Return Comparison plots the since inception return of the Fund against the Fund's Standard Deviation for the same time period. Source: FactSet SPAR.

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately.) © 2014 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Lipper Analytical Services, Inc. rankings and fund performance do not reflect sales charges and are based on total return, including reinvestment of dividends and capital gains for the stated periods.

Performance Based Characteristics are based on trailing five-year and since-inception periods. Performance statistics for additional periods will be provided on request. Source: FactSet SPAR.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell Midcap™ Growth Index measures the performance of medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large-cap U.S. companies.  The Russell Midcap Growth Index, the S&P 500 Index and the Fund are with dividends, which positively impact the performance results.  The Morningstar Mid-Cap Growth Average is not weighted and represents the straight average of annualized returns of each of the funds in the Mid-Cap Growth category. The Fund's Institutional Shares have been included in the category since 5/29/09 and the Fund's Retail Shares since 4/30/03. © 2014 Morningstar, Inc.  All Rights Reserved.  The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market (Russell Midcap Growth Index) is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index (Russell Midcap Growth Index), and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns (Russell Midcap Growth Index). It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index (Russell Midcap Growth Index). The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns (Russell Midcap Growth Index) are less than zero. Interest Expense Ratio: measures interest expense as a percentage of the Fund's daily average net assets. Leverage: measures the degree to which a fund is utilizing borrowed money. Long Equity Exposure: is the total value of all long positions held in the portfolio divided by the Fund's total net assets. 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 observations on the aggregate calculation by weighting them based on their size in the fund. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.