Baron Partners Fund (BPTRX)

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Fund Description

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

   

   

Facts & Characteristics as of December 31, 2016

Inception Date January 31, 1992
Net Assets (All share classes combined) $1.57 billion
# of Equity Securities / % of Net Assets 27 / 130.2%
Turnover (3 Year Average) 21.16%
Median Market Cap $6.45 billion
Weighted Average Market Cap $12.97 billion
CUSIP 06828M108
Expense Ratio (as of FYE 12/15)* 1.32%
Interest Expense Ratio (as of FYE 12/15) 0.20%
Total Expense Ratio (as of FYE 12/15) 1.52%
EPS Growth (3-5 year forecast) 15.1%
Price/Earnings Ratio (trailing 12-month) 29.0
Price/Book Ratio 3.4
Price/Sales Ratio 3.4

Top Ten Holdings as of December 31, 2016

Holding Sector % of Long  
Positions
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles powered by purely electric drivetrains. It offers a sedan (Model S), a CUV (Model X), and battery-based energy storage. Tesla expects to start delivering its mass market vehicle, Model 3, in 2017 for a base price of $35k.
Consumer Discretionary 11.6%
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 10.2%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 10.1%
Vail Resorts, Inc. (MTN) is the largest operator of ski resorts in the U.S. It owns 14 resorts, including Vail, Breckenridge, Keystone, and Beaver Creek in Colorado; Canyons and Park City in Utah; Heavenly, Northstar, and Kirkland in Lake Tahoe, Whistler Blackstone in Canada, and Perisher in Australia.
Consumer Discretionary 7.3%
Hyatt Hotels Corp. (H) is a global hospitality company with 645 Hyatt-branded properties representing 169,132 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite.
Consumer Discretionary 7.0%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Financials 6.2%
IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
Health Care 5.7%
The Charles Schwab Corp. (SCHW) is a premier discount brokerage firm offering securities brokerage and other financial services to individual investors directly and through independent financial advisors.
Financials 5.4%
Zillow Group, Inc. (Z) operates the leading residential real estate web sites in the U.S., including Zillow.com, Trulia.com, StreetEasy.com, and Hotpads.com. The company sells advertising on its sites to real estate brokerages, home builders, lenders, and home service providers. 
Information Technology 4.5%
Manchester United plc (MANU) is an English Premier League professional sports team. The team generates revenue from broadcasting, sponsorship, and licensing.
Consumer Discretionary 3.7%
Total 71.7%
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Portfolio Holdings as of December 31, 2016

Holding Sector Market Cap ($Bn) % of Long  
Positions
Tesla Motors, Inc. Consumer Discretionary $34.423 11.6%
CoStar Group, Inc. Information Technology $6.144 10.2%
Arch Capital Group Ltd. Financials $10.587 10.1%
Vail Resorts, Inc. Consumer Discretionary $6.445 7.3%
Hyatt Hotels Corp. Consumer Discretionary $7.231 7.0%
FactSet Research Systems, Inc. Financials $6.527 6.2%
IDEXX Laboratories, Inc. Health Care $10.514 5.7%
The Charles Schwab Corp. Financials $52.324 5.4%
Zillow Group, Inc. - Cl. A Information Technology $6.609 4.5%
Manchester United plc Consumer Discretionary $2.337 3.7%
Gartner, Inc. Information Technology $8.349 3.2%
Gaming and Leisure Properties, Inc. Real Estate $6.342 3.0%
Verisk Analytics, Inc. Industrials $13.592 2.8%
The Carlyle Group Financials $1.290 2.2%
AO World plc Consumer Discretionary $0.941 2.2%
Robert Half International, Inc. Industrials $6.287 1.9%
Douglas Emmett, Inc. Real Estate $5.540 1.8%
Fastenal Co. Industrials $13.579 1.8%
Air Lease Corp. Industrials $3.531 1.7%
Under Armour, Inc. CL C Consumer Discretionary $11.808 1.7%
Under Armour, Inc. CL A Consumer Discretionary $11.808 1.3%
CarMax, Inc. Consumer Discretionary $12.255 1.2%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $9.662 1.0%
Inovalon Holdings, Inc. Cl A Health Care $1.514 0.9%
Benefitfocus, Inc. Information Technology $0.884 0.6%
MGM Growth Properties LLC Real Estate $5.456 0.5%
Panera Bread Co. Consumer Discretionary $4.761 0.3%
Windy City Investments Holdings, L.L.C. Financials - 0.2%
Windy City Investments Holdings, L.L.C.-2 Financials - 0.0%
Total 100.0%
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Sector Breakdown as of December 31, 2016

Sector Sub-Industry % of Long  
Positions
Consumer Discretionary
  • Automobile Manufacturers 11.6%
  • Hotels, Resorts & Cruise Lines 8.0%
  • Leisure Facilities 7.3%
  • Movies & Entertainment 3.7%
  • Apparel, Accessories & Luxury Goods 3.0%
  • Internet & Direct Marketing Retail 2.2%
  • Automotive Retail 1.2%
  • Restaurants 0.3%
37.5%
Financials
  • Property & Casualty Insurance 10.2%
  • Financial Exchanges & Data 6.2%
  • Investment Banking & Brokerage 5.4%
  • Asset Management & Custody Banks 2.3%
24.1%
Health Care
  • Health Care Equipment 5.8%
  • Health Care Technology 0.9%
6.6%
Industrials
  • Trading Companies & Distributors 3.5%
  • Research & Consulting Services 2.8%
  • Human Resource & Employment Services 1.9%
8.2%
Information Technology
  • Internet Software & Services 15.2%
  • IT Consulting & Other Services 3.2%
18.4%
Real Estate
  • Specialized REITs 3.0%
  • Office REITs 1.8%
  • Hotel & Resort REITs 0.5%
5.2%
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Top Contributors & Detractors as of December 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Investment Banking & Brokerage 6.35% 1.48%
Hotels, Resorts & Cruise Lines 9.80% 1.22%
Property & Casualty Insurance 12.43% 1.12%
Trading Companies & Distributors 4.68% 0.72%
IT Consulting & Other Services 3.94% 0.60%
Top Detractors Average Weight Contribution
Internet Software & Services 20.90% -1.92%
Apparel, Accessories & Luxury Goods 4.86% -1.48%
Life Sciences Tools & Services 2.37% -1.32%
Health Care Technology 3.94% -1.29%
Movies & Entertainment 5.21% -0.89%
By Holdings
Top Contributors Average Weight Contribution
The Charles Schwab Corp. 6.35% 1.48%
Arch Capital Group Ltd. 12.43% 1.12%
Hyatt Hotels Corp. 8.72% 1.09%
Gartner, Inc. 3.94% 0.60%
Robert Half International, Inc. 2.21% 0.59%
Top Detractors Average Weight Contribution
CoStar Group, Inc. 13.74% -2.12%
Under Armour, Inc. 4.86% -1.48%
Illumina, Inc. 2.37% -1.32%
Inovalon Holdings, Inc. 3.94% -1.29%
Manchester United plc 5.21% -0.89%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Equipment 5.82% 2.81%
Property & Casualty Insurance 10.97% 2.59%
Leisure Facilities 8.09% 2.27%
Hotels, Resorts & Cruise Lines 8.80% 1.59%
Specialized Finance 4.97% 1.02%
Top Detractors Average Weight Contribution
Life Sciences Tools & Services 3.53% -2.16%
Health Care Technology 3.67% -1.65%
Automobile Manufacturers 14.16% -1.44%
Apparel, Accessories & Luxury Goods 3.07% -1.35%
Movies & Entertainment 5.18% -1.35%
By Holdings
Top Contributors Average Weight Contribution
IDEXX Laboratories, Inc. 5.82% 2.81%
Arch Capital Group Ltd. 10.97% 2.59%
Vail Resorts, Inc. 8.09% 2.27%
Zillow Group, Inc. 5.37% 2.21%
Hyatt Hotels Corp. 7.81% 1.91%
Top Detractors Average Weight Contribution
Illumina, Inc. 3.53% -2.16%
Inovalon Holdings, Inc. 3.67% -1.65%
Tesla Motors, Inc. 14.16% -1.44%
CoStar Group, Inc. 13.26% -1.40%
Manchester United plc 5.18% -1.35%
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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, 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.

Long Equity Exposure as a percentage of June 30, 2016 Net Assets              129.6%
Cash & Cash Equivalents as a percentage of June 30, 2016 Net Assets         (29.6)%

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.