Baron Partners Fund (BPTRX)

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Fund Description

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

   

   

Fund Resources

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Ron Baron invests in people.

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Institutional Shares

 

Attribution Analysis 1Q15
Attribution Analysis 1Q15

Facts & Characteristics as of June 30, 2015

Inception Date January 31, 1992
Net Assets (All share classes combined) $2.13 billion
# of Equity Securities / % of Net Assets 27/119.0%
Turnover (3 Year Average) 25.04%
Median Market Cap $6.52 billion
Weighted Average Market Cap $12.34 billion
CUSIP 06828M108
Expense Ratio (as of FYE 12/14)* 1.32%
Interest Expense Ratio (as of FYE 12/14) 0.19%
Total Expense Ratio (as of FYE 12/14) 1.51%
EPS Growth (3-5 year forecast) 19.4%
Price/Earnings Ratio (trailing 12-month) 23.2
Price/Book Ratio 2.0
Price/Sales Ratio 2.6

Top Ten Holdings as of June 30, 2015

Holding Sector % of Long  
Positions
CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
Information Technology 8.8%
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 8.7%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 6.5%
Hyatt Hotels Corp. (H) is a global hospitality company with 567 Hyatt-branded properties representing 155,265 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 5.6%
CarMax, Inc. (KMX) is the nation’s largest retailer of used cars, with over $14 billion in annual sales and 140 superstores.
Consumer Discretionary 5.2%
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 5.1%
FactSet Research Systems, Inc. (FDS) provides financial information to the global investment community.
Information Technology 5.0%
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 4.9%
Mobileye N.V. (MBLY) provides automated driver assistance technologies. Its monocular vision platform helps drivers improve safety and avoid accidents, and revolutionizes the way customers drive.
Information Technology 4.5%
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 4.3%
Total 58.6%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) % of Long  
Positions
CoStar Group, Inc. Information Technology $6.523 8.8%
Tesla Motors, Inc. Consumer Discretionary $33.909 8.7%
Arch Capital Group Ltd. Financials $8.305 6.5%
Hyatt Hotels Corp. Consumer Discretionary $8.242 5.6%
CarMax, Inc. Consumer Discretionary $13.853 5.2%
ITC Holdings Corp. Utilities $4.995 5.1%
FactSet Research Systems, Inc. Information Technology $6.787 5.0%
The Charles Schwab Corp. Financials $42.886 4.9%
Mobileye N.V. Information Technology $11.522 4.5%
Dick's Sporting Goods, Inc. Consumer Discretionary $6.132 4.3%
Illumina, Inc. Health Care $31.466 4.3%
Verisk Analytics, Inc. Industrials $12.232 4.3%
Vail Resorts, Inc. Consumer Discretionary $3.971 4.0%
Manchester United plc Consumer Discretionary $2.925 3.8%
The Carlyle Group Financials $2.209 3.7%
Air Lease Corp. Industrials $3.477 3.6%
Gaming and Leisure Properties, Inc. Financials $4.247 3.2%
Fastenal Co. Industrials $12.399 3.0%
Inovalon Holdings, Inc. Cl A Health Care $4.120 3.0%
IDEXX Laboratories, Inc. Health Care $6.003 2.7%
Gartner, Inc. Information Technology $7.122 2.2%
The Middleby Corp. Industrials $6.434 1.2%
Zillow Group, Inc. Information Technology $5.092 0.9%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $12.875 0.7%
Panera Bread Co. Consumer Discretionary $4.667 0.3%
Under Armour, Inc. Consumer Discretionary $17.993 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 June 30, 2015

Sector Sub-Industry % of Long  
Positions
Consumer Discretionary
  • Automobile Manufacturers 8.7%
  • Hotels, Resorts & Cruise Lines 6.3%
  • Automotive Retail 5.2%
  • Specialty Stores 4.3%
  • Leisure Facilities 4.0%
  • Movies & Entertainment 3.8%
  • Apparel, Accessories & Luxury Goods 0.3%
  • Restaurants 0.3%
32.9%
Financials
  • Property & Casualty Insurance 6.5%
  • Investment Banking & Brokerage 4.9%
  • Asset Management & Custody Banks 4.0%
  • Specialized REITs 3.2%
18.6%
Health Care
  • Life Sciences Tools & Services 4.3%
  • Health Care Technology 2.9%
  • Health Care Equipment 2.7%
9.9%
Industrials
  • Trading Companies & Distributors 6.6%
  • Research & Consulting Services 4.3%
  • Industrial Machinery 1.2%
12.1%
Information Technology
  • Internet Software & Services 9.7%
  • Application Software 9.5%
  • IT Consulting & Other Services 2.2%
21.4%
Utilities
  • Electric Utilities 5.1%
5.1%
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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
Automobile Manufacturers 9.27% 3.19%
Life Sciences Tools & Services 3.97% 0.79%
Property & Casualty Insurance 7.44% 0.62%
Application Software 8.18% 0.57%
Movies & Entertainment 4.20% 0.47%
Top Detractors Average Weight Contribution
Electric Utilities 6.66% -0.98%
Health Care Equipment 3.50% -0.67%
Specialty Stores 5.54% -0.50%
Trading Companies & Distributors 8.52% -0.36%
Health Care Technology 3.37% -0.31%
By Holdings
Top Contributors Average Weight Contribution
Tesla Motors, Inc. 9.27% 3.19%
Illumina, Inc. 3.97% 0.79%
Arch Capital Group Ltd. 7.44% 0.62%
Manchester United plc 4.20% 0.47%
Mobileye N.V. 2.17% 0.42%
Top Detractors Average Weight Contribution
ITC Holdings Corp. 6.66% -0.98%
IDEXX Laboratories, Inc. 3.50% -0.67%
Dick's Sporting Goods, Inc. 5.54% -0.50%
Air Lease Corp. 4.91% -0.45%
Inovalon Holdings, Inc. 3.37% -0.31%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 10.12% 2.24%
Application Software 6.57% 2.13%
Automotive Retail 6.25% 1.75%
Leisure Facilities 4.30% 1.65%
Property & Casualty Insurance 7.46% 1.20%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 2.62% -2.43%
Oil & Gas Drilling 1.73% -2.06%
Trading Companies & Distributors 10.25% -1.04%
Asset Management & Custody Banks^ 5.60% -0.60%
Electrical Components & Equipment 0.70% -0.44%
By Holdings
Top Contributors Average Weight Contribution
CoStar Group, Inc. 9.19% 2.72%
FactSet Research Systems, Inc. 5.49% 1.95%
CarMax, Inc. 6.25% 1.75%
Vail Resorts, Inc. 4.30% 1.65%
Arch Capital Group Ltd. 7.46% 1.20%
Top Detractors Average Weight Contribution
Concho Resources, Inc. 2.62% -2.43%
Helmerich & Payne, Inc. 1.73% -2.06%
Fastenal Co. 4.11% -0.70%
The Carlyle Group 4.69% -0.63%
Hyatt Hotels Corp. 7.66% -0.56%
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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 (19.0)% of Net Assets as of June 30, 2015.

Long Equity Exposure as a percentage of June 30, 2015 Net Assets              119.0%
Cash & Cash Equivalents as a percentage of June 30, 2015 Net Assets         (19.0)%

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.