Baron Real Estate Fund (BREFX)

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Fund Description

Baron Real Estate Fund invests in securities of real estate and real estate related companies of all sizes.


Fund Resources

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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares 

Facts & Characteristics as of March 31, 2014

Inception Date December 31, 2009
Net Assets (All share classes combined) $1.26 billion
# of Equity Securities / % of Net Assets 54/95.4%
Turnover (3 Year Average) 34.48%
Median Market Cap $3.98 billion
Weighted Average Market Cap $12.90 billion
CUSIP 06828M702
Gross Expense Ratio (as of FYE 12/12)* 1.76%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/12) (0.41)%
Net Expense Ratio (as of FYE 12/12) 1.35%
EPS Growth (3-5 year forecast) 14.7%
Price/Earnings Ratio (trailing 12-month) 26.9
Price/Book Ratio 3.1
Price/Sales Ratio 2.0

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Brookdale Senior Living, Inc. (BKD) is a leading owner and operator of senior living communities located throughout the United States. The company  offers residents in its communities a full continuum of services, including independent and assisted living, memory care, and skilled nursing.
Health Care 5.2%
Emeritus Corp. (ESC) is a national provider of assisted living, Alzheimer’s, and related dementia care services. It is one of the largest operators of freestanding assisted living communities in the U.S. with a 50,000 resident capacity.
Health Care 5.2%
Starwood Hotels & Resorts Worldwide, Inc. (HOT) is a leading hotel company with operations primarily in the luxury and upper upscale segments with its St. Regis, Sheraton, Westin, W, Luxury Collection, Le Meridien, Four Points, Aloft, and Element brands.
Consumer Discretionary 4.8%
Hyatt Hotels Corp. (H) is a global hospitality company with 548 Hyatt branded properties representing 147,388 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 3.8%
Capital Senior Living Corp. (CSU) is a senior housing company that owns, operates, manages, and develops independent and assisted living facilities for middle- and upper-income elderly residents. The company operates 99 senior living communities in 23 states.
Health Care 3.7%
CBRE Group, Inc. (CBG) is a leading commercial real estate services company with a number one market share in all of its major businesses.
Financials 3.6%
Wyndham Worldwide Corp. (WYN) is one of the largest hospitality companies offering consumers and business customers a broad suite of services in the lodging, timeshare exchange, and vacation ownership businesses.
Consumer Discretionary 3.6%
Jones Lang LaSalle, Inc. (JLL) is one of the world's largest providers of commercial real estate transaction, consulting, and investment management services through a network of more than 100 offices worldwide.
Financials 3.4%
Wynn Resorts Ltd. (WYNN)  is a leading company in the gaming industry with properties in Las Vegas and a majority ownership of Wynn Macau Ltd., which is developing land on the Cotai Strip with an expected opening in early 2016.  
Consumer Discretionary 3.3%
Home Depot, Inc. (HD) is the largest home improvement retailer in the U.S., with 2,260 stores worldwide (1,977 U.S.).
Consumer Discretionary 3.0%
Total 39.6%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Brookdale Senior Living, Inc. Health Care $4.167 5.2%
Emeritus Corp. Health Care $1.527 5.2%
Starwood Hotels & Resorts Worldwide, Inc. Consumer Discretionary $15.277 4.8%
Cash & Cash Equivalents Cash & Cash Equivalents - 4.6%
Hyatt Hotels Corp. Consumer Discretionary $8.425 3.8%
Capital Senior Living Corp. Health Care $0.750 3.7%
CBRE Group, Inc. Financials $9.106 3.6%
Wyndham Worldwide Corp. Consumer Discretionary $9.384 3.6%
Jones Lang LaSalle, Inc. Financials $5.274 3.4%
Wynn Resorts Ltd. Consumer Discretionary $22.494 3.3%
Home Depot, Inc. Consumer Discretionary $109.306 3.0%
Las Vegas Sands Corp. Consumer Discretionary $65.639 2.9%
CaesarStone Sdot-Yam Ltd. Materials $1.889 2.6%
Kennedy Wilson Europe Real Estate PLC Financials $1.736 2.4%
Kennedy-Wilson Holdings, Inc. Financials $2.064 2.1%
Brookfield Residential Properties Inc. Consumer Discretionary $2.496 1.9%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.403 1.8%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $6.621 1.8%
Essent Group Ltd. Financials $1.943 1.8%
Sunstone Hotel Investors, Inc. Financials $2.516 1.7%
Diamond Resorts International, Inc. Consumer Discretionary $1.279 1.7%
Lowe’s Companies, Inc. Consumer Discretionary $51.141 1.6%
Forest City Enterprises, Inc. Financials $3.816 1.5%
SBA Communications Corp. Telecommunication Services $11.712 1.5%
Strategic Hotels & Resorts, Inc. Financials $2.095 1.5%
Brookfield Infrastructure Partners L.P. Utilities $5.923 1.4%
Equinix, Inc. Information Technology $9.132 1.4%
Simon Property Group, Inc. Financials $51.539 1.4%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.533 1.4%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.547 1.4%
Blackstone Mortgage Trust, Inc. Financials $1.139 1.4%
American Tower Corp. Financials $32.340 1.3%
Brookfield Asset Management, Inc. Financials $25.481 1.3%
Douglas Emmett, Inc. Financials $3.886 1.3%
Owens Corning Industrials $5.101 1.2%
Vornado Realty Trust Financials $18.459 1.2%
Howard Hughes Corp. Financials $5.648 1.2%
Tanger Factory Outlet Centers, Inc. Financials $3.340 1.2%
American Campus Communities, Inc. Financials $3.918 1.1%
LaSalle Hotel Properties Financials $3.256 1.1%
Extended Stay America, Inc. Consumer Discretionary $4.663 1.1%
CyrusOne Inc. Financials $0.473 1.0%
Alexandria Real Estate Equities, Inc. Financials $5.198 0.9%
ITC Holdings Corp. Utilities $5.885 0.9%
RealPage, Inc. Information Technology $1.419 0.8%
Education Realty Trust, Inc. Financials $1.135 0.8%
Builders FirstSource, Inc. Industrials $0.891 0.7%
SL Green Realty Corp. Financials $9.684 0.7%
CoStar Group, Inc. Information Technology $5.388 0.6%
Marriott Vacations Worldwide Corp. Consumer Discretionary $1.944 0.5%
Toll Brothers, Inc. Consumer Discretionary $6.379 0.4%
Golar LNG Partners L.P. Energy $1.871 0.4%
TRI Pointe Homes, Inc. Consumer Discretionary $0.513 0.4%
Boise Cascade Company Materials $1.127 0.4%
Gaming and Leisure Properties, Inc. Financials $4.044 0.1%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 17.2%
  • Casinos & Gaming 8.0%
  • Home Improvement Retail 4.6%
  • Homebuilding 2.7%
  • Oil & Gas Storage & Transportation 0.4%
  • Real Estate Services^ 9.2%
  • Hotel & Resort REITs 4.2%
  • Real Estate Operating Companies^ 3.9%
  • Office REITs^ 3.0%
  • Retail REITs 2.6%
  • Specialized REITs^ 2.3%
  • Residential REITs 1.9%
  • Thrifts & Mortgage Finance 1.8%
  • Mortgage REITs 1.4%
  • Diversified Real Estate Activities 1.3%
  • Diversified REITs 1.2%
  • Real Estate Development 1.2%
Health Care
  • Health Care Facilities 14.0%
  • Building Products 2.0%
Information Technology
  • IT Consulting & Other Services^ 1.4%
  • Application Software 0.8%
  • Internet Software & Services^ 0.6%
  • Construction Materials 2.6%
  • Forest Products 0.4%
Telecommunication Services
  • Wireless Telecommunication Services 4.3%
  • Electric Utilities 2.4%
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Top Contributors & Detractors as of March 31, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Health Care Facilities 12.07% 2.65%
Real Estate Services 10.45% 0.85%
Wireless Telecommunication Services 3.49% 0.65%
Casinos & Gaming 8.79% 0.41%
Residential REITs 1.77% 0.26%
Top Detractors Average Weight Contribution
Homebuilding 2.87% -0.41%
Application Software 1.11% -0.33%
Home Improvement Retail 4.56% -0.16%
Thrifts & Mortgage Finance 2.17% -0.13%
Hotels, Resorts & Cruise Lines 17.81% -0.06%
By Holdings
Top Contributors Average Weight Contribution
Emeritus Corp. 3.81% 1.33%
Brookdale Senior Living, Inc. 4.69% 1.06%
Jones Lang LaSalle, Inc. 3.65% 0.60%
Wynn Resorts Ltd. 3.59% 0.57%
Sarana Menara Nusantara Tbk PT 1.19% 0.53%
Top Detractors Average Weight Contribution
RealPage, Inc. 1.11% -0.33%
Brookfield Residential Properties Inc. 1.94% -0.29%
Ply Gem Holdings, Inc. 0.47% -0.26%
Pinnacle Entertainment, Inc. 1.97% -0.23%
Norwegian Cruise Line Holdings, Ltd. 2.07% -0.19%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Casinos & Gaming 9.92% 5.99%
Hotels, Resorts & Cruise Lines 16.72% 4.21%
Construction Materials 3.21% 2.84%
Real Estate Services 10.58% 2.48%
Specialized REITs^ 7.34% 1.27%
Top Detractors Average Weight Contribution
Homebuilding 3.23% -0.57%
IT Consulting & Other Services^ 1.36% -0.46%
Building Products 2.85% -0.40%
Residential REITs 1.75% -0.31%
Forest Products 0.84% -0.29%
By Holdings
Top Contributors Average Weight Contribution
CaesarStone Sdot-Yam Ltd. 3.21% 2.84%
Wynn Resorts Ltd. 3.58% 2.55%
Pinnacle Entertainment, Inc. 2.56% 1.74%
Las Vegas Sands Corp. 3.26% 1.54%
Starwood Hotels & Resorts Worldwide, Inc. 4.61% 1.37%
Top Detractors Average Weight Contribution
Ply Gem Holdings, Inc. 1.02% -1.01%
Equinix, Inc. 1.36% -0.46%
Forestar Group Inc. 2.21% -0.35%
TRI Pointe Homes, Inc. 0.93% -0.35%
American Campus Communities, Inc. 1.11% -0.29%
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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%. Portfolio holdings are subject to change over time.

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.