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.


Facts & Characteristics as of June 30, 2014

Inception Date December 31, 2009
Net Assets (All share classes combined) $1.44 billion
# of Equity Securities / % of Net Assets 52 / 96.4%
Turnover (3 Year Average) 27.61%
Median Market Cap $4.37 billion
Weighted Average Market Cap $13.86 billion
CUSIP 06828M702
Expense Ratio (as of FYE 12/13) 1.35%
EPS Growth (3-5 year forecast) 14.6%
Price/Earnings Ratio (trailing 12-month) 25.7
Price/Book Ratio 3.1
Price/Sales Ratio 2.0

Top Ten Holdings as of August 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 9.4%
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 5.0%
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 4.2%
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, vacation rentals and vacation ownership businesses.
Consumer Discretionary 3.9%
Hyatt Hotels Corp. (H) is a global hospitality company with 554 Hyatt branded properties representing 148,239 keys. The company’s brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suites.
Consumer Discretionary 3.8%
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 3.5%
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%
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 3.3%
Mohawk Industries, Inc.
Consumer Discretionary 3.3%
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 3.0%
Total 42.8%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Starwood Hotels & Resorts Worldwide, Inc. Consumer Discretionary $15.517 5.0%
Brookdale Senior Living, Inc. Health Care $4.181 4.8%
Emeritus Corp. Health Care $1.552 4.7%
Hyatt Hotels Corp. Consumer Discretionary $9.547 3.8%
CBRE Group, Inc. Financials $10.638 3.7%
Home Depot, Inc. Consumer Discretionary $110.722 3.7%
Wyndham Worldwide Corp. Consumer Discretionary $9.640 3.7%
Cash & Cash Equivalents Cash & Cash Equivalents - 3.6%
Jones Lang LaSalle, Inc. Financials $5.633 3.4%
Capital Senior Living Corp. Health Care $0.692 3.4%
Las Vegas Sands Corp. Consumer Discretionary $61.576 2.9%
Wynn Resorts Ltd. Consumer Discretionary $21.017 2.9%
Mohawk Industries, Inc. Consumer Discretionary $10.075 2.2%
Kennedy-Wilson Holdings, Inc. Financials $2.459 2.2%
Diamond Resorts International, Inc. Consumer Discretionary $1.756 2.2%
Kennedy Wilson Europe Real Estate PLC Financials $1.885 2.2%
Equinix, Inc. Information Technology $10.467 2.0%
SBA Communications Corp. Telecommunication Services $13.177 1.9%
Brookfield Residential Properties Inc. Consumer Discretionary $2.464 1.9%
Lowe’s Companies, Inc. Consumer Discretionary $47.861 1.8%
Pinnacle Entertainment, Inc. Consumer Discretionary $1.501 1.7%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.257 1.6%
CaesarStone Sdot-Yam Ltd. Materials $1.711 1.6%
Sunstone Hotel Investors, Inc. Financials $3.007 1.6%
Strategic Hotels & Resorts, Inc. Financials $2.895 1.6%
CyrusOne Inc. Financials $0.963 1.6%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $6.506 1.6%
Essent Group Ltd. Financials $1.738 1.5%
Forest City Enterprises, Inc. Financials $3.981 1.4%
Blackstone Mortgage Trust, Inc. Financials $1.406 1.4%
American Tower Corp. Financials $35.609 1.3%
Brookfield Infrastructure Partners L.P. Utilities $6.264 1.3%
Howard Hughes Corp. Financials $6.255 1.3%
Extended Stay America, Inc. Consumer Discretionary $4.742 1.3%
Brookfield Asset Management, Inc. Financials $27.622 1.2%
Douglas Emmett, Inc. Financials $4.055 1.2%
Simon Property Group, Inc. Financials $51.656 1.2%
Builders FirstSource, Inc. Industrials $0.733 1.1%
LaSalle Hotel Properties Financials $3.672 1.1%
Vornado Realty Trust Financials $20.002 1.1%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.421 1.1%
Tanger Factory Outlet Centers, Inc. Financials $3.352 1.1%
American Campus Communities, Inc. Financials $4.012 1.0%
ITC Holdings Corp. Utilities $5.750 1.0%
Owens Corning Industrials $4.555 1.0%
RealPage, Inc. Information Technology $1.771 0.9%
Alexandria Real Estate Equities, Inc. Financials $5.563 0.8%
Education Realty Trust, Inc. Financials $1.498 0.8%
SL Green Realty Corp. Financials $10.530 0.7%
Golar LNG Partners L.P. Energy $2.305 0.7%
Marriott Vacations Worldwide Corp. Consumer Discretionary $2.019 0.7%
Toll Brothers, Inc. Consumer Discretionary $6.560 0.3%
CoStar Group, Inc. Information Technology $5.091 0.2%
Total 100.0%
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Sector Breakdown as of August 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 18.4%
  • Casinos & Gaming 6.4%
  • Home Improvement Retail 6.1%
  • Homebuilding 4.5%
  • Home Furnishings 3.2%
  • Oil & Gas Storage & Transportation 0.7%
  • Real Estate Services^ 9.0%
  • Hotel & Resort REITs 3.9%
  • Office REITs^ 3.4%
  • Real Estate Operating Companies^ 3.4%
  • Specialized REITs^ 2.1%
  • Retail REITs 1.9%
  • Residential REITs 1.7%
  • Mortgage REITs 1.3%
  • Diversified Real Estate Activities 1.2%
  • Real Estate Development 1.2%
  • Diversified REITs 1.0%
  • Thrifts & Mortgage Finance 0.8%
Health Care
  • Health Care Facilities 12.7%
  • Building Products 2.2%
Information Technology
  • IT Consulting & Other Services^ 3.0%
  • Construction Materials 1.6%
Telecommunication Services
  • Wireless Telecommunication Services 4.8%
  • Electric Utilities 2.2%
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Top Contributors & Detractors as of June 30, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 18.20% 1.55%
Real Estate Services 9.25% 1.23%
Wireless Telecommunication Services 4.38% 0.56%
Hotel & Resort REITs 4.32% 0.54%
Office REITs^ 3.06% 0.37%
Top Detractors Average Weight Contribution
Health Care Facilities 13.22% -0.36%
Building Products 2.06% -0.30%
Casinos & Gaming 7.72% -0.27%
Thrifts & Mortgage Finance 1.67% -0.21%
Construction Materials 1.76% -0.17%
By Holdings
Top Contributors Average Weight Contribution
Diamond Resorts International, Inc. 2.09% 0.68%
CBRE Group, Inc. 3.66% 0.59%
Hyatt Hotels Corp. 3.89% 0.52%
Tower Bersama Infrastructure Tbk PT 1.53% 0.41%
Kennedy-Wilson Holdings, Inc. 2.12% 0.39%
Top Detractors Average Weight Contribution
Capital Senior Living Corp. 3.40% -0.33%
Wynn Resorts Ltd. 3.06% -0.22%
Essent Group Ltd. 1.67% -0.21%
Builders FirstSource, Inc. 0.94% -0.18%
CaesarStone Sdot-Yam Ltd. 1.76% -0.17%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 17.77% 6.71%
Casinos & Gaming 9.32% 4.91%
Real Estate Services 10.51% 4.24%
Construction Materials 2.76% 2.55%
Health Care Facilities 11.78% 2.35%
Top Detractors Average Weight Contribution
Building Products 2.45% -0.27%
Internet Software & Services^ 0.10% -0.17%
Residential REITs 1.83% -0.08%
Thrifts & Mortgage Finance 1.36% -0.01%
By Holdings
Top Contributors Average Weight Contribution
CaesarStone Sdot-Yam Ltd. 2.76% 2.55%
Wynn Resorts Ltd. 3.42% 2.26%
Hyatt Hotels Corp. 3.76% 1.78%
Las Vegas Sands Corp. 3.24% 1.66%
Starwood Hotels & Resorts Worldwide, Inc. 4.70% 1.61%
Top Detractors Average Weight Contribution
Ply Gem Holdings, Inc. 0.67% -0.53%
CoStar Group, Inc. 0.10% -0.17%
American Campus Communities, Inc. 1.16% -0.15%
Forestar Group Inc. 1.47% -0.02%
TRI Pointe Homes, Inc. 0.63% -0.02%
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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.