Baron Real Estate Fund (BREIX)

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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 - Institutional Shares

BREFX Performance as Yields Rose and Fell

Performance Attribution

Facts & Characteristics as of June 30, 2015

Inception Date December 31, 2009
Net Assets (All share classes combined) $1.92 billion
# of Equity Securities / % of Net Assets 45/98.1%
Turnover (3 Year Average) 22.66%
Median Market Cap $7.67 billion
Weighted Average Market Cap $15.19 billion
CUSIP 06828M801
Expense Ratio (as of FYE 12/14) 1.06%
EPS Growth (3-5 year forecast) 17.3%
Price/Earnings Ratio (trailing 12-month) 26.2
Price/Book Ratio 2.5
Price/Sales Ratio 2.3

Top Ten Holdings as of June 30, 2015

Holding Sector Percentage*
Brookdale Senior Living, Inc. (BKD) is the 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 7.0%
Hilton Worldwide Holdings, Inc. (HLT) is the largest hotelier by room count in the world with 4,318 hotels consisting of 713,883 rooms. The company consists of 12 brands from Embassy Suites to its flagship Hilton and Waldorf brands.
Consumer Discretionary 3.8%
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 3.6%
CBRE Group, Inc. (CBG) is a leading commercial real estate services company with the number one market share in all of its major businesses.
Financials 3.6%
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 3.3%
Norwegian Cruise Line Holdings, Ltd. (NCLH) is a global cruise line operator with itineraries in North American, the Mediterranean, the Baltic, Central America, Bermuda, and the Caribbean. It is the smallest of the three big cruise lines, with 21 ships.
Consumer Discretionary 3.2%
Brookfield Infrastructure Partners L.P. (BIP) is a diversified group of infrastructure businesses including utilities, transport and energy, and timber in North and South America, Asia, Australia, and Europe.
Utilities 3.2%
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 3.2%
Diamond Resorts International, Inc. (DRII) is a global leader in the hospitality and vacation ownership industry with a base of 515,000 owners and 338 vacation destinations. It has 93 resorts that it manages, with 11,000 units, and 241 affiliated resorts and hotels with 4 cruise itineraries.
Consumer Discretionary 3.0%
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 3.0%
Total 36.9%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Brookdale Senior Living, Inc. Health Care $6.390 7.0%
Hilton Worldwide Holdings, Inc. Consumer Discretionary $27.204 3.8%
CBRE Group, Inc. Financials $12.320 3.6%
Jones Lang LaSalle, Inc. Financials $7.672 3.6%
Equinix, Inc. Information Technology $14.459 3.3%
Brookfield Infrastructure Partners L.P. Utilities $7.304 3.2%
Hyatt Hotels Corp. Consumer Discretionary $8.242 3.2%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $12.875 3.2%
Capital Senior Living Corp. Health Care $0.722 3.0%
Diamond Resorts International, Inc. Consumer Discretionary $2.313 3.0%
Mohawk Industries, Inc. Consumer Discretionary $13.953 2.8%
Home Depot, Inc. Consumer Discretionary $144.355 2.7%
Wyndham Worldwide Corp. Consumer Discretionary $9.833 2.7%
MGM Resorts International Consumer Discretionary $10.276 2.6%
Toll Brothers, Inc. Consumer Discretionary $6.725 2.6%
CaesarStone Sdot-Yam Ltd. Industrials $2.408 2.6%
Masonite International Corp. Industrials $2.116 2.6%
Howard Hughes Corp. Financials $5.700 2.2%
Builders FirstSource, Inc. Industrials $1.275 2.1%
American Tower Corp. Financials $39.470 2.0%
Strategic Hotels & Resorts, Inc. Financials $3.337 2.0%
Kennedy Wilson Europe Real Estate PLC Financials $2.423 2.0%
PRINCIPAL CASH Cash & Cash Equivalents - 1.9%
Brookfield Asset Management, Inc. Financials $34.251 1.9%
Forest City Enterprises, Inc. - Cl A Financials $5.594 1.9%
Zillow Group, Inc. Information Technology $5.092 1.9%
Global Logistic Properties Ltd. Financials $9.100 1.7%
ClubCorp Holdings, Inc. Consumer Discretionary $1.543 1.7%
Starwood Hotels & Resorts Worldwide, Inc. Consumer Discretionary $13.857 1.6%
SBA Communications Corp. Telecommunication Services $14.883 1.6%
Simon Property Group, Inc. Financials $53.856 1.6%
Kennedy-Wilson Holdings, Inc. Financials $2.776 1.6%
Lowe's Companies, Inc. Consumer Discretionary $62.462 1.5%
Alexandria Real Estate Equities, Inc. Financials $6.301 1.4%
AvalonBay Communities, Inc. Financials $21.133 1.3%
Douglas Emmett, Inc. Financials $3.930 1.3%
General Growth Properties, Inc. Financials $22.740 1.3%
Sunstone Hotel Investors, Inc. Financials $3.132 1.3%
Boston Properties, Inc. Financials $18.568 1.2%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.319 1.2%
Aena SA Industrials $15.676 1.2%
American Campus Communities, Inc. Financials $4.233 1.1%
Prologis, Inc. Financials $19.442 1.1%
SL Green Realty Corp. Financials $11.080 1.1%
Armstrong World Industries, Inc. Industrials $2.945 0.9%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.061 0.9%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.9%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 17.5%
  • Home Improvement Retail 4.3%
  • Home Furnishings 2.8%
  • Homebuilding 2.6%
  • Casinos & Gaming 2.6%
  • Leisure Facilities 1.7%
31.4%
Financials
  • Real Estate Services^ 8.8%
  • Real Estate Operating Companies^ 5.6%
  • Office REITs^ 3.6%
  • Specialized REITs^ 3.4%
  • Hotel & Resort REITs 3.3%
  • Retail REITs 2.9%
  • Residential REITs 2.4%
  • Real Estate Development 2.2%
  • Diversified Real Estate Activities 1.9%
  • Industrial REITs 1.1%
35.2%
Health Care
  • Health Care Facilities 9.9%
10.0%
Industrials
  • Building Products 8.2%
  • Airport Services 1.2%
9.4%
Information Technology
  • IT Consulting & Other Services^ 3.3%
  • Internet Software & Services 1.9%
5.2%
Telecommunication Services
  • Wireless Telecommunication Services 3.7%
3.7%
Utilities
  • Electric Utilities 3.2%
3.2%
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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
Building Products 5.91% 1.17%
IT Consulting & Other Services^ 3.20% 0.28%
Leisure Facilities 1.16% 0.20%
Home Furnishings 2.91% 0.09%
Top Detractors Average Weight Contribution
Health Care Facilities 10.52% -0.79%
Hotels, Resorts & Cruise Lines 17.76% -0.74%
Office REITs^ 5.06% -0.64%
Casinos & Gaming 3.78% -0.63%
Retail REITs 3.10% -0.37%
By Holdings
Top Contributors Average Weight Contribution
Builders FirstSource, Inc. 1.94% 0.88%
Equinix, Inc. 3.20% 0.28%
CaesarStone Sdot-Yam Ltd. 1.79% 0.23%
ClubCorp Holdings, Inc. 1.16% 0.20%
Kennedy Wilson Europe Real Estate PLC 1.96% 0.18%
Top Detractors Average Weight Contribution
Brookdale Senior Living, Inc. 7.42% -0.61%
MGM Resorts International 2.92% -0.40%
Forest City Enterprises, Inc. 2.01% -0.28%
Hilton Worldwide Holdings, Inc. 3.88% -0.27%
Wyndham Worldwide Corp. 2.83% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Hotels, Resorts & Cruise Lines 18.07% 2.20%
Home Improvement Retail 5.13% 2.00%
Real Estate Services 8.74% 1.39%
Home Furnishings 2.92% 1.06%
Building Products 3.21% 0.86%
Top Detractors Average Weight Contribution
Casinos & Gaming 4.50% -2.75%
Application Software 0.04% -0.25%
Internet Software & Services^ 0.20% -0.18%
Industrial REITs 0.70% -0.11%
Real Estate Development 1.64% -0.11%
By Holdings
Top Contributors Average Weight Contribution
Norwegian Cruise Line Holdings, Ltd. 2.31% 1.29%
Home Depot, Inc. 3.31% 1.26%
Jones Lang LaSalle, Inc. 3.36% 1.06%
Mohawk Industries, Inc. 2.92% 1.06%
Builders FirstSource, Inc. 1.25% 0.76%
Top Detractors Average Weight Contribution
Wynn Resorts Ltd. 1.48% -1.30%
Las Vegas Sands Corp. 1.28% -0.88%
MGM Resorts International 1.15% -0.38%
Extended Stay America, Inc. 0.49% -0.30%
Owens Corning 0.28% -0.30%
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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 based on net assets. 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 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.