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.

  

Facts & Characteristics as of December 31, 2015

Inception Date December 31, 2009
Net Assets (All share classes combined) $1.78 billion
# of Equity Securities / % of Net Assets 41/97.6%
Turnover (3 Year Average) 31.42%
Median Market Cap $8.44 billion
Weighted Average Market Cap $19.21 billion
CUSIP 06828M801
Expense Ratio (as of FYE 12/14) 1.06%
EPS Growth (3-5 year forecast) 14.4%
Price/Earnings Ratio (trailing 12-month) 22.9
Price/Book Ratio 2.6
Price/Sales Ratio 1.9

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
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 5.3%
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 5.0%
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.
Financials 4.5%
Mohawk Industries, Inc. (MHK) is the largest player in the $18 billion U.S. flooring industry, with 22% share. Flooring categories include carpets, rugs/mats, ceramic, stone, countertops, and laminate/hardwood.
Consumer Discretionary 4.5%
MGM Resorts International (MGM) is a casino hospitality company with properties in Macau, Las Vegas, and regionally across the U.S.  85% of its business is in the U.S., while 15% is from Macau.
Consumer Discretionary 4.2%
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 22 ships.
Consumer Discretionary 4.0%
Simon Property Group, Inc. (SPG) is the largest U.S. REIT, with a $95 billion portfolio consisting of malls (65%), outlets (30%), and community centers (5%).
Financials 3.6%
Hilton Worldwide Holdings, Inc. (HLT) is the largest hotelier by room count in the world with 4,480 hotels consisting of 737,922 rooms. The company consists of 12 brands from Embassy Suites to its flagship Hilton and Waldorf brands.
Consumer Discretionary 3.6%
Royal Caribbean Cruises Ltd. (rcl) is a global cruise operator with itineraries in North America, the Mediterranean, the Baltics and Asia. It has over 40 ships and plans to bring on a new ship every year for at least the next five years.
Consumer Discretionary 3.4%
InterXion Holding N.V.
Information Technology 3.2%
Total 41.3%
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Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
CBRE Group, Inc. Financials $11.556 4.9%
Jones Lang LaSalle, Inc. Financials $7.200 4.6%
Hilton Worldwide Holdings, Inc. Consumer Discretionary $21.132 4.5%
Norwegian Cruise Line Holdings, Ltd. Consumer Discretionary $13.350 4.2%
Equinix, Inc. Financials $18.111 4.1%
MGM Resorts International Consumer Discretionary $12.802 4.1%
Mohawk Industries, Inc. Consumer Discretionary $14.001 3.4%
Simon Property Group, Inc. Financials $60.163 3.0%
Royal Caribbean Cruises Ltd. Consumer Discretionary $22.266 2.8%
Home Depot, Inc. Consumer Discretionary $167.677 2.7%
Wyndham Worldwide Corp. Consumer Discretionary $8.435 2.6%
AvalonBay Communities, Inc. Financials $25.203 2.5%
Boston Properties, Inc. Financials $19.587 2.5%
Equity Residential Financials $29.720 2.5%
Toll Brothers, Inc. Consumer Discretionary $5.805 2.5%
Kennedy-Wilson Holdings, Inc. Financials $2.757 2.5%
CaesarStone Sdot-Yam Ltd. Industrials $1.530 2.5%
Masonite International Corp. Industrials $1.860 2.5%
PRINCIPAL CASH Cash & Cash Equivalents - 2.4%
American Tower Corp. Financials $41.065 2.3%
Lowe's Companies, Inc. Consumer Discretionary $69.585 2.2%
Kennedy Wilson Europe Real Estate PLC Financials $2.425 2.2%
Brookfield Asset Management, Inc. Financials $30.855 2.1%
Forest City Enterprises, Inc. - Cl A Financials $5.683 2.1%
General Growth Properties, Inc. Financials $24.013 2.1%
Douglas Emmett, Inc. Financials $4.577 2.0%
SBA Communications Corp. Telecommunication Services $13.255 2.0%
SL Green Realty Corp. Financials $11.411 2.0%
Hyatt Hotels Corp. Consumer Discretionary $6.528 2.0%
Howard Hughes Corp. Financials $4.494 2.0%
Alexandria Real Estate Equities, Inc. Financials $6.551 1.9%
Brookfield Infrastructure Partners L.P. Utilities $6.204 1.8%
Builders FirstSource, Inc. Industrials $1.211 1.7%
ClubCorp Holdings, Inc. Consumer Discretionary $1.183 1.7%
Diamond Resorts International, Inc. Consumer Discretionary $1.829 1.6%
Capital Senior Living Corp. Health Care $0.616 1.5%
Summit Materials, Inc. Materials $2.006 1.5%
Starwood Hotels & Resorts Worldwide, Inc. Consumer Discretionary $11.708 1.4%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.516 1.1%
Interxion Holding Nv Information Technology $2.085 1.1%
Aena SA Industrials $17.182 0.7%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.044 0.2%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
6.0%
Consumer Discretionary
  • Hotels, Resorts & Cruise Lines 13.4%
  • Home Improvement Retail 5.4%
  • Home Furnishings 4.5%
  • Casinos & Gaming 4.2%
  • Homebuilding 2.5%
29.9%
Financials
  • Real Estate Services^ 12.8%
  • Specialized REITs^ 12.6%
  • Office REITs^ 6.9%
  • Retail REITs 6.3%
  • Residential REITs 5.1%
  • Diversified Real Estate Activities 2.3%
  • Real Estate Operating Companies^ 2.3%
  • Diversified REITs 1.7%
  • Real Estate Development 1.0%
51.0%
Industrials
  • Building Products 5.5%
  • Airport Services 0.8%
6.4%
Information Technology
  • IT Consulting & Other Services 3.2%
3.2%
Telecommunication Services
  • Integrated Telecommunication Services 2.2%
  • Wireless Telecommunication Services 1.3%
3.5%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Specialized REITs^ 8.23% 0.98%
Casinos & Gaming 4.07% 0.78%
Real Estate Services 10.83% 0.76%
Home Improvement Retail 4.75% 0.61%
Building Products 7.72% 0.60%
Top Detractors Average Weight Contribution
Leisure Facilities 1.69% -0.25%
Internet Software & Services 0.58% -0.09%
Homebuilding 2.54% -0.06%
Real Estate Development 1.98% -0.01%
By Holdings
Top Contributors Average Weight Contribution
CaesarStone Sdot-Yam Ltd. 2.43% 0.87%
MGM Resorts International 4.07% 0.78%
Equinix, Inc. 4.21% 0.61%
Home Depot, Inc. 2.85% 0.42%
Jones Lang LaSalle, Inc. 3.95% 0.35%
Top Detractors Average Weight Contribution
Hilton Worldwide Holdings, Inc. 4.45% -0.33%
Builders FirstSource, Inc. 2.23% -0.28%
ClubCorp Holdings, Inc. 1.69% -0.25%
Zillow Group, Inc. 0.58% -0.09%
Toll Brothers, Inc. 2.54% -0.06%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Specialized REITs^ 5.62% 0.95%
Home Improvement Retail 4.54% 0.92%
Home Furnishings 2.87% 0.56%
IT Consulting & Other Services^ 1.57% 0.38%
Retail REITs 3.32% 0.25%
Top Detractors Average Weight Contribution
Health Care Facilities 7.56% -1.99%
Hotels, Resorts & Cruise Lines 18.74% -1.59%
Wireless Telecommunication Services 3.80% -0.70%
Casinos & Gaming 3.56% -0.33%
Building Products 6.34% -0.32%
By Holdings
Top Contributors Average Weight Contribution
Equinix, Inc. 3.53% 1.23%
Home Depot, Inc. 2.83% 0.71%
Norwegian Cruise Line Holdings, Ltd. 3.34% 0.67%
Mohawk Industries, Inc. 2.87% 0.56%
Builders FirstSource, Inc. 1.92% 0.41%
Top Detractors Average Weight Contribution
Brookdale Senior Living, Inc. 4.74% -1.51%
Hilton Worldwide Holdings, Inc. 3.83% -0.90%
Hyatt Hotels Corp. 3.06% -0.66%
Tower Bersama Infrastructure Tbk PT 1.08% -0.62%
Wynn Resorts Ltd. 0.30% -0.49%
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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.