Baron Small Cap Fund (BSCFX)

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Fund Description

Baron Small Cap Fund invests primarily in small growth companies.

    

    

Facts & Characteristics as of September 30, 2014

Inception Date September 30, 1997
Net Assets (All share classes combined) $5.25 billion
# of Equity Securities / % of Net Assets 96/98.7%
Turnover (3 Year Average) 21.59%
Median Market Cap $2.78 billion
Weighted Average Market Cap $4.78 billion
CUSIP 068278308
Expense Ratio (as of FYE 09/13)* 1.31%
EPS Growth (3-5 year forecast) 19.3%
Price/Earnings Ratio (trailing 12-month) 25.1
Price/Book Ratio 2.8
Price/Sales Ratio 2.0

Top Ten Holdings as of September 30, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
SBA Communications Corp. (SBAC) is the third largest independent owner of wireless towers in the U.S. and has a growing presence in Canada, Central America, and Brazil. SBA owns and operates approximately 20,000 towers in total.
Telecommunication Services 4.2%
TransDigm Group, Inc. (TDG), through its subsidiaries, designs, produces, and supplies engineered aerospace components for commercial and military aircraft customers in the United States.
Industrials 3.3%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.1%
FleetCor Technologies, Inc. (FLT) provides payment products and services to vehicle fleets around the world. The company's services enable businesses to better manage and control employee spending.
Information Technology 2.6%
Waste Connections, Inc. (WCN) is an integrated solid-waste services company that provides solid-waste collection, transfer, disposal, and recycling services in mostly secondary markets in the western and southern United States.
Industrials 2.3%
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 2.3%
Berry Plastics Group, Inc. (BERY) is the second largest plastic packaging producer in the U.S., manufacturing mostly food and beverage containers.
Materials 2.2%
Targa Resources Corp. (TRGP) owns LP units and is the General Partner of Targa Resources Partners, a growth oriented master limited partnership focused on gas and natural gas liquids gathering, processing, and fractionation.
Energy 1.9%
The Ultimate Software Group, Inc.
Information Technology 1.9%
Bright Horizon Family Solutions, Inc. (BFAM) is the leading provider of high quality corporate sponsored childcare in the U.S. and U.K., as well as other countries. It provides child care and early education services under multi-year contracts in its own or sponsor owned centers. 
Consumer Discretionary 1.9%
Total 25.7%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
SBA Communications Corp. Telecommunication Services $14.307 4.2%
TransDigm Group, Inc. Industrials $9.679 3.3%
Gartner, Inc. Information Technology $6.532 3.1%
FleetCor Technologies, Inc. Information Technology $11.831 2.6%
Brookdale Senior Living, Inc. Health Care $5.908 2.3%
Waste Connections, Inc. Industrials $6.022 2.3%
Berry Plastics Group, Inc. Materials $2.966 2.2%
The Ultimate Software Group, Inc. Information Technology $3.999 1.9%
Targa Resources Corp. Energy $5.741 1.9%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $2.777 1.9%
Acuity Brands, Inc. Industrials $5.087 1.8%
United Natural Foods, Inc. Consumer Staples $3.052 1.7%
Equinix, Inc. Information Technology $11.303 1.6%
The Madison Square Garden Co. Consumer Discretionary $5.104 1.6%
Mattress Firm Holding Corp. Consumer Discretionary $2.053 1.6%
Gaming and Leisure Properties, Inc. Financials $3.471 1.6%
Genesee & Wyoming, Inc. Industrials $5.126 1.5%
ICON plc Health Care $3.525 1.5%
IDEXX Laboratories, Inc. Health Care $5.923 1.5%
HomeAway, Inc. Consumer Discretionary $3.337 1.5%
Iconix Brand Group, Inc. Consumer Discretionary $1.774 1.4%
Globe Specialty Metals, Inc. Materials $1.342 1.4%
Financial Engines, Inc. Financials $1.771 1.4%
ACI Worldwide, Inc. Information Technology $2.140 1.4%
Rexnord Corp. Industrials $2.884 1.4%
WEX Inc. Information Technology $4.276 1.4%
Cash & Cash Equivalents Cash & Cash Equivalents - 1.3%
Advent Software, Inc. Information Technology $1.627 1.3%
The Cheesecake Factory, Inc. Consumer Discretionary $2.254 1.3%
Guidewire Software, Inc. Information Technology $3.065 1.3%
Fossil Group, Inc. Consumer Discretionary $4.968 1.2%
Mettler-Toledo International, Inc. Health Care $7.399 1.2%
FEI Company Information Technology $3.165 1.2%
DigitalGlobe, Inc. Industrials $2.153 1.2%
On Assignment, Inc. Industrials $1.463 1.1%
Core Laboratories N.V. Energy $6.501 1.1%
Clean Harbors, Inc. Industrials $3.270 1.1%
Nordson Corp. Industrials $4.800 1.1%
Cognex Corp. Information Technology $3.493 1.1%
Liberty Media Corp. Consumer Discretionary $16.147 1.1%
LaSalle Hotel Properties Financials $3.563 1.0%
DexCom, Inc. Health Care $3.018 1.0%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.517 1.0%
Phillips 66 Partners LP Energy $4.937 1.0%
Platform Specialty Products Corp. Materials $3.435 1.0%
Wynn Resorts Ltd. Consumer Discretionary $18.960 0.9%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $1.555 0.9%
Forum Energy Technologies, Inc. Energy $2.873 0.9%
CBRE Group, Inc. Financials $9.877 0.8%
Chesapeake Lodging Trust Financials $1.600 0.8%
Coherent, Inc. Information Technology $1.531 0.8%
Tumi Holdings, Inc. Consumer Discretionary $1.381 0.8%
Scorpio Tankers Inc. Energy $1.431 0.8%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.451 0.8%
Flotek Industries, Inc. Materials $1.406 0.8%
The Container Store Group, Inc. Consumer Discretionary $1.044 0.8%
Nord Anglia Education Inc. Consumer Discretionary $1.613 0.8%
MWI Veterinary Supply, Inc. Health Care $1.908 0.8%
SL Green Realty Corp. Financials $9.813 0.7%
Bonanza Creek Energy, Inc. Energy $2.348 0.7%
Artisan Partners Asset Management Inc. Financials $1.694 0.7%
Western Refining Logistics, LP Energy $1.589 0.7%
Essent Group Ltd. Financials $1.853 0.7%
The Advisory Board Company Industrials $1.691 0.6%
BJ's Restaurants, Inc. Consumer Discretionary $1.013 0.6%
Penn National Gaming, Inc. Consumer Discretionary $0.882 0.6%
comScore, Inc. Information Technology $1.244 0.6%
The Chefs' Warehouse, Inc. Consumer Staples $0.408 0.6%
Cepheid Health Care $3.091 0.6%
Valero Energy Partners LP Energy $2.570 0.6%
Knowles Corporation Information Technology $2.466 0.6%
ITC Holdings Corp. Utilities $5.544 0.5%
Graco, Inc. Industrials $4.385 0.5%
Liberty Media Corp. Consumer Discretionary $16.147 0.5%
Rally Software Development Corp. Information Technology $0.303 0.5%
Heartware International, Inc. Health Care $1.320 0.5%
Moelis & Company Class A Financials $1.850 0.5%
Catalent Inc. Health Care $2.937 0.5%
Acxiom Corp. Information Technology $1.277 0.4%
Covance, Inc. Health Care $4.449 0.4%
Interface, Inc. Industrials $1.073 0.4%
The KEYW Holding Corp. Industrials $0.416 0.4%
SunCoke Energy Partners, LP Materials $1.099 0.4%
SunCoke Energy, Inc. Materials $1.556 0.4%
SFX Entertainment, Inc. Consumer Discretionary $0.448 0.4%
PBF Logistics LP Energy $0.805 0.4%
Westlake Chemical Partners LP Materials $0.785 0.4%
HealthEquity, Inc. Health Care $1.002 0.4%
Oasis Petroleum, Inc. Energy $4.229 0.3%
Tesoro Logistics LP Energy $4.043 0.3%
Athlon Energy Inc. Energy $5.667 0.3%
National CineMedia, Inc. Consumer Discretionary $0.883 0.2%
GrubHub Inc. Information Technology $2.742 0.2%
Abengoa Yield plc Utilities $2.979 0.2%
Franklin Electric Co., Inc. Industrials $1.652 0.2%
Fairway Group Holdings Corp. Consumer Staples $0.163 0.1%
Vince Holding Corp. Consumer Discretionary $1.111 0.1%
Viggle, Inc. Information Technology $0.056 0.0%
Total 100.0%
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Sector Breakdown as of September 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.3%
Consumer Discretionary
  • Apparel, Accessories & Luxury Goods 3.4%
  • Restaurants 2.8%
  • Education Services 2.7%
  • Movies & Entertainment 1.9%
  • Broadcasting 1.6%
  • Homefurnishing Retail 1.6%
  • Casinos & Gaming 1.5%
  • Internet Retail 1.5%
  • Home Improvement Retail 0.9%
  • Specialty Stores 0.8%
  • Advertising 0.2%
18.9%
Consumer Staples
  • Food Distributors 2.3%
  • Food Retail 0.1%
2.4%
Energy
  • Oil & Gas Storage & Transportation 5.6%
  • Oil & Gas Equipment & Services 2.0%
  • Oil & Gas Exploration & Production 1.3%
8.9%
Financials
  • Asset Management & Custody Banks 2.1%
  • Hotel & Resort REITs 1.8%
  • Specialized REITs 1.6%
  • Real Estate Services 0.9%
  • Thrifts & Mortgage Finance 0.7%
  • Office REITs 0.7%
  • Investment Banking & Brokerage 0.5%
8.3%
Health Care
  • Life Sciences Tools & Services 3.1%
  • Health Care Equipment 2.9%
  • Health Care Facilities 2.3%
  • Health Care Distributors 0.8%
  • Biotechnology 0.6%
  • Pharmaceuticals 0.5%
  • Managed Health Care 0.4%
10.7%
Industrials
  • Aerospace & Defense 5.0%
  • Environmental & Facilities Services 3.4%
  • Industrial Machinery 2.9%
  • Electrical Components & Equipment 2.1%
  • Railroads 1.5%
  • Human Resource & Employment Services 1.1%
  • Research & Consulting Services 0.6%
  • Office Services & Supplies 0.5%
17.0%
Information Technology
  • Application Software 5.9%
  • IT Consulting & Other Services^ 5.2%
  • Data Processing and Outsourced Services 3.9%
  • Electronic Equipment & Instruments 3.1%
  • Internet Software & Services^ 0.8%
  • Electronic Components 0.6%
  • Systems Software 0.5%
20.1%
Materials
  • Metal & Glass Containers 2.2%
  • Specialty Chemicals 1.7%
  • Diversified Metals & Mining 1.4%
  • Steel 0.8%
  • Commodity Chemicals 0.4%
6.5%
Telecommunication Services
  • Wireless Telecommunication Services 5.2%
5.2%
Utilities
  • Electric Utilities 0.5%
  • Renewable Electricity 0.3%
0.7%
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Top Contributors & Detractors as of September 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
Wireless Telecommunication Services 4.86% 0.33%
Homefurnishing Retail 1.38% 0.31%
Aerospace & Defense 4.72% 0.26%
Data Processing and Outsourced Services 3.68% 0.25%
Life Sciences Tools & Services 2.92% 0.21%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 2.45% -0.61%
Asset Management & Custody Banks 2.28% -0.47%
Apparel, Accessories & Luxury Goods 3.71% -0.38%
Oil & Gas Storage & Transportation 5.70% -0.37%
Home Improvement Retail 0.88% -0.33%
By Holdings
Top Contributors Average Weight Contribution
Mattress Firm Holding Corp. 1.38% 0.31%
SBA Communications Corp. 3.93% 0.31%
TransDigm Group, Inc. 3.09% 0.29%
ICON plc 1.26% 0.24%
FleetCor Technologies, Inc. 2.38% 0.18%
Top Detractors Average Weight Contribution
Financial Engines, Inc. 1.45% -0.42%
Lumber Liquidators Holdings, Inc. 0.88% -0.33%
Del Frisco's Restaurant Group, Inc. 0.89% -0.32%
CARBO Ceramics, Inc. 0.41% -0.30%
On Assignment, Inc. 1.16% -0.29%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 5.02% 2.16%
Wireless Telecommunication Services 4.50% 1.48%
Aerospace & Defense 4.75% 1.04%
Specialty Chemicals 1.52% 1.03%
Data Processing and Outsourced Services 3.30% 0.87%
Top Detractors Average Weight Contribution
Asset Management & Custody Banks 2.46% -0.82%
Home Improvement Retail 1.43% -0.82%
Systems Software 0.49% -0.41%
Food Distributors 2.56% -0.37%
Specialty Stores 0.73% -0.36%
By Holdings
Top Contributors Average Weight Contribution
TransDigm Group, Inc. 3.00% 1.25%
SBA Communications Corp. 3.72% 1.22%
Platform Specialty Products Corp. 0.93% 0.88%
Targa Resources Corp. 1.43% 0.87%
Mattress Firm Holding Corp. 1.17% 0.72%
Top Detractors Average Weight Contribution
Financial Engines, Inc. 1.67% -0.82%
Lumber Liquidators Holdings, Inc. 1.43% -0.82%
Fairway Group Holdings Corp. 0.31% -0.67%
Rally Software Development Corp. 0.49% -0.41%
Acxiom Corp. 0.86% -0.39%
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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%.

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.