Baron Small Cap Fund (BSCFX)

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Fund Description

Baron Small Cap Fund invests primarily in small growth companies.

    

    

Fund Resources

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Cliff Greenberg seeks long-term growth from small companies.

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Performance Attribution


 

Facts & Characteristics as of June 30, 2015

Inception Date September 30, 1997
Net Assets (All share classes combined) $5.32 billion
# of Equity Securities / % of Net Assets 98/99.2%
Turnover (3 Year Average) 17.94%
Median Market Cap $2.54 billion
Weighted Average Market Cap $4.97 billion
CUSIP 068278308
Expense Ratio (as of FYE 09/14)* 1.30%
EPS Growth (3-5 year forecast) 19.2%
Price/Earnings Ratio (trailing 12-month) 31.0
Price/Book Ratio 2.9
Price/Sales Ratio 2.0

Top Ten Holdings as of June 30, 2015

Holding Sector Percentage*
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 3.7%
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 3.3%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.2%
Acuity Brands, Inc. (AYI) is North America’s leading provider of lighting solutions.
Industrials 2.8%
Berry Plastics Group, Inc. (BERY) is the second largest plastic packaging producer in the U.S., manufacturing mostly food and beverage containers.
Materials 2.7%
Bright Horizons 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 2.5%
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 2.3%
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 2.2%
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 2.2%
The Ultimate Software Group, Inc. (ULTI) is a leading provider of cloud-based payroll and human resources software.
Information Technology 2.2%
Total 27.1%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
TransDigm Group, Inc. Industrials $11.971 3.7%
SBA Communications Corp. Telecommunication Services $14.883 3.3%
Gartner, Inc. Information Technology $7.122 3.2%
Acuity Brands, Inc. Industrials $7.817 2.8%
Berry Plastics Group, Inc. Materials $3.869 2.7%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.574 2.5%
Brookdale Senior Living, Inc. Health Care $6.390 2.3%
The Ultimate Software Group, Inc. Information Technology $4.697 2.2%
Waste Connections, Inc. Industrials $5.837 2.2%
FleetCor Technologies, Inc. Information Technology $14.327 2.2%
DexCom, Inc. Health Care $6.342 1.9%
Gaming and Leisure Properties, Inc. Financials $4.247 1.9%
United Natural Foods, Inc. Consumer Staples $3.190 1.8%
On Assignment, Inc. Industrials $2.032 1.7%
Equinix, Inc. Information Technology $14.459 1.7%
Globe Specialty Metals, Inc. Materials $1.305 1.7%
Financial Engines, Inc. Financials $2.203 1.7%
IDEXX Laboratories, Inc. Health Care $6.003 1.6%
Mettler-Toledo International, Inc. Health Care $9.550 1.6%
The Madison Square Garden Company Consumer Discretionary $6.327 1.6%
Mattress Firm Holding Corp. Consumer Discretionary $2.145 1.6%
ACI Worldwide, Inc. Information Technology $2.869 1.6%
Guidewire Software, Inc. Information Technology $3.734 1.5%
WEX Inc. Information Technology $4.405 1.5%
Nord Anglia Education Inc. Consumer Discretionary $2.551 1.4%
ICON plc Health Care $4.145 1.3%
Targa Resources Corp. Energy $4.998 1.3%
Cognex Corp. Information Technology $4.191 1.3%
FEI Company Information Technology $3.447 1.3%
DigitalGlobe, Inc. Industrials $2.015 1.3%
Clean Harbors, Inc. Industrials $3.153 1.1%
Genesee & Wyoming, Inc. Industrials $4.115 1.1%
Catalent Inc. Health Care $3.645 1.1%
The Cheesecake Factory, Inc. Consumer Discretionary $2.659 1.0%
Nordson Corp. Industrials $4.738 1.0%
Penn National Gaming, Inc. Consumer Discretionary $1.465 1.0%
Valero Energy Partners LP Energy $3.039 1.0%
Platform Specialty Products Corp. Materials $5.394 1.0%
INC Research Holdings, Inc. Health Care $2.257 1.0%
BJ's Restaurants, Inc. Consumer Discretionary $1.271 0.9%
Iconix Brand Group, Inc. Consumer Discretionary $1.192 0.9%
Cepheid Health Care $4.390 0.9%
Scorpio Tankers Inc. Energy $1.826 0.9%
The Spectranetics Corporation Health Care $0.975 0.9%
Phillips 66 Partners LP Energy $5.781 0.9%
Press Ganey Holdings Inc Health Care $1.535 0.9%
PRINCIPAL CASH Cash & Cash Equivalents - 0.8%
CBRE Group, Inc. Financials $12.320 0.8%
The Chefs' Warehouse, Inc. Consumer Staples $0.558 0.8%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.061 0.8%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.440 0.8%
Essent Group Ltd. Financials $2.534 0.8%
Liberty Media Corp Cl C - Broadband Consumer Discretionary $12.265 0.8%
HealthEquity, Inc. Health Care $1.818 0.8%
LaSalle Hotel Properties Financials $4.006 0.7%
Chesapeake Lodging Trust Financials $1.818 0.7%
Artisan Partners Asset Management Inc. Financials $1.819 0.7%
Moelis & Company Financials $1.554 0.7%
Diplomat Pharmacy, Inc Consumer Staples $2.793 0.7%
PRA Health Sciences, Inc. Health Care $2.174 0.7%
Cantel Medical Corp Health Care $2.230 0.7%
Electronics For Imaging Information Technology $2.040 0.7%
Summit Materials, Inc. Materials $2.438 0.7%
Rexnord Corp. Industrials $2.435 0.6%
Tumi Holdings, Inc. Consumer Discretionary $1.393 0.6%
RBC Bearings, Inc. Industrials $1.679 0.6%
Core Laboratories N.V. Energy $4.882 0.5%
Healthcare Services Group, Inc. Industrials $2.363 0.5%
Interface, Inc. Industrials $1.655 0.5%
comScore, Inc. Information Technology $2.143 0.5%
SL Green Realty Corp. Financials $11.080 0.5%
Monro Muffler Brake, Inc. Consumer Discretionary $1.979 0.5%
Flotek Industries, Inc. Materials $0.670 0.5%
The Container Store Group, Inc. Consumer Discretionary $0.810 0.5%
Houghton Mifflin Consumer Discretionary $3.457 0.5%
Acxiom Corp. Information Technology $1.374 0.4%
Fossil Group, Inc. Consumer Discretionary $3.386 0.4%
ITC Holdings Corp. Utilities $4.995 0.4%
PBF Logistics LP Energy $0.789 0.4%
ExamWorks Group, Inc. Health Care $1.616 0.4%
Dominion Midstream Partners, L.P. Energy $2.646 0.4%
Columbia Pipeline Partners LP Energy $2.536 0.4%
Graco, Inc. Industrials $4.168 0.3%
The KEYW Holding Corporation Industrials $0.356 0.3%
Forum Energy Technologies, Inc. Energy $1.826 0.3%
SFX Entertainment, Inc. Consumer Discretionary $0.419 0.3%
Western Refining Logistics, LP Energy $1.376 0.3%
Rally Software Development Corp. Information Technology $0.499 0.3%
GrubHub Inc. Information Technology $2.860 0.3%
Liberty Broadband-Cl C Consumer Discretionary $5.275 0.3%
8point3 Energy Partners L.P. - Cl - A Utilities $1.322 0.3%
Advent Software, Inc. Information Technology $2.329 0.2%
Bonanza Creek Energy, Inc. Energy $0.907 0.2%
Liberty Media Corp. - Cl A Consumer Discretionary $12.265 0.2%
Abengoa Yield plc Utilities $3.139 0.2%
Westlake Chemical Partners LP Materials $0.589 0.2%
National CineMedia, Inc. Consumer Discretionary $0.981 0.1%
Fairway Group Holdings Corp. Consumer Staples $0.157 0.1%
Franklin Electric Co., Inc. Industrials $1.540 0.1%
Liberty Broadband-Cl A Consumer Discretionary $5.275 0.1%
Party City Holdco Inc. Consumer Discretionary $2.417 0.1%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.8%
Consumer Discretionary
  • Education Services 4.4%
  • Restaurants 2.6%
  • Apparel, Accessories & Luxury Goods 1.9%
  • Movies & Entertainment 1.9%
  • Homefurnishing Retail 1.6%
  • Casinos & Gaming 1.0%
  • Broadcasting 1.0%
  • Specialty Stores 0.6%
  • Automotive Retail 0.5%
  • Cable & Satellite 0.4%
  • Advertising 0.1%
16.2%
Consumer Staples
  • Food Distributors 2.6%
  • Drug Retail 0.7%
  • Food Retail 0.1%
3.4%
Energy
  • Oil & Gas Storage & Transportation 5.5%
  • Oil & Gas Equipment & Services 0.8%
  • Oil & Gas Exploration & Production 0.2%
6.5%
Financials
  • Asset Management & Custody Banks 2.4%
  • Specialized REITs^ 1.9%
  • Hotel & Resort REITs 1.4%
  • Thrifts & Mortgage Finance 0.8%
  • Real Estate Services 0.8%
  • Investment Banking & Brokerage 0.7%
  • Office REITs 0.5%
8.4%
Health Care
  • Life Sciences Tools & Services 4.6%
  • Health Care Equipment 4.2%
  • Health Care Facilities 2.3%
  • Pharmaceuticals 1.1%
  • Health Care Supplies 0.9%
  • Health Care Technology 0.9%
  • Biotechnology 0.9%
  • Managed Health Care 0.8%
  • Health Care Services 0.4%
16.2%
Industrials
  • Aerospace & Defense 5.3%
  • Environmental & Facilities Services 3.3%
  • Electrical Components & Equipment 2.9%
  • Industrial Machinery 2.5%
  • Human Resource & Employment Services 1.7%
  • Railroads 1.1%
  • Office Services & Supplies 0.5%
  • Diversified Support Services 0.5%
17.6%
Information Technology
  • Application Software 5.5%
  • IT Consulting & Other Services^ 5.3%
  • Data Processing and Outsourced Services 3.7%
  • Electronic Equipment & Instruments 2.6%
  • Internet Software & Services 0.8%
  • Technology Hardware, Storage & Peripherals 0.7%
  • Systems Software 0.3%
18.9%
Materials
  • Metal & Glass Containers 2.7%
  • Diversified Metals & Mining 1.7%
  • Specialty Chemicals 1.5%
  • Construction Materials 0.7%
  • Commodity Chemicals 0.2%
6.8%
Telecommunication Services
  • Wireless Telecommunication Services 4.2%
4.2%
Utilities
  • Renewable Electricity 0.6%
  • Electric Utilities 0.4%
1.0%
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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
Education Services 3.86% 0.41%
Life Sciences Tools & Services 4.21% 0.32%
IT Consulting & Other Services^ 5.22% 0.20%
Managed Health Care 0.67% 0.17%
Health Care Equipment 3.96% 0.16%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 2.22% -0.54%
Food Distributors 2.61% -0.39%
Metal & Glass Containers 2.85% -0.31%
Railroads 1.30% -0.30%
Health Care Supplies 0.78% -0.24%
By Holdings
Top Contributors Average Weight Contribution
DexCom, Inc. 1.61% 0.40%
Bright Horizons Family Solutions, Inc. 2.36% 0.28%
INC Research Holdings, Inc. 0.69% 0.20%
ACI Worldwide, Inc. 1.51% 0.19%
Acuity Brands, Inc. 2.67% 0.19%
Top Detractors Average Weight Contribution
United Natural Foods, Inc. 1.83% -0.35%
Iconix Brand Group, Inc. 1.04% -0.32%
IDEXX Laboratories, Inc. 1.72% -0.32%
Berry Plastics Group, Inc. 2.85% -0.31%
Genesee & Wyoming, Inc. 1.30% -0.30%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 3.55% 1.73%
Application Software 5.99% 1.33%
Education Services 3.11% 1.04%
Health Care Equipment 3.62% 0.98%
IT Consulting & Other Services^ 5.33% 0.93%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 1.50% -1.26%
Apparel, Accessories & Luxury Goods 3.12% -1.05%
Specialty Chemicals 1.59% -0.79%
Oil & Gas Exploration & Production 0.62% -0.76%
Home Improvement Retail 0.65% -0.74%
By Holdings
Top Contributors Average Weight Contribution
TransDigm Group, Inc. 3.35% 1.01%
DexCom, Inc. 1.28% 0.98%
Acuity Brands, Inc. 2.24% 0.73%
Bright Horizons Family Solutions, Inc. 2.07% 0.69%
Gartner, Inc. 3.25% 0.68%
Top Detractors Average Weight Contribution
Lumber Liquidators Holdings, Inc. 0.65% -0.74%
Targa Resources Corp. 1.55% -0.72%
Iconix Brand Group, Inc. 1.32% -0.68%
Flotek Industries, Inc. 0.63% -0.65%
Forum Energy Technologies, Inc. 0.55% -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, 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.