Baron Small Cap Fund (BSFIX)

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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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Facts & Characteristics as of March 31, 2015

Inception Date September 30, 1997
Net Assets (All share classes combined) $5.49 billion
# of Equity Securities / % of Net Assets 100/98.8%
Turnover (3 Year Average) 18.87%
Median Market Cap $2.47 billion
Weighted Average Market Cap $4.97 billion
CUSIP 068278803
Expense Ratio (as of FYE 09/14)* 1.04%
EPS Growth (3-5 year forecast) 16.1%
Price/Earnings Ratio (trailing 12-month) 31.8
Price/Book Ratio 3.2
Price/Sales Ratio 2.0

Top Ten Holdings as of May 31, 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 3.4%
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
Information Technology 3.3%
Berry Plastics Group, Inc. (BERY) is the second largest plastic packaging producer in the U.S., manufacturing mostly food and beverage containers.
Materials 2.8%
Acuity Brands, Inc. (AYI) is North America’s leading provider of lighting solutions. 
Industrials 2.7%
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 2.5%
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 2.4%
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%
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 2.1%
The Ultimate Software Group, Inc. (ULTI) is a leading provider of cloud-based payroll and human resources software.
Information Technology 2.1%
Total 27.3%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
SBA Communications Corp. Telecommunication Services $15.151 3.5%
TransDigm Group, Inc. Industrials $11.529 3.5%
Gartner, Inc. Information Technology $7.339 3.0%
Berry Plastics Group, Inc. Materials $4.303 3.0%
Acuity Brands, Inc. Industrials $7.293 2.5%
Brookdale Senior Living, Inc. Health Care $6.929 2.4%
The Ultimate Software Group, Inc. Information Technology $4.862 2.2%
Waste Connections, Inc. Industrials $5.969 2.2%
Bright Horizons Family Solutions, Inc. Consumer Discretionary $3.161 2.2%
FleetCor Technologies, Inc. Information Technology $13.836 2.1%
United Natural Foods, Inc. Consumer Staples $3.858 2.0%
IDEXX Laboratories, Inc. Health Care $7.236 1.9%
Mattress Firm Holding Corp. Consumer Discretionary $2.439 1.8%
Gaming and Leisure Properties, Inc. Financials $4.191 1.8%
ICON plc Health Care $4.344 1.7%
Advent Software, Inc. Information Technology $2.320 1.6%
Financial Engines, Inc. Financials $2.174 1.6%
Equinix, Inc. Information Technology $13.150 1.5%
Mettler-Toledo International, Inc. Health Care $9.228 1.5%
Globe Specialty Metals, Inc. Materials $1.395 1.5%
The Madison Square Garden Co. Consumer Discretionary $6.503 1.5%
DigitalGlobe, Inc. Industrials $2.472 1.5%
On Assignment, Inc. Industrials $1.977 1.4%
Genesee & Wyoming, Inc. Industrials $5.210 1.4%
DexCom, Inc. Health Care $4.832 1.4%
Guidewire Software, Inc. Information Technology $3.691 1.4%
ACI Worldwide, Inc. Information Technology $2.510 1.4%
WEX Inc. Information Technology $4.165 1.4%
Targa Resources Corp. Energy $5.365 1.3%
Cognex Corp. Information Technology $4.300 1.3%
PRINCIPAL CASH Cash & Cash Equivalents - 1.2%
Iconix Brand Group, Inc. Consumer Discretionary $1.612 1.2%
FEI Company Information Technology $3.194 1.2%
Clean Harbors, Inc. Industrials $3.345 1.1%
Nord Anglia Education Inc. Consumer Discretionary $2.221 1.1%
The Cheesecake Factory, Inc. Consumer Discretionary $2.464 1.0%
Nordson Corp. Industrials $4.825 1.0%
HomeAway, Inc. Information Technology $2.852 1.0%
Catalent Inc. Health Care $3.861 1.0%
BJ's Restaurants, Inc. Consumer Discretionary $1.325 0.9%
LaSalle Hotel Properties Financials $4.387 0.9%
Penn National Gaming, Inc. Consumer Discretionary $1.248 0.9%
The Chefs' Warehouse, Inc. Consumer Staples $0.561 0.9%
Scorpio Tankers Inc. Energy $1.622 0.9%
Phillips 66 Partners LP Energy $5.674 0.9%
Platform Specialty Products Corp. Materials $4.932 0.9%
CBRE Group, Inc. Financials $12.891 0.8%
Chesapeake Lodging Trust Financials $1.998 0.8%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.137 0.8%
Tumi Holdings, Inc. Consumer Discretionary $1.660 0.8%
Cepheid Health Care $4.067 0.8%
Del Frisco's Restaurant Group, Inc. Consumer Discretionary $0.472 0.8%
Valero Energy Partners LP Energy $2.787 0.8%
Liberty Media Corp Cl C - Broadband Consumer Discretionary $13.137 0.8%
Rexnord Corp. Industrials $2.715 0.7%
Rally Software Development Corp. Information Technology $0.396 0.7%
Moelis & Company Financials $1.633 0.7%
Fossil Group, Inc. Consumer Discretionary $4.154 0.6%
SL Green Realty Corp. Financials $12.822 0.6%
Artisan Partners Asset Management Inc. Financials $1.779 0.6%
Flotek Industries, Inc. Materials $0.805 0.6%
Essent Group Ltd. Financials $2.216 0.6%
The Container Store Group, Inc. Consumer Discretionary $0.914 0.6%
HealthEquity, Inc. Health Care $1.376 0.6%
Cantel Medical Corp Health Care $1.973 0.6%
Core Laboratories N.V. Energy $4.506 0.5%
ITC Holdings Corp. Utilities $5.809 0.5%
comScore, Inc. Information Technology $1.747 0.5%
Graco, Inc. Industrials $4.249 0.5%
Monro Muffler Brake, Inc. Consumer Discretionary $2.060 0.5%
ExamWorks Group, Inc. Health Care $1.713 0.5%
Diplomat Pharmacy, Inc Consumer Staples $1.971 0.5%
PRA Health Sciences, Inc. Health Care $1.725 0.5%
RBC Bearings, Inc. Industrials $1.789 0.5%
Auspex Pharmaceuticals, Inc. Health Care $3.190 0.5%
Summit Materials, Inc. Materials $2.044 0.5%
Acxiom Corp. Information Technology $1.429 0.4%
Healthcare Services Group, Inc. Industrials $2.290 0.4%
Interface, Inc. Industrials $1.383 0.4%
The Spectranetics Corporation Health Care $1.466 0.4%
Western Refining Logistics, LP Energy $1.358 0.4%
Knowles Corporation Information Technology $1.639 0.4%
Westlake Chemical Partners LP Materials $0.726 0.4%
Dominion Midstream Partners, L.P. Energy $2.655 0.4%
INC Research Holdings, Inc. Health Care $2.020 0.4%
Electronics For Imaging Information Technology $1.958 0.4%
The KEYW Holding Corp. Industrials $0.309 0.3%
Forum Energy Technologies, Inc. Energy $1.762 0.3%
Liberty Media Corp. - Cl A Consumer Discretionary $13.137 0.3%
SFX Entertainment, Inc. Consumer Discretionary $0.382 0.3%
PBF Logistics LP Energy $0.746 0.3%
Liberty Broadband-Cl C Consumer Discretionary $5.839 0.3%
Columbia Pipeline Partners LP Energy $2.787 0.3%
Lumber Liquidators Holdings, Inc. Consumer Discretionary $0.833 0.2%
Bonanza Creek Energy, Inc. Energy $1.217 0.2%
GrubHub Inc. Information Technology $3.797 0.2%
Abengoa Yield plc Utilities $2.702 0.2%
Franklin Electric Co., Inc. Industrials $1.815 0.2%
Liberty Broadband-Cl A Consumer Discretionary $5.839 0.2%
National CineMedia, Inc. Consumer Discretionary $0.928 0.1%
SunCoke Energy Partners, LP Materials $0.845 0.1%
Fairway Group Holdings Corp. Consumer Staples $0.295 0.1%
Viggle, Inc. Warrants - Non-callable Information Technology $0.024 0.0%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.5%
Consumer Discretionary
  • Education Services 4.2%
  • Restaurants 2.6%
  • Apparel, Accessories & Luxury Goods 1.9%
  • Movies & Entertainment 1.9%
  • Homefurnishing Retail 1.5%
  • Broadcasting 1.1%
  • Casinos & Gaming 0.9%
  • Specialty Stores 0.7%
  • Automotive Retail 0.5%
  • Cable & Satellite 0.4%
  • Advertising 0.1%
15.9%
Consumer Staples
  • Food Distributors 2.5%
  • Drug Retail 0.6%
  • Food Retail 0.1%
3.3%
Energy
  • Oil & Gas Storage & Transportation 5.5%
  • Oil & Gas Equipment & Services 0.9%
  • Oil & Gas Exploration & Production 0.2%
6.6%
Financials
  • Asset Management & Custody Banks 2.3%
  • Specialized REITs 1.9%
  • Hotel & Resort REITs 1.6%
  • Real Estate Services 0.8%
  • Thrifts & Mortgage Finance 0.7%
  • Investment Banking & Brokerage 0.7%
  • Office REITs 0.6%
8.5%
Health Care
  • Life Sciences Tools & Services 4.3%
  • Health Care Equipment 4.0%
  • Health Care Facilities 2.5%
  • Pharmaceuticals 1.2%
  • Health Care Supplies 0.9%
  • Health Care Technology 0.9%
  • Biotechnology 0.8%
  • Managed Health Care 0.7%
  • Health Care Services 0.5%
15.6%
Industrials
  • Aerospace & Defense 5.3%
  • Environmental & Facilities Services 3.4%
  • Electrical Components & Equipment 2.9%
  • Industrial Machinery 2.5%
  • Human Resource & Employment Services 1.6%
  • Railroads 1.2%
  • Office Services & Supplies 0.4%
  • Diversified Support Services 0.4%
17.7%
Information Technology
  • IT Consulting & Other Services^ 5.4%
  • Application Software 5.3%
  • Data Processing and Outsourced Services 3.6%
  • Electronic Equipment & Instruments 2.6%
  • Internet Software & Services^ 0.9%
  • Systems Software 0.6%
  • Technology Hardware, Storage & Peripherals 0.4%
18.9%
Materials
  • Metal & Glass Containers 2.8%
  • Diversified Metals & Mining 1.8%
  • Specialty Chemicals 1.5%
  • Construction Materials 0.7%
  • Commodity Chemicals 0.2%
7.0%
Telecommunication Services
  • Wireless Telecommunication Services 4.3%
4.3%
Utilities
  • Electric Utilities 0.4%
  • Renewable Electricity 0.3%
0.7%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 6.46% 1.04%
Life Sciences Tools & Services 3.83% 0.81%
Electrical Components & Equipment 2.64% 0.47%
Specialized REITs 1.72% 0.44%
Aerospace & Defense 5.13% 0.43%
Top Detractors Average Weight Contribution
Home Improvement Retail 0.71% -0.46%
Apparel, Accessories & Luxury Goods 3.03% -0.32%
Restaurants 2.89% -0.16%
Oil & Gas Equipment & Services 1.05% -0.15%
Steel 0.59% -0.15%
By Holdings
Top Contributors Average Weight Contribution
Advent Software, Inc. 1.54% 0.57%
ICON plc 1.54% 0.51%
Acuity Brands, Inc. 2.40% 0.46%
Gaming and Leisure Properties, Inc. 1.72% 0.44%
Berry Plastics Group, Inc. 2.86% 0.42%
Top Detractors Average Weight Contribution
Lumber Liquidators Holdings, Inc. 0.71% -0.46%
Fossil Group, Inc. 0.94% -0.33%
FEI Company 1.27% -0.23%
Del Frisco's Restaurant Group, Inc. 0.84% -0.17%
Targa Resources Corp. 1.32% -0.15%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 3.15% 1.41%
Application Software 6.15% 1.35%
Metal & Glass Containers 2.29% 1.17%
Wireless Telecommunication Services 4.82% 0.94%
Aerospace & Defense 4.91% 0.91%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 1.97% -1.37%
Home Improvement Retail 0.99% -1.03%
Apparel, Accessories & Luxury Goods 3.56% -0.88%
Asset Management & Custody Banks 2.30% -0.53%
Specialty Stores 0.73% -0.51%
By Holdings
Top Contributors Average Weight Contribution
Berry Plastics Group, Inc. 2.29% 1.17%
TransDigm Group, Inc. 3.25% 1.08%
SBA Communications Corp. 3.91% 1.07%
FleetCor Technologies, Inc. 2.31% 0.69%
Gartner, Inc. 3.17% 0.67%
Top Detractors Average Weight Contribution
Lumber Liquidators Holdings, Inc. 0.99% -1.03%
Core Laboratories N.V. 1.05% -0.75%
Acxiom Corp. 0.56% -0.59%
The Container Store Group, Inc. 0.73% -0.51%
FEI Company 1.33% -0.46%
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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.