Baron Small Cap Fund (BSFIX)
- Facts & Characteristics
- Top Ten Holdings
- Portfolio Holdings
- Sector Breakdown
- Top Contributors & Detractors
Fund Description
Baron Small Cap Fund invests primarily in small growth companies.
Fund Resources
Cliff Greenberg seeks long-term growth from small companies.
Latest Fact Sheets
Expanded Fact Sheet - Retail Shares
Facts & Characteristics as of March 31, 2013
| Inception Date | September 30, 1997 |
| Net Assets (All share classes combined as of 4/30/2013) | $4.86 billion |
| # of Equity Securities / % of Net Assets | 99/97.2% |
| Turnover (3 Year Average) | 27.90% |
| Median Market Cap | $1.96 billion |
| Weighted Average Market Cap | $3.92 billion |
| CUSIP | 068278803 |
| Expense Ratio (as of FYE 09/12)* | 1.05% |
| EPS Growth (3-5 year forecast)† | 18.3% |
| Price/Earnings Ratio (trailing 12-month)*† | 23.1 |
| Price/Book Ratio*† | 3.1 |
| Price/Sales Ratio*† | 1.8 |
Top Ten Holdings as of April 30, 2013
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| Holding | Sector | Percentage* |
|---|---|---|
|
SBA Communications Corp. (SBAC) is one of the largest owners of wireless towers in the U.S., and has a growing presence in Canada, Central America, and Brazil.
|
Telecommunication Services | 4.1% |
|
Penn National Gaming, Inc. (PENN) is the largest and most diversified regional casino operator of riverboat resorts in America with 19 facilities in 15 jurisdictions.
|
Consumer Discretionary | 3.6% |
|
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 | 3.0% |
|
Gartner, Inc. (IT) is the leading independent provider of research and analysis on the information technology industry.
|
Information Technology | 2.7% |
|
Equinix, Inc. (EQIX) is a network neutral operator of state-of-the-art data centers across North America, Europe, and Asia-Pacific. The company offers both collocation and interconnection services.
|
Information Technology | 2.5% |
|
Liberty Media Corp. (LMCA) owns interests in a broad range of media, communications, and entertainment businesses.
|
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 | 2.0% |
|
The Madison Square Garden Co. (MSG) operates a sports, entertainment, and media business. Its businesses encompass the New York Knicks, the New York Rangers, Madison Square Garden, Radio City Hall, MSG Channel and the FUSE channel.
|
Consumer Discretionary | 1.7% |
|
ACI Worldwide, Inc. (ACIW) makes software that runs the global retail payments systems of major financial institutions. The company's core product is called Base24 EPS. ACI acquired its primary competitor, S1, in early 2012.
|
Information Technology | 1.6% |
|
Iconix Brand Group, Inc. (ICON) is a brand management company that licenses brands to retailers and manufacturers in the apparel, footwear, and apparel accessory industries.
|
Consumer Discretionary | 1.6% |
| Total | 25.2% | |
Portfolio Holdings as of March 31, 2013
| Holding | Sector | Market Cap ($Bn) | Percentage* |
|---|---|---|---|
| SBA Communications Corp. | Telecommunication Services | $9.143 | 3.7% |
| Penn National Gaming, Inc. | Consumer Discretionary | $4.230 | 3.4% |
| TransDigm Group, Inc. | Industrials | $7.652 | 3.2% |
| Cash & Cash Equivalents | Cash & Cash Equivalents | - | 2.8% |
| Equinix, Inc. | Information Technology | $10.557 | 2.6% |
| Gartner, Inc. | Information Technology | $5.080 | 2.5% |
| Liberty Media Corp. | Consumer Discretionary | $13.515 | 2.3% |
| Waste Connections, Inc. | Industrials | $4.437 | 1.9% |
| Brookdale Senior Living, Inc. | Health Care | $3.422 | 1.7% |
| The Ultimate Software Group, Inc. | Information Technology | $2.868 | 1.7% |
| ACI Worldwide, Inc. | Information Technology | $1.928 | 1.7% |
| Genesee & Wyoming, Inc. | Industrials | $4.384 | 1.6% |
| FleetCor Technologies, Inc. | Information Technology | $6.224 | 1.6% |
| The Madison Square Garden Co. | Consumer Discretionary | $4.405 | 1.6% |
| United Natural Foods, Inc. | Consumer Staples | $2.426 | 1.5% |
| Cognex Corp. | Information Technology | $1.817 | 1.5% |
| HomeAway, Inc. | Consumer Discretionary | $2.719 | 1.5% |
| FEI Company | Information Technology | $2.487 | 1.5% |
| Clean Harbors, Inc. | Industrials | $3.513 | 1.4% |
| Iconix Brand Group, Inc. | Consumer Discretionary | $1.677 | 1.4% |
| Lumber Liquidators Holdings, Inc. | Consumer Discretionary | $1.908 | 1.4% |
| RealPage, Inc. | Information Technology | $1.569 | 1.4% |
| Acuity Brands, Inc. | Industrials | $2.968 | 1.4% |
| The Cheesecake Factory, Inc. | Consumer Discretionary | $2.033 | 1.3% |
| Core Laboratories N.V. | Energy | $6.376 | 1.3% |
| Fossil, Inc. | Consumer Discretionary | $5.733 | 1.3% |
| IDEXX Laboratories, Inc. | Health Care | $5.043 | 1.3% |
| Mettler-Toledo International, Inc. | Health Care | $6.462 | 1.3% |
| SL Green Realty Corp. | Financials | $7.859 | 1.3% |
| BJ's Restaurants, Inc. | Consumer Discretionary | $0.937 | 1.2% |
| Financial Engines, Inc. | Financials | $1.741 | 1.2% |
| Berry Plastics Group, Inc. | Materials | $2.153 | 1.2% |
| Globe Specialty Metals, Inc. | Materials | $1.048 | 1.1% |
| Targa Resources Corp. | Energy | $2.877 | 1.1% |
| WEX Inc. | Information Technology | $3.038 | 1.1% |
| Mattress Firm Holding Corp. | Consumer Discretionary | $1.166 | 1.1% |
| Advent Software, Inc. | Information Technology | $1.412 | 1.0% |
| Intuitive Surgical, Inc. | Health Care | $19.710 | 1.0% |
| Nordson Corp. | Industrials | $4.254 | 1.0% |
| Polypore International, Inc. | Industrials | $1.874 | 1.0% |
| The KEYW Holding Corp. | Industrials | $0.589 | 1.0% |
| Golar LNG Partners L.P. | Energy | $1.865 | 1.0% |
| Guidewire Software, Inc. | Information Technology | $2.170 | 1.0% |
| Rexnord Corp. | Industrials | $2.061 | 1.0% |
| Forum Energy Technologies, Inc. | Energy | $2.644 | 1.0% |
| CARBO Ceramics, Inc. | Energy | $2.107 | 0.9% |
| Emeritus Corp. | Health Care | $1.275 | 0.9% |
| Graco, Inc. | Industrials | $3.531 | 0.9% |
| Chesapeake Lodging Trust | Financials | $1.114 | 0.9% |
| DigitalGlobe, Inc. | Industrials | $2.129 | 0.9% |
| CBRE Group, Inc. | Financials | $8.349 | 0.8% |
| LaSalle Hotel Properties | Financials | $2.425 | 0.8% |
| Wynn Resorts Ltd. | Consumer Discretionary | $12.639 | 0.8% |
| Quiksilver, Inc. | Consumer Discretionary | $1.016 | 0.8% |
| Coherent, Inc. | Information Technology | $1.374 | 0.8% |
| Sarana Menara Nusantara Tbk PT | Telecommunication Services | $2.730 | 0.8% |
| Susser Petroleum Partners LP | Energy | $0.711 | 0.8% |
| Masimo Corp. | Health Care | $1.126 | 0.7% |
| National Instruments Corp. | Information Technology | $4.042 | 0.7% |
| National CineMedia, Inc. | Consumer Discretionary | $0.913 | 0.7% |
| Rogers Corp. | Information Technology | $0.808 | 0.7% |
| The Chefs' Warehouse, Inc. | Consumer Staples | $0.386 | 0.7% |
| Insulet Corp. | Health Care | $1.373 | 0.7% |
| Interface, Inc. | Industrials | $1.272 | 0.6% |
| Mistras Group, Inc. | Industrials | $0.682 | 0.6% |
| Air Lease Corp. | Industrials | $2.969 | 0.6% |
| Tesoro Logistics LP | Energy | $2.457 | 0.6% |
| Acacia Research Corp. | Industrials | $1.485 | 0.6% |
| Halcon Resources Corp. | Energy | $2.858 | 0.6% |
| Tumi Holdings, Inc. | Consumer Discretionary | $1.421 | 0.6% |
| Susser Holdings Corp. | Consumer Staples | $1.088 | 0.6% |
| MPLX LP | Energy | $2.768 | 0.6% |
| On Assignment, Inc. | Industrials | $1.344 | 0.5% |
| Crocs, Inc. | Consumer Discretionary | $1.306 | 0.5% |
| Covance, Inc. | Health Care | $4.096 | 0.5% |
| ICON plc | Health Care | $1.947 | 0.5% |
| Starz Liberty Capital, Inc. | Consumer Discretionary | $2.669 | 0.5% |
| Mandarin Oriental Int'l. Ltd. | Consumer Discretionary | $1.615 | 0.5% |
| Thermon Group Holdings, Inc. | Industrials | $0.681 | 0.5% |
| Artisan Partners Asset Management Inc. | Financials | $0.502 | 0.5% |
| FLIR Systems, Inc. | Information Technology | $3.771 | 0.4% |
| ITC Holdings Corp. | Utilities | $4.666 | 0.4% |
| Krispy Kreme Doughnuts, Inc. | Consumer Discretionary | $0.942 | 0.4% |
| DexCom, Inc. | Health Care | $1.163 | 0.4% |
| Oasis Petroleum, Inc. | Energy | $3.564 | 0.4% |
| Bravo Brio Restaurant Group, Inc. | Consumer Discretionary | $0.310 | 0.4% |
| Proto Labs, Inc. | Industrials | $1.233 | 0.4% |
| Endologix, Inc. | Health Care | $1.012 | 0.4% |
| Sunstone Hotel Investors, Inc. | Financials | $1.955 | 0.4% |
| The Advisory Board Company | Industrials | $1.844 | 0.3% |
| Vitacost.com, Inc. | Consumer Discretionary | $0.243 | 0.3% |
| Mercury Systems, Inc. | Information Technology | $0.238 | 0.3% |
| Halcon Resources Corp. | Energy | $2.858 | 0.3% |
| Bonanza Creek Energy, Inc. | Energy | $1.548 | 0.3% |
| SunCoke Energy, Inc. | Materials | $1.144 | 0.3% |
| SFX Holding Corporation | Consumer Discretionary | - | 0.2% |
| TRI Pointe Homes, Inc. | Consumer Discretionary | $0.637 | 0.2% |
| Kerzner International Holdings Ltd. | Consumer Discretionary | - | 0.1% |
| Vitacost.com, Inc. | Consumer Discretionary | $0.243 | 0.1% |
| XPO Logistics, Inc. | Industrials | $0.306 | 0.1% |
| Bright Horizons Family Solutions, Inc. | Consumer Discretionary | $2.181 | 0.1% |
| Viggle, Inc. | Information Technology | $0.071 | 0.0% |
| Viggle, Inc. | Information Technology | $0.071 | 0.0% |
| Vitacost.com, Inc. | Consumer Discretionary | $0.243 | 0.0% |
| Viggle, Inc. | Information Technology | $0.071 | 0.0% |
| Viggle, Inc. | Information Technology | $0.071 | 0.0% |
| Total | 100.0% | ||
Sector Breakdown as of April 30, 2013
Back to TopTop Contributors & Detractors as of March 31, 2013
3 Months
|
12 Months
Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)
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3 Months
| By Sub-Industry | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Oil & Gas Storage & Transportation | 3.86% | 0.88% |
| Application Software | 6.47% | 0.84% |
| Electronic Equipment & Instruments | 5.07% | 0.83% |
| IT Consulting & Other Services^ | 5.39% | 0.64% |
| Restaurants | 3.60% | 0.63% |
| Top Detractors | Average Weight | Contribution |
| Electrical Components & Equipment | 3.18% | -0.19% |
| Electronic Manufacturing Services | 0.29% | -0.08% |
| Electronic Components | 0.77% | -0.03% |
| Internet Software & Services^ | 0.10% | -0.03% |
| Food Distributors | 2.07% | -0.02% |
| By Holdings | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| FleetCor Technologies, Inc. | 1.41% | 0.53% |
| HomeAway, Inc. | 1.24% | 0.53% |
| Gartner, Inc. | 2.49% | 0.45% |
| The Madison Square Garden Co. | 1.56% | 0.42% |
| Lumber Liquidators Holdings, Inc. | 1.32% | 0.40% |
| Top Detractors | Average Weight | Contribution |
| Polypore International, Inc. | 1.17% | -0.22% |
| United Natural Foods, Inc. | 1.42% | -0.13% |
| Mercury Systems, Inc. | 0.29% | -0.08% |
| Masimo Corp. | 0.73% | -0.05% |
| RealPage, Inc. | 1.43% | -0.05% |
12 Months
| By Sub-Industry | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| IT Consulting & Other Services^ | 5.99% | 2.10% |
| Aerospace & Defense | 4.21% | 1.98% |
| Wireless Telecommunication Services | 4.33% | 1.91% |
| Home Improvement Retail | 1.24% | 1.56% |
| Application Software | 6.53% | 1.41% |
| Top Detractors | Average Weight | Contribution |
| Internet Software & Services^ | 0.52% | -1.03% |
| Research & Consulting Services | 1.62% | -0.51% |
| Footwear | 0.74% | -0.39% |
| Auto Parts & Equipment | 0.17% | -0.33% |
| Education Services | 0.49% | -0.32% |
| By Holdings | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| SBA Communications Corp. | 3.99% | 1.69% |
| Lumber Liquidators Holdings, Inc. | 1.24% | 1.56% |
| Equinix, Inc. | 3.49% | 1.39% |
| Starz Liberty Capital, Inc. | 2.38% | 1.38% |
| TransDigm Group, Inc. | 3.38% | 1.38% |
| Top Detractors | Average Weight | Contribution |
| Fossil, Inc. | 1.55% | -0.82% |
| Velti plc | 0.23% | -0.52% |
| Acacia Research Corp. | 0.93% | -0.51% |
| Crocs, Inc. | 0.74% | -0.39% |
| Clean Harbors, Inc. | 1.64% | -0.37% |
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%. As of 3/20/2013, Baron Small Cap Fund owned 15,787,000 shares of Mandarin Oriental International.
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.