Baron Fifth Avenue Growth Fund
Symbol BFTUXCUSIP: 068278811
Symbol BFTUXCUSIP: 068278811
L
Large-Cap GrowthNav
$49.01
Daily Change $0.48 (0.99%)
As of 07/26/2024
As of 07/26/2024
Net Assets
$640.41 M
As of 06/30/2024
Morningstar Medalist Rating™
BRONZE
Inception date
04/30/2004
Prices & Performance
PricesAs of 07/26/2024
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$49.01 | $0.48 | 0.99% | -5.02% | -5.02% | 13.06% |
NAV | $49.01 |
---|---|
Daily Change ($) | $0.48 |
Daily Change (%) | 0.99% |
MTD | -5.02% |
QTD | -5.02% |
YTD | 13.06% |
PerformanceAs of 06/30/2024
YTD1 | 1 Year | 3 Years | 5 Years | 10 years | Since Inception 04/30/2004 | |
---|---|---|---|---|---|---|
BFTUX - Baron Fifth Avenue Growth Fund - R6 | 19.03% | 35.15% | -2.69% | 10.56% | 12.52% | 9.90% |
Russell 1000 Growth Index | 20.70% | 33.48% | 11.28% | 19.34% | 16.33% | 12.25% |
S&P 500 Index | 15.29% | 24.56% | 10.01% | 15.05% | 12.86% | 10.38% |
Performance InformationAs of 06/30/2024
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 29.17 | 26.23 | 21.38 |
Sharpe Ratio | -0.20 | 0.32 | 0.51 |
Alpha (%) | -14.09 | -9.26 | -4.80 |
Beta | 1.28 | 1.16 | 1.14 |
R-Squared (%) | 86.67 | 83.42 | 84.03 |
Tracking Error (%) | 12.20 | 11.20 | 8.89 |
Information Ratio | -1.15 | -0.78 | -0.43 |
Upside Capture (%) | 99.00 | 96.35 | 101.45 |
Downside Capture (%) | 147.54 | 128.14 | 122.10 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Fifth Avenue Growth Fund's(BFTUX) benchmark Russell 1000 Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
Portfolio Holdings & Characteristics
HoldingsAs of 06/30/2024
Holding | Sector | % of Net Assets | |
---|---|---|---|
NVIDIA Corporation NVIDIA Corporation (NVDA) sells semiconductors, systems, and software for accelerated computing, gaming, and generative AI (GenAI). Computing demand has been doubling every one to two years, driven by electrification, digitization and the recent advancements in AI, yet supply growth has decelerated dramatically due to the slowdown in Moore's law. NVIDIA’s accelerated computing architecture enables continued growth in supply of computing through parallelization. We are at the tipping point of a new era in computing with NVIDIA at its epicenter as GenAI adoption grows. Given its leading market share in gaming, data centers, and autonomous machines, we believe NVIDIA can grow rapidly for years to come. | Information Technology | 12.1% | |
Amazon.com, Inc. Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader with a relentless focus on providing value and convenience to its customers. Amazon also operates the industry-leading cloud infrastructure business Amazon Web Services. Amazon's market share of U.S. online retail sales is around 40%, while its share of global online retail sales is less than 5%. Amazon has many avenues for revenue growth, including consumer staples, apparel, international expansion, digital media offerings, private label, pharmacy services, advertising, and a better shopping experience powered by generative AI. With Amazon Web Services as a large, growing part of the business, we also believe Amazon represents a unique opportunity to invest in the secular growth of cloud computing. | Consumer Discretionary | 8.8% | |
Meta Platforms, Inc. Meta Platforms, Inc. (META) owns Facebook, the world's largest social network, with over 3.0 billion monthly and over 2.1 billion daily active users. Instagram, Messenger, WhatsApp, and Oculus are also part of the Meta Platforms network, with over 3.9 billion total monthly unique users across Meta products. Meta owns unique social platforms with users that continue to demonstrate stickiness and high engagement. Advertisers want to be where users are, and Meta's ability to analyze, target, and show clear, demonstrable, and rising returns on investment makes the platform particularly attractive to them. We believe the company is still in the middle innings of monetizing its vast customer base, especially internationally. In addition, we see significant positive optionality from monetization opportunities in short-form video, WhatsApp, and generative AI features. | Communication Services | 7.3% | |
ServiceNow, Inc. ServiceNow, Inc. (NOW) provides cloud-based solutions for workflow management. Its core products support IT Service Management and IT Operations Management. It is expanding its reach to include business management, performance analytics, customer service management, and security. ServiceNow's unified flexible platform enables customers to integrate and digitize workflows from different sources, improving the user experience, collaboration, and operational efficiencies. The growing operational complexity driven by digital transformation should allow ServiceNow to benefit from its large customer base. Management is balancing growth and margin expansion successfully, which can support acquisitions and shareholder-friendly activities. Its Pro, Pro Plus, AI, and generative AI product lines should offer significant deal expansion opportunities over time. | Information Technology | 6.8% | |
CrowdStrike Holdings, Inc. CrowdStrike Holdings, Inc. (CRWD) is a cloud-architected SaaS cybersecurity vendor offering endpoint security, threat intelligence, and cyberattack response services. We like CrowdStrike for its impressive technological differentiation, high growth, and strong management team. The company’s moat derives from a lightweight software agent and a cloud-based threat graph database that allow it to access, sort, and protect customer data it can then use to launch new products and improve and automate its services. CrowdStrike is disrupting the end point protection market and extending its reach into cloud workloads. We believe the company can grow rapidly given its visionary management team and large total addressable market. | Information Technology | 5.3% | |
Intuitive Surgical, Inc. Intuitive Surgical, Inc. (ISRG) manufactures and markets the da Vinci Surgical System, a robotic surgical system used for minimally invasive surgical procedures. We believe a large number of medical procedures that are currently performed using open surgery will eventually be performed using Intuitive Surgical’s da Vinci System. Robotic surgery is less invasive than open surgery, and patients experience less blood loss, less nerve damage, reduced pain, and faster recovery. Intuitive generates a large and expanding portion of its revenue from recurring procedures. We expect revenue and earnings to grow at attractive rates as procedure volumes increase. | Health Care | 5.3% | |
Shopify Inc. Shopify Inc. (SHOP) is a cloud-based software provider offering an operating system for multi-channel commerce. The company serves over two million merchants that processed $235 billion of gross merchandise volume in 2023. Shopify is the second largest e-commerce player in the U.S. Shopify has developed a scalable platform that offers an end-to-end commerce solution to merchants of all sizes, including merchants that sell offline, international merchants, and B2B merchants. Shopify’s aggregate scale, innovation, and ecosystem of partners enable merchants to take payments, receive loans, and easily sell internationally. With less than 2% share of $20 trillion in global commerce, it has a long runway for growth. | Information Technology | 4.9% | |
Microsoft Corporation Microsoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products. Over the last five years, it has built a $120 billion-plus annual cloud business, including Office 365, CRM product Dynamics 365, and infrastructure-as-a-service product Azure. Microsoft is led by Satya Nadella, who has refocused the company on cloud computing and AI. He has been quite successful thus far, with Microsoft's commercial cloud business now representing over 56% of revenue and growing around 25% year-on-year. Microsoft's moat is based on the wide reach of its sales channel, its diverse platform of software offerings, hybrid cloud capabilities, and the high costs of switching away from its solutions, which tend to be critical for its customers. We believe Microsoft will benefit from the growing adoption of cloud for years to come. | Information Technology | 4.8% | |
The Trade Desk The Trade Desk (TTD) is a software company that enables advertising agencies to purchase advertising more efficiently and effectively. It provides the leading self-serve, demand-side platform to enable data-driven digital advertising. The Trade Desk benefits from a visionary founder and CEO, Jeff Green, who has built a unique culture of excellence and customer focus, in our view. As advertising becomes increasingly more digital and automated, we expect The Trade Desk to remain the key vendor to ad agencies engaged in such efforts, notably in the rapidly growing Connected TV segment. We remain positive on The Trade Desk given its technology, scale, and estimated 10% share in the $100 billion programmatic advertising market, a small and growing subset of the $700 billion global advertising market. | Communication Services | 3.9% | |
MercadoLibre, Inc. MercadoLibre, Inc. (MELI) is the largest e-commerce company in Latin America. The company operates the MercadoLibre e-commerce marketplace, the Mercado Pago fintech platform, and the Mercado Envios suite of shipping solutions for sellers on its platform. MercadoLibre benefits from the emergence of two secular trends: e-commerce and digital payments. The company has a significant first-mover advantage and is investing aggressively in logistics to widen its competitive moat. Latin America is a predominantly cash-based economy with e-commerce penetration under 20%, and MercadoLibre has an attractive, asset-light marketplace business model. We believe its logistics network will become a key competitive advantage at scale, and we see a significant opportunity in Mercado Pago off-platform. | Consumer Discretionary | 3.6% | |
Total Total | 62.8% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
Contributors / DetractorsQuarterly as of 06/30/2024
Top Contributors | Average Weight | Contribution |
---|---|---|
NVIDIA Corporation | 14.28% | 4.94% |
CrowdStrike Holdings, Inc. | 4.90% | 0.99% |
Amazon.com, Inc. | 8.84% | 0.62% |
Intuitive Surgical, Inc. | 4.99% | 0.60% |
The Trade Desk | 3.82% | 0.48% |
Source: FactSet PA.
GICS Sector BreakdownAs of 06/30/2024
Portfolio Characteristics
Information Technology
49.0%
Consumer Discretionary
20.0%
Communication Services
14.1%
Health Care
9.7%
Financials
5.2%
Industrials
1.1%
Cash & Cash Equivalents
1.0%
Sub-Industry
06/30/2024Systems Software19.30%
Broadline Retail 14.70%
Semiconductors12.10%
Interactive Media & Services10.20%
Application Software8.60%
Health Care Equipment5.30%
Transaction & Payment Processing Services 5.20%
Internet Services & Infrastructure4.90%
Automobile Manufacturers4.20%
Advertising3.90%
Semiconductor Materials & Equipment 3.20%
Biotechnology2.20%
Health Care Technology1.20%
Automotive Parts & Equipment 1.10%
Aerospace & Defense1.00%
048121620
Systems Software19.30%
Broadline Retail 14.70%
Semiconductors12.10%
Interactive Media & Services10.20%
Application Software8.60%
Health Care Equipment5.30%
Transaction & Payment Processing Services 5.20%
Internet Services & Infrastructure4.90%
Automobile Manufacturers4.20%
Advertising3.90%
Semiconductor Materials & Equipment 3.20%
Biotechnology2.20%
Health Care Technology1.20%
Automotive Parts & Equipment 1.10%
Aerospace & Defense1.00%
048121620
Portfolio CharacteristicsAs of 06/30/2024
Baron Fifth Avenue Growth Fund | Russell 1000 Growth Index | |
---|---|---|
Inception Date | April 30, 2004 | |
Net Assets | $640.41 million | |
# of Issuers / % of Net Assets | 31 / 99.0% | |
Turnover (3 Year Average) | 22.15% | |
Active Share | 66.4% | |
Median Market Cap | $46.04 billion | $18.22 billion |
Weighted Average Market Cap | $956.92 billion | $1.51 trillion |
R6 Shares | ||
CUSIP | 068278811 | |
Gross Expense Ratio | 0.78% | |
Net Expense Ratio | 0.76% | |
EPS Growth (3-5 year forecast) | 26.1% | 19.4% |
Price/Earnings Ratio (trailing 12-month) | 56.1 | 34.8 |
Price/Book Ratio | 9.0 | 9.4 |
Price/Sales Ratio | 7.1 | 4.5 |
The Net Assets include all share classes combined.
Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.
Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.
Distributions
Record Date | Ex Date | Payable Date | Income | Return of Capital | Short-Term Capital Gain | Long-Term Capital Gain | Total | Re-Invest NAV | Calendar-Year Return |
---|---|---|---|---|---|---|---|---|---|
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.0000 | $0.0000 | $0.0000 | $1.7220 | $1.7220 | $57.86 | 11.22% |
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.0000 | $0.1804 | $0.1804 | $48.59 | 50.78% |
07/29/2020 | 07/30/2020 | 07/31/2020 | $0.0363 | $0.0000 | $0.0000 | $0.0000 | $0.0363 | $45.88 | 50.78% |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0000 | $0.0000 | $0.0000 | $0.9879 | $0.9879 | $33.97 | |
12/01/2014 | 12/02/2014 | 12/03/2014 | $0.0231 | $0.0000 | $0.0000 | $0.0000 | $0.0231 | $17.71 | 8.34% |
For estimated distributions, visit the Tax Center
Investor Series
Baron Fifth Avenue Growth Fund: Finding Long-Term Growth Opportunities in Large Cap Stocks
Learn more about the investment approach for Baron Fifth Avenue Growth Fund.