Baron Asset Fund
Symbol BARIXCUSIP: 068278605
Symbol BARIXCUSIP: 068278605
M
Mid-Cap GrowthNav
$119.56
Daily Change -$0.34 (-0.28%)
As of 11/12/2024
As of 11/12/2024
Net Assets
$4.44 B
As of 09/30/2024
Morningstar Rating™
As of 09/30/2024
Morningstar Medalist Rating™
SILVER
Inception date
06/12/1987
Prices & Performance
PricesAs of 11/12/2024
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$119.56 | -$0.34 | -0.28% | 5.80% | 3.76% | 14.97% |
NAV | $119.56 |
---|---|
Daily Change ($) | -$0.34 |
Daily Change (%) | -0.28% |
MTD | 5.80% |
QTD | 3.76% |
YTD | 14.97% |
PerformanceAs of 09/30/2024
Portfolio or Index | QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception 06/12/1987 |
---|---|---|---|---|---|---|---|
BARIX - Baron Asset Fund - I | 8.34% | 10.81% | 24.61% | 0.41% | 9.40% | 11.31% | 11.44% |
Russell Midcap Growth Index | 6.54% | 12.91% | 29.33% | 2.32% | 11.48% | 11.30% | 10.34% |
Russell 3000 Index | 6.23% | 20.63% | 35.19% | 10.29% | 15.26% | 12.83% | 10.47% |
Performance InformationAs of 09/30/2024
Performance statistics | 3 Years | 5 Years | 10 Years |
---|---|---|---|
Standard Deviation (%) | 20.96 | 20.92 | 17.58 |
Sharpe Ratio | -0.15 | 0.34 | 0.55 |
Alpha (%) | -1.72 | -1.24 | 0.66 |
Beta | 0.96 | 0.94 | 0.94 |
R-Squared (%) | 94.47 | 94.60 | 93.21 |
Tracking Error (%) | 5.02 | 5.04 | 4.70 |
Information Ratio | -0.38 | -0.41 | - |
Upside Capture (%) | 100.17 | 98.43 | 100.32 |
Downside Capture (%) | 106.69 | 105.62 | 100.42 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Asset Fund's(BARAX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
Portfolio Holdings & Characteristics
HoldingsAs of 10/31/2024
Holding | Sector | % of Total Investments | |
---|---|---|---|
Gartner, Inc. Gartner, Inc. (IT) is the leading independent provider of research and advisory services for IT, HR, sales, finance, and marketing leaders. Gartner has a vast addressable market, which management estimates exceeds $70 billion annually, implying a penetration rate of less than 3%. IT is rapidly changing and growing in strategic importance, leading users to turn to third-party providers for insight into trends. Gartner enjoys retention rates of more than 100%, driven by the low price of its research relative to value. We think consistent execution in Global Technology Sales and improvements in Global Business Sales will help accelerate Research growth into the low double digits. | Information Technology | 9.9% | |
Guidewire Software, Inc. Guidewire Software, Inc. (GWRE) is a leading provider of core systems software to the global P&C insurance industry. Guidewire is a small player in a vast addressable market and has been benefiting from the inevitable need for P&C insurers to upgrade 30-year-old systems. The company offers best-in-class functionality, as evidenced by its growing installed base and near-100% retention rates. The company has passed the midpoint of its cloud transition, and we expect to see accelerating revenue, expanding margins, and improving FCF over the next several years. We believe that recent M&A in the vertical software space supports a meaningful value creation opportunity for shareholders. | Information Technology | 5.4% | |
Verisk Analytics, Inc. Verisk Analytics, Inc. (VRSK) provides risk information to insurance companies that enables them to better understand and manage their risks and optimize their decision-making processes. We believe Verisk has a unique competitive position. The company is investing to expand its product set in Insurance and has divested its Financial Services and Energy segments. We think the pure-play focus on insurance offers an attractive financial profile with mid/high single-digit organic growth, robust margins (with room for expansion), and strong free cash flow generation. | Industrials | 5.4% | |
IDEXX Laboratories, Inc. IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry. IDEXX has continued to benefit from secular growth spending on pets due to a growing human-animal bond, favorable demographics, increased use of diagnostics, and enhanced focus on preventative care. We think IDEXX has the best menu of diagnostics, which it continuously improves by spending six times more on R&D annually than all its competitors combined. The company's products are sold via a razor/razorblade model, which creates high retention rates and incremental margins. IDEXX generates strong cash flow, which it has returned to shareholders via repurchases. | Health Care | 4.9% | |
Arch Capital Group Ltd. Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company providing property & casualty insurance, reinsurance, and mortgage insurance. Arch is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines as market conditions change. It operates in a large global market and is currently benefiting from favorable pricing trends across many of its product lines. In our view, management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility. | Financials | 4.6% | |
Mettler-Toledo International Inc. Mettler-Toledo International Inc. (MTD) is a leading provider of precision instruments and services for customers in the life sciences, food, and chemical industries, among others. Mettler has a track record of consistent growth. The company has strong brand recognition, customer diversification, pricing power, and margin expansion opportunities. We think the business has attractive financial characteristics, including high returns on capital, minimal capital requirements, and strong free cash flow generation, all of which it uses to repurchase its stock. We believe the management team is an excellent steward of capital and skilled at developing sales and marketing initiatives to enhance growth. | Health Care | 4.5% | |
Fair Isaac Corporation Fair Isaac Corporation (FICO) is a data and analytics company focused on predicting consumer behavior through re-sellable algorithms (FICO Scores) and software (Applications and Decision Management Software). We believe FICO has meaningful growth opportunities across all its business lines. In FICO Scores, special pricing initiatives in B2B seem likely to continue. In Software, years of substantial investment are bearing fruit and should lead to notable margin expansion over the next several years. Management has a shareholder-friendly capital allocation strategy with nearly all free cash flow used for share repurchases. | Information Technology | 3.8% | |
CoStar Group, Inc. CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry. CoStar has built a proprietary database through data collection over a 20-year period, creating high barriers to entry. We think CoStar's suite should grow at mid-teens rates, and we believe its Loopnet marketing platform can grow even faster. Its Apartments.com platform is the dominant multi-family internet listing service and should grow revenue by more than 20%. CoStar is starting to expand into residential, creating additional significant growth opportunities. Its balance sheet and cash generation create M&A optionality. | Real Estate | 3.7% | |
Space Exploration Technologies Corp. Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches rockets, satellites, and spacecrafts. Its ultimate goal is to make humanity multi-planetary. Products include reusable orbital launch offerings and a broadband service leveraging its satellite constellation, Starlink. We believe SpaceX will continue to drive down the cost of space launches and capture market share with its unique, reliable, and improving reusable launch capabilities. As costs decline, we also expect demand for access to space to increase. By leveraging its launch cost leadership, vertical integration, and innovative design approach, we think SpaceX will have an advantage in building and operating its rapidly expanding satellite-based broadband services, creating an even more attractive growth profile for the company. | Industrials | 2.9% | |
Roper Technologies, Inc. Roper Technologies, Inc. (ROP) operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper owns a portfolio of high-quality niche businesses that have generated substantial cash flow due to high margins and low capital requirements. The company seeks growth in sales and earnings by emphasizing continuous improvement in the operating performance of the core business. Roper has been using the cash generated and a modest amount of leverage to make acquisitions that are consistent with its investment thesis and make the business larger and more capital light. The company has a long-term track record of compounding cash flow. | Information Technology | 2.9% | |
Total Total | 48.0% | ||
Long Equity Exposure (% of Net Assets) Long Equity Exposure | 100.3% | ||
Cash & Equivalents (% of Net Assets) Cash & Equivalents | -0.3% |
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 09/30/2024
Top Contributors | Average Weight | Contribution |
---|---|---|
Guidewire Software, Inc. | 4.47% | 1.38% |
Gartner, Inc. | 9.86% | 1.25% |
Fair Isaac Corporation | 3.40% | 0.98% |
TransUnion | 1.72% | 0.63% |
Arch Capital Group Ltd. | 4.92% | 0.54% |
Source: FactSet PA.
GICS Sector BreakdownAs of 10/31/2024
Sector
Information Technology
31.7%
Industrials
19.4%
Health Care
18.0%
Financials
13.0%
Consumer Discretionary
7.6%
Real Estate
6.7%
Communication Services
3.5%
Sub-Industry
10/31/2024Application Software17.20%
IT Consulting & Other Services9.90%
Life Sciences Tools & Services9.20%
Research & Consulting Services8.10%
Financial Exchanges & Data5.30%
Real Estate Services 5.20%
Health Care Equipment4.90%
Property & Casualty Insurance4.60%
Hotels, Resorts & Cruise Lines3.50%
Aerospace & Defense3.50%
Electronic Components2.60%
Investment Banking & Brokerage2.50%
Human Resource & Employment Services2.40%
Movies & Entertainment2.10%
Construction & Engineering2.00%
0369121518
Application Software17.20%
IT Consulting & Other Services9.90%
Life Sciences Tools & Services9.20%
Research & Consulting Services8.10%
Financial Exchanges & Data5.30%
Real Estate Services 5.20%
Health Care Equipment4.90%
Property & Casualty Insurance4.60%
Hotels, Resorts & Cruise Lines3.50%
Aerospace & Defense3.50%
Electronic Components2.60%
Investment Banking & Brokerage2.50%
Human Resource & Employment Services2.40%
Movies & Entertainment2.10%
Construction & Engineering2.00%
0369121518
Portfolio CharacteristicsAs of 09/30/2024
Description | Baron Asset Fund | Russell Midcap Growth Index |
---|---|---|
Inception Date | June 12, 1987 | |
Net Assets | $4.44 billion | |
# of Issuers / % of Net Assets | 52 / 100.0% | |
Turnover (3 Year Average) | 4.61% | |
Active Share | 85.8% | |
Median Market Cap | $27.42 billion | $12.63 billion |
Weighted Average Market Cap | $39.49 billion | $29.88 billion |
Expense Ratio | 1.05% | |
Current Expense Ratio Date | 9/30/2023 | |
EPS Growth (3-5 year forecast) | 14.7% | 19.5% |
Price/Earnings Ratio (trailing 12-month) | 33.9 | 31.1 |
Price/Book Ratio | 5.2 | 8.4 |
Price/Sales Ratio | 5.3 | 2.2 |
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 |
---|---|---|---|---|---|---|---|---|---|
12/06/2023 | 12/07/2023 | 12/08/2023 | $0.0000 | $0.0000 | $0.0000 | $3.4145 | $3.4145 | $98.46 | 17.35% |
07/25/2022 | 07/26/2022 | 07/27/2022 | $0.0000 | $0.0000 | $0.0000 | $0.0060 | $0.0060 | $86.81 | -25.87% |
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.0000 | $0.0000 | $0.0000 | $8.9820 | $8.9820 | $121.55 | 14.22% |
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.0000 | $3.3941 | $3.3941 | $109.21 | 33.33% |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0000 | $0.0000 | $0.0000 | $1.5044 | $1.5044 | $89.40 |
For estimated distributions, visit the Tax Center
Investor Series
Baron Asset Fund: The Underappreciated Advantages of Mid-Cap Growth Stocks
Learn more about the investment approach for Baron Asset Fund.