Baron Fifth Avenue Growth Fund
Symbol BFTUXCUSIP: 068278811
Symbol BFTUXCUSIP: 068278811
L
Large-Cap GrowthNav
$63.68
Daily Change $0.68 (1.08%)
As of 12/06/2024
As of 12/06/2024
Net Assets
$636.39 M
As of 09/30/2024
Morningstar Medalist Rating™
BRONZE
Inception date
04/30/2004
Prices & Performance
PricesAs of 12/06/2024
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$63.68 | $0.68 | 1.08% | 5.01% | 19.16% | 46.90% |
NAV | $63.68 |
---|---|
Daily Change ($) | $0.68 |
Daily Change (%) | 1.08% |
MTD | 5.01% |
QTD | 19.16% |
YTD | 46.90% |
PerformanceAs of 09/30/2024
Portfolio or Index | QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception 04/30/2004 |
---|---|---|---|---|---|---|---|
BFTUX - Baron Fifth Avenue Growth Fund - R6 | 3.57% | 23.28% | 44.98% | -1.07% | 11.63% | 12.85% | 9.96% |
Russell 1000 Growth Index | 3.19% | 24.55% | 42.19% | 12.02% | 19.74% | 16.52% | 12.27% |
S&P 500 Index | 5.89% | 22.08% | 36.35% | 11.91% | 15.98% | 13.38% | 10.56% |
Performance InformationAs of 09/30/2024
Performance statistics | 3 Years | 5 Years | 10 Years |
---|---|---|---|
Standard Deviation (%) | 28.99 | 26.31 | 21.43 |
Sharpe Ratio | -0.16 | 0.35 | 0.52 |
Alpha (%) | -13.49 | -8.75 | -4.77 |
Beta | 1.29 | 1.17 | 1.15 |
R-Squared (%) | 86.19 | 83.34 | 84.03 |
Tracking Error (%) | 12.36 | 11.28 | 8.93 |
Information Ratio | -1.06 | -0.72 | -0.41 |
Upside Capture (%) | 102.14 | 99.08 | 102.66 |
Downside Capture (%) | 150.69 | 129.68 | 123.74 |
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 11/30/2024
Holding | Sector | % of Net Assets | |
---|---|---|---|
NVIDIA Corporation NVIDIA Corporation (NVDA) sells semiconductors, systems, and software for accelerated computing, gaming, and generative AI (Gen AI). Computing demand has been doubling every one to two years, driven by electrification, digitization, and 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 Gen AI 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 | 10.5% | |
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 (AWS). 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. Amazon also represents an opportunity to invest in the secular growth of cloud computing through AWS, a large, growing part of the business. | Consumer Discretionary | 8.1% | |
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 (GMV) in 2023. Shopify is the second largest e-commerce player in the U.S. as measured by GMV. Shopify has developed a scalable platform that offers an end-to-end commerce solution to merchants of all sizes, including offline, international, and B2B. Shopify’s aggregate scale, innovation, and ecosystem of partners enable merchants to take payments, receive loans, and sell their products internationally. With less than 2% share of $20 trillion in global commerce, it has a long runway for growth. | Information Technology | 7.4% | |
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 video, WhatsApp, business messaging, and generative AI features. | Communication Services | 7.1% | |
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 | 5.5% | |
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 offerings 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 leverage its large customer base for further growth. Management is balancing growth and margin expansion to support both 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 | 5.2% | |
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 enabling data-driven digital advertising. The Trade Desk's visionary founder and CEO Jeff Green 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 | 4.6% | |
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. Over the past decade, Microsoft has transformed itself, refocusing the business on cloud computing and AI. Microsoft's commercial cloud business now represents over 56% of revenue and is growing around 25% year-on-year. Its moat is built on the wide reach of its sales channel, its diverse platform of software offerings, its hybrid cloud capabilities, and the high costs of switching away from its solutions, which tend to be mission critical for customers. We believe Microsoft will benefit from the growing adoption of cloud for years to come. | Information Technology | 3.9% | |
Tesla, Inc. Tesla, Inc. (TSLA) manufactures electric vehicles, including a luxury sedan and CUV (S/X), a mid-sized luxury sedan and hatchback (3/Y), and pickup and semi-trucks. It is also ramping up internal battery cell production, energy solutions, and software offerings such as full self-driving and insurance. We expect Tesla will continue to grow its automotive business through international production capacity and product expansion. Tesla's vertical integration, technology innovation, brand, profitability, and growing supplier support offer unique and durable growth opportunities that are hard to replicate. In addition, Tesla's energy and software expertise is broadening the industrial opportunity to large and profitable revenue avenues that were previously locked in the legacy vehicle architecture, such as autonomous driving, robotics, insurance, and other AI use cases. | Consumer Discretionary | 3.8% | |
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 is a key competitive advantage, and we see a significant opportunity in the growth of its fintech offerings. | Consumer Discretionary | 3.7% | |
Total Total | 59.6% |
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 |
---|---|---|
Shopify Inc. | 5.25% | 1.23% |
Meta Platforms, Inc. | 7.56% | 1.13% |
MercadoLibre, Inc. | 4.21% | 1.04% |
Tesla, Inc. | 2.20% | 0.73% |
argenx SE | 2.68% | 0.65% |
Source: FactSet PA.
GICS Sector BreakdownAs of 11/30/2024
Sector
Information Technology
46.9%
Consumer Discretionary
17.9%
Communication Services
13.9%
Health Care
10.7%
Financials
8.4%
Cash & Cash Equivalents
1.2%
Industrials
0.9%
Sub-Industry
11/30/2024Systems Software14.70%
Broadline Retail 14.10%
Semiconductors12.80%
Application Software10.20%
Interactive Media & Services9.40%
Internet Services & Infrastructure7.40%
Transaction & Payment Processing Services 6.20%
Health Care Equipment5.50%
Advertising4.60%
Automobile Manufacturers3.80%
Biotechnology2.70%
Asset Management & Custody Banks2.20%
Semiconductor Materials & Equipment 1.90%
Life Sciences Tools & Services1.30%
Health Care Technology1.20%
03691215
Systems Software14.70%
Broadline Retail 14.10%
Semiconductors12.80%
Application Software10.20%
Interactive Media & Services9.40%
Internet Services & Infrastructure7.40%
Transaction & Payment Processing Services 6.20%
Health Care Equipment5.50%
Advertising4.60%
Automobile Manufacturers3.80%
Biotechnology2.70%
Asset Management & Custody Banks2.20%
Semiconductor Materials & Equipment 1.90%
Life Sciences Tools & Services1.30%
Health Care Technology1.20%
03691215
Portfolio CharacteristicsAs of 09/30/2024
Description | Baron Fifth Avenue Growth Fund | Russell 1000 Growth Index |
---|---|---|
Inception Date | April 30, 2004 | |
Net Assets | $636.39 million | |
# of Issuers / % of Net Assets | 31 / 97.2% | |
Turnover (3 Year Average) | 25.58% | |
Active Share | 65.4% | |
Median Market Cap | $68.77 billion | $20.17 billion |
Weighted Average Market Cap | $936.47 billion | $1.58 trillion |
R6 Shares | ||
CUSIP | 068278811 | |
Gross Expense Ratio | 0.78% | |
Net Expense Ratio | 0.76% | |
Current Expense Ratio Date | 9/30/2023 | |
EPS Growth (3-5 year forecast) | 25.1% | 18.8% |
Price/Earnings Ratio (trailing 12-month) | 44.7 | 36.6 |
Price/Book Ratio | 10.4 | 9.6 |
Price/Sales Ratio | 7.6 | 5.3 |
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.