Baron Partners Fund
Symbol BPTIXCUSIP: 06828M405
Symbol BPTIXCUSIP: 06828M405
A
All-Cap GrowthNav
$230.08
Daily Change -$1.67 (-0.72%)
As of 12/12/2024
As of 12/12/2024
Net Assets
$6.48 B
As of 09/30/2024
Inception date
01/31/1992
Prices & Performance
PricesAs of 12/12/2024
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$230.08 | -$1.67 | -0.72% | 15.91% | 32.16% | 38.43% |
NAV | $230.08 |
---|---|
Daily Change ($) | -$1.67 |
Daily Change (%) | -0.72% |
MTD | 15.91% |
QTD | 32.16% |
YTD | 38.43% |
PerformanceAs of 09/30/2024
Portfolio or Index | QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception 01/31/1992 |
---|---|---|---|---|---|---|---|
BPTIX - Baron Partners Fund - I | 13.94% | 4.74% | 13.53% | 1.14% | 27.31% | 19.09% | 14.96% |
Russell Midcap Growth Index | 6.54% | 12.91% | 29.33% | 2.32% | 11.48% | 11.30% | 10.08% |
Russell 3000 Index | 6.23% | 20.63% | 35.19% | 10.29% | 15.26% | 12.83% | 10.49% |
Performance InformationAs of 09/30/2024
Performance statistics | 3 Years | 5 Years | 10 Years | Since Inception |
---|---|---|---|---|
Standard Deviation (%) | 36.71 | 40.36 | 31.02 | 27.07 |
Sharpe Ratio | -0.07 | 0.62 | 0.56 | 0.46 |
Alpha (%) | 1.22 | 13.07 | 5.16 | 4.80 |
Beta | 1.39 | 1.49 | 1.39 | 1.12 |
R-Squared (%) | 64.86 | 64.12 | 65.00 | 66.33 |
Tracking Error (%) | 23.27 | 26.42 | 19.64 | 15.88 |
Information Ratio | -0.05 | 0.60 | 0.40 | 0.31 |
Upside Capture (%) | 147.38 | 174.70 | 150.95 | 126.21 |
Downside Capture (%) | 151.59 | 146.66 | 140.21 | 116.14 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Partners Fund's(BPTIX) benchmark (Russell Midcap Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
Risk & Return109/30/2019 - 09/30/2024
1 Source: FactSet SPAR.
Portfolio Holdings & Characteristics
HoldingsAs of 11/30/2024
Holding | Sector | % of Total Investments | |
---|---|---|---|
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 | 39.1% | |
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 | 10.0% | |
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 | 7.7% | |
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 | 7.0% | |
Hyatt Hotels Corporation Hyatt Hotels Corporation (H) is a global hospitality company with 1,352 Hyatt-branded properties representing 325,507 keys. The company's brands include Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Place, and Hyatt Summerfield Suite. It derives 85% of EBITDA from fees and 15% from owned assets. We believe Hyatt has a significant opportunity to market more of its brands globally, given an undersupply of rooms across the world. Compared to peers, Hyatt has the least global brand penetration and the largest pipeline of unit growth. We believe its asset light strategy and strong balance sheet, coupled with continued robust pricing for hotel assets, give Hyatt an opportunity to generate strong growth in earnings and cash flow. The resulting increased cash could be used for further buybacks and tuck-in acquisitions and could result in multiple expansion over time. | Consumer Discretionary | 6.3% | |
The Charles Schwab Corporation The Charles Schwab Corporation (SCHW) is a discount brokerage firm offering securities brokerage and other financial services to individual investors directly and through independent financial advisors. The company has over $8 trillion in assets under custody. Schwab’s emphasis on customer trust has made it a sterling brand in financial services. We believe its investor services division is well positioned to take share from traditional brokerages. Its institutional business has continued to gain RIA relationships. The company has made acquisitions that broaden its product offering and bring new customers onto the platform. We think Schwab is well positioned to retain clients and lower its industry-leading cost per client asset. | Financials | 4.4% | |
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 | 4.2% | |
FactSet Research Systems Inc. FactSet Research Systems Inc. (FDS) provides financial information to the global investment community. FactSet serves only a small part of the addressable market, which we estimate at roughly $20 billion annually. The company offers broader data sets and more advanced portfolio analytics than peers and has a highly regarded customer service model. FactSet has also been expanding into the fixed income and wealth management markets. Its products are sticky, leading to retention rates of over 95% and high visibility. It generates robust free cash flow, which it has returned to shareholders via share repurchases and dividends. | Financials | 3.9% | |
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 | 3.2% | |
Vail Resorts, Inc. Vail Resorts, Inc. (MTN) is the largest ski resort operator in North America. It owns 42 resorts in the U.S., Canada, Switzerland, and Australia, including Vail and Breckenridge in Colorado, Whistler Blackcomb in Canada, and Stowe in Vermont. Its RockResorts hotel brand offers luxury ski lodging properties. Vail has been upgrading its resorts to offer new and higher-quality services and amenities and summer recreational activities, which should attract more visitors. Vail is focused on growing season pass sales and has been acquiring resorts and forming partnerships to enhance the attractiveness of its season pass. We think price increases for season passes should not impact retention rates. The company has a strong balance sheet and free cash flow profile that it is using for acquisitions, investments in its resorts, dividend increases, share buybacks, and debt reduction. | Consumer Discretionary | 3.1% | |
Total Total | 89.1% | ||
Long Equity Exposure (% of Net Assets) Long Equity Exposure | 113.1% | ||
Cash & Equivalents (% of Net Assets) Cash & Equivalents | -13.1% |
Top Ten Fund Holdings based on total investments. 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 |
---|---|---|
Tesla, Inc. | 35.97% | 10.55% |
Arch Capital Group Ltd. | 10.97% | 1.37% |
Guidewire Software, Inc. | 2.19% | 0.69% |
Gartner, Inc. | 5.33% | 0.68% |
FactSet Research Systems Inc. | 4.76% | 0.63% |
Source: FactSet PA.
GICS Sector BreakdownAs of 11/30/2024
Sector
Consumer Discretionary
50.8%
Financials
17.8%
Industrials
10.7%
Real Estate
8.2%
Information Technology
6.4%
Health Care
3.2%
Communication Services
2.8%
Sub-Industry
11/30/2024Automobile Manufacturers39.10%
Aerospace & Defense10.70%
Property & Casualty Insurance7.70%
Real Estate Services 7.00%
Hotels, Resorts & Cruise Lines6.30%
Financial Exchanges & Data5.70%
Investment Banking & Brokerage4.40%
IT Consulting & Other Services4.20%
Health Care Equipment3.20%
Leisure Facilities3.10%
Application Software2.20%
Movies & Entertainment2.00%
Casinos & Gaming1.20%
Footwear1.10%
Other Specialized REITs 1.10%
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Automobile Manufacturers39.10%
Aerospace & Defense10.70%
Property & Casualty Insurance7.70%
Real Estate Services 7.00%
Hotels, Resorts & Cruise Lines6.30%
Financial Exchanges & Data5.70%
Investment Banking & Brokerage4.40%
IT Consulting & Other Services4.20%
Health Care Equipment3.20%
Leisure Facilities3.10%
Application Software2.20%
Movies & Entertainment2.00%
Casinos & Gaming1.20%
Footwear1.10%
Other Specialized REITs 1.10%
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Portfolio CharacteristicsAs of 09/30/2024
Description | Baron Partners Fund | Russell Midcap Growth Index |
---|---|---|
Inception Date | January 31, 1992 | |
Net Assets | $6.48 billion | |
# of Issuers / % of Net Assets | 21 / 115.2% | |
Turnover (3 Year Average) | 5.00% | |
Active Share | 94.8% | |
Median Market Cap | $18.49 billion | $12.63 billion |
Weighted Average Market Cap | $321.57 billion | $29.88 billion |
Expense Ratio | 1.99% | |
Current Expense Ratio Date | 12/31/2023 | |
EPS Growth (3-5 year forecast) | 18.0% | 19.5% |
Price/Earnings Ratio (trailing 12-month) | 28.2 | 31.1 |
Price/Book Ratio | 5.7 | 8.4 |
Price/Sales Ratio | 5.4 | 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 |
---|---|---|---|---|---|---|---|---|---|
09/26/2022 | 09/27/2022 | 09/28/2022 | $0.0000 | $0.0000 | $0.0000 | $3.5554 | $3.5554 | $149.36 | -42.41% |
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.0000 | $0.0000 | $0.0000 | $7.2370 | $7.2370 | $209.97 | 31.73% |
09/22/2021 | 09/23/2021 | 09/24/2021 | $0.0000 | $0.0000 | $0.0000 | $8.1220 | $8.1220 | $179.81 | 31.73% |
11/23/2020 | 11/24/2020 | 11/25/2020 | $0.0000 | $0.0000 | $0.0000 | $5.0489 | $5.0489 | $143.96 | 149.18% |
09/23/2020 | 09/24/2020 | 09/25/2020 | $0.0000 | $0.0000 | $0.0000 | $0.9830 | $0.9830 | $114.68 | 149.18% |
For estimated distributions, visit the Tax Center
Investor Series
Baron Partners Fund: A High-Conviction, Differentiated Investment Approach
Learn more about the investment approach for Baron Fund.