Baron Capital US All Cap Focused Growth Fund—E/EUR
Symbol IE00007HK2A8
Symbol IE00007HK2A8
A
All-Cap GrowthNav
€137.02
Daily Change -€1.04 (-0.75%)
As of 01/14/2025
As of 01/14/2025
Net Assets
€4.72 M
As of 12/31/2024
Inception date
09/29/2023
Prices & Performance
PricesAs of 01/14/2025
NAV | Daily Change (€) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
€137.02 | -€1.04 | -0.75% | -1.16% | -1.16% | -1.16% |
NAV | €137.02 |
---|---|
Daily Change (€) | -€1.04 |
Daily Change (%) | -0.75% |
MTD | -1.16% |
QTD | -1.16% |
YTD | -1.16% |
PerformanceAs of 09/30/2024
Portfolio or Index | QTD | YTD | 1 Year | Since Inception 09/29/2023 |
---|---|---|---|---|
Baron Capital US All Cap Focused Growth Fund—E/EUR | 5.15% | 14.48% | 21.07% | 21.07% |
Russell 3000 Growth Index(EUR) | -0.69% | 22.73% | 34.20% | 34.20% |
Portfolio Holdings & Characteristics
HoldingsAs of 12/31/2024
Holding | Sector | % of Net Assets | |
---|---|---|---|
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 | 8.5% | |
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 | 5.1% | |
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 | 4.8% | |
MSCI Inc. MSCI Inc. (MSCI) provides investment decision support tools to global investment institutions. We believe MSCI, the de facto standard for measuring global market performance, is positioned to benefit from the continuing development of emerging markets, passive investing, ESG, and the growth of global financial assets. We believe the company's indices remain the global standard for cross-border investing and will continue to be selected by institutions when issuing new mandates. Both the index and multi-asset portfolio and risk analytics products are mission-critical and deeply embedded in client workflows. | Financials | 4.5% | |
Interactive Brokers Group, Inc. Interactive Brokers Group, Inc. (IBKR) is an automated global electronic broker. It provides low-cost execution, clearing, and settlement of trades for retail and institutional customers across multiple asset classes and currencies. Interactive Brokers is gaining share because of its advanced technology, quality of execution, and low trading costs. We expect the company to continue growing rapidly through international expansion and as domestic RIAs depart traditional institutions to launch their own firms. Interactive Brokers' competitive advantage comes from automation through best-in-class software engineering, which enables it to offer industry-low costs to customers. Founder and Chairman Thomas Peterffy is well regarded and is the company's largest shareholder. | Financials | 4.5% | |
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 | 4.4% | |
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 | 4.3% | |
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 (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 | 4.2% | |
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 | 4.1% | |
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 | 4.1% | |
Total Total | 48.4% |
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.
Contributors / DetractorsQuarterly as of 09/30/2024
Top Contributors | Average Weight | Contribution |
---|---|---|
Tesla, Inc. | 5.86% | 1.44% |
Guidewire Software, Inc. | 3.95% | 1.04% |
On Holding AG | 4.23% | 0.98% |
Shopify Inc. | 4.28% | 0.79% |
MSCI Inc. | 4.31% | 0.66% |
Source: FactSet PA and BAMCO
GICS Sector BreakdownAs of 12/31/2024
Sector
Consumer Discretionary
32.1%
Financials
22.5%
Information Technology
17.8%
Industrials
8.8%
Communication Services
5.7%
Real Estate
5.4%
Health Care
4.1%
Cash & Cash Equivalents
3.7%
12/31/2024
Automobile Manufacturers8.50%
Investment Banking & Brokerage8.30%
Financial Exchanges & Data7.30%
Property & Casualty Insurance6.80%
Aerospace & Defense6.10%
Application Software5.50%
Leisure Facilities5.10%
Hotels, Resorts & Cruise Lines4.80%
Real Estate Services 4.30%
Internet Services & Infrastructure4.20%
Health Care Equipment4.10%
Semiconductors4.10%
Casinos & Gaming4.10%
IT Consulting & Other Services3.90%
Footwear3.70%
0246810
Automobile Manufacturers8.50%
Investment Banking & Brokerage8.30%
Financial Exchanges & Data7.30%
Property & Casualty Insurance6.80%
Aerospace & Defense6.10%
Application Software5.50%
Leisure Facilities5.10%
Hotels, Resorts & Cruise Lines4.80%
Real Estate Services 4.30%
Internet Services & Infrastructure4.20%
Health Care Equipment4.10%
Semiconductors4.10%
Casinos & Gaming4.10%
IT Consulting & Other Services3.90%
Footwear3.70%
0246810
United States85.40%
Canada4.20%
Switzerland3.70%
Sweden3.10%
0153045607590
United States85.40%
Canada4.20%
Switzerland3.70%
Sweden3.10%
0153045607590
Portfolio CharacteristicsAs of 06/30/2024
Description | Baron Capital US All Cap Focused Growth Fund—EUR | |
---|---|---|
Inception Date | 29 September 2023 | |
Net Assets | €4.72 million | |
# of Issuers / % of Net Assets | 25 / 93.3% | |
Active Share | 90.1% | |
Median Market Cap | €26.21 billion | €2.09 billion |
Weighted Average Market Cap | €276.31 billion | €1.35 trillion |
Management Fee | 1.10% | |
EPS Growth (3-5 year forecast) | 26.3% | 19.3% |
Price/Earnings Ratio (trailing 12-month) | 29.7 | 34.0 |
Price/Book Ratio | 4.5 | 8.3 |
Price/Sales Ratio | 4.1 | 4.1 |
Current Management Fee Ratio Date | 29 September 2023 | |
Minimum Investment Amount(E/EUR) | $1,000,000 |
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.