Ron Baron

Ron Baron

Last Update: 2014-05-15

Number of Stocks: 358
Number of New Stocks: 36

Total Value: $24,549 Mil
Q/Q Turnover: 6%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron Watch

  • Baron Funds Comments on Amber Road Inc

    Amber Road, Inc. (AMBR), is in the Internet software & services sub-industry, where we have found a number of companies we like. We participated in Amber Road’s IPO in March 2014 and added to our position in May 2014. The company has a unique product: a proprietary database developed over the past decade that tracks the complex issues involved in international trade, including worldwide import/export controls, tariff rules, restricted party lists, and sailing schedules, in over 20 languages. It has a high quality customer base and subscription-based revenue model that provides transparency into the company’s financial health.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on Revance Therapeutics Inc

    Revance Therapeutics, Inc. (RVNC), exemplifies the Fund’s investments in biotechnology. Revance’s initial product is a gel that the company is positioning as the first FDA-approved non-injectable form of Botox. We think many patients and doctors will prefer the gel over injectable Botox. In addition, its market is large and growing, especially internationally. (Allergan, which derives 80% of its revenue from sales of Botox, recently rejected a $53 billion takeover offer.) Product launch is scheduled for 2017 or earlier, and we expect that over time, Revance will capture 20-25% of the market.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on Flotek Industries Inc

    For instance, in the Energy sector, Baron Discovery owns Flotek Industries, Inc. (FTK), a manufacturer of innovative, eco-friendly citrus-oil-based chemicals used to increase recoverable reserves from shale oil and gas wells in North America.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on Acuity Brands Inc

    Acuity Brands, Inc. (AYI), which provides LED lighting systems for commercial real estate facilities, typifies our fallen angel investments. After our initial purchase in 2011, the stock dropped off sharply in reaction to an earnings miss. We used the weakness to significantly increase our position in Acuity. Since then, the stock has more than doubled. The company has an extensive distribution network and expertise in complex lighting schemes that is unparalleled in the industry, and we think it will continue to take market share in the growing number of commercial buildings being retrofit with energy efficient lighting systems.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on Waste Connections Inc

    Clean Harbors, Inc. (CLH), and Waste Connections, Inc. (WCN), are two examples of classic growth stocks in the portfolio. … Waste Connections provides solid waste services in non-urban U.S. markets. It has a monopoly in many areas due to high barriers to entry, and derives more than half of its revenue from long-term, exclusive agreements. We have held these two stocks for seven and five years, respectively, during which periods our investments have more than doubled.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on Clean Harbors Inc

    Clean Harbors, Inc. (CLH), and Waste Connections, Inc. (WCN), are two examples of classic growth stocks in the portfolio. Clean Harbors is a leading provider of environmental and hazardous waste management services. In addition to its market leadership position, it has many attributes we like, including a stable and recurring revenue base, and high barriers to entry created by permitting and regulatory hurdles and the high capital cost of waste management facilities. … We have held these two stocks for seven and five years, respectively, during which periods our investments have more than doubled.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on Arch Capital Group Ltd

    Among our longer term holdings, 12 positions, representing about 15.1% of the portfolio, have been held for over 10 years. On average, these investments increased almost six-fold in the time we have held them. Holdings include Arch Capital Group Ltd. (ACGL), an insurance and reinsurance company that excels at writing specialized policies and has a long, successful track record across numerous insurance cycles. In the 12 years we have owned Arch Capital, its market cap has grown from $0.4 billion to more than $7.7 billion today.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on RSP Permian Inc

    Another newer holding, RSP Permian, Inc. (RSPP), is an oil and gas exploration & production company in the Permian Basin in West Texas. RSP has an experienced management team with an excellent track record. Its key acreage position gives it an additional competitive advantage, since this is where the most productive wells are likely to be drilled. As of June 30, 2014, the stock has climbed 58.6% since we initiated our position in January 2014.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Comments on Iridium Communications Inc

    For example, we invested in Iridium Communications Inc. (IRDM), which operates satellites used for voice and data communication via handheld satellite phones and other transceivers. Iridium is developing the world’s first satellite-based global air traffic surveillance system, which we think has the potential for transformational improvements in flight safety, control and efficiencies. As of June 30, 2014, the stock was up nearly 40% since our initial investment in early May 2014.


    From Baron Funds' Second Quarter 2014 Shareholder Letter.

      


  • Baron Funds Second Q2 2014 Shareholder Letter

    Baron Capital got its start investing in small cap stocks. Today, we have 13 Funds across all asset classes, including three small cap Funds. The investment approach is the same, grounded in our long-established, consistently applied methodology developed by founder Ron Baron (Trades, Portfolio). We combine fundamental, bottom-up research with a long-term perspective to find companies with open-ended growth opportunities, sustainable competitive advantages, and visionary management, at an attractive valuation.

    Our three small cap Funds, Baron Growth Fund, Baron Small Cap Fund, and Baron Discovery Fund, are each managed by a different portfolio manager. From our decades of researching small cap companies, we have learned to identify what we believe are businesses with unique opportunities for growth. Many of these businesses are run by executives with a significant personal stake, and who are typically eager to meet with us to explain their strategy for growth and to allow us to judge them and their ability to attract and retain exceptional employees. We also think that there are more hidden gems in the small cap space, since these stocks typically are not widely covered on Wall Street. We employ a consistent investment approach in researching and managing all of our Funds. At the same time, each of our small cap Funds has distinct characteristics. As of June 30, 2014, overlap in the holdings among the three funds ranged from 8% to 23%.  


  • Baron Funds Comments on Haitong Securities Co.

    Haitong Securities Co., Ltd. (SHSE:600837) is a leading securities and brokerage firm in China. Shares were weak during the first quarter due to macro concerns over rising non-performing loans in the Chinese banking system, which could lead to a more pronounced credit contraction. We believe Haitong is well-positioned to gain for many years as credit allocation in China undergoes a secular shift from a state-bank sponsored system driven by political relationships to a more market-driven and credit sensitive system increasingly administered by the securities industry.


    From Baron Funds' first quarter 2014 commentary.

      


  • Baron Funds Comments on Mitsui Fudosan

    Mitsui Fudosan Co. Ltd. detracted from performance in the first quarter following strong outperformance in 2013. Mitsui Fudosan is a mixed-use Japanese property developer and real estate operating company. The company's weak performance was in line with the general underperformance of Japanese equities due to increased uncertainty around monetary policy and economic growth in that country


    From Baron Funds' first quarter 2014 commentary.

      


  • Baron Funds Comments on Yandex N.V.

    Yandex N.V. (YNDX) is the leading search engine provider in Russia. The stock was a detractor in the first quarter due to a decline in the Russian ruble and rising geopolitical tension over Crimea. Although we expect the conflict to negatively impact the company's growth rate going forward, we continue to hold shares in Yandex due to, in our view, its strong competitive positioning and positive long-term growth prospects relative to its current valuation.


    From Baron Funds' first quarter 2014 commentary.

      


  • Baron Funds Comments on Sina Corporation

    Sina Corporation (SINA) is a leading Chinese Internet portal and the majority owner of SINA Weibo, the largest Twitter-like microblogging service in China. Sina was a detractor in the first quarter due to concerns over slowing user growth, as well as the dilutive impact of the pending IPO of Weibo, where Alibaba exercised its option to increase its stake in Weibo from 18% to 30%. We continue to own shares in Sina, as we believe Weibo is worth more than its current embedded valuation.


    From Baron Funds' first quarter 2014 commentary.

      


  • Baron Funds Comments on Ryanair Holdings

    Shares of Ryanair Holdings plc (RYAAY) increased in the first quarter, after the company announced a favorable fourth quarter and provided some detail around plans to grow market share in the business travel segment. Ryanair is a low-cost European airline flying 80 million passengers per year. We continue to see opportunities for Ryanair to carry more passengers over time, in both high-demand, high-traffic airports and secondary airports, as high cost incumbent airlines struggle to competitively price tickets in the face of rising fuel and labor costs.


    From Baron Funds' first quarter 2014 commentary.

      


  • Baron Funds Comments on Criteo S.A.

    Criteo S.A. (CRTO) is a global ad-tech company that enables e-commerce companies to efficiently target and convert potential customers into paying ones. Criteo shares rose on the strength of solid fourth quarter results. We believe that Criteo's access to customer data and its scale make it unique, and we expect the company to continue to grow rapidly through new customer additions, product expansions, and accelerated U.S. growth. Finally, we believe Criteo has an opportunity to expand its addressable market into mobile, along with several new industry verticals.


    From Baron Funds' first quarter 2014 commentary.

      


  • Baron Funds Comments on Domino's Pizza Enterprises Ltd.

    Domino's Pizza Enterprises Ltd. (DPZ) is the largest international master franchiser of the Domino's Pizza brand. The company increased its footprint beyond its significant presence in Australia, New Zealand, and select European countries with the recent acquisition of the master franchise agreement of Domino's Pizza Japan. During the first quarter, shares responded favorably to the release of solid earnings results and an upgrade on guidance for its Japanese business.


    From Baron Funds' first quarter 2014 commentary.

      


  • Baron Funds Comments on Kroton Educacional SA

    Kroton Educacional SA (OTCPK:KROTY), the largest for-profit college in Brazil, posted excellent operating results in 2013. During the first quarter, Kroton released yet another strong set of financial results and provided preliminary 2014 student enrollment figures that topped expectations, suggesting another strong year ahead. Not surprisingly, shares reacted positively by rising sharply during the quarter

      


  • Baron Funds Comments on RIB Software AG

    Shares of RIB Software AG (HAM:RSTA), which provides unique, integrated and real-time project management software to the global construction industry, returned over 50% in the first quarter. RIB was able to dramatically shorten its sales process during 2013, from more than one year to just 100 days, resulting in strong contract wins. We expect this momentum to continue into 2014.

      


  • Baron Funds Comments on CaesarStone Sdot-Yam Ltd.

    CaesarStone Sdot-Yam Ltd. (CSTE) is an Israeli-based manufacturer of engineered quartz surfaces for kitchen countertops and bathroom vanities. CaesarStone invented the first quartz surface over 25 years ago and today has leading market positions in 42 countries, including the U.S., Australia, Canada and Israel. Quartz countertops offer an exciting growth story, having outgrown the $33 billion global countertop market by four-fold over the last decade, while still representing just 8% of the market, vs. granite at 27%. Consumers like quartz over granite for its superior scratch and stain resistance, variety of design options and comparable price point. We think CaesarStone can double its revenues and expand margins over the next five years, as construction activity rebounds (particularly in the U.S.), quartz penetration increases, and the company introduces new, higher priced products. Management is making significant investments to expand its manufacturing capacity in anticipation of demand. (David Kirshenbaum)

      


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User Comments

Francesca turner
ReplyFrancesca turner - 3 months ago
why is illumina performing so badly and do you still own it?



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