Ron Baron

Ron Baron

Last Update: 05-15-2017

Number of Stocks: 323
Number of New Stocks: 28

Total Value: $18,885 Mil
Q/Q Turnover: 3%

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

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20164.0411.96-7.9
2015-2.711.38-4.1
201410.2613.69-3.4
3-Year Cumulative11.6 (3.7%/year)29 (8.9%/year)-17.4 (-5.2%/year)
201347.6332.3915.2
201216.4160.4
5-Year Cumulative91.8 (13.9%/year)98.2 (14.7%/year)-6.4 (-0.8%/year)
2011-5.742.11-7.8
201031.5215.0616.5
200928.226.461.7
2008-46.67-37-9.7
200711.345.495.9
10-Year Cumulative81 (6.1%/year)95.7 (6.9%/year)-14.7 (-0.8%/year)
200621.5515.795.8
200514.374.919.5
200442.3510.8831.5
200334.9528.686.3
2002-18.07-22.14.0
15-Year Cumulative296 (9.6%/year)164.2 (6.7%/year)131.8 (2.9%/year)
2001-15.71-11.89-3.8
20004.82-9.113.9
199918.4221.04-2.6
199811.6828.58-16.9
199749.8833.3616.5
20-Year Cumulative593.5 (10.2%/year)339.2 (7.7%/year)254.3 (2.5%/year)
199616.1322.96-6.8
199536.9437.58-0.6
19944.761.323.4
199328.7810.0818.7
199216.837.629.2
25-Year Cumulative1638.3 (12.1%/year)791.8 (9.1%/year)846.5 (3%/year)

Top Ranked Articles

Intel, Mobileye Join to Advance Autonomous Vehicle Technology Deal is valued at around $15 billion
In the latest move by a technology company to advance the development of self-driving cars, Intel Corp. (NASDAQ:INTC) announced on March 13 it has reached an agreement to buy Israel’s Mobileye NV (NYSE:MBLY) for approximately $15.3 billion. Read more...
Baron Funds Comments on Press Ganey Holdings Guru stock highlight
Press Ganey Holdings, Inc. (NYSE:PGND) is a leading provider of patient experience and employee engagement measurement, analytics, and strategic advisory services for health care organizations. The foundation of the business is its proprietary data set, which it collects from surveys of patients, doctors, nurses, administrators, and employees. In 2015, it distributed 105 million surveys, including 33 million electronically and 72 million by mail or phone. Read more...
Baron Funds Comments on MonotaRO Co. Ltd. Guru stock highlight
We currently own MonotaRO Co. Ltd. (TSE:3064) within the Industrials sector. Japan-based MonotaRO is an online distributor of machine tools, engine parts, and consumables for maintenance, repair, and operations (MRO) activity in Japan and is a strategic supply chain partner to Japanese businesses. U.S.-based W.W. Grainger is the company’s majority owner. Its online business model avoids the fixed costs of store-based competitors and allows it to pass on cost savings to its customers. We expect MonotaRO to continue to grow its share of the Japanese MRO segment and expand and compete in other large markets such as Korea. Read more...
Baron Funds Comments on Qualys Guru stock highlight
Cybersecurity Cybersecurity is another IT area in which we are finding promising investment opportunities, although the intense competition in this space means it is important to be selective. Qualys, Inc. (NASDAQ:QLYS) is a cloud-based cybersecurity services provider to large corporate clients that specializes in assessing software vulnerabilities of hardware attached to internet networks. Qualys is accelerating its growth and continues to trade at what we believe is a reasonable multiple of real free cash flow, whereas many of its peers are still losing money. It’s a fully subscription-based business, which leads to high revenue visibility. Read more...
Baron Funds Comments on IDEXX Laboratories Inc. Guru stock highlight
Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading provider of testing and diagnostics to veterinarians, gained after the company reported another quarter of strong financial results. We continue to believe that IDEXX’s business trends are improving and that its competitive position is becoming increasingly unassailable. The company’s placements of new diagnostic instruments in veterinary hospitals grew by almost 25% in its recent quarter. We expect this to be a key driver of future growth because these instruments require the ongoing purchase of high-margin consumables to perform in-clinic tests. In addition, the company’s network of domestic testing laboratories continued to grow at more than twice the rate of its main competitor. We believe that these trends, coupled with the revenue contributions from its new proprietary tests, has potential for better revenue and earnings growth during the next few years. Read more...
» More Ron Baron Articles

Commentaries and Stories

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Tom Gayner Gains 4 New Stocks in 1st Quarter Guru releases quarterly portfolio Tom Gayner,Ron Baron,Chuck Royce,Columbia Wanger,S - Tom Gayner Gains 4 New Stocks In 1st Quarter
Markel-Gayner Asset Management Corp.’s Tom Gayner (Trades, Portfolio) gained four new holdings in the first quarter. They are Healthcare Services Group Inc. (NASDAQ:HCSG), Albemarle Corp. (NYSE:ALB), International Business Machines Corp. (NYSE:IBM) and Rockwell Collins Inc. (NYSE:COL). More...

MARKEL-GAYNER, BUYS 1Q


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Ron Baron Comments on Tencent Guru stock highlight
Oh, one more thing. In late March, Tencent (HKSE:00700), the largest publicly owned company in China, announced that it had acquired 5% of Tesla’s shares for $1.8 billion. Tencent is capitalized at $272 billion and is one of the fastest growing businesses in China. Tencent had purchased Tesla shares over the past two years in open market transactions and through Tesla secondary public equity offerings. Tencent’s average purchase price was $217 per share. Although Tencent’s investment in Tesla is “passive” at present, Tesla currently does about 15% of its business in China and it could be a lot easier to penetrate that very large market if Tesla had help from such a partner. We will see. More...

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Ron Baron Comments on Tesla Guru stock highlight
During the first quarter of 2017, Tesla (NASDAQ:TSLA)’s stock price increased 30.24% to $278.30 per share. Tesla is Baron Partners Fund’s largest holding and represented 14.2% of this focused Fund’s gross portfolio investments (18.2% of net assets) at quarter end. Until 2017, Tesla’s share price had been range bound principally between $200 and $250 per share since 2014. During that period, Baron Partners Fund purchased 1.1 million Tesla shares for an average cost of $213.35 per share. At the date of this letter, Tesla’s share price was above $300 per share. More...

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Ron Baron Comments on Zillow Group Guru stock highlight
Zillow Group, Inc. (NASDAQ:ZG) is the leading online real estate company in the U.S. Shares were down in the first quarter after the company reported a 2017 outlook that missed Street expectations. We believe that several products launched at the end of 2016 and early this year will start to have a positive impact on Zillow’s revenue growth through 2017. As the leader of a highly fragmented market, Zillow remains well positioned to grow its share, in our view. (Ashim Mehra) More...

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Ron Baron Comments on AO World plc Guru stock highlight
AO World plc (LSE:AO.) is the leading online seller of major domestic appliances in the U.K. Shares were down in the first quarter as the company continues to be impacted by rising manufacturing prices as the British pound weakens relative to the Euro. We expect these higher prices to stabilize later in 2017. AO continues to execute its domestic plan and take share from competitors, and we expect its German business to expand while the company works to improve terms with vendors in advance of further volume expansion. (Ashim Mehra) More...

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Ron Baron Comments on Under Armour Guru stock highlight
Shares of athletic apparel company Under Armour, Inc. (NYSE:UA) declined in the first quarter on reported earnings and guidance that missed Street expectations. Increased promotional activity, improved competitor positioning, and a key distributor’s bankruptcy lowered wholesale revenue. The company is attempting to diversify its wholesale distribution domestically while growing into other geographies and categories, which will likely cut into profitability over the next year, in our view. We believe many of these issues are temporary and the long-term demand and earnings potential remain relatively intact. (Michael Baron) More...

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Ron Baron Comments on Vail Resorts Guru stock highlight
Shares of ski resort company Vail Resorts, Inc. (NYSE:MTN) increased in the first quarter due to increased visitation and spend levels in a strong ski season. We believe Vail’s recent acquisitions of Whistler Blackcomb, Park City, and Perisher continue to help drive season pass sales and visitation, which, in turn, help insulate earnings from poor snowfall seasons and improve cash flow. (David Baron) More...

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Ron Baron Comments on IDEXX Laboratories Guru stock highlight
Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) rose in the first quarter, rallying on strong financial results and multiple expansion. Competitive trends are strong and improving, highlighted by instrument revenue growth, domestic lab growth, rising sales productivity, and stability in rapid assays. We think that IDEXX’s direct go-to-market model coupled with meaningful research and development-driven product enhancements will put steady upward pressure on organic revenue and earnings growth over time. (Neal Rosenberg) More...

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Ron Baron Comments on Tesla Guru stock highlight
Shares of electric vehicle company Tesla, Inc. (NASDAQ:TSLA) rose during the first quarter following its launch of GigaFactory, one of the world’s largest manufacturing facilities, which will potentially drive significant cost reduction. Tesla is on target for a July 2017 launch of its mass market Model 3, potentially the largest product cycle in history. Additionally, the company’s SolarCity merger is on track, showing less cash drain than initially feared by investors. We believe a pro-U.S. jobs administration is a tailwind for Tesla as it is one of North America’s fastest growing employers. The company also raised $1.4 billion from capital markets during the period. As importantly, we think, was an announcement by Tencent, the largest publicly owned company in China, that it had acquired 5% of Tesla for $1.8 billion. (Gilad Shany/Ishay Levin) More...

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Ron Baron's Baron Partners Fund 1st Quarter Shareholder Letter Discussion of market and holdings Ron Baron - Ron Baron's Baron Partners Fund 1st Quarter Shareholder Letter
Baron Partners Fund’s performance during the three months ended March 31, 2017 was strong. Its share price (Institutional Shares) increased 12.15%. This compares to the 6.89% gain for its primary benchmark, the Russell Midcap Growth Index. Morningstar ranked Baron Partners Fund’s performance among the 20 best performing funds in the Morningstar US Fund Mid-Cap Growth Category during the 2017 first quarter. † More...

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Ron Baron's First Quarter Letter to Baron Funds Shareholders A discussion on investing Ron Baron - Ron Baron's First Quarter Letter To Baron Funds Shareholders
“Would you like to know the easiest way to make a billion dollars? Take a penny. Bury it in the ground for a thousand years. Then dig.” J.P. Morgan. Chairman and Founder. J.P. Morgan & Company. 1880. “The Last Days of Night.” Graham Moore. 2016. More...

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Baron Opportunity Fund Comments on Mellanox Technologies Guru stock highlight
We sold about half of our Mellanox Technologies Ltd. (NASDAQ:MLNX) position after the company reported a weaker-than-expected fourth quarter and gave first quarter guidance that also missed expectations. In 20/20 hindsight our sale was hasty and in error. As we dug in, we came to the conclusion that the short-term pressure on sales was merely due to timing and certain product transitions. We did not wish to compound our error, and we added back to our position even as the shares recovered. We remain quite confident in the opportunity ahead of Mellanox and its ability to capture it. More...

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Baron Opportunity Fund Comments on Proofpoint Guru stock highlight
We recently established a position in Proofpoint, Inc. (NASDAQ:PFPT). We believe it is addressing a large market opportunity through its leading cloud-based cybersecurity and archiving platform, enabling companies to protect assets such as e-mail, cloud software applications and social media. We believe Proofpoint is positioned to gain market share as customers rethink their security architecture following deployments of new cloud applications, such as Office365, as well as the rising complexity of the IT environment and the evolving cyber-threat landscape. In addition, we believe the recently announced partnerships with vendors such as Palo Alto, Splunk and McAfee should provide the company additional opportunity for accelerated growth. Lastly, we expect the company to continue to use the data it collects to create improved threat protection products, and to leverage its strong brand and customer relationships to cross- and up-sell these enhanced solutions into its expanding customer base. More...

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Baron Opportunity Fund Comments on Varonis Systems Guru stock highlight
We initiated a position in Varonis Systems, Inc. (NASDAQ:VRNS) this quarter. Varonis helps organizations manage and protect their unstructured human-generated data (think office documents, PDFs, etc.) through a unique mouse trap – a proprietary software engine that captures, stores and analyzes the metadata of files in real time. We like to think that Varonis is doing inside the enterprise what Google is doing over the internet – if you have an easy way to index every file and track its use, you can provide high value-add services. One of these important services is insider threat protection. Varonis enables information technology managers to understand, in real time, where their data is, who has access to it and how it’s being used. This service has proven to be a highly effective tool in combatting the growing problem of ransomware. This has been one of the fundamental growth drivers for the company over the last year. Varonis has additional products and services, which we believe over time it will be able to sell into their existing and new customers. We believe Varonis plays in a large market More...

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Baron Opportunity Fund Comments on Wix.com Guru stock highlight
We initiated a position in Wix.com Ltd. (NASDAQ:WIX) during the quarter. Wix is the global leader in the do-it-yourself website building market, with 100 million registered users and 2.5 million premium subscribers. In addition to website building, Wix provides micro-businesses with tools to run their businesses, including marketing, scheduling and relationship management, among others, while charging them only about $13 a month on average. Wix’s growth is driven by extending its horizontal and vertical features as well as increasing the number of targeted verticals, such as hotels, restaurants, e-commerce and photographers. As highlighted above, Wix’s product innovation drives increasing conversion rates and enables Wix to increase its wallet share. The source of Wix’s competitive edge is its brand name and marketing reach along with its technological lead resulting in faster iteration with first-to-market features and vertical offerings. Wix’s subscription business model yields strong cohort economics, creating a predictable and a profitable business model (acquire a cohort once, get subscriptions forever). We believe Wix has major upside as it continues to innovate More...

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Baron Opportunity Fund Comments on SS&C Technologies Holdings Guru stock highlight
The Fund initiated a new position in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) during the quarter. SS&C is a leading provider of mission-critical software products and services that allow financial service companies to automate and outsource business processes. SS&C offers a vast portfolio of applications and services for portfolio management and accounting, financial modeling, trading, treasury management, and in particular, fund administration. The company’s products offer critical functionality to users, carry high ROIs relative to internally-developed software or paper-based processes, and are needed to meet regulatory requirements. We were able to acquire shares at attractive prices during the quarter due to market concerns about the health of the company’s hedge fund administration business. We believe that SS&C is poised to generate accelerating organic growth as it benefits from its enhanced scale and an improved competitive environment in the fund administration space, cross-sells products and services to its dramatically expanded customer base, and focuses on revenue growth from More...

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Baron Opportunity Fund Comments on Synchrony Financial Guru stock highlight
Synchrony Financial (NYSE:SYF), the largest issuer of private label credit cards in the U.S., reported better-than-expected financial results with 12% growth in receivables, 13% growth in net interest income and significant margin expansion. However, the stock underperformed due to increasing concerns over consumer credit and broader underperformance of bank stocks, reversing their significant outperformance in the aftermath of the election. We continue to own the stock because we believe credit losses will be manageable and that the company has a long runway for profitable growth. (Josh Saltman) More...

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Baron Opportunity Fund Comments on Proofpoint Guru stock highlight
Proofpoint, Inc. (NASDAQ:PFPT) offers cloud-based cybersecurity and archiving tools to help companies protect assets such as e-mail, cloud software applications and social media. Shares fell in the first quarter due primarily, in our view, to a Street analyst downgrade that raised concerns regarding potential increased competition from Microsoft Office 365’s built-in e-mail capabilities and risks of a deceleration of billing growth. We retain conviction in Proofpoint’s growth drivers, including the importance of e-mail in today’s workflow, the increasing need to protect against social engineering attacks, McAfee displacement, migration to Office 365 and growing channel partner programs. (Ishay Levin) More...

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Baron Opportunity Fund Comments on Zillow Group Guru stock highlight
Zillow Group, Inc. (NASDAQ:ZG) is the leading online real estate company in the U.S. Shares were down after the company gave a 2017 profit outlook that missed Street expectations, due to strategic investments and what we believe are conservative expectations for the revenue impact of several recently launched new products. We believe these products will meaningfully drive Zillow’s revenue capture of real estate advertising and will increase in their impact as we move through 2017. As the leader in a highly fragmented market, we think Zillow remains well positioned to continue to grow its market share. (Ashim Mehra) More...

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Baron Opportunity Fund Comments on Benefitfocus Guru stock highlight
Shares of benefits software vendor Benefitfocus, Inc. (NASDAQ:BNFT) were down in the quarter after the company reported 2017 guidance that was lower than analysts expected. We are aware of several short-term headwinds, including longer-than-expected implementation periods for large national accounts (resulting in delayed revenue recognition of these sizable deals), slower employer signings because of a sales restructuring (which created the national account team) and uncertainty in the market due to the political situation surrounding the Affordable Care Act. While we believe these headwinds will weigh on reported growth through mid-2017, we don’t believe they impact the significant long-term opportunity. (Neal Rosenberg) More...

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