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Baron Energy And Resources FD Retail Shs (MM) | NASDAQ:BENFX | NASDAQ | Fund |
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UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, DC 20549 |
|
FORM N-Q |
QUARTERLY SCHEDULE OF PORFOLIO HOLDINGS OF REGISTERED |
MANAGEMENT INVESTMENT COMPANIES |
Investment Company Act file number: 811-21296 |
BARON SELECT FUNDS |
|
(Exact Name of Registrant as Specified in Charter) |
767 Fifth Avenue, 49th Floor |
New York, NY 10153 |
(Address of Principal Executive Offices) (Zip Code) |
|
Patrick M. Patalino, General Counsel |
c/o Baron Select Funds |
767 Fifth Avenue, 49th Floor |
New York, NY 10153 |
(Name and Address of Agent for Service) |
|
(Registrants Telephone Number, including Area Code): 212-583-2000 |
Date of fiscal year end: December 31 |
Date of reporting period: March 31, 2013 |
Form N-Q is
to be used by management investment companies, other than small business investment
companies registered on Form N-5 (Sections 239.24 and 274.5 of this chapter), to
file reports with the Commission, not later than 60 days after the close of the
first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required to
respond to the collection of information contained in Form N-Q unless the Form displays
a currently valid Office of Management and Budget (OMB) control number.
Please direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to the Secretary, Securities
and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. Section 3507.
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
SEC 2455 (8-05) |
Item 1. Schedule of Investments
Baron Partners Fund |
SCHEDULE OF INVESTMENTS |
MARCH 31, 2013 (UNAUDITED) |
Shares | Cost | Value | |||||||||
Common Stocks (117.78%) | |||||||||||
Consumer Discretionary (38.67%) | |||||||||||
Automotive Retail (4.89%) | |||||||||||
1,200,000 | CarMax, Inc. 1 | $ | 33,790,694 | $ | 50,040,000 | ||||||
Broadcasting (3.84%) | |||||||||||
500,000 | Discovery Communications, Inc., Cl A 1 | 10,968,964 | 39,370,000 | ||||||||
Casinos & Gaming (5.25%) | |||||||||||
988,500 | Penn National Gaming, Inc. 1 | 29,535,349 | 53,804,055 | ||||||||
Hotels, Resorts & Cruise Lines (10.56%) |
|||||||||||
2,500,000 | Hyatt Hotels Corp., Cl A 1 | 67,148,542 | 108,075,000 | ||||||||
Leisure Facilities (6.62%) | |||||||||||
1,086,800 | Vail Resorts, Inc. | 34,521,172 | 67,729,376 | ||||||||
Specialty Stores (7.51%) | |||||||||||
1,625,000 | Dicks Sporting Goods, Inc. | 24,608,797 | 76,862,500 | ||||||||
Total Consumer Discretionary | 200,573,518 | 395,880,931 | |||||||||
Energy (2.97%) | |||||||||||
Oil & Gas Drilling (2.97%) | |||||||||||
500,000 | Helmerich & Payne, Inc. | 11,603,764 | 30,350,000 | ||||||||
Financials (27.67%) | |||||||||||
Asset Management & Custody Banks (6.08%) |
|||||||||||
1,626,031 | The Carlyle Group | 35,748,591 | 49,187,438 | ||||||||
256,681 | Oaktree Capital Group, LLC | 9,506,193 | 13,095,864 | ||||||||
45,254,784 | 62,283,302 | ||||||||||
Investment Banking & Brokerage (6.05%) |
|||||||||||
3,500,000 | The Charles Schwab Corp. | 31,903,587 | 61,915,000 | ||||||||
Property & Casualty Insurance (12.97%) |
|||||||||||
2,525,000 | Arch Capital Group Ltd. 1,2 | 34,784,442 | 132,739,250 | ||||||||
Specialized Finance (2.57%) | |||||||||||
775,000 | MSCI, Inc. 1 | 16,938,378 | 26,295,750 | ||||||||
Total Financials | 128,881,191 | 283,233,302 | |||||||||
Industrials (23.03%) | |||||||||||
Air Freight & Logistics (2.47%) | |||||||||||
425,000 | C.H. Robinson Worldwide, Inc. | 9,630,255 | 25,270,500 | ||||||||
Airlines (1.59%) | |||||||||||
390,000 | Ryanair Holdings plc, ADR 1,2 | 13,574,703 | 16,294,200 | ||||||||
Research & Consulting Services (9.94%) |
|||||||||||
1,650,000 | Verisk Analytics, Inc., Cl A 1 | 45,287,175 | 101,689,500 | ||||||||
Trading Companies & Distributors (9.03%) |
|||||||||||
1,800,000 | Fastenal Co. | 31,516,561 | 92,430,000 | ||||||||
Total Industrials | 100,008,694 | 235,684,200 | |||||||||
Shares | Cost | Value | ||||||||
Common Stocks (continued) | ||||||||||
Information Technology (12.58%) | ||||||||||
Application Software (7.24%) | ||||||||||
800,000 | FactSet Research Systems, Inc. | $ | 44,212,020 | $ | 74,080,000 | |||||
Internet Software & Services (5.34%) |
||||||||||
500,000 | CoStar Group, Inc. 1 | 19,068,649 | 54,730,000 | |||||||
Total Information Technology | 63,280,669 | 128,810,000 | ||||||||
Utilities (12.86%) | ||||||||||
Electric Utilities (12.86%) | ||||||||||
1,475,000 | ITC Holdings Corp. | 46,426,984 | 131,658,500 | |||||||
Total Common Stocks | 550,774,820 | 1,205,616,933 | ||||||||
Private Equity Investments (3.36%) | ||||||||||
Consumer Discretionary (0.61%) | ||||||||||
Hotels, Resorts & Cruise Lines (0.61%) |
||||||||||
3,900,000 |
Kerzner International Holdings, Ltd., Cl A 1,2,3,4,5 |
39,000,000 | 6,201,000 | |||||||
Financials (2.75%) | ||||||||||
Asset Management & Custody Banks (2.75%) |
||||||||||
7,579,130 |
Windy City Investments Holdings, L.L.C. 1,3,4,5 |
41,134,888 | 28,194,364 | |||||||
Total Private Equity Investments | 80,134,888 | 34,395,364 | ||||||||
Total Investments (121.14%) | $ | 630,909,708 | $ | 1,240,012,297 | ||||||
Liabilities Less Cash and Other Assets (-21.14%) |
(216,360,854 | ) | ||||||||
Net Assets | $ | 1,023,651,443 | ||||||||
Retail Shares (Equivalent to $26.78 per share based on 30,354,791 shares outstanding) |
$ | 812,788,075 | ||||||||
Institutional Shares (Equivalent to $27.05 per share based on 7,795,555 shares outstanding) |
$ | 210,863,368 | ||||||||
% | Represents percentage of net assets. | |||||||||
1 | Non-income producing securities. | |||||||||
2 | Foreign corporation. | |||||||||
3 | At March 31, 2013, the market value of restricted and fair valued securities amounted to $34,395,364 or 3.36% of net assets. None of these securities are deemed liquid. See Note 3 regarding Restricted Securities. | |||||||||
4 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. | |||||||||
5 | Level 3 security. See Note 4 regarding Fair Value Measurements. | |||||||||
ADR | American Depositary Receipt. | |||||||||
All securities are Level 1, unless otherwise noted. | ||||||||||
See Notes to Schedules of Investments.
Baron Focused Growth Fund |
SCHEDULE OF INVESTMENTS |
MARCH 31, 2013 (UNAUDITED) |
Shares | Cost | Value | |||||||||
Common Stocks (93.99%) | |||||||||||
Consumer Discretionary (25.05%) | |||||||||||
Automotive Retail (4.07%) |
|||||||||||
140,000 |
CarMax, Inc. 1 |
$ | 3,809,189 | $ | 5,838,000 | ||||||
Casinos & Gaming (1.34%) |
|||||||||||
35,475 |
Penn National Gaming, Inc. 1 |
1,752,438 | 1,930,904 | ||||||||
Hotels, Resorts & Cruise Lines (11.66%) |
|||||||||||
150,000 |
Choice Hotels International, Inc. |
5,080,138 | 6,346,500 | ||||||||
240,000 |
Hyatt Hotels Corp., Cl A 1 |
7,807,007 | 10,375,200 | ||||||||
12,887,145 | 16,721,700 | ||||||||||
Leisure Facilities (0.93%) |
|||||||||||
21,500 |
Vail Resorts, Inc. |
1,312,667 | 1,339,880 | ||||||||
Movies & Entertainment (3.09%) |
|||||||||||
264,311 |
Manchester United plc, Cl A 1,2 |
3,932,388 | 4,427,210 | ||||||||
Specialty Stores (3.96%) |
|||||||||||
120,000 |
Dicks Sporting Goods, Inc. |
2,576,869 | 5,676,000 | ||||||||
Total Consumer Discretionary | 26,270,696 | 35,933,694 | |||||||||
Consumer Staples (2.25%) | |||||||||||
Household Products (2.25%) |
|||||||||||
50,000 |
Church & Dwight Co., Inc. |
1,274,171 | 3,231,500 | ||||||||
Energy (1.69%) | |||||||||||
Oil & Gas Drilling (1.69%) |
|||||||||||
40,000 |
Helmerich & Payne, Inc. |
1,493,100 | 2,428,000 | ||||||||
Financials (17.03%) | |||||||||||
Asset Management & Custody Banks (6.02%) |
|||||||||||
147,384 |
The Carlyle Group |
3,307,832 | 4,458,366 | ||||||||
100,000 |
Eaton Vance Corp. |
2,267,846 | 4,183,000 | ||||||||
5,575,678 | 8,641,366 | ||||||||||
Property & Casualty Insurance (3.67%) |
|||||||||||
100,000 |
Arch Capital Group Ltd. 1,2 |
1,800,056 | 5,257,000 | ||||||||
Residential REITs (3.79%) |
|||||||||||
120,000 |
American Campus Communities, Inc. |
4,999,302 | 5,440,800 | ||||||||
Specialized Finance (3.55%) | |||||||||||
150,000 | MSCI, Inc. 1 | 4,292,982 | 5,089,500 | ||||||||
Total Financials | 16,668,018 | 24,428,666 | |||||||||
Health Care (4.43%) | |||||||||||
Health Care Distributors (2.20%) |
|||||||||||
34,000 |
Henry Schein, Inc. 1 |
1,353,700 | 3,146,700 | ||||||||
Life Sciences Tools & Services (2.23%) |
|||||||||||
15,000 |
Mettler-Toledo International, Inc. 1 |
702,213 | 3,198,300 | ||||||||
Total Health Care | 2,055,913 | 6,345,000 | |||||||||
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments. |
Baron International Growth Fund |
SCHEDULE OF INVESTMENTS |
MARCH 31, 2013 (UNAUDITED) |
Shares | Cost | Value | ||||||||
Common Stocks (96.96%) | ||||||||||
Australia (3.14%) | ||||||||||
95,000 |
Brambles Ltd. |
$ | 823,818 | $ | 837,761 | |||||
50,000 |
Dominos Pizza Enterprises Ltd. |
337,354 | 601,785 | |||||||
50,000 |
Wotif.com Holdings Ltd. |
174,246 | 257,685 | |||||||
Total Australia | 1,335,418 | 1,697,231 | ||||||||
Austria (1.31%) | ||||||||||
65,000 |
conwert Immobilien Invest SE |
725,106 | 708,223 | |||||||
Brazil (5.75%) | ||||||||||
50,340 |
Anhanguera Educacional Participações SA |
676,918 | 812,116 | |||||||
84,000 |
Kroton Educacional SA |
664,515 | 1,078,708 | |||||||
40,000 |
Qualicorp SA 1 |
349,574 | 402,029 | |||||||
40,000 |
TOTVS SA |
164,560 | 820,290 | |||||||
Total Brazil | 1,855,567 | 3,113,143 | ||||||||
Canada (2.17%) | ||||||||||
4,000 |
Constellation Software, Inc. |
475,382 | 492,632 | |||||||
18,000 |
Crescent Point Energy Corp. |
794,570 | 679,529 | |||||||
Total Canada | 1,269,952 | 1,172,161 | ||||||||
China (6.34%) | ||||||||||
50,000 |
21Vianet Group, Inc., ADR 1 |
564,194 | 470,000 | |||||||
2,900,000 |
Kingdee International Software Group Co. Ltd. 1 |
480,010 | 485,665 | |||||||
105,000 |
NQ Mobile, Inc., ADR 1 |
737,107 | 946,050 | |||||||
19,000 |
Sina Corporation 1 |
967,904 | 923,210 | |||||||
19,000 |
Tencent Holdings Ltd. |
261,810 | 604,080 | |||||||
Total China | 3,011,025 | 3,429,005 | ||||||||
France (6.07%) | ||||||||||
11,700 |
Eurofins Scientific SE |
716,402 | 2,456,616 | |||||||
14,000 |
Ingenico SA |
224,422 | 829,280 | |||||||
Total France | 940,824 | 3,285,896 | ||||||||
Germany (8.20%) | ||||||||||
32,000 |
Deutsche Post AG |
632,069 | 737,321 | |||||||
31,000 |
Deutsche Wohnen AG |
457,782 | 563,476 | |||||||
70,600 |
PATRIZIA Immobilien AG 1 |
445,649 | 656,115 | |||||||
37,000 |
Qiagen N.V. 1 |
706,164 | 779,960 | |||||||
125,000 |
RIB Software AG |
774,392 | 711,427 | |||||||
25,000 |
Symrise AG |
313,128 | 990,550 | |||||||
Total Germany | 3,329,184 | 4,438,849 | ||||||||
See Notes to Schedules of Investments. |
Baron International Growth Fund |
SCHEDULE OF INVESTMENTS (Continued) |
MARCH 31, 2013 (UNAUDITED) |
% | Represents percentage of net assets. | |
1 | Non-income producing securities. | |
2 | At March 31, 2013, the market value of restricted and fair valued securities amounted to $2,423 or 0.01% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities. | |
3 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. | |
4 | Level 2 security. See Note 4 regarding Fair Value Measurements. | |
5 | Level 3 security. See Note 4 regarding Fair Value Measurements. | |
ADR | American Depositary Receipt. | |
All securities are Level 1, unless otherwise noted. |
Summary of Investments by Sector | Percentage | ||
as of March 31, 2013 | of Net Assets | ||
Information Technology | 20.7 | % | |
Consumer Discretionary | 19.9 | ||
Industrials | 15.3 | ||
Financial | 12.6 | ||
Health Care | 11.7 | ||
Energy | 7.6 | ||
Materials | 4.5 | ||
Telecommunication Services | 4.3 | ||
Utilities | 0.4 | ||
Cash and Cash Equivalents* | 3.0 | ||
100.0 | % | ||
See Notes to Schedules of Investments. |
Baron Real Estate Fund |
SCHEDULE OF INVESTMENTS |
MARCH 31, 2013 (UNAUDITED) |
Shares | Cost | Value | ||||||||
Common Stocks (95.93%) | ||||||||||
Consumer Discretionary (31.93%) | ||||||||||
Casinos & Gaming (10.00%) |
||||||||||
207,160 |
Las Vegas Sands Corp. |
$ | 10,497,906 | $ | 11,673,466 | |||||
49,350 |
Penn National Gaming, Inc. 1 |
2,012,350 | 2,686,121 | |||||||
681,794 |
Pinnacle Entertainment, Inc. 1 |
10,554,945 | 9,967,828 | |||||||
118,250 |
Wynn Resorts Ltd. |
13,942,085 | 14,800,170 | |||||||
37,007,286 | 39,127,585 | |||||||||
Home Improvement Retail (3.40%) |
||||||||||
350,500 |
Lowes Companies, Inc. |
12,954,244 | 13,290,960 | |||||||
Homebuilding (4.50%) |
||||||||||
197,100 |
Brookfield Residential Properties, Inc. 1,2 |
3,815,383 | 4,797,414 | |||||||
966,300 |
Even Construtora e Incorporadora SA (Brazil) 2 |
4,425,396 | 4,686,250 | |||||||
52,300 |
Toll Brothers, Inc. 1 |
1,804,367 | 1,790,752 | |||||||
313,772 |
TRI Pointe Homes, Inc. 1 |
5,956,298 | 6,322,506 | |||||||
16,001,444 | 17,596,922 | |||||||||
Hotels, Resorts & Cruise Lines (14.03%) |
||||||||||
398,400 |
Hyatt Hotels Corp., Cl A 1 |
16,042,827 | 17,222,832 | |||||||
121,252 |
Marriott Vacations Worldwide Corp. 1 |
4,905,001 | 5,202,923 | |||||||
126,868 |
Norwegian Cruise Line Holdings Ltd. 1,2 |
2,410,492 | 3,761,636 | |||||||
298,850 |
Starwood Hotels & Resorts Worldwide, Inc. |
17,896,617 | 19,045,711 | |||||||
149,500 |
Wyndham Worldwide Corp. |
8,049,775 | 9,639,760 | |||||||
49,304,712 | 54,872,862 | |||||||||
Total Consumer Discretionary | 115,267,686 | 124,888,329 | ||||||||
Energy (3.46%) | ||||||||||
Oil & Gas Storage & Transportation (3.46%) |
||||||||||
149,250 |
Golar LNG Partners L.P. 2 |
4,547,329 | 4,925,250 | |||||||
105,473 |
Rose Rock Midstream L.P. |
3,111,214 | 4,182,005 | |||||||
107,250 |
Susser Petroleum Partners LP |
2,746,282 | 3,485,625 | |||||||
14,020 |
Targa Resources Corp. |
456,513 | 952,799 | |||||||
Total Energy | 10,861,338 | 13,545,679 | ||||||||
See Notes to Schedules of Investments. |
Baron Real Estate Fund |
SCHEDULE OF INVESTMENTS (Continued) |
MARCH 31, 2013 (UNAUDITED) |
Shares | Cost | Value | ||||||||
Common Stocks (continued) | ||||||||||
Health Care (10.44%) | ||||||||||
Health Care Facilities (10.44%) |
||||||||||
484,300 |
Brookdale Senior Living, Inc. 1 |
$ | 11,493,108 | $ | 13,502,284 | |||||
572,100 |
Capital Senior Living Corp. 1 |
9,740,506 | 15,120,603 | |||||||
439,200 |
Emeritus Corp. 1 |
11,265,254 | 12,205,368 | |||||||
Total Health Care | 32,498,868 | 40,828,255 | ||||||||
Industrials (5.06%) | ||||||||||
Building Products (2.40%) |
||||||||||
965,999 |
Builders FirstSource, Inc. 1 |
5,341,752 | 5,660,754 | |||||||
94,100 |
Owens Corning 1 |
3,266,676 | 3,710,363 | |||||||
8,608,428 | 9,371,117 | |||||||||
Industrial Machinery (2.45%) |
||||||||||
118,500 |
Stanley Black & Decker, Inc. |
8,869,038 | 9,594,945 | |||||||
Office Services & Supplies (0.21%) |
||||||||||
43,800 |
Interface, Inc. |
547,462 | 841,836 | |||||||
Total Industrials | 18,024,928 | 19,807,898 | ||||||||
Information Technology (2.81%) | ||||||||||
Application Software (1.72%) |
||||||||||
324,219 |
RealPage, Inc. 1 |
7,070,407 | 6,714,576 | |||||||
IT Consulting & Other Services (1.09%) |
||||||||||
19,765 |
Equinix, Inc. 1,3 |
2,995,399 | 4,275,367 | |||||||
Total Information Technology | 10,065,806 | 10,989,943 | ||||||||
Materials (3.68%) | ||||||||||
Construction Materials (2.91%) |
||||||||||
430,683 |
CaesarStone Sdot-Yam Ltd. 1,2 |
7,882,581 | 11,370,031 | |||||||
Forest Products (0.77%) |
||||||||||
88,722 |
Boise Cascade Co. 1 |
1,863,162 | 3,011,225 | |||||||
Total Materials | 9,745,743 | 14,381,256 | ||||||||
Telecommunication Services (4.79%) | ||||||||||
Wireless Telecommunication Services (4.79%) |
||||||||||
3,595,015 |
Sarana Menara Nusantara Tbk PT (Indonesia) 1,2 |
9,111,298 | 9,618,769 | |||||||
126,600 |
SBA Communications Corp., Cl A 1 |
8,318,537 | 9,117,732 | |||||||
Total Telecommunication Services | 17,429,835 | 18,736,501 | ||||||||
% | Represents percentage of net assets. | |
1 | Non-income producing securities. | |
2 | Foreign corporation. | |
3 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. | |
4 | Level 2 security. See Note 4 regarding Fair Value Measurements. | |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments. |
Baron Emerging Markets Fund |
SCHEDULE OF INVESTMENTS |
MARCH 31, 2013 (UNAUDITED) |
See Notes to Schedules of Investments. |
Baron Emerging Markets Fund |
SCHEDULE OF INVESTMENTS (Continued) |
MARCH 31, 2013 (UNAUDITED) |
Principal Amount | Cost | Value | ||||||||
Short Term Investments (10.84%) | ||||||||||
$ 2,129,015 |
Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2013, 0.01% due 4/1/2013; Proceeds at maturity - $2,129,017; (Fully collateralized by $2,170,000 U.S. Treasury Note, 0.625% due 9/30/2017; Market value - $2,172,940) 2 |
$ | 2,129,015 | $ | 2,129,015 | |||||
Total Investments (99.77%) |
$ | 18,246,667 | 19,595,903 | |||||||
Cash and Other Assets Less Liabilities (0.23%) |
44,558 | |||||||||
Net Assets |
$ | 19,640,461 | ||||||||
Retail Shares (Equivalent to $10.29 per share based on 382,250 shares outstanding) |
$ | 3,932,676 | ||||||||
Institutional Shares (Equivalent to $10.29 per share based on 1,527,226 shares outstanding) |
$ | 15,707,785 | ||||||||
% | Represents percentage of net assets. | |
1 | Non-income producing securities. | |
2 | Level 2 security. See Note 4 regarding Fair Value Measurements. | |
ADR | American Depositary Receipt. | |
NVDR | Non-Voting Depositary Receipt. | |
144A | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to policies and procedures approved by the Board of Trustees, unless otherwise noted. At March 31, 2013, the market value of Rule 144A securities amounted to $67,389 or 0.34% of net assets. | |
All securities are Level 1, unless otherwise noted. |
Summary of Investments by Sector | Percentage | ||
as of March 31, 2013 | of Net Assets | ||
Consumer Discretionary | 24.7 | % | |
Information Technology | 21.1 | ||
Financials | 15.0 | ||
Health Care | 7.1 | ||
Consumer Staples | 6.2 | ||
Industrials | 5.3 | ||
Telecommunication Services | 3.8 | ||
Materials | 3.2 | ||
Energy | 2.3 | ||
Utilities | 0.2 | ||
Cash and Cash Equivalents* | 11.1 | ||
100.0 | % | ||
*Includes short term investments. |
See Notes to Schedules of Investments. |
Baron Energy and Resources Fund |
SCHEDULE OF INVESTMENTS |
MARCH 31, 2013 (UNAUDITED) |
Shares | Cost | Value | |||||||||
Common Stocks (96.09%) | |||||||||||
Energy (80.03%) | |||||||||||
Oil & Gas Drilling (6.22%) | |||||||||||
1,175 | Ensco plc, Cl A 2 | $ | 63,395 | $ | 70,500 | ||||||
1,441 | Helmerich & Payne, Inc. | 82,241 | 87,469 | ||||||||
3,267 | Seadrill Partners, LLC 2 | 74,857 | 90,659 | ||||||||
220,493 | 248,628 | ||||||||||
Oil & Gas Equipment & Services (26.96%) |
|||||||||||
4,553 | C&J Energy Services, Inc. 1 | 92,517 | 104,264 | ||||||||
1,076 | CARBO Ceramics, Inc. | 114,167 | 97,991 | ||||||||
522 | Core Laboratories N.V. 2 | 59,130 | 71,994 | ||||||||
4,791 | Forum Energy Technologies, Inc. 1 | 102,255 | 137,789 | ||||||||
2,975 | Halliburton Co. | 102,646 | 120,220 | ||||||||
6,975 | Key Energy Services, Inc. 1 | 57,708 | 56,358 | ||||||||
1,664 | National Oilwell Varco, Inc. | 126,939 | 117,728 | ||||||||
1,463 | Oil States International, Inc. 1 | 111,794 | 119,337 | ||||||||
2,510 | RigNet, Inc. 1 | 42,548 | 62,600 | ||||||||
2,582 | Subsea 7 SA (Norway) 1,2,3 | 52,974 | 60,681 | ||||||||
4,930 | Superior Energy Services, Inc. 1 | 125,805 | 128,032 | ||||||||
988,483 | 1,076,994 | ||||||||||
Oil & Gas Exploration & Production (22.45%) |
|||||||||||
5,229 | Africa Oil Corp. (Canada) 1,2 | 15,131 | 36,958 | ||||||||
750 | Anadarko Petroleum Corp. | 58,507 | 65,588 | ||||||||
2,195 | Bonanza Creek Energy, Inc. 1 | 67,738 | 84,881 | ||||||||
29,288 |
Borders & Southern Petroleum plc (United Kingdom) 1,2 |
24,438 | 7,899 | ||||||||
1,256 | Concho Resources, Inc. 1 | 116,450 | 122,372 | ||||||||
10,788 |
Exillon Energy plc (Russian Federation) 1,2 |
43,434 | 25,079 | ||||||||
19,652 | Halcon Resources Corp. 1 | 147,646 | 153,089 | ||||||||
8,196 | Kodiak Oil & Gas Corp. 1,2 | 76,629 | 74,502 | ||||||||
1,993 | Lundin Petroleum AB (Sweden) 1,2 | 46,595 | 43,123 | ||||||||
2,018 | Oasis Petroleum, Inc. 1 | 61,882 | 76,825 | ||||||||
2,465 | SM Energy Co. | 155,463 | 145,977 | ||||||||
1,626 | Southwestern Energy Co. 1 | 52,558 | 60,585 | ||||||||
866,471 | 896,878 | ||||||||||
Oil & Gas Refining & Marketing (2.85%) |
|||||||||||
391 | Marathon Petroleum Corp. | 33,658 | 35,034 | ||||||||
665 | PBF Energy, Inc. | 27,319 | 24,718 | ||||||||
928 | Tesoro Corp. | 53,428 | 54,334 | ||||||||
114,405 | 114,086 | ||||||||||
Oil & Gas Storage & Transportation (21.55%) |
|||||||||||
2,057 | Golar LNG Ltd. 2 | 85,558 | 76,027 | ||||||||
1,272 | Golar LNG Partners L.P. 2 | 35,947 | 41,976 | ||||||||
3,742 | MPLX LP | 91,875 | 140,138 | ||||||||
2,751 | Rose Rock Midstream L.P. | 64,352 | 109,077 | ||||||||
4,152 | Susser Petroleum Partners LP | 97,093 | 134,940 | ||||||||
1,686 | Targa Resources Corp. | 72,641 | 114,581 | ||||||||
2,483 | Tesoro Logistics LP | 93,680 | 134,007 | ||||||||
2,089 | Western Gas Equity Partners LP | 53,301 | 71,486 | ||||||||
654 | Western Gas Partners LP | 28,263 | 38,854 | ||||||||
622,710 | 861,086 | ||||||||||
Total Energy | 2,812,562 | 3,197,672 | |||||||||
Shares | Cost | Value | |||||||||
Common Stocks (continued) | |||||||||||
Industrials (8.98%) | |||||||||||
Construction & Engineering (2.26%) |
|||||||||||
4,091 | Primoris Services Corp. | $ | 81,660 | $ | 90,452 | ||||||
Construction & Farm Machinery & Heavy Trucks (1.18%) |
|||||||||||
794 | Joy Global, Inc. | 60,427 | 47,259 | ||||||||
Electrical Components & Equipment (0.85%) |
|||||||||||
842 | Polypore International, Inc. 1 | 32,578 | 33,832 | ||||||||
Industrial Machinery (2.36%) | |||||||||||
1,176 | Chart Industries, Inc. 1 | 71,106 | 94,092 | ||||||||
Trading Companies & Distributors (2.33%) |
|||||||||||
2,826 | MRC Global, Inc. 1 | 64,896 | 93,060 | ||||||||
Total Industrials | 310,667 | 358,695 | |||||||||
Materials (7.08%) | |||||||||||
Diversified Metals & Mining (2.59%) |
|||||||||||
1,012 |
Freeport-McMoRan Copper & Gold, Inc. |
39,517 | 33,497 | ||||||||
1,812 | Globe Specialty Metals, Inc. | 25,065 | 25,223 | ||||||||
2,751 | SunCoke Energy, Inc. 1 | 45,639 | 44,924 | ||||||||
110,221 | 103,644 | ||||||||||
Fertilizers & Agricultural Chemicals (0.96%) |
|||||||||||
10,176 | Agrinos AS (Mexico) 1,2 | 58,502 | 38,329 | ||||||||
Forest Products (1.10%) | |||||||||||
1,297 | Boise Cascade Co. 1 | 27,392 | 44,020 | ||||||||
Gold (0.80%) | |||||||||||
3,370 | Sandstorm Gold Ltd. 1,2 | 40,156 | 31,847 | ||||||||
Specialty Chemicals (0.43%) | |||||||||||
229 | Cytec Industries, Inc. | 13,701 | 16,964 | ||||||||
Steel (1.20%) | |||||||||||
2,300 | SunCoke Energy Partners LP 1 | 44,317 | 48,070 | ||||||||
Total Materials | 294,289 | 282,874 | |||||||||
Total Common Stocks | 3,417,518 | 3,839,241 | |||||||||
Principal Amount | |||||||||||
Short Term Investments (3.13%) | |||||||||||
$124,934 |
Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2013, 0.01% due 4/1/2013; Proceeds at maturity - $124,934; (Fully collateralized by $130,000 U.S. Treasury Note, 0.625% due 11/30/2017; Market value - $130,000) 3 |
124,934 | 124,934 | ||||||||
Total Investments (99.22%) | $ | 3,542,452 | 3,964,175 | |||||
Cash and Other Assets Less Liabilities (0.78%) |
31,269 | |||||||
Net Assets | $ | 3,995,444 | ||||||
Retail Shares (Equivalent to $10.56 per share based on 231,510 shares outstanding) |
$ | 2,444,439 | ||||||
Institutional Shares (Equivalent to $10.59 per share based on 146,492 shares outstanding) |
$ | 1,551,005 | ||||||
% | Represents percentage of net assets. | |
1 | Non-income producing securities. | |
2 | Foreign corporation. | |
3 | Level 2 security. See Note 4 regarding Fair Value Measurements. | |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments. |
Baron Global Advantage Fund |
SCHEDULE OF INVESTMENTS |
MARCH 31, 2013 (UNAUDITED) |
Shares | Cost | Value | ||||||||
Common Stocks (continued) | ||||||||||
United States (57.69%) | ||||||||||
2,083 | Acxiom Corp. 1 | $ | 40,652 | $ | 42,493 | |||||
474 | Amazon.com, Inc. 1 | 107,779 | 126,316 | |||||||
258 | Apple, Inc. | 146,462 | 114,199 | |||||||
2,578 | CyrusOne, Inc. | 48,982 | 58,882 | |||||||
451 | Equinix, Inc. 1 | 73,330 | 97,556 | |||||||
2,984 | Facebook, Inc., Cl A 1 | 90,841 | 76,331 | |||||||
2,354 | Golar LNG Ltd. | 83,449 | 87,004 | |||||||
209 | Google, Inc., Cl A 1 | 133,136 | 165,952 | |||||||
5,580 | Greenlight Capital Re Ltd., Cl A 1 | 136,086 | 136,431 | |||||||
1,727 | HomeAway, Inc. 1 | 44,967 | 56,128 | |||||||
2,117 | ICICI Bank Limited, ADR | 69,519 | 90,819 | |||||||
1,773 | Illumina, Inc. 1 | 77,685 | 95,742 | |||||||
145 | MasterCard, Inc., Cl A | 64,694 | 78,464 | |||||||
566 | Monsanto Co. | 43,298 | 59,787 | |||||||
2,044 | MPLX LP | 51,531 | 76,548 | |||||||
141 | priceline.com, Inc. 1 | 99,522 | 96,998 | |||||||
1,684 | Susser Petroleum Partners LP | 37,993 | 54,730 | |||||||
1,521 | Tesoro Logistics LP | 68,289 | 82,088 | |||||||
1,996 | TRI Pointe Homes, Inc. 1 | 36,532 | 40,219 | |||||||
769 | Verisk Analytics, Inc., Cl A 1 | 37,775 | 47,393 | |||||||
473 | Visa, Inc., Cl A | 57,581 | 80,334 | |||||||
2,537 | Xoom Corp. 1 | 40,592 | 57,945 | |||||||
1,422 | YUM! Brands, Inc. | 99,510 | 102,299 | |||||||
Total United States | 1,690,205 | 1,924,658 | ||||||||
Total Investments (99.19%) | $ | 3,015,837 | 3,309,013 | |||||||
Cash and Other Assets Less Liabilities (0.81%) |
27,090 | |||||||||
Net Assets | $ | 3,336,103 | ||||||||
Retail Shares (Equivalent to $10.62 per share based on 146,122 shares outstanding) | $ | 1,551,279 | ||||||||
Institutional Shares (Equivalent to $10.64 per share based on 167,782 shares outstanding) | $ | 1,784,824 | ||||||||
% | Represents percentage of net assets. | |
1 | Non-income producing securities. | |
2 | The value on loan at March 31, 2013 amounted to $29,700 which represents 0.89% of net assets. See Note 2c regarding Securities Lending. | |
3 | Level 2 security. See Note 4 regarding Fair Value Measurements. | |
ADR | American Depositary Receipt. | |
All securities are Level 1, unless otherwise noted. |
Summary of Investments by Sector | Percentage | |||
as of March 31, 2013 | of Net Assets | |||
Information Technology | 30.6 | % | ||
Consumer Discretionary | 20.5 | |||
Financials | 16.8 | |||
Energy | 10.7 | |||
Industrials | 6.9 | |||
Materials | 4.9 | |||
Telecommunication Services | 4.3 | |||
Health Care | 2.9 | |||
Consumer Staples | 1.6 | |||
Cash and Cash Equivalents | 0.8 | |||
100.0 | % | |||
See Notes to Schedules of Investments.
Baron Select Funds Trust | March 31, 2013 |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)
1. ORGANIZATION
Baron Select Funds (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Delaware statutory trust on April 30, 2003. The Trust currently offers seven series (individually, a Fund and collectively, the Funds): Baron Partners Fund, Baron Focused Growth Fund, Baron Real Estate Fund and Baron Energy and Resources Fund, which are non-diversified; and Baron International Growth Fund, Baron Emerging Markets Fund, and Baron Global Advantage Fund, which are diversified. The Funds investment goal is to seek capital appreciation. Baron Partners Fund may employ leverage by borrowing money and using it for the purchase of additional securities. Borrowing for investment increases both investment opportunity and investment risk. Baron International Growth Fund, Baron Emerging Markets Fund and Baron Global Advantage Fund invest their assets primarily in non-U.S. companies. Baron Real Estate Fund invests its assets primarily in U.S. and non-U.S. real estate and real estate-related companies. Baron Energy and Resources Fund invests its assets primarily in common stock of U.S. and non-U.S. energy and resources companies and related companies and energy and resources master limited partnerships (MLPs) of any market capitalization.
Each Fund offers two classes of shares, Retail Shares and Institutional Shares, which differ only in their ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee based platforms, retirement platforms or other platforms. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Funds investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class.
Baron Partners Fund was organized originally as a limited partnership in January 1992, under the laws of the State of Delaware. Effective as of the close of business on April 30, 2003, the predecessor partnership was reorganized into a Delaware statutory trust. Baron Partners Fund commenced operations on April 30, 2003 with a contribution of assets and liabilities, including securities-in-kind from the predecessor partnership.
Baron Focused Growth Fund was organized originally as a limited partnership in May 1996, under the laws of the State of Delaware. Effective as of the close of business on June 30, 2008, the predecessor partnership was reorganized into a series of the Trust. Baron Focused Growth Fund commenced operations on June 30, 2008 with a contribution of assets and liabilities, including securities-in-kind from the predecessor partnership.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
a) Security Valuation. The Funds share prices or net asset values are calculated as of the close of the regular trading session (usually 4 p.m. E.T.) on the New York Stock Exchange (NYSE) on any day on which the NYSE is open. Portfolio securities traded on any national stock exchange are valued based on the last sale price. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. Where market quotations are not readily available, or, if in BAMCO, Inc.s (the Adviser) judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the securities will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board). The Adviser has a Fair Valuation Committee (the Committee) comprised of senior executives and the Committee reports to the Board every quarter. Factors the Committee considers when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market. Debt instruments having a remaining maturity greater than 60 days will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. Money market instruments held by the Funds with a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value.
Baron Select Funds Trust | March 31, 2013 |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) (Continued)
Non-U.S. equity securities are valued on the basis of their most recent closing market prices and translated into U.S. dollars at 4 p.m. E.T., except under the circumstances described below. Most foreign markets close before 4 p.m. E.T. For securities primarily traded in the Far East, for example, the most recent closing prices may be as much as fifteen hours old at 4 p.m. E.T. If the Adviser determines that developments between the close of the foreign markets and 4 p.m. E.T. will, in its judgment, materially affect the value of some or all of the Funds non-U.S. securities, the Adviser will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. E.T. In deciding whether to make these adjustments, the Adviser reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent non-U.S. securities and baskets of non-U.S. securities. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. The Adviser uses an outside pricing service which utilizes a systematic methodology to provide it with closing market prices and information used for adjusting those prices. The Adviser cannot predict how often it will use closing prices or how often it will adjust those prices. As a means of evaluating its fair value process, the Adviser routinely compares closing market prices, the next days opening prices in the same markets, and adjusted prices. Other mutual funds may adjust the prices of their securities by different amounts.
b) Foreign Currency Translations. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the time the net asset value is determined. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized gain (loss) on foreign currency transactions include gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.
c) Securities Lending. The Funds may lend securities to certain brokers. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds earn interest on such collateral and earn income in the form of negotiated lenders fees. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities.
At March 31, 2013, Baron Global Advantage Fund had securities on loan with a value of $29,700 and held $30,000 of cash as collateral for this loan.
d) Short Sales. The Funds may sell securities short. When the Funds sell short, the Funds record a liability for securities sold short and record an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. The Funds may incur dividend expense if a security that has been sold short declares a dividend. The Funds are exposed to market risk based on the amount, if any, that the market value of the securities sold short exceeds the proceeds received. The Funds are required to maintain collateral in a segregated account for the outstanding short sales. Short sales involve elements of market risks and exposure to loss in excess of the amount recognized in the Schedules of Investments. The Funds risk of loss in these types of short sales is unlimited because there is no limit to the cost of replacing the borrowed security. During the three months ended March 31, 2013, the Funds did not engage in short selling.
e) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short-term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds policy that their custodian or a third party custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.
Baron Select Funds Trust | March 31, 2013 |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) (Continued)
f) Fund Concentration. Certain of the Funds hold relatively concentrated portfolios that may contain fewer securities or industries than the portfolios of other mutual funds. Holding a relatively concentrated portfolio may increase the risk that the value of a Fund could decrease because of the poor performance of one or a few investments. Additionally, these Funds may encounter some difficulty in liquidating securities of concentrated positions.
3. RESTRICTED SECURITIES
At March 31, 2013, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At March 31, 2013, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:
Baron Partners Fund | |||||||
Name of Issuer | Acquisition Date(s) | Value | |||||
Private Equity Investments | |||||||
Kerzner International Holdings Ltd., Cl A |
9/27/2006 | $ | 6,201,000 | ||||
Windy City Investments Holdings, L.L.C. |
11/13/2007-1/27/2011 | 28,194,364 | |||||
Total Restricted Securities: | $ | 34,395,364 | |||||
(Cost $80,134,888) (3.36% of Net Assets) |
Baron International Growth Fund | |||||||
Name of Issuer | Acquisition Date | Value | |||||
Private Equity Investments | |||||||
Better Place, Inc., Series C Preferred |
12/1/2011 | $ | 2,423 | ||||
(Cost $275,001) (0.01% of Net Assets) |
4. FAIR VALUE MEASUREMENTS
Fair value is defined by GAAP as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
Baron Select Funds Trust | March 31, 2013 |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) (Continued)
|
Level 1
quoted prices in active markets for identical assets or liabilities;
|
|
|
Level 2
prices determined using other significant inputs that are observable, either directly or indirectly, through corroboration with observable
market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.);
|
|
|
Level 3
prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable, such as when there is
little or no market activity for an asset or liability (unobservable inputs reflect each Funds own assumptions in determining the fair value of assets
or liabilities and would be based on the best information available).
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, non-U.S. securities, whose markets close hours before the Funds value their holdings may require revised valuations due to significant movement in the U.S. markets. Since these values are not obtained from quoted prices in an active market such securities are reflected as Level 2.
The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach, which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.
The following is a summary of the inputs used as of March 31, 2013 in valuing the Funds investments carried at fair value:
Baron Partners Fund | ||||||||||||||||
Other | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stocks | $ | 1,205,616,933 | $ | | $ | | $ | 1,205,616,933 | ||||||||
Private Equity Investments | | | 34,395,364 | 34,395,364 | ||||||||||||
Total Investments | $ | 1,205,616,933 | $ | | $ | 34,395,364 | $ | 1,240,012,297 |
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on March 31, 2013. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three month period ended March 31, 2013.
Baron Focused Growth Fund | ||||||||||||||||
Other | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stocks | $ | 134,815,368 | $ | | $ | | $ | 134,815,368 | ||||||||
Short Term Investments | | 12,498,563 | | 12,498,563 | ||||||||||||
Total Investments | $ | 134,815,368 | $ | 12,498,563 | $ | | $ | 147,313,931 |
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on March 31, 2013. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three month period ended March 31, 2013.
Baron Select Funds Trust | March 31, 2013 |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) (Continued)
Baron International Growth Fund | ||||||||||||||||
Other | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stocks | $ | 51,333,766 | $ | 1,140,622 | $ | | $ | 52,474,388 | ||||||||
Private Equity Investments | | | 2,423 | 2,423 | ||||||||||||
Short Term Investments | | 1,582,327 | | 1,582,327 | ||||||||||||
Total Investments | $ | 51,333,766 | $ | 2,722,949 | $ | 2,423 | $ | 54,059,138 |
The fair value of Level 2 investments at December 31, 2012 was $31,732,361. $28,699,174 was transferred out of Level 2 into Level 1 at March 31, 2013 as a result of no longer adjusting closing prices for certain securities (as described in Note 2a), due to significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. It is the Funds policy to recognize transfers in and transfers out at the fair value as of the end of the period.
Baron Real Estate Fund | ||||||||||||||||
Other | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stocks | $ | 375,220,158 | $ | | $ | | $ | 375,220,158 | ||||||||
Short Term Investments | | 31,478,119 | | 31,478,119 | ||||||||||||
Total Investments | $ | 375,220,158 | $ | 31,478,119 | $ | | $ | 406,698,277 |
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on March 31, 2013. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three month period ended March 31, 2013.
Baron Emerging Markets Fund | ||||||||||||||||
Other | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stocks | $ | 16,644,529 | $ | 820,868 | $ | | $ | 17,465,397 | ||||||||
Warrants | 1,491 | | | 1,491 | ||||||||||||
Short Term Investments | | 2,129,015 | | 2,129,015 | ||||||||||||
Total Investments | $ | 16,646,020 | $ | 2,949,883 | $ | | $ | 19,595,903 |
The fair value of Level 2 investments at December 31, 2012 was $4,441,324. $6,531,394 was transferred out of Level 2 into Level 1 at March 31, 2013 as a result of no longer adjusting closing prices for certain securities (as described in Note 2a), due to significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. It is the Funds policy to recognize transfers in and transfers out at the fair value as of the end of the period.
Baron Energy and Resources Fund | ||||||||||||||||
Other | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stocks | $ | 3,778,560 | $ | 60,681 | $ | | $ | 3,839,241 | ||||||||
Short Term Investments | | 124,934 | | 124,934 | ||||||||||||
Total Investments | $ | 3,778,560 | $ | 185,615 | $ | | $ | 3,964,175 |
The fair value of Level 2 investments at December 31, 2012 was $303,006. $68,202 was transferred out of Level 2 into Level 1 at March 31, 2013 as a result of no longer adjusting closing prices for certain securities (as described in Note 2a), due to significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. It is the Funds policy to recognize transfers in and transfers out at the fair value as of the end of the period.
Baron Select Funds Trust | March 31, 2013 |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) (Continued)
Baron Global Advantage Fund | ||||||||||||||||
Other | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Common Stocks | $ | 3,263,154 | $ | 45,859 | $ | | $ | 3,309,013 | ||||||||
Total Investments | $ | 3,263,154 | $ | 45,859 | $ | | $ | 3,309,013 |
The fair value of Level 2 investments at December 31, 2012 was $654,163. $618,389 was transferred out of Level 2 into Level 1 at March 31, 2013 as a result of no longer adjusting closing prices for certain securities (as described in Note 2a), due to significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. It is the Funds policy to recognize transfers in and transfers out at the fair value as of the end of the period.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Baron Partners Fund | |||||||||||||||||||||||||||||||||||||||||||||
Change in Net | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||||||||||
Net Change in | Appreciation | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of | Accrued | Unrealized | Transfers | Transfers | (Depreciation) from | ||||||||||||||||||||||||||||||||||||||||
December 31, | Premiums/ | Net Realized | Appreciation | Into | Out of | Balance as of | Investments still held | ||||||||||||||||||||||||||||||||||||||
Investments in Securities |
2012 | Discounts | Gain (Loss) | (Depreciation) | Purchases | Sales | Level 3 | Level 3 | March 31, 2013 | at March 31, 2013 | |||||||||||||||||||||||||||||||||||
Private Equity Investments
Consumer Discretionary |
$ | 5,265,000 | $ | | $ | | $ | 936,000 | $ | | $ | | $ | | $ | | $ | 6,201,000 | $ | 936,000 | |||||||||||||||||||||||||
Financials
|
23,646,886 | | | 4,547,478 | | | | | 28,194,364 | 4,547,478 | |||||||||||||||||||||||||||||||||||
Total | $ | 28,911,886 | $ | | $ | | $ | 5,483,478 | $ | | $ | | $ | | $ | | $ | 34,395,364 | $ | 5,483,478 |
Baron International Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||
Change in Net | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||||||||||
Net Change in | Appreciation | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of | Accrued | Unrealized | Transfers | Transfers | (Depreciation) from | ||||||||||||||||||||||||||||||||||||||||
December 31, | Premiums/ | Net Realized | Appreciation | Into | Out of | Balance as of | Investments still held | ||||||||||||||||||||||||||||||||||||||
Investments in Securities |
2012 | Discounts | Gain (Loss) | (Depreciation) | Purchases | Sales | Level 3 | Level 3 | March 31, 2013 | at March 31, 2013 | |||||||||||||||||||||||||||||||||||
Private Equity Investments | |||||||||||||||||||||||||||||||||||||||||||||
Utilities
|
$ | 2,423 | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | 2,423 | $ | | |||||||||||||||||||||||||
Total | $ | 2,423 | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | 2,423 | $ | |
Baron Select Funds Trust | March 31, 2013 |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) (Continued)
Significant unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of March 31, 2013 were as follows:
Baron Partners Fund | ||||||
Sector | Company | Fair Value as of March 31, 2013 | Valuation Technique | Unobservable Input |
Weighted
Average used on March 31, 2013 |
Range used on
March 31, 2013 |
Private Equity
Investments: Financials |
Windy City
Investments Holdings, L.L.C. |
$28,194,364 |
Combination of
Market Comparables and Option Pricing methods |
Estimated volatility of the
returns of the enterprise value 1 |
6.34% | 6.34% |
Discount for lack of marketability | 4.58% | 4.58% | ||||
EV/Run Rate EBITDA Multiple 2 | 9.67x | 7.2x to 11.0x | ||||
Adjustment to the EBITDA Multiple
due to leverage 2 |
10.6% | 10.6% | ||||
Change in the composite equity index
of comparable companies |
0.86% | -1.54% to 1.38% |
1 |
The volatility was derived using the historical returns of the publicly traded debt of Nuveen Investments, Inc. and the historical returns of the equity of comparable public companies. |
|
2 |
The multiple was derived as a simple average of the multiples of comparable companies. The derived EBITDA multiple was increased by 10.6% to 9.67x. This increase adjusts for leverage, as Nuveen Investments, Inc. is more levered than its comparable companies. |
A significant change in the EV/EBITDA multiple ratio may result in a directionally similar significant change in the fair value measurement, while a significant change in the discount for lack of marketability and equity index of comparable companies may not result in a materially higher or lower fair value measurement.
5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES
Baron | Baron | Baron | Baron | Baron | ||||||||||||||||||||||||
Baron | Focused | International | Baron | Emerging | Energy and | Global | ||||||||||||||||||||||
Partners | Growth | Growth | Real Estate | Markets | Resources | Advantage | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
Cost of investments | $ | 630,909,708 | $ | 98,356,634 | $ | 41,040,037 | $ | 370,346,255 | $ | 18,246,667 | $ | 3,542,452 | $ | 3,015,837 | ||||||||||||||
Unrealized appreciation | $ | 654,842,113 | $ | 49,802,539 | $ | 15,654,016 | $ | 37,579,533 | $ | 2,291,540 | $ | 565,680 | $ | 477,167 | ||||||||||||||
Unrealized depreciation | (45,739,524 | ) | (845,242 | ) | (2,634,915 | ) | (1,227,511 | ) | (942,304 | ) | (143,957 | ) | (183,991 | ) | ||||||||||||||
Net unrealized appreciation | $ | 609,102,589 | $ | 48,957,297 | $ | 13,019,101 | $ | 36,352,022 | $ | 1,349,236 | $ | 421,723 | $ | 293,176 |
For additional information regarding the Funds' other significant accounting policies, please refer to the Funds' most recent Annual or Semi-Annual shareholder report filed on the U.S. Securities and Exchange Commission's website, www.sec.gov.
Item 2. | Controls and Procedures. | |
(a) | The Registrants principal executive officer and principal financial officer have concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the 1940 Act)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. | |
(b) | There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. | |
Item 3. | Exhibits | |
1. | The certifications of the Registrant as required by Rule 30a-2(a) under the 1940 Act are exhibits to this report. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Baron Select Funds | ||
By: | /s/ RONALD BARON | |
Ronald Baron | ||
Chief Executive Officer | ||
Date: | May 21, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ RONALD BARON | |
Ronald Baron | ||
Chief Executive Officer | ||
By: | /s/ PEGGY WONG | |
Peggy Wong | ||
Treasurer and Chief Financial Officer | ||
Date | May 21, 2013 |
1 Year Baron Energy And Resources FD Retail Shs (MM) Chart |
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