Baron Emerging Markets Fund (BEXFX)

Invest In Baron Funds Today

Fund Description

Baron Emerging Markets Fund invests primarily in growth companies in developing countries.

   

Facts & Characteristics as of December 31, 2015

Inception Date December 31, 2010
Net Assets (All share classes combined) $1.71 billion
# of Equity Securities / % of Net Assets 85/89.1%
Turnover (3 Year Average) 21.47%
Median Market Cap $5.85 billion
Weighted Average Market Cap $29.00 billion
CUSIP 06828M884
Gross Expense Ratio (as of FYE 12/14) 1.52%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.02)%
Net Expense Ratio (as of FYE 12/14) 1.50%
EPS Growth (3-5 year forecast) 17.9%
Price/Earnings Ratio (trailing 12-month) 18.0
Price/Book Ratio 2.4
Price/Sales Ratio 1.8

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
Samsung Electronics Co, Ltd (005930.KS) is a leading consumer electronics manufacturer and the largest handset maker in the world. It is also a key player in the semiconductor and display industries, providing consumer electronics in-house as well as to third parties.
Information Technology 2.3%
TAL Education Group (XRS) is a leading K-12 after school tutoring provider in China that currently operates 300+ learning centers in 19 cities.
Consumer Discretionary 2.2%
LG Household & Healthcare Ltd. (051900.KS) is a Korean consumer products company with a leading position in household products (42% of revenue) and cosmetics (42% of revenue) and a significant presence in beverages (26% of revenue). The company was founded in 1947 and was spun off from LG Chemical in 2011.
Consumer Staples 2.0%
Fomento Económico Mexicano, S.A.B. de C.V. (FMX) is a Mexican holding company that controls Coca-Cola Femsa, a leading Coca-Cola bottling and distribution company in Mexico and South America. It also operates the Oxxo brand of convenience stores throughout Mexico and holds a large stake in Heineken NV.
Consumer Staples 1.8%
Ctrip.com International, Ltd. (CTRP) is the leading mainland China-focused online travel agency (OTA).  The company is incorporated in the Cayman Islands with operational headquarters in Shanghai. 
Consumer Discretionary 1.8%
Shenzhou International Group Holdings Ltd (2313.HK) is the world’s largest, vertically integrated knitwear manufacturer with category focus on casual wear and sporting wear. It sells garments to third party customers and uses all of its internal fabric production in the production of these garments.
Consumer Discretionary 1.8%
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) is the world’s largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Information Technology 1.8%
Divi’s Laboratories Ltd. (DIVI.IN) is a leading player in pharmaceutical contract manufacturing and production of Active Pharmaceutical Ingredients (APIs) for the generics industry. Divi’s focuses on high value-add projects, earning high margins and returns on capital.
Health Care 1.8%
Sinopharm Group Co., Ltd. (1099.HK) is the largest wholesaler and retailer of pharma and health care products and a leading supply chain service provider in China.
Health Care 1.6%
Eclat Textile Co., Ltd. (1476.TT) is the largest high-performance sportswear original design manufacturer (ODM) in Taiwan. With specialized capabilities in fabric R&D, yarn-dyeing, and design, Eclat’s expertise is sought after by global sportswear brands. It is vertically integrated.
Consumer Discretionary 1.6%
Total 18.7%
Back to Top

Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 10.9%
Samsung Electronics Co., Ltd. Information Technology $158.285 2.3%
LG Household & Health Care Ltd. Consumer Staples $13.986 2.0%
TAL Education Group - ADR Consumer Discretionary $3.714 2.0%
Sinopharm Group Co. Ltd. - Cl H Health Care $11.104 2.0%
Ctrip.com International, Ltd. Consumer Discretionary $17.620 1.8%
Shenzhou International Group Holdings Ltd. Consumer Discretionary $8.042 1.8%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR Information Technology $117.983 1.7%
Divi's Laboratories Ltd. Health Care $4.634 1.7%
Fomento Económico Mexicano, S.A.B. de C.V. - ADS Consumer Staples $29.621 1.6%
Alibaba Group Holding Limited - ADR Information Technology $201.217 1.6%
Torrent Pharmaceuticals Ltd. Health Care $3.713 1.5%
Haitong Securities Co., Ltd. - Cl H Financials $25.739 1.5%
Tencent Holdings, Ltd. Information Technology $185.027 1.5%
China Mobile Ltd. Telecommunication Services $231.173 1.5%
Makalot Industrial Co., Ltd. Consumer Discretionary $1.408 1.5%
Lg Chem Ltd Materials $18.566 1.5%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $6.348 1.4%
Ginko International Co., Ltd. Health Care $1.228 1.4%
Man Wah Holdings Ltd. Consumer Discretionary $2.288 1.4%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $6.706 1.4%
Coal India Ltd. Energy $31.488 1.4%
Eclat Textile Co., Ltd. Consumer Discretionary $3.603 1.4%
Grupo Financiero Banorte, SAB de CV Class O Financials $15.288 1.4%
Steinhoff International Holdings N.V. Consumer Discretionary $20.065 1.4%
Kingdee International Software Group Co. Ltd. Information Technology $1.340 1.3%
SKS Microfinance LTD Financials $0.959 1.3%
Lupin Ltd. Health Care $12.511 1.3%
Samsung Life Insurance Co. Ltd. Financials $18.763 1.3%
Wal-Mart de Mexico SAB de CV Class V Consumer Staples $44.064 1.3%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $20.446 1.1%
Ayala Land, Inc. Financials $10.759 1.1%
Qihoo 360 Technology Co. Ltd. ADR Cl - A Information Technology $9.388 1.1%
Dish TV India Ltd. Consumer Discretionary $1.636 1.1%
Cetip SA - Mercados Organizados Financials $2.493 1.1%
Amara Raja Batteries Limited Industrials $2.225 1.1%
Novatek Microelectronics Corp. Information Technology $2.390 1.1%
PVR Ltd. Consumer Discretionary $0.564 1.1%
PT Matahari Department Store Tbk Consumer Discretionary $3.726 1.1%
Bidvest Group Ltd. Industrials $7.118 1.1%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $38.012 1.1%
Grupo Lala Consumer Staples $5.753 1.1%
China Life Insurance Co. Cl H Ltd. Financials $114.823 1.1%
Techtronic Industries Co Ltd Consumer Discretionary $7.477 1.1%
Aspen Pharmacare Holdings Ltd. Health Care $9.132 1.0%
SouFun Holdings Ltd. ADR Cl - A Information Technology $3.193 1.0%
Global Logistic Properties Ltd. Financials $7.193 1.0%
BDO Unibank, Inc. Financials $8.134 1.0%
PetroChina Co. Ltd. - Cl H Energy $222.014 1.0%
China Everbright Ltd. Financials $3.875 1.0%
Sun TV Network Ltd. Consumer Discretionary $2.540 0.9%
Smiles SA Consumer Discretionary $1.083 0.9%
China Mengniu Dairy Co. Ltd. Consumer Staples $6.400 0.9%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $4.844 0.9%
Glenmark Pharmaceuticals Ltd. Health Care $3.932 0.9%
Exide Industries Ltd. Consumer Discretionary $1.882 0.9%
BM&FBOVESPA SA Financials $4.996 0.8%
Copa Holdings SA Industrials $2.095 0.8%
Metro Pacific Investments Corp. Financials $3.082 0.8%
Mr Price Group Ltd. Consumer Discretionary $3.455 0.8%
Motherson Sumi Systems Ltd Consumer Discretionary $5.861 0.8%
Sasol Limited Energy $17.665 0.8%
Sunny Optical Tech Information Technology $2.522 0.8%
TOTVS SA Information Technology $1.282 0.7%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.044 0.7%
MediaTek Inc. Information Technology $11.961 0.7%
Multiplus SA Consumer Discretionary $1.531 0.7%
Huatai Securities Co. Ltd. - H Class Financials $20.540 0.7%
HIWIN Technologies Corp. Industrials $1.062 0.6%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.516 0.6%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.250 0.6%
Sasol Limited-Sponsored - Adr Energy $17.665 0.6%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $0.995 0.6%
Bangkok Bank Public Co. Ltd. Financials $8.089 0.5%
Universal Robina Corp. Consumer Staples $8.623 0.5%
Sihuan Pharmaceutical Holdings Group Ltd. Health Care $5.853 0.5%
China Unicom (Hong Kong) Ltd. Telecommunication Services $29.200 0.5%
DEN Networks Ltd. Consumer Discretionary $0.303 0.4%
Biostime International Holdings Ltd. CONB Consumer Staples $1.299 0.4%
Jumei International-Adr Consumer Discretionary $1.297 0.4%
Linx SA Information Technology $0.525 0.3%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $1.277 0.3%
Lekoil, Ltd. Energy $0.134 0.3%
Wynn Macau Ltd. Consumer Discretionary $6.074 0.2%
Hathway Cable & Datacom Limited Consumer Discretionary $0.559 0.2%
Advanced Info Service Pcl Telecommunication Services $12.724 0.2%
Gruma S.a.B.-B Consumer Staples $6.070 0.2%
TerraForm Global, Inc. Cl - A Utilities $0.995 0.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $6.348 0.0%
Total 100.0%
Back to Top

Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
10.8%
Consumer Discretionary
  • Textiles 3.3%
  • Home Furnishings 2.8%
  • Broadcasting 2.3%
  • Education Services 2.2%
  • Internet Retail 1.9%
  • Cable & Satellite 1.6%
  • Auto Parts & Equipment 1.5%
  • Apparel, Accessories & Luxury Goods 1.5%
  • Advertising 1.4%
  • Household Appliances 1.2%
  • Movies & Entertainment 1.1%
  • Department Stores 1.1%
  • Casinos & Gaming 0.6%
  • Apparel Retail 0.6%
  • Specialty Stores 0.5%
23.8%
Consumer Staples
  • Packaged Foods & Meats 3.9%
  • Household Products 2.0%
  • Soft Drinks 1.8%
  • Hypermarkets & Super Centers 1.4%
9.1%
Energy
  • Integrated Oil & Gas 2.5%
  • Coal & Consumable Fuels 1.5%
  • Oil & Gas Exploration & Production 0.3%
4.2%
Financials
  • Diversified Banks 4.4%
  • Life & Health Insurance 2.3%
  • Investment Banking & Brokerage 1.8%
  • Consumer Finance 1.5%
  • Asset Management & Custody Banks 1.2%
  • Diversified Real Estate Activities 1.0%
  • Multi-Sector Holdings 0.9%
  • Specialized Finance 0.9%
  • Diversified Capital Markets 0.9%
  • Real Estate Operating Companies 0.9%
15.7%
Health Care
  • Pharmaceuticals 4.4%
  • Life Sciences Tools & Services 1.8%
  • Health Care Distributors 1.6%
  • Health Care Supplies 1.3%
9.1%
Industrials
  • Industrial Conglomerates 1.4%
  • Electrical Components & Equipment 1.1%
  • Airlines 0.8%
  • Industrial Machinery 0.5%
3.8%
Information Technology
  • Internet Software & Services 4.7%
  • Semiconductors 3.7%
  • Technology Hardware, Storage & Peripherals 2.3%
  • Application Software 1.4%
  • Systems Software 0.8%
  • Electronic Components 0.8%
13.7%
Materials
  • Commodity Chemicals 1.5%
  • Gold 0.8%
2.3%
Telecommunication Services
  • Wireless Telecommunication Services 4.5%
  • Integrated Telecommunication Services 1.5%
6.0%
Utilities
  • Gas Utilities 0.9%
  • Renewable Electricity 0.6%
1.5%
Back to Top

Country Breakdown As of January 31, 2016

Country Breakdown
Developed % of Net Assets
Hong Kong 3.4%
Singapore 0.9%
United Kingdom 0.3%
United States 0.6%
Country Breakdown
Developing % of Net Assets
Brazil 4.6%
China 24.0%
India 15.6%
Indonesia 3.8%
Korea 7.5%
Mexico 7.7%
Panama 0.8%
Philippines 3.5%
South Africa 5.8%
Taiwan 10.1%
Thailand 0.6%
Back to Top

Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 4.69% 1.04%
Education Services 1.82% 0.63%
Internet Retail 1.99% 0.42%
Household Products 1.86% 0.38%
Investment Banking & Brokerage 2.25% 0.37%
Top Detractors Average Weight Contribution
Pharmaceuticals 5.67% -0.37%
Wireless Telecommunication Services 5.28% -0.28%
Apparel, Accessories & Luxury Goods 1.54% -0.24%
Integrated Oil & Gas 2.77% -0.24%
Electrical Components & Equipment 1.18% -0.22%
By Holdings
Top Contributors Average Weight Contribution
TAL Education Group 1.82% 0.63%
Ctrip.com International, Ltd. 1.65% 0.45%
Alibaba Group Holding Limited 1.44% 0.39%
LG Household & Health Care Ltd. 1.86% 0.38%
Qihoo 360 Technology Co. Ltd. 0.93% 0.35%
Top Detractors Average Weight Contribution
Makalot Industrial Co., Ltd. 1.54% -0.24%
Steinhoff International Holdings N.V. 1.57% -0.24%
Amara Raja Batteries Limited 1.18% -0.22%
Grand Korea Leisure Co., Ltd. 0.76% -0.22%
Eclat Textile Co., Ltd. 1.45% -0.21%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Household Products 1.14% 0.62%
Life Sciences Tools & Services 2.33% 0.51%
Textiles 2.14% 0.51%
Home Furnishings 2.74% 0.44%
Broadcasting 1.97% 0.30%
Top Detractors Average Weight Contribution
Wireless Telecommunication Services 5.06% -1.25%
Renewable Electricity 0.51% -1.03%
Integrated Oil & Gas 2.51% -1.02%
Airlines 0.59% -0.93%
Investment Banking & Brokerage 2.56% -0.90%
By Holdings
Top Contributors Average Weight Contribution
TAL Education Group 1.54% 0.79%
LG Household & Health Care Ltd. 1.14% 0.62%
Dish TV India Ltd. 1.50% 0.52%
Ctrip.com International, Ltd. 0.97% 0.48%
Kingdee International Software Group Co. Ltd. 1.30% 0.46%
Top Detractors Average Weight Contribution
TerraForm Global, Inc. 0.51% -1.03%
GOL Linhas Aéreas Inteligentes SA 0.35% -0.73%
Smiles SA 1.22% -0.72%
Tower Bersama Infrastructure Tbk PT 1.24% -0.67%
Haitong Securities Co., Ltd. 2.15% -0.65%
Back to Top

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.  

*Top Ten Holdings, Portfolio Holdings and Sector Breakdown based on net assets. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time. 
 
Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard ("GICS"), developed and exclusively owned by MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

^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. 
 
Top Contributors & Detractors Source: FactSet.

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.