Baron Emerging Markets Fund (BEXFX)

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Fund Description

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

   

Facts & Characteristics as of December 31, 2014

Inception Date December 31, 2010
Net Assets (All share classes combined) $1.35 billion
# of Equity Securities / % of Net Assets 80/88.7%
Turnover (3 Year Average) 26.91%
Median Market Cap $3.47 billion
Weighted Average Market Cap $21.42 billion
CUSIP 06828M884
Gross Expense Ratio (as of FYE 12/13) 1.90%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.40)%
Net Expense Ratio (as of FYE 12/13) 1.50%
EPS Growth (3-5 year forecast) 17.8%
Price/Earnings Ratio (trailing 12-month) 19.9
Price/Book Ratio 2.9
Price/Sales Ratio 1.9

Top Ten Holdings as of December 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Haitong Securities Co., Ltd.(6837.HK) is a leading securities firm in China providing securities and futures brokerage, investment banking, asset management, proprietary trading, and direct investment. The company is headquartered in Shanghai and has branches across 27 provinces and 125 cities in China.
Financials 3.2%
Kroton Educational SA (KROT3.BZ) is a post-secondary education company in Brazil.
Consumer Discretionary 2.6%
Torrent Pharmaceuticals Ltd. (TRP.IN) manufactures bulk drugs and pharmaceutical formulations.  The company's formulations include cardio-vascular, psychotropic and antibiotic drugs while its bulk drugs include atenolol, ciprofloxacin, and norfloxacin.
Health Care 2.1%
Smiles SA (SMLE3.BZ) is the second largest coalition loyalty program in Brazil with nine million members and 25% market share. It sells miles to credit card companies and GOL, its airline partner, and provides tickets on GOL flights when consumers redeem the miles.
Consumer Discretionary 2.1%
Axis Bank Ltd.
Financials 1.9%
Tower Bersama Infrastructure Tbk PT (TBIG.IJ) is the second largest independent owner and operator of wireless telecommunication towers in Indonesia. Tower Bersama owns approximately 9,000 towers. 
Telecommunication Services 1.9%
Divi’s Laboratories Ltd. (DIVI.IN) is a leading player in pharmaceutical contract manufacturing (CRAMS) 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%
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%
Aspen Pharmacare Holdings Ltd.
Health Care 1.8%
GOL Linhas Aéreas Inteligentes SA
Industrials 1.8%
Total 21.0%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 11.3%
Haitong Securities Co., Ltd. - Cl H Financials $35.133 3.2%
Kroton Educacional SA Consumer Discretionary $9.468 2.6%
Torrent Pharmaceuticals Ltd. Health Care $3.030 2.1%
Smiles SA Consumer Discretionary $2.122 2.1%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.751 1.9%
Axis Bank Ltd. Financials $18.809 1.9%
Fomento Económico Mexicano, S.A.B. de C.V. - ADS Consumer Staples $31.742 1.8%
Aspen Pharmacare Holdings Ltd. Health Care $16.017 1.8%
Divi's Laboratories Ltd. Health Care $3.624 1.8%
GOL Linhas Aéreas Inteligentes SA - ADR Industrials $1.628 1.8%
Opera Software ASA Information Technology $1.811 1.7%
Amara Raja Batteries Ltd. Industrials $2.223 1.7%
Alibaba Group Holding Ltd. - ADR Information Technology $256.213 1.7%
Steinhoff International Holdings Ltd. Consumer Discretionary $12.984 1.6%
Sinopharm Group Co. Ltd. - Cl H Health Care $9.795 1.6%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR Information Technology $116.060 1.5%
Novatek Microelectronics Corp. Information Technology $3.428 1.5%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $7.527 1.5%
Larsen & Toubro Ltd. Industrials $21.994 1.5%
Dish TV India Ltd. Consumer Discretionary $1.139 1.4%
Lupin Ltd. Health Care $10.162 1.3%
HIWIN Technologies Corp. Industrials $2.192 1.3%
Universal Robina Corp. Consumer Staples $9.559 1.3%
Cetip SA - Mercados Organizados Financials $3.178 1.3%
Ayala Land, Inc. Financials $10.691 1.2%
Sociedad Química y Minera de Chile SA - ADS Materials $6.640 1.2%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $2.215 1.2%
WeMade Entertainment Co., Ltd. Information Technology $0.573 1.2%
China Mengniu Dairy Co. Ltd. Consumer Staples $8.082 1.2%
CJ O Shopping Co. Ltd. Consumer Discretionary $1.463 1.2%
TAL Education Group - ADR Consumer Discretionary $2.215 1.2%
PT Matahari Department Store Tbk Consumer Discretionary $3.516 1.2%
Bidvest Group Ltd. Industrials $8.836 1.2%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $47.382 1.2%
TOTVS SA Information Technology $2.152 1.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.793 1.1%
MediaTek Inc. Information Technology $22.845 1.1%
Sihuan Pharmaceutical Holdings Group Ltd. Health Care $6.937 1.1%
Samsung Electronics Co., Ltd. Information Technology $177.090 1.1%
PVR Ltd. Consumer Discretionary $0.460 1.1%
Tencent Holdings, Ltd. Information Technology $135.910 1.1%
BDO Unibank, Inc. Financials $8.790 1.1%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $23.189 1.0%
Bangkok Bank Public Co. Ltd. Financials $11.217 1.0%
Mr Price Group Ltd. Consumer Discretionary $9.403 1.0%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $5.773 1.0%
PetroChina Co. Ltd. - Cl H Energy - 1.0%
Exide Industries Ltd. Consumer Discretionary $2.394 1.0%
Kingdee International Software Group Co. Ltd. Information Technology $0.759 0.9%
Wynn Macau Ltd. Consumer Discretionary $14.639 0.9%
Sun TV Network Ltd. Consumer Discretionary $2.379 0.9%
Metro Pacific Investments Corp. Financials $2.678 0.9%
M. Dias Branco SA Consumer Staples $3.884 0.9%
Ginko International Co. LTD Health Care $0.989 0.9%
Global Logistic Properties Ltd. Financials $9.061 0.9%
China Unicom (Hong Kong) Ltd. Telecommunication Services $32.098 0.9%
Glenmark Pharmaceuticals Ltd Health Care $3.303 0.9%
I-Sens, Inc. Health Care $0.520 0.9%
L.P.N. Development PCL Financials $1.077 0.8%
Man Wah Holdings Ltd. Consumer Discretionary $1.620 0.8%
Perfect World Co., Ltd. - ADR Information Technology $0.781 0.8%
GAEC Educação S.A. Consumer Discretionary $1.102 0.8%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.419 0.7%
Linx SA Information Technology $0.888 0.7%
DEN Networks Ltd. Consumer Discretionary $0.378 0.6%
WuXi PharmaTech (Cayman) Inc. Health Care $2.409 0.6%
Multiplus SA Consumer Discretionary $1.953 0.6%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $1.798 0.6%
Estácio Participações SA Consumer Discretionary $2.827 0.5%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.921 0.5%
Melco International Development Ltd. Consumer Discretionary $3.410 0.5%
China Petroleum & Chemical Corporation - Cl H Energy $116.035 0.5%
Biostime International Holdings Ltd. CONB Consumer Staples $1.247 0.4%
Crompton Greaves Ltd. Industrials $1.867 0.4%
SHUAA Capital psc Financials $0.191 0.3%
Lekoil, Ltd. Energy $0.158 0.3%
Samsung Life Insurance Co. Ltd. Financials $21.178 0.3%
Shandong Weigao Group Medical Polymer Co. Ltd. Health Care $3.614 0.2%
Grupo Lala Consumer Staples $4.768 0.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.793 0.0%
Yashili International Holdings Ltd. Consumer Staples $1.005 0.0%
Total 100.0%
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Sector Breakdown as of December 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
11.3%
Consumer Discretionary
  • Education Services 5.1%
  • Advertising 2.6%
  • Home Furnishings 2.4%
  • Cable & Satellite 2.4%
  • Broadcasting 2.1%
  • Casinos & Gaming 2.0%
  • Movies & Entertainment 1.2%
  • Catalog Retail 1.2%
  • Department Stores 1.2%
  • Specialty Stores 1.2%
  • Auto Parts & Equipment 1.0%
  • Apparel Retail 1.0%
23.4%
Consumer Staples
  • Packaged Foods & Meats 4.0%
  • Soft Drinks 1.8%
5.8%
Energy
  • Integrated Oil & Gas 1.5%
  • Oil & Gas Exploration & Production 0.3%
1.7%
Financials
  • Diversified Banks 4.9%
  • Investment Banking & Brokerage 3.5%
  • Asset Management & Custody Banks 1.3%
  • Diversified Real Estate Activities 1.2%
  • Multi-Sector Holdings 0.9%
  • Real Estate Operating Companies 0.9%
  • Real Estate Development 0.8%
  • Life & Health Insurance 0.3%
13.9%
Health Care
  • Pharmaceuticals 7.3%
  • Life Sciences Tools & Services 2.4%
  • Health Care Distributors 1.6%
  • Health Care Supplies 1.1%
  • Health Care Equipment 0.9%
13.3%
Industrials
  • Electrical Components & Equipment 2.1%
  • Airlines 1.8%
  • Construction & Engineering 1.5%
  • Industrial Machinery 1.3%
  • Industrial Conglomerates 1.2%
7.9%
Information Technology
  • Internet Software & Services 4.5%
  • Semiconductors 4.1%
  • Home Entertainment Software 2.0%
  • Application Software 1.5%
  • Systems Software 1.1%
  • Technology Hardware, Storage & Peripherals 1.1%
14.3%
Materials
  • Fertilizers & Agricultural Chemicals 1.2%
1.2%
Telecommunication Services
  • Wireless Telecommunication Services 4.1%
  • Integrated Telecommunication Services 2.1%
6.2%
Utilities
  • Gas Utilities 1.0%
1.0%
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Country Breakdown As of December 31, 2014

Country Breakdown
Developed % of Net Assets
Hong Kong 3.3%
Norway 1.7%
Singapore 0.9%
United Kingdom 0.3%
Country Breakdown
Developing % of Net Assets
Brazil 12.2%
Chile 1.2%
China 17.7%
India 18.3%
Indonesia 4.7%
Korea 5.4%
Mexico 2.9%
Philippines 4.5%
South Africa 5.7%
Taiwan 7.8%
Thailand 1.8%
United Arab Emirates 0.3%
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Top Contributors & Detractors as of December 31, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Investment Banking & Brokerage 2.96% 0.99%
Pharmaceuticals 6.76% 0.66%
Diversified Banks 4.86% 0.56%
Wireless Telecommunication Services 3.87% 0.52%
Electrical Components & Equipment 2.63% 0.39%
Top Detractors Average Weight Contribution
Education Services 5.45% -0.53%
Home Entertainment Software 2.30% -0.49%
Health Care Supplies 1.72% -0.39%
Casinos & Gaming 2.41% -0.38%
Oil & Gas Exploration & Production 0.39% -0.36%
By Holdings
Top Contributors Average Weight Contribution
Haitong Securities Co., Ltd. 2.58% 1.23%
Amara Raja Batteries Ltd. 1.73% 0.51%
Torrent Pharmaceuticals Ltd. 1.95% 0.46%
Axis Bank Ltd. 1.77% 0.43%
Aspen Pharmacare Holdings Ltd. 1.91% 0.33%
Top Detractors Average Weight Contribution
TAL Education Group 1.38% -0.29%
WeMade Entertainment Co., Ltd. 1.33% -0.29%
CJ O Shopping Co. Ltd. 1.10% -0.27%
Lekoil, Ltd. 0.31% -0.27%
Ginko International Co. LTD 1.10% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Pharmaceuticals 6.25% 3.23%
Diversified Banks 3.99% 1.62%
Electrical Components & Equipment 2.24% 1.41%
Advertising 3.39% 1.23%
Education Services 4.64% 1.11%
Top Detractors Average Weight Contribution
Packaged Foods & Meats 6.44% -1.40%
Casinos & Gaming 2.78% -1.18%
Health Care Supplies 2.36% -1.04%
Internet Software & Services 6.01% -1.03%
Oil & Gas Exploration & Production 0.69% -0.70%
By Holdings
Top Contributors Average Weight Contribution
Torrent Pharmaceuticals Ltd. 1.61% 1.35%
Amara Raja Batteries Ltd. 1.50% 1.32%
Smiles SA 2.29% 1.13%
Haitong Securities Co., Ltd. 2.09% 0.95%
Tower Bersama Infrastructure Tbk PT 1.74% 0.88%
Top Detractors Average Weight Contribution
Biostime International Holdings Ltd. 1.89% -1.72%
Sina Corporation 0.91% -0.98%
Ginko International Co. LTD 1.25% -0.64%
CJ O Shopping Co. Ltd. 1.33% -0.61%
Yandex N.V. 0.84% -0.47%
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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.