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 September 30, 2016

Inception Date December 31, 2010
Net Assets (All share classes combined) $2.62 billion
# of Equity Securities / % of Net Assets 94/93.2%
Turnover (3 Year Average) 25.03%
Median Market Cap $6.61 billion
Weighted Average Market Cap $40.79 billion
CUSIP 06828M884
Expense Ratio (As of FYE 12/15) 1.45%
EPS Growth (3-5 year forecast) 18.3%
Price/Earnings Ratio (trailing 12-month) 15.4
Price/Book Ratio 2.7
Price/Sales Ratio 1.9

Top Ten Holdings as of November 30, 2016

Holding Sector Percentage*
Alibaba Group Holding Limited (BABA) is the largest e-commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao and Tmall. It also participates in the profits of Ant Financial, which owns Alipay, the largest third party online payment provider in China.
Information Technology 3.7%
Tencent Holdings Ltd. (700.HK) is a leading internet service company, and the top game developer, in China. Its primary platforms include QQ for instant messaging (815 million media access units (MAUs)), WeChat for mobile messaging (500 million MAUs), and Qzone for social networking (654 million MAUs).
Information Technology 2.3%
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 2.2%
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) is the world’s largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Information Technology 2.1%
Copa Holdings, S.A. (CPA) is a leading Latin American airline. With Panama City's Tocumen Airport as its base, Copa is able to reach every major destination within the Americas. Copa was established in 1944 and is a member of the Star Alliance.
Industrials 1.7%
NAVER Corporation (035420.KS) operates Naver.com, the largest web search portal in Korea. The company also operates Hangame.com, a leading web game portal in Korea. Most importantly, the company owns Line, the leading messaging and social network platform in Japan.
Information Technology 1.7%
Sinopharm Group Co., Ltd. (1099.HK) is the largest wholesaler and retailer of pharmaceutical and health care products and a leading supply chain service provider in China.
Health Care 1.6%
Ctrip.com International, Ltd. (CTRP) is the leading mainland China-focused online travel agency. The company is incorporated in the Cayman Islands with operational headquarters in Shanghai.
Consumer Discretionary 1.5%
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 1.5%
TAL Education Group (XRS) is a leading K-12 after school tutoring provider in China that currently operates 300+ learning centers in 25 cities.
Consumer Discretionary 1.5%
Total 19.8%
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Portfolio Holdings as of September 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 6.8%
Alibaba Group Holding Limited - ADR Information Technology $263.975 3.8%
Samsung Electronics Co., Ltd. Information Technology $205.555 2.5%
Tencent Holdings, Ltd. Information Technology $259.960 2.4%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR Information Technology $158.642 2.1%
NAVER Corporation Information Technology $26.428 1.9%
Bharat Financial Inclusion Limited Financials $1.685 1.9%
Copa Holdings, S.A. Industrials $3.689 1.7%
Divi's Laboratories Ltd. Health Care $5.147 1.7%
Ctrip.com International, Ltd. Consumer Discretionary $23.175 1.6%
BM&FBOVESPA SA Financials $9.382 1.5%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $7.887 1.5%
TAL Education Group - ADR Consumer Discretionary $5.730 1.5%
Sinopharm Group Co. Ltd. - Cl H Health Care $13.289 1.5%
China Mobile Ltd. Telecommunication Services $247.747 1.5%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $7.693 1.4%
Smiles SA Consumer Discretionary $2.051 1.4%
Steinhoff International Holdings N.V. Consumer Discretionary $24.579 1.4%
Coal India Ltd. Energy $30.576 1.3%
Shenzhou International Group Holdings Ltd. Consumer Discretionary $9.740 1.3%
Bank of Baroda Financials $5.793 1.3%
Fomento Económico Mexicano, S.A.B. de C.V. - ADS Consumer Staples $26.329 1.2%
Yandex N.V. Information Technology $6.756 1.2%
Kroton Educacional SA Consumer Discretionary $7.395 1.2%
Haitong Securities Co., Ltd. - Cl H Financials $25.088 1.2%
Kotak Mahindra Bank Ltd Financials $21.416 1.2%
Grupo Financiero Banorte, S.A.B. de C.V. - Cl O Financials $14.546 1.2%
Taiwan Mobile Co., Ltd. Telecommunication Services $12.278 1.2%
Maruti Suzuki India Ltd. Consumer Discretionary $24.851 1.2%
BYD Company Ltd. Consumer Discretionary $21.130 1.1%
LG Household & Health Care Ltd. Consumer Staples $13.543 1.1%
Amara Raja Batteries Limited Industrials $2.593 1.1%
China Mengniu Dairy Co. Ltd. Consumer Staples $7.282 1.1%
Sunny Optical Technology Group Information Technology $5.417 1.1%
Ayala Land, Inc. Real Estate $11.908 1.0%
Sociedad Química y Minera de Chile SA - ADS Materials $7.234 1.0%
Cetip S.A. – Mercados Organizados Financials $3.467 1.0%
Man Wah Holdings Ltd. Consumer Discretionary $2.469 1.0%
PVR Ltd. Consumer Discretionary $0.832 1.0%
PT Matahari Department Store Tbk Consumer Discretionary $4.131 1.0%
Bidvest Group Ltd. Industrials $3.949 1.0%
BDO Unibank, Inc. Financials $8.261 1.0%
Exide Industries Ltd. Consumer Discretionary $2.336 1.0%
Techtronic Industries Co. Ltd. Consumer Discretionary $7.169 1.0%
Sberbank of Russia PJSC-ADR Financials $50.611 1.0%
Delta Electronics, Inc. Information Technology $13.839 1.0%
Wynn Macau Ltd. Consumer Discretionary $8.601 0.9%
Sun TV Network Ltd. Consumer Discretionary $2.990 0.9%
Ginko International Co., Ltd. Health Care $0.920 0.9%
Global Logistic Properties Ltd. Real Estate $6.427 0.9%
GRUMA, S.A.B. de C.V. - B Consumer Staples $5.690 0.9%
Life Healthcare Group Holdings Limited Health Care $2.919 0.9%
Bid Corporation Ltd. Consumer Staples $6.334 0.9%
YPF S.A. - ADR Energy $7.166 0.9%
Baidu, Inc. Information Technology $63.042 0.8%
TOTVS SA Information Technology $1.527 0.8%
Torrent Pharmaceuticals Ltd. Health Care $4.126 0.8%
Metro Pacific Investments Corp. Financials $4.612 0.8%
PT Tower Bersama Infrastructure, Tbk. Telecommunication Services $2.242 0.8%
Motherson Sumi Systems Ltd Consumer Discretionary $6.703 0.8%
Eclat Textile Co., Ltd. Consumer Discretionary $3.209 0.8%
Zhaojin Mining Industry Company Limited - Cl H Materials $2.943 0.8%
Tullow Oil plc Energy $2.993 0.8%
Magnit PJSC – GDR Consumer Staples $19.711 0.8%
Kingdee International Software Group Co. Ltd. Information Technology $1.160 0.7%
Bangkok Bank Public Co. Ltd. Financials $8.952 0.7%
Aspen Pharmacare Holdings Ltd. Health Care $10.311 0.7%
Multi Commodity Exchange of India Ltd. Financials $1.035 0.7%
Multiplus SA Consumer Discretionary $2.195 0.7%
Grupo Lala, S.A.B. de C.V. Consumer Staples $4.716 0.7%
AngloGold Ashanti Limited - ADR Materials $6.524 0.7%
Bellamy’s Australia Limited Consumer Staples $0.963 0.7%
PT Bank Mandiri (Persero) Tbk Financials $20.024 0.7%
PT Bank Negara Indonesia (Persero) Tbk Financials $7.930 0.6%
Novatek Microelectronics Corp. Information Technology $2.145 0.6%
PetroChina Co. Ltd. - Cl H Energy $189.285 0.6%
Wal-Mart de México, S.A.B. de C.V. - Cl V Consumer Staples $38.345 0.6%
China Everbright Ltd. Financials $3.446 0.6%
Mr Price Group Limited Consumer Discretionary $2.971 0.5%
Samsung Life Insurance Co. Ltd. Financials $19.158 0.5%
Makalot Industrial Co., Ltd. Consumer Discretionary $0.986 0.5%
Sasol Limited Energy $17.848 0.5%
TerraForm Global, Inc. Cl - A Utilities $0.732 0.5%
LG Chem Ltd. Materials $14.532 0.5%
Manpasand Beverages Ltd. Consumer Staples $0.565 0.5%
Dish TV India Ltd. Consumer Discretionary $1.490 0.4%
MediaTek Inc. Information Technology $12.088 0.4%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $4.511 0.4%
PT Sarana Menara Nusantara Tbk. Telecommunication Services $3.049 0.3%
Biostime International Holdings Ltd. CONB Consumer Staples $1.638 0.3%
Lekoil, Ltd. Energy $0.138 0.3%
Sasol Limited-Sponsored - ADR Energy $17.848 0.3%
SINA Corporation Information Technology $5.158 0.2%
DEN Networks Ltd. Consumer Discretionary $0.192 0.2%
Hathway Cable & Datacom Limited Consumer Discretionary $0.326 0.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $7.887 0.0%
Weibo Corporation Information Technology $10.666 0.0%
Total 100.0%
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Sector Breakdown as of November 30, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
8.1%
Consumer Discretionary
  • Education Services 2.8%
  • Automobile Manufacturers 2.2%
  • Home Furnishings 2.1%
  • Advertising 2.0%
  • Auto Parts & Equipment 1.9%
  • Broadcasting 1.6%
  • Internet & Direct Marketing Retail 1.5%
  • Apparel, Accessories & Luxury Goods 1.4%
  • Movies & Entertainment 1.0%
  • Department Stores 1.0%
  • Household Appliances 0.9%
  • Textiles 0.7%
  • Casinos & Gaming 0.7%
  • Cable & Satellite 0.5%
20.4%
Consumer Staples
  • Packaged Foods & Meats 4.6%
  • Soft Drinks 1.1%
  • Food Retail 1.0%
  • Food Distributors 0.9%
  • Personal Products 0.9%
  • Hypermarkets & Super Centers 0.4%
8.8%
Energy
  • Integrated Oil & Gas 2.9%
  • Oil & Gas Exploration & Production 1.4%
  • Coal & Consumable Fuels 1.3%
5.7%
Financials
  • Diversified Banks 8.8%
  • Financial Exchanges & Data 2.1%
  • Investment Banking & Brokerage 1.4%
  • Consumer Finance 1.2%
  • Asset Management & Custody Banks 1.1%
  • Life & Health Insurance 0.9%
  • Multi-Sector Holdings 0.7%
  • Diversified Capital Markets 0.7%
16.9%
Health Care
  • Health Care Distributors 1.6%
  • Life Sciences Tools & Services 1.5%
  • Pharmaceuticals 1.2%
  • Health Care Supplies 0.9%
  • Health Care Facilities 0.7%
5.8%
Industrials
  • Airlines 1.7%
  • Electrical Components & Equipment 1.1%
  • Industrial Conglomerates 1.0%
3.8%
Information Technology
  • Internet Software & Services 10.4%
  • Semiconductors 3.1%
  • Technology Hardware, Storage & Peripherals 2.2%
  • Electronic Components 2.0%
  • Application Software 0.8%
  • Systems Software 0.6%
19.1%
Materials
  • Gold 1.4%
  • Fertilizers & Agricultural Chemicals 1.1%
2.5%
Real Estate
  • Real Estate Operating Companies 1.2%
  • Diversified Real Estate Activities 0.9%
2.1%
Telecommunication Services
  • Wireless Telecommunication Services 5.0%
5.0%
Utilities
  • Gas Utilities 1.3%
  • Renewable Electricity 0.5%
1.8%
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Country Breakdown As of November 30, 2016

Country Breakdown
Developed % of Net Assets
Australia 0.7%
Hong Kong 2.6%
Singapore 1.2%
United Kingdom 1.4%
United States 0.5%
Country Breakdown
Developing % of Net Assets
Brazil 6.5%
Chile 1.7%
China 22.9%
India 15.5%
Indonesia 3.5%
Korea 5.7%
Mexico 5.5%
Panama 1.7%
Philippines 2.6%
Russia 3.6%
South Africa 6.1%
Taiwan 8.6%
Thailand 0.7%
Country Breakdown
Frontier % of Net Assets
Argentina 0.9%
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Top Contributors & Detractors as of September 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 8.83% 1.74%
Airlines 1.38% 0.65%
Broadcasting 2.24% 0.55%
Apparel, Accessories & Luxury Goods 1.83% 0.50%
Electronic Components 1.57% 0.43%
Top Detractors Average Weight Contribution
Apparel Retail 0.87% -0.18%
Personal Products 1.25% -0.15%
Cable & Satellite 0.91% -0.09%
Department Stores 1.18% -0.08%
Hypermarkets & Super Centers 0.90% -0.08%
By Holdings
Top Contributors Average Weight Contribution
Alibaba Group Holding Limited 3.11% 0.90%
Copa Holdings, S.A. 1.38% 0.65%
NAVER Corporation 1.73% 0.46%
Shenzhou International Group Holdings Ltd. 1.19% 0.44%
Sunny Optical Technology Group 1.25% 0.43%
Top Detractors Average Weight Contribution
Mr Price Group Limited 0.87% -0.18%
LG Household & Health Care Ltd. 1.25% -0.15%
Grupo Lala, S.A.B. de C.V. 0.89% -0.12%
BM&FBOVESPA SA 1.65% -0.10%
GRUMA, S.A.B. de C.V. 1.04% -0.09%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 6.55% 3.62%
Education Services 2.17% 1.72%
Advertising 1.73% 1.42%
Consumer Finance 1.49% 1.27%
Semiconductors 3.45% 1.20%
Top Detractors Average Weight Contribution
Pharmaceuticals 3.53% -0.98%
Cable & Satellite 1.36% -0.52%
Textiles 1.05% -0.43%
Life & Health Insurance 1.71% -0.38%
Apparel, Accessories & Luxury Goods 2.56% -0.36%
By Holdings
Top Contributors Average Weight Contribution
TAL Education Group 1.84% 1.57%
Alibaba Group Holding Limited 2.06% 1.34%
Bharat Financial Inclusion Limited 1.49% 1.27%
Samsung Electronics Co., Ltd. 2.46% 1.18%
Tencent Holdings, Ltd. 1.92% 1.05%
Top Detractors Average Weight Contribution
Makalot Industrial Co., Ltd. 1.09% -0.72%
China Life Insurance Co. Ltd. 0.55% -0.52%
Lupin Ltd. 0.65% -0.45%
Eclat Textile Co., Ltd. 1.05% -0.43%
Glenmark Pharmaceuticals Ltd. 0.51% -0.34%
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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.