Baron Emerging Markets Fund (BEXIX)

Portfolio Management

MichaelKass
Michael Kass

Fund Manager since 2010

Objective & Strategy

The investment goal of Baron Emerging Markets Fund is capital appreciation.

The Fund invests mainly in non-U.S. companies of all sizes with significant growth potential. The majority of investments are in companies domiciled in developing nations, and the Fund may invest up to 20% in companies in developed market countries and frontier countries. Diversified.

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Fund Description

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

   

Performance Summary as of June 30, 2014

  Annualized Returns Since Inception
12/31/10
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
8.48% 23.91% 8.72% N/A N/A 7.21% 27.61%
Growth of $10,000 Chart

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Top Ten Holdings as of June 30, 2014

Holding Sector Percentage
Steinhoff International Holdings Ltd. Consumer Discretionary 2.6%
Smiles SA Consumer Discretionary 2.6%
Biostime International Holdings Ltd. Consumer Staples 2.2%
Kroton Educacional SA Consumer Discretionary 2.1%
Cetip SA - Mercados Organizados Financials 2.0%
Haitong Securities Co., Ltd. Financials 2.0%
Divi's Laboratories Ltd. Health Care 2.0%
Tower Bersama Infrastructure Tbk PT Telecommunication Services 1.9%
Fomento Económico Mexicano, S.A.B. de C.V. Consumer Staples 1.8%
Torrent Pharmaceuticals Ltd. Health Care 1.7%
Total 20.9%
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Performance Based Characteristics as of June 30, 2014

Characteristics 3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 16.90 15.81
Sharpe Ratio 0.52 0.46
Alpha (%) 7.85 6.40
Beta 0.81 0.79
R-Squared (%) 86.83 84.38
Tracking Error (%) 7.01 7.30
Information Ratio 1.12 0.87
Upside Capture (%) 102.84 95.36
Downside Capture (%) 71.24 68.67

Daily Price (NAV)

Prices for Jul 30 , 2014
(BEXIX)
NAV $12.57
Daily Change ($) $0.00
Daily Change (%) 0.00%
MTD 0.24%
YTD 8.74%
52-Week High $12.62
52-Week Low $10.04

Fund Facts

Inception Date December 31, 2010
Net Assets^ $996.27 million
CUSIP 06828M876
Expense Ratio* 1.80% / 1.25%
Risk/Return Comparison
Risk Return Graph

In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased risks due to a greater possibility of: settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

Ratings/Rankings

Morningstar Ratings
Ratings based on risk-adjusted returns as of 6/30/2014
Category: US OE Diversified Emerging Mkts
Overall 5 Stars out of 454 funds
3 Year 5 Stars out of 454 funds

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Lipper Rankings

This information is not currently available.

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Baron Category: All-Cap Growth
Large Value Large Core Large Growth Large
Mid Value Mid Core Mid Growth Mid
Small Value Small Core Small Growth Small
Value Core Growth  
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Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain Fund expenses and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above. For performance information current to the most recent month end, click here.

The Fund may not achieve its objectives.

^All share classes combined. As of most recent month end.

*As of fiscal year ended 12/31/2013, the gross expense of the Fund's Retail Shares was 1.80% but the net expense ratio was 1.25% (net of the Adviser's fee waiver).

Top Ten Fund Holdings based on net assets. 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.

Definitions (provided by BAMCO, Inc.): The MSCI EM (Emerging Markets) IMI Index Net USD and the MSCI EM (Emerging Markets) IMI Growth Index Net USD are free float-adjusted market capitalization indexes designed to measure equity market performance of large-, mid- and small-cap securities in the emerging markets. The MSCI EM (Emerging Markets) IMI Growth Index Net USD screens for growth-style securities. The indexes and the Fund include reinvestment of dividends, net of withholding taxes, which positively impacts the performance results. The Morningstar Diversified Emerging Markets Average is not weighted and represents the straight average of annualized returns of each of the funds in the Diversified Emerging Markets category. The Fund's Institutional Shares have been included in the category since inception. © 2014 Morningstar, Inc.  All Rights Reserved.  The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.