Baron Emerging Markets Fund (BEXIX)

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Fund Description

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

   

Facts & Characteristics as of March 31, 2016

Inception Date December 31, 2010
Net Assets (All share classes combined as of 6/30/2016) $2.05 billion
# of Equity Securities / % of Net Assets 87/89.3%
Turnover (3 Year Average) 24.60%
Median Market Cap $6.09 billion
Weighted Average Market Cap $32.57 billion
CUSIP 06828M876
Gross Expense Ratio (as of FYE 12/14) 1.27%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.02)%
Net Expense Ratio (as of FYE 12/14) 1.25%
EPS Growth (3-5 year forecast) 16.0%
Price/Earnings Ratio (trailing 12-month) 18.4
Price/Book Ratio 2.3
Price/Sales Ratio 2.1

Top Ten Holdings as of June 30, 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 2.6%
Alibaba Group Holding Ltd. (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 3rd party online payment provider in China.
Information Technology 2.4%
Tencent Holdings Ltd. (700.HK) is a leading Internet service company, and the #1 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 2.4%
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) is the world’s largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Information Technology 2.3%
SKS Microfinance Limited
Financials 1.9%
BM&FBOVESPA S.A. (BVMF3.BZ) operates financial exchanges in Brazil for trading equities, fixed income, derivatives, commodities, and currencies.
Financials 1.8%
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 1.8%
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 1.7%
Far EasTone Telecommunications Co., Ltd. (4904.TT) is Taiwan's third largest telecom provider.  The company offers pre-paid and post-paid mobile services to approximately 7.3 million subscribers.
Telecommunication Services 1.7%
Steinhoff International Holdings Ltd. (SNH.GR) is a leading vertically integrated manufacturer and retailer of household goods in Europe. The company also has a presence in South Africa through its majority owned subsidiaries, JD Group and Pepkor.
Consumer Discretionary 1.6%
Total 20.2%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 11.2%
Samsung Electronics Co., Ltd. Information Technology $179.356 2.6%
Tencent Holdings, Ltd. Information Technology $213.544 2.4%
Alibaba Group Holding Limited - ADR Information Technology $198.449 2.4%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR Information Technology $136.031 2.3%
SKS Microfinance Limited Financials $1.399 1.9%
BM&FBOVESPA SA Financials $10.170 1.8%
Sinopharm Group Co. Ltd. - Cl H Health Care $13.179 1.8%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $7.869 1.7%
TAL Education Group - ADR Consumer Discretionary $5.020 1.7%
NAVER Corp. Information Technology $20.604 1.6%
Steinhoff International Holdings Ltd. Consumer Discretionary $21.782 1.6%
LG Household & Health Care Ltd. Consumer Staples $15.349 1.5%
Ctrip.com International, Ltd. Consumer Discretionary $18.550 1.5%
Fomento Económico Mexicano, S.A.B. de C.V. - ADS Consumer Staples $27.923 1.5%
Man Wah Holdings Ltd. Consumer Discretionary $2.771 1.5%
Smiles SA Consumer Discretionary $1.841 1.5%
Divi's Laboratories Ltd. Health Care $4.364 1.5%
China Mobile Ltd. Telecommunication Services $233.969 1.5%
Grupo Financiero Banorte, SAB de CV Class O Financials $15.554 1.4%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $6.496 1.3%
Yandex N.V. Information Technology $6.976 1.3%
Cetip SA - Mercados Organizados Financials $3.585 1.3%
Aspen Pharmacare Holdings Ltd. Health Care $11.225 1.2%
PT Matahari Department Store Tbk Consumer Discretionary $4.417 1.2%
Coal India Ltd. Energy $29.291 1.2%
Techtronic Industries Co. Ltd. Consumer Discretionary $7.624 1.2%
Lg Chem Ltd Materials $14.815 1.2%
Zhaojin Mining Industry - Cl H Materials $3.077 1.2%
AngloGold Ashanti Limited - Adr Materials $7.397 1.2%
China Mengniu Dairy Co. Ltd. Consumer Staples $6.810 1.1%
PVR Ltd. Consumer Discretionary $0.700 1.1%
BDO Unibank, Inc. Financials $8.681 1.1%
Samsung Life Insurance Co. Ltd. Financials $17.450 1.1%
Wal-Mart de Mexico SAB de CV Class V Consumer Staples $41.938 1.1%
Shenzhou International Group Holdings Ltd. Consumer Discretionary $6.753 1.1%
Sunny Optical Technology Group Information Technology $3.839 1.1%
Bid Corp. Ltd. Consumer Staples $6.285 1.1%
Sociedad Química y Minera de Chile SA - ADS Materials $6.968 1.0%
Metro Pacific Investments Corp. Financials $4.136 1.0%
Kroton Educacional SA Consumer Discretionary $6.884 1.0%
Ginko International Co., Ltd. Health Care $0.963 1.0%
Haitong Securities Co., Ltd. - Cl H Financials $24.500 1.0%
Bidvest Group Ltd. Industrials $3.158 1.0%
PetroChina Co. Ltd. - Cl H Energy $190.481 1.0%
Exide Industries Ltd. Consumer Discretionary $2.132 1.0%
Gruma S.a.B.-B Consumer Staples $6.244 1.0%
Taiwan Mobile Co Ltd Telecommunication Services $11.930 1.0%
Amara Raja Batteries Limited Industrials $2.198 0.9%
Mr Price Group Ltd. Consumer Discretionary $3.773 0.9%
Grupo Lala Consumer Staples $5.433 0.9%
TOTVS SA Information Technology $1.554 0.8%
Copa Holdings SA Industrials $2.193 0.8%
Ayala Land, Inc. Financials $12.134 0.8%
Torrent Pharmaceuticals Ltd. Health Care $3.442 0.8%
Dish TV India Ltd. Consumer Discretionary $1.543 0.8%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.396 0.8%
Global Logistic Properties Ltd. Financials $6.300 0.8%
Kotak Mahindra Bank Ltd Financials $20.755 0.8%
Kingdee International Software Group Co. Ltd. Information Technology $0.905 0.7%
Bangkok Bank Public Co. Ltd. Financials $8.610 0.7%
Sun TV Network Ltd. Consumer Discretionary $2.125 0.7%
Multiplus SA Consumer Discretionary $1.826 0.7%
Motherson Sumi Systems Ltd Consumer Discretionary $5.685 0.7%
Bellamy's Australia Ltd. Consumer Staples $0.734 0.7%
Life Healthcare Group Holdings Limited Health Care $2.600 0.7%
Bank of Baroda Financials $5.256 0.7%
Wynn Macau Ltd. Consumer Discretionary $7.460 0.6%
Qihoo 360 Technology Co. Ltd. ADR Cl - A Information Technology $9.456 0.6%
Novatek Microelectronics Corp. Information Technology $2.254 0.6%
Makalot Industrial Co., Ltd. Consumer Discretionary $0.928 0.6%
Eclat Textile Co., Ltd. Consumer Discretionary $2.589 0.6%
Sasol Limited Energy $17.566 0.6%
TerraForm Global, Inc. Cl - A Utilities $0.581 0.6%
Multi Commodity Exchange of India Ltd. Financials $0.756 0.5%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $4.862 0.5%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $36.095 0.5%
China Everbright Ltd. Financials $3.237 0.5%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.282 0.4%
MediaTek Inc. Information Technology $11.887 0.4%
Sberbank of Russia PJSC-ADR Financials $47.006 0.4%
Universal Robina Corp. Consumer Staples $9.645 0.3%
DEN Networks Ltd. Consumer Discretionary $0.241 0.3%
Biostime International Holdings Ltd. CONB Consumer Staples $2.104 0.3%
Sasol Limited-Sponsored - Adr Energy $17.566 0.3%
Credicorp Ltd. Financials $12.310 0.2%
Lekoil, Ltd. Energy $0.117 0.2%
Hathway Cable & Datacom Limited Consumer Discretionary $0.410 0.1%
HIWIN Technologies Corp. Industrials $1.240 0.1%
Linx SA Information Technology $0.708 0.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $6.496 0.0%
Total 100.0%
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Sector Breakdown as of June 30, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
11.2%
Consumer Discretionary
  • Home Furnishings 3.1%
  • Education Services 2.7%
  • Advertising 2.2%
  • Broadcasting 2.1%
  • Auto Parts & Equipment 1.7%
  • Apparel, Accessories & Luxury Goods 1.7%
  • Internet Retail 1.5%
  • Household Appliances 1.2%
  • Department Stores 1.2%
  • Cable & Satellite 1.1%
  • Movies & Entertainment 1.1%
  • Apparel Retail 0.9%
  • Textiles 0.6%
  • Casinos & Gaming 0.6%
21.6%
Consumer Staples
  • Packaged Foods & Meats 4.4%
  • Soft Drinks 1.5%
  • Personal Products 1.5%
  • Food Distributors 1.1%
  • Hypermarkets & Super Centers 1.1%
9.5%
Energy
  • Integrated Oil & Gas 2.0%
  • Coal & Consumable Fuels 1.2%
  • Oil & Gas Exploration & Production 0.2%
3.5%
Financials
  • Diversified Banks 5.2%
  • Specialized Finance 2.3%
  • Consumer Finance 1.9%
  • Asset Management & Custody Banks 1.3%
  • Life & Health Insurance 1.1%
  • Multi-Sector Holdings 1.0%
  • Investment Banking & Brokerage 1.0%
  • Diversified Real Estate Activities 0.8%
  • Real Estate Operating Companies 0.8%
  • Diversified Capital Markets 0.5%
16.0%
Health Care
  • Pharmaceuticals 2.0%
  • Health Care Distributors 1.8%
  • Life Sciences Tools & Services 1.5%
  • Health Care Supplies 1.0%
  • Health Care Facilities 0.7%
7.0%
Industrials
  • Industrial Conglomerates 1.0%
  • Electrical Components & Equipment 0.9%
  • Airlines 0.8%
  • Industrial Machinery 0.1%
2.8%
Information Technology
  • Internet Software & Services 8.3%
  • Semiconductors 3.3%
  • Technology Hardware, Storage & Peripherals 2.6%
  • Electronic Components 1.1%
  • Application Software 0.8%
  • Systems Software 0.8%
16.9%
Materials
  • Gold 2.4%
  • Commodity Chemicals 1.1%
  • Fertilizers & Agricultural Chemicals 1.0%
4.5%
Telecommunication Services
  • Wireless Telecommunication Services 5.4%
  • Integrated Telecommunication Services 0.5%
5.9%
Utilities
  • Renewable Electricity 0.6%
  • Gas Utilities 0.5%
1.1%
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Country Breakdown As of June 30, 2016

Country Breakdown
Developed % of Net Assets
Australia 0.7%
Hong Kong 3.3%
Singapore 0.8%
United Kingdom 0.2%
United States 0.6%
Country Breakdown
Developing % of Net Assets
Brazil 7.1%
Chile 1.0%
China 20.4%
India 14.3%
Indonesia 2.5%
Korea 7.9%
Mexico 6.4%
Panama 0.8%
Peru 0.1%
Philippines 3.2%
Russia 1.8%
South Africa 8.6%
Taiwan 8.4%
Thailand 0.7%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 7.60% 0.76%
Advertising 1.88% 0.68%
Gold 1.99% 0.61%
Consumer Finance 1.64% 0.51%
Education Services 2.12% 0.48%
Top Detractors Average Weight Contribution
Apparel, Accessories & Luxury Goods 2.18% -0.37%
Commodity Chemicals 1.31% -0.32%
Packaged Foods & Meats 4.44% -0.28%
Life & Health Insurance 1.41% -0.27%
Textiles 0.75% -0.27%
By Holdings
Top Contributors Average Weight Contribution
SKS Microfinance Limited 1.64% 0.51%
Smiles SA 1.17% 0.51%
BM&FBOVESPA SA 1.56% 0.45%
TAL Education Group 1.98% 0.42%
Yandex N.V. 1.22% 0.41%
Top Detractors Average Weight Contribution
LG Chem Ltd. 1.31% -0.32%
Eclat Textile Co., Ltd. 0.75% -0.27%
Grupo Lala, S.A.B. de C.V. 1.14% -0.25%
Makalot Industrial Co., Ltd. 0.80% -0.23%
Samsung Life Insurance Co. Ltd. 1.25% -0.23%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Education Services 1.89% 1.21%
Gold 0.78% 1.12%
Specialized Finance 0.85% 0.89%
Internet Software & Services 5.37% 0.71%
Consumer Finance 1.27% 0.57%
Top Detractors Average Weight Contribution
Renewable Electricity 0.72% -1.27%
Pharmaceuticals 4.64% -1.21%
Investment Banking & Brokerage 1.93% -1.18%
Integrated Oil & Gas 2.61% -1.00%
Application Software 1.40% -0.83%
By Holdings
Top Contributors Average Weight Contribution
TAL Education Group 1.84% 1.17%
BM&FBOVESPA SA 0.78% 0.90%
Zhaojin Mining Industry Company Limited 0.45% 0.65%
Man Wah Holdings Ltd. 1.35% 0.60%
SKS Microfinance Limited 1.27% 0.57%
Top Detractors Average Weight Contribution
TerraForm Global, Inc. 0.72% -1.27%
Haitong Securities Co., Ltd. 1.39% -0.93%
Kingdee International Software Group Co. Ltd. 1.08% -0.78%
China Life Insurance Co. Ltd. 0.84% -0.70%
Makalot Industrial Co., Ltd. 1.39% -0.69%
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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 PA.

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.