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, 2015

Inception Date December 31, 2010
Net Assets (All share classes combined) $1.53 billion
# of Equity Securities / % of Net Assets 85/91.1%
Turnover (3 Year Average) 27.69%
Median Market Cap $5.13 billion
Weighted Average Market Cap $38.56 billion
CUSIP 06828M876
Gross Expense Ratio (as of FYE 12/13) 1.80%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.55)%
Net Expense Ratio (as of FYE 12/13) 1.25%
EPS Growth (3-5 year forecast) 16.4%
Price/Earnings Ratio (trailing 12-month) 19.2
Price/Book Ratio 2.7
Price/Sales Ratio 1.8

Top Ten Holdings as of May 31, 2015

Download Attribution Analysis
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 3.0%
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%
Sinopharm Group Co., Ltd. (1099.HK) is the largest wholesaler and retailer of pharma and healthcare products and a leading supply chain service provider in China.
Health Care 2.2%
Kingdee International Software Group Co. Ltd.
Information Technology 2.1%
Alibaba Group Holding Ltd. (BABA) is the largest e-commerce company in China, as well as the world, generating $370 billion in annual gross merchandise value on a trailing twelve month basis. Its two primary online marketplaces in China are Taobao and TMall, which together comprise 82% of Alibaba's revenue.
Information Technology 1.9%
Dish TV India Ltd.
Consumer Discretionary 1.7%
Steinhoff International Holdings Ltd. (SHF.SJ) 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. 
Consumer Discretionary 1.7%
Makalot Industrial Co., Ltd.
Consumer Discretionary 1.7%
China Telecom Corp. Ltd.
Telecommunication Services 1.6%
Taiwan Semiconductor Manufacturing  Co. Ltd. (TSM) is the world’s largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Information Technology 1.6%
Total 19.8%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 8.9%
Haitong Securities Co., Ltd. - Cl H Financials $34.206 2.5%
Samsung Electronics Co., Ltd. Information Technology $189.194 2.5%
Sinopharm Group Co. Ltd. - Cl H Health Care $11.297 2.1%
Steinhoff International Holdings Ltd. Consumer Discretionary $21.625 1.9%
Lupin Ltd. Health Care $14.425 1.8%
Torrent Pharmaceuticals Ltd. Health Care $3.133 1.8%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR Information Technology $121.766 1.7%
Fomento Económico Mexicano, S.A.B. de C.V. - ADS Consumer Staples $33.449 1.7%
Axis Bank Ltd. Financials $21.213 1.7%
Dish TV India Ltd. Consumer Discretionary $1.395 1.6%
Aspen Pharmacare Holdings Ltd. Health Care $14.448 1.6%
Tencent Holdings, Ltd. Information Technology $177.970 1.6%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.476 1.5%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $7.863 1.5%
TAL Education Group - ADR Consumer Discretionary $2.620 1.5%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $51.883 1.5%
China Mobile Ltd Telecommunication Services $267.266 1.5%
Makalot Industrial Co., Ltd. Consumer Discretionary $1.373 1.5%
Ayala Land, Inc. Financials $12.640 1.4%
Universal Robina Corp. Consumer Staples $11.030 1.4%
China Mengniu Dairy Co. Ltd. Consumer Staples $10.414 1.4%
Divi's Laboratories Ltd. Health Care $3.787 1.4%
Larsen & Toubro Ltd. Industrials $25.543 1.4%
PT Matahari Department Store Tbk Consumer Discretionary $4.396 1.4%
Alibaba Group Holding Ltd. - ADR Information Technology $205.187 1.4%
PetroChina Co. Ltd. - Cl H Energy $329.860 1.4%
Samsung Life Insurance Co. Ltd. Financials $17.432 1.4%
Amara Raja Batteries Ltd. Industrials $2.274 1.3%
Novatek Microelectronics Corp. Information Technology $3.151 1.3%
Global Logistic Properties Ltd. Financials $9.346 1.3%
Bidvest Group Ltd. Industrials $9.083 1.3%
Kingdee International Software Group Co. Ltd. Information Technology $1.080 1.2%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $25.047 1.2%
Ginko International Co. LTD Health Care $1.067 1.2%
Smiles SA Consumer Discretionary $1.942 1.2%
Exide Industries Ltd. Consumer Discretionary $2.414 1.2%
Coal India Ltd Energy $36.628 1.2%
LG Household & Health Care Ltd. Consumer Staples $12.177 1.1%
CJ O Shopping Co. Ltd. Consumer Discretionary $1.294 1.1%
BDO Unibank, Inc. Financials $9.910 1.1%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $6.298 1.1%
Eclat Textile Co., Ltd. Consumer Discretionary $3.432 1.1%
Bangkok Bank Public Co. Ltd. Financials $10.823 1.0%
Sun TV Network Ltd. Consumer Discretionary $2.782 1.0%
HIWIN Technologies Corp. Industrials $1.934 1.0%
Cetip SA - Mercados Organizados Financials $2.623 1.0%
MediaTek Inc. Information Technology $21.269 1.0%
Man Wah Holdings Ltd. Consumer Discretionary $1.870 1.0%
PVR Ltd. Consumer Discretionary $0.440 1.0%
Mr Price Group Ltd. Consumer Discretionary $5.716 1.0%
Sasol Ltd Energy $22.119 1.0%
TOTVS SA Information Technology $1.870 0.9%
Metro Pacific Investments Corp. Financials $3.011 0.9%
WuXi PharmaTech (Cayman) Inc. Health Care $2.774 0.9%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $2.116 0.9%
China Unicom (Hong Kong) Ltd. Telecommunication Services $36.449 0.9%
Grupo Lala Consumer Staples $5.021 0.9%
Shenzhou International Group Holdings Ltd. Consumer Discretionary $6.316 0.9%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.245 0.8%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.641 0.8%
Perfect World Co., Ltd. - ADR Information Technology $0.920 0.8%
Glenmark Pharmaceuticals Ltd Health Care $3.408 0.8%
I-Sens, Inc. Health Care $0.404 0.8%
Wal-Mart de Mexico SAB de CV Class V Consumer Staples - 0.8%
Ctrip.com International, Ltd. Consumer Discretionary $7.932 0.7%
Wynn Macau Ltd. Consumer Discretionary $11.245 0.6%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.137 0.6%
WeMade Entertainment Co., Ltd. Information Technology $0.597 0.6%
Sihuan Pharmaceutical Holdings Group Ltd. Health Care $5.922 0.6%
L.P.N. Development PCL Financials $0.762 0.5%
M. Dias Branco SA Consumer Staples $3.061 0.5%
DEN Networks Ltd. Consumer Discretionary $0.343 0.5%
Multiplus SA Consumer Discretionary $1.663 0.5%
Linx SA Information Technology $0.684 0.4%
Biostime International Holdings Ltd. CONB Consumer Staples $2.544 0.4%
GOL Linhas Aéreas Inteligentes SA - ADR Industrials $0.688 0.4%
GAEC Educação S.A. Consumer Discretionary $0.395 0.4%
Sociedad Química y Minera de Chile SA - ADS Materials $5.922 0.3%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.650 0.3%
Melco International Development Ltd. Consumer Discretionary $2.605 0.3%
China Petroleum & Chemical Corporation - Cl H Energy $119.152 0.3%
Sasol Ltd-Sponsored - Adr Energy $22.119 0.3%
SHUAA Capital psc Financials $0.176 0.2%
Kroton Educacional SA Consumer Discretionary $5.238 0.2%
Lekoil, Ltd. Energy $0.127 0.2%
Motherson Sumi Systems Ltd Consumer Discretionary $7.256 0.2%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.245 0.0%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
8.3%
Consumer Discretionary
  • Home Furnishings 2.8%
  • Cable & Satellite 2.5%
  • Textiles 2.3%
  • Education Services 1.8%
  • Advertising 1.8%
  • Apparel, Accessories & Luxury Goods 1.7%
  • Broadcasting 1.7%
  • Auto Parts & Equipment 1.6%
  • Casinos & Gaming 1.3%
  • Catalog Retail 1.3%
  • Internet Retail 1.2%
  • Department Stores 1.1%
  • Movies & Entertainment 0.9%
  • Apparel Retail 0.9%
  • Specialty Stores 0.9%
23.8%
Consumer Staples
  • Packaged Foods & Meats 4.1%
  • Soft Drinks 1.5%
  • Household Products 1.0%
  • Hypermarkets & Super Centers 0.7%
7.4%
Energy
  • Integrated Oil & Gas 3.0%
  • Coal & Consumable Fuels 1.4%
  • Oil & Gas Exploration & Production 0.2%
4.5%
Financials
  • Diversified Banks 4.1%
  • Investment Banking & Brokerage 3.5%
  • Life & Health Insurance 2.7%
  • Diversified Capital Markets 1.3%
  • Diversified Real Estate Activities 1.3%
  • Real Estate Operating Companies 1.3%
  • Asset Management & Custody Banks 1.0%
  • Multi-Sector Holdings 0.8%
  • Real Estate Development 0.4%
  • Specialized Finance 0.2%
16.5%
Health Care
  • Pharmaceuticals 5.7%
  • Health Care Distributors 2.2%
  • Life Sciences Tools & Services 2.1%
  • Health Care Supplies 1.5%
  • Health Care Equipment 0.8%
12.4%
Industrials
  • Electrical Components & Equipment 1.2%
  • Industrial Conglomerates 1.1%
  • Industrial Machinery 1.0%
  • Construction & Engineering 0.7%
  • Airlines 0.4%
4.4%
Information Technology
  • Semiconductors 3.6%
  • Internet Software & Services 3.5%
  • Application Software 2.5%
  • Technology Hardware, Storage & Peripherals 2.3%
  • Systems Software 1.1%
  • Home Entertainment Software 1.0%
14.1%
Telecommunication Services
  • Wireless Telecommunication Services 4.8%
  • Integrated Telecommunication Services 2.8%
7.6%
Utilities
  • Gas Utilities 1.1%
1.0%
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Country Breakdown As of May 31, 2015

Country Breakdown
Developed % of Net Assets
Hong Kong 3.6%
Singapore 1.3%
United Kingdom 0.2%
Country Breakdown
Developing % of Net Assets
Brazil 5.4%
China 26.2%
India 16.5%
Indonesia 4.0%
Korea 8.3%
Mexico 4.1%
Philippines 3.9%
South Africa 6.4%
Taiwan 10.3%
Thailand 1.3%
United Arab Emirates 0.2%
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Top Contributors & Detractors as of March 31, 2015

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Home Furnishings 2.40% 0.47%
Diversified Banks 5.17% 0.43%
Packaged Foods & Meats 4.33% 0.42%
Pharmaceuticals 6.98% 0.32%
Department Stores 1.27% 0.29%
Top Detractors Average Weight Contribution
Education Services 2.87% -1.30%
Airlines 0.99% -0.80%
Internet Software & Services 3.69% -0.46%
Fertilizers & Agricultural Chemicals 1.12% -0.34%
Specialty Stores 1.06% -0.29%
By Holdings
Top Contributors Average Weight Contribution
Lupin Ltd. 1.52% 0.53%
Kingdee International Software Group Co. Ltd. 0.99% 0.37%
Tencent Holdings, Ltd. 1.33% 0.36%
Steinhoff International Holdings Ltd. 1.61% 0.35%
China Mengniu Dairy Co. Ltd. 1.25% 0.32%
Top Detractors Average Weight Contribution
GOL Linhas Aéreas Inteligentes SA 0.99% -0.80%
Kroton Educacional SA 0.86% -0.74%
GAEC Educação S.A 0.60% -0.66%
Opera Software ASA 0.83% -0.47%
Alibaba Group Holding Ltd. 1.52% -0.34%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Pharmaceuticals 6.66% 3.07%
Diversified Banks 4.62% 1.47%
Investment Banking & Brokerage 2.22% 1.39%
Electrical Components & Equipment 2.31% 1.10%
Wireless Telecommunication Services 3.96% 0.84%
Top Detractors Average Weight Contribution
Casinos & Gaming 2.63% -1.05%
Internet Software & Services 4.76% -0.98%
Education Services 4.43% -0.87%
Airlines 1.24% -0.77%
Packaged Foods & Meats 5.64% -0.76%
By Holdings
Top Contributors Average Weight Contribution
Haitong Securities Co., Ltd. 2.22% 1.39%
Torrent Pharmaceuticals Ltd. 1.79% 1.26%
Amara Raja Batteries Ltd. 1.58% 1.10%
Lupin Ltd. 1.39% 0.96%
Axis Bank Ltd. 1.61% 0.93%
Top Detractors Average Weight Contribution
Biostime International Holdings Ltd. 1.35% -1.09%
GOL Linhas Aéreas Inteligentes SA 1.24% -0.77%
Kroton Educacional SA 2.28% -0.65%
GAEC Educação S.A 0.23% -0.63%
Sociedad Química y Minera de Chile SA 1.16% -0.60%
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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.