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 September 30, 2014

Inception Date December 31, 2010
Net Assets (All share classes combined) $1.13 billion
# of Equity Securities / % of Net Assets 75/88.8%
Turnover (3 Year Average) 35.45%
Median Market Cap $3.57 billion
Weighted Average Market Cap $16.90 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) 19.1%
Price/Earnings Ratio (trailing 12-month) 19.8
Price/Book Ratio 3.0
Price/Sales Ratio 1.9

Top Ten Holdings as of September 30, 2014

Download Attribution Analysis
Holding Sector Percentage*
Kroton Educational SA (KROT3.BZ) is a post-secondary education company in Brazil.
Consumer Discretionary 3.1%
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 2.3%
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 2.0%
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 2.0%
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 1.9%
Aspen Pharmacare Holdings Ltd.
Health Care 1.8%
Opera Software ASA
Information Technology 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%
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 1.7%
Amara Raja Batteries Ltd.
Industrials 1.7%
Total 20.1%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 11.2%
Kroton Educacional SA Consumer Discretionary $10.156 3.1%
Divi's Laboratories Ltd. Health Care $3.869 2.3%
Haitong Securities Co., Ltd. Financials $15.908 2.0%
Smiles SA Consumer Discretionary $1.940 2.0%
Torrent Pharmaceuticals Ltd. Health Care $2.388 1.9%
Fomento Económico Mexicano, S.A.B. de C.V. Consumer Staples $32.938 1.8%
Opera Software ASA Information Technology $2.005 1.8%
Aspen Pharmacare Holdings Ltd. Health Care $13.610 1.8%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.149 1.7%
Amara Raja Batteries Ltd. Industrials $1.655 1.7%
Cetip SA - Mercados Organizados Financials $3.240 1.6%
WeMade Entertainment Co., Ltd. Information Technology $0.717 1.6%
Steinhoff International Holdings Ltd. Consumer Discretionary $11.791 1.6%
Taiwan Semiconductor Manufacturing Company Ltd. Information Technology $104.651 1.5%
Lupin Ltd. Health Care $10.145 1.5%
Universal Robina Corp. Consumer Staples $9.090 1.5%
TAL Education Group Consumer Discretionary $2.756 1.5%
PT Matahari Department Store Tbk Consumer Discretionary $3.885 1.5%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $21.106 1.4%
Ayala Land, Inc. Financials $11.051 1.4%
GOL Linhas Aéreas Inteligentes SA Industrials $1.362 1.4%
Tencent Holdings, Ltd. Information Technology $139.285 1.4%
Alibaba Group Holding Ltd. Information Technology $219.016 1.4%
TOTVS SA Information Technology $2.486 1.3%
HIWIN Technologies Corp. Industrials $2.338 1.3%
MediaTek Inc. Information Technology $23.266 1.3%
Novatek Microelectronics Corp. Information Technology $3.011 1.3%
PVR Ltd. Consumer Discretionary $0.467 1.3%
Axis Bank Ltd. Financials $14.428 1.3%
M. Dias Branco SA Consumer Staples $4.525 1.2%
Ginko International Co. LTD Health Care $1.249 1.2%
Global Logistic Properties Ltd. Financials $10.280 1.2%
CJ O Shopping Co. Ltd. Consumer Discretionary $1.877 1.2%
Larsen & Toubro Ltd. Industrials $21.917 1.2%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $2.430 1.2%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $4.885 1.1%
Sociedad Química y Minera de Chile SA Materials $6.967 1.1%
Bangkok Bank Public Co. Ltd. Financials $12.009 1.1%
Metro Pacific Investments Corp. Financials $2.844 1.1%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $6.245 1.1%
China Mengniu Dairy Co. Ltd. Consumer Staples $8.071 1.1%
Samsung Electronics Co., Ltd. Information Technology $163.736 1.1%
Crompton Greaves Ltd. Industrials $2.041 1.1%
Bidvest Group Ltd. Industrials $8.391 1.1%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $7.043 1.1%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.711 1.0%
KIA Motors Corp. Consumer Discretionary $20.552 1.0%
Sihuan Pharmaceutical Holdings Group Ltd. Health Care $7.768 1.0%
Multiplus SA Consumer Discretionary $1.956 1.0%
Perfect World Co., Ltd. Information Technology $0.975 1.0%
China Petroleum & Chemical Corporation Energy $101.161 1.0%
Sinopharm Group Co. Ltd. Health Care $9.394 1.0%
Kingdee International Software Group Co. Ltd. Information Technology $0.760 0.9%
Wynn Macau Ltd. Consumer Discretionary $16.527 0.9%
Sun TV Network Ltd. Consumer Discretionary $2.158 0.9%
Man Wah Holdings Ltd. Consumer Discretionary $1.401 0.9%
BDO Unibank, Inc. Financials $7.824 0.9%
China Unicom (Hong Kong) Ltd. Telecommunication Services $35.717 0.9%
Shandong Weigao Group Medical Polymer Co. Ltd. Health Care $4.428 0.8%
Estácio Participações SA Consumer Discretionary $3.278 0.8%
Dish TV India Ltd. Consumer Discretionary $0.929 0.8%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.517 0.8%
Linx SA Information Technology $0.978 0.8%
Mr Price Group Ltd. Consumer Discretionary $5.056 0.8%
L.P.N. Development PCL Financials $0.910 0.7%
SHUAA Capital psc Financials $0.339 0.6%
DEN Networks Ltd. Consumer Discretionary $0.425 0.6%
Melco International Development Ltd. Consumer Discretionary $3.614 0.6%
Biostime International Holdings Ltd. Consumer Staples $1.884 0.6%
WuXi PharmaTech (Cayman) Inc. Health Care $2.505 0.6%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.761 0.5%
Yandex N.V. Information Technology $8.933 0.5%
Biostime International Holdings Ltd. Consumer Staples $1.884 0.5%
Lekoil, Ltd. Energy $0.400 0.5%
Africa Oil Corp. Energy $1.372 0.3%
Yashili International Holdings Ltd. Consumer Staples $0.967 0.2%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $4.885 0.0%
Total 100.0%
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Sector Breakdown as of September 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
11.2%
Consumer Discretionary
  • Education Services 5.5%
  • Advertising 3.0%
  • Casinos & Gaming 2.7%
  • Home Furnishings 2.5%
  • Broadcasting 2.1%
  • Cable & Satellite 1.9%
  • Department Stores 1.5%
  • Movies & Entertainment 1.3%
  • Catalog Retail 1.2%
  • Automobile Manufacturers 1.0%
  • Specialty Stores 1.0%
  • Apparel Retail 0.8%
24.4%
Consumer Staples
  • Packaged Foods & Meats 5.1%
  • Soft Drinks 1.7%
6.9%
Energy
  • Integrated Oil & Gas 1.0%
  • Oil & Gas Exploration & Production 0.8%
1.8%
Financials
  • Diversified Banks 4.7%
  • Investment Banking & Brokerage 2.5%
  • Asset Management & Custody Banks 1.6%
  • Diversified Real Estate Activities 1.4%
  • Real Estate Operating Companies 1.2%
  • Multi-Sector Holdings 1.1%
  • Real Estate Development 0.7%
13.3%
Health Care
  • Pharmaceuticals 6.2%
  • Life Sciences Tools & Services 2.9%
  • Health Care Supplies 2.0%
  • Health Care Distributors 1.0%
12.1%
Industrials
  • Electrical Components & Equipment 2.8%
  • Airlines 1.4%
  • Industrial Machinery 1.3%
  • Construction & Engineering 1.2%
  • Industrial Conglomerates 1.1%
7.8%
Information Technology
  • Internet Software & Services 5.0%
  • Semiconductors 4.2%
  • Home Entertainment Software 2.6%
  • Application Software 1.7%
  • Systems Software 1.3%
  • Technology Hardware, Storage & Peripherals 1.1%
15.8%
Materials
  • Fertilizers & Agricultural Chemicals 1.1%
1.1%
Telecommunication Services
  • Wireless Telecommunication Services 3.6%
  • Integrated Telecommunication Services 0.9%
4.5%
Utilities
  • Gas Utilities 1.1%
1.1%
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Country Breakdown As of September 30, 2014

Country Breakdown
Developed % of Net Assets
Canada 0.3%
Hong Kong 3.5%
Norway 1.8%
Singapore 1.2%
United Kingdom 0.5%
Country Breakdown
Developing % of Net Assets
Brazil 13.1%
Chile 1.1%
China 15.8%
India 16.2%
Indonesia 5.4%
Korea 6.1%
Mexico 2.9%
Philippines 4.9%
Russia 0.5%
South Africa 5.3%
Taiwan 7.8%
Thailand 1.9%
United Arab Emirates 0.5%
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Top Contributors & Detractors as of September 30, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Pharmaceuticals 6.55% 0.92%
Life Sciences Tools & Services 2.62% 0.42%
Electrical Components & Equipment 2.60% 0.27%
Internet Retail 0.02% 0.18%
Department Stores 1.42% 0.17%
Top Detractors Average Weight Contribution
Packaged Foods & Meats 6.02% -0.68%
Advertising 3.30% -0.56%
Cable & Satellite 2.18% -0.55%
Internet Software & Services 4.46% -0.43%
Home Furnishings 3.43% -0.42%
By Holdings
Top Contributors Average Weight Contribution
Divi's Laboratories Ltd. 1.99% 0.38%
Lupin Ltd. 1.38% 0.34%
Amara Raja Batteries Ltd. 1.60% 0.32%
Torrent Pharmaceuticals Ltd. 1.78% 0.30%
TAL Education Group 1.25% 0.29%
Top Detractors Average Weight Contribution
Biostime International Holdings Ltd. 1.65% -0.57%
HIWIN Technologies Corp. 1.44% -0.41%
DEN Networks Ltd. 0.76% -0.38%
Steinhoff International Holdings Ltd. 2.30% -0.36%
Multiplus SA 1.23% -0.35%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Pharmaceuticals 5.96% 2.81%
Education Services 4.18% 2.01%
Internet Retail 0.73% 1.77%
Life Sciences Tools & Services 2.60% 1.28%
Advertising 3.28% 1.16%
Top Detractors Average Weight Contribution
Application Software 2.54% -1.48%
Packaged Foods & Meats 6.94% -0.92%
Health Care Supplies 2.71% -0.74%
Technology Hardware, Storage & Peripherals 1.48% -0.45%
Automobile Manufacturers 2.17% -0.42%
By Holdings
Top Contributors Average Weight Contribution
Qunar Cayman Islands Ltd. 0.73% 1.58%
Kroton Educacional SA 2.34% 1.18%
Smiles SA 2.39% 1.09%
Torrent Pharmaceuticals Ltd. 1.41% 0.99%
Sihuan Pharmaceutical Holdings Group Ltd. 1.11% 0.95%
Top Detractors Average Weight Contribution
NQ Mobile, Inc. 0.26% -1.96%
Biostime International Holdings Ltd. 2.34% -1.09%
Sina Corporation 1.71% -0.90%
Samsung Electronics Co., Ltd. 1.48% -0.45%
Ginko International Co. LTD 1.38% -0.37%
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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.