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 June 30, 2015

Inception Date December 31, 2010
Net Assets (All share classes combined) $1.69 billion
# of Equity Securities / % of Net Assets 88/91.9%
Turnover (3 Year Average) 28.03%
Median Market Cap $4.78 billion
Weighted Average Market Cap $33.34 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) 16.6%
Price/Earnings Ratio (trailing 12-month) 20.6
Price/Book Ratio 2.3
Price/Sales Ratio 2.1

Top Ten Holdings as of July 31, 2015

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 2.1%
Coal India Ltd. (COAL.IN) is India's largest producer of coal.  The company has an annual output of about 500 million metric tons, which is supplied to power utilities and other private sector entities. Coal India, headquarted in Kolkata, India, is a government-controlled enterprise.
Energy 1.9%
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 1.9%
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 1.8%
Dish TV India Ltd. (DITV.IN) is India's largest satellite TV provider with over 12.9 million subscribers (greater than 20% market share).  The company is headquartered in Noida, India.
Consumer Discretionary 1.8%
Makalot Industrial Co., Ltd. (1477.TT) is the largest fashion garment manufacturer in Taiwan, with expertise in knitwear for underwear, sleepwear, skirts, dresses, pants, shorts, etc. It is largely garment focused, but becoming more “vertically integrated” via fabric joint ventures.
Consumer Discretionary 1.7%
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 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 subsidiary, JD Group.
Consumer Discretionary 1.6%
China Moblie Ltd
Telecommunication Services 1.6%
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 1.5%
Total 17.6%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 8.1%
Haitong Securities Co., Ltd. - Cl H Financials $37.429 2.5%
Samsung Electronics Co., Ltd. Information Technology $166.916 2.3%
Sinopharm Group Co. Ltd. - Cl H Health Care $12.298 2.1%
Coal India Ltd Energy $41.783 1.9%
Dish TV India Ltd. Consumer Discretionary $1.780 1.8%
Alibaba Group Holding Ltd. - ADR Information Technology $206.697 1.8%
Steinhoff International Holdings Ltd. Consumer Discretionary $23.176 1.7%
Makalot Industrial Co., Ltd. Consumer Discretionary $1.646 1.7%
Kingdee International Software Group Co. Ltd. Information Technology $1.724 1.6%
Torrent Pharmaceuticals Ltd. Health Care $3.458 1.6%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR Information Technology $117.775 1.5%
Fomento Económico Mexicano, S.A.B. de C.V. - ADS Consumer Staples $31.881 1.5%
Lupin Ltd. Health Care $13.323 1.5%
TAL Education Group - ADR Consumer Discretionary $2.821 1.5%
Tencent Holdings, Ltd. Information Technology $187.117 1.5%
China Mobile Ltd Telecommunication Services $262.160 1.5%
Eclat Textile Co., Ltd. Consumer Discretionary $4.280 1.5%
Aspen Pharmacare Holdings Ltd. Health Care $13.504 1.4%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $7.878 1.4%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $47.506 1.4%
Samsung Life Insurance Co. Ltd. Financials $19.006 1.4%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.549 1.3%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.319 1.3%
Ginko International Co., Ltd. Health Care $1.167 1.3%
China Mengniu Dairy Co. Ltd. Consumer Staples $9.779 1.3%
Divi's Laboratories Ltd. Health Care $3.918 1.3%
Axis Bank Ltd. Financials $20.846 1.3%
PetroChina Co. Ltd. - Cl H Energy $319.015 1.3%
TOTVS SA Information Technology $2.051 1.2%
Ayala Land, Inc. Financials $12.156 1.2%
Amara Raja Batteries Ltd. Industrials $2.370 1.2%
Global Logistic Properties Ltd. Financials $9.100 1.2%
Smiles SA Consumer Discretionary $2.086 1.2%
Bidvest Group Ltd. Industrials $8.489 1.2%
China Life Insurance Co-H Financials $137.439 1.2%
Ctrip.com International, Ltd. Consumer Discretionary $10.210 1.1%
CJ O Shopping Co. Ltd. Consumer Discretionary $1.163 1.1%
PT Matahari Department Store Tbk Consumer Discretionary $3.622 1.1%
Shenzhou International Group Holdings Ltd. Consumer Discretionary $6.804 1.1%
Sasol Ltd Energy $24.081 1.1%
China Everbright Ltd Financials $5.848 1.1%
LG Household & Health Care Ltd. Consumer Staples $10.977 1.0%
Universal Robina Corp. Consumer Staples $9.386 1.0%
Cetip SA - Mercados Organizados Financials $2.883 1.0%
Novatek Microelectronics Corp. Information Technology $2.939 1.0%
Man Wah Holdings Ltd. Consumer Discretionary $1.907 1.0%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $5.715 1.0%
China Unicom (Hong Kong) Ltd. Telecommunication Services $37.690 1.0%
Glenmark Pharmaceuticals Ltd Health Care $4.404 1.0%
Jumei International-Adr Consumer Discretionary $3.269 1.0%
TerraForm Global, Inc. Utilities - 1.0%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $19.151 0.9%
MediaTek Inc. Information Technology $21.495 0.9%
PVR Ltd. Consumer Discretionary $0.414 0.9%
Mr Price Group Ltd. Consumer Discretionary $5.490 0.9%
Exide Industries Ltd. Consumer Discretionary $1.980 0.9%
I-Sens, Inc. Health Care $0.494 0.9%
Bangkok Bank Public Co. Ltd. Financials $10.060 0.8%
Metro Pacific Investments Corp. Financials $2.923 0.8%
HIWIN Technologies Corp. Industrials $1.720 0.8%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.737 0.8%
WuXi PharmaTech (Cayman) Inc. Health Care $3.023 0.8%
Larsen & Toubro Ltd. Industrials $26.045 0.8%
BDO Unibank, Inc. Financials $8.609 0.8%
Grupo Lala Consumer Staples $5.162 0.8%
Wal-Mart de Mexico SAB de CV Class V Consumer Staples $42.540 0.8%
Huatai Securities Co. Ltd. - H Class Financials $25.136 0.8%
Qihoo 360 Technology Co Ltd. Information Technology $8.728 0.7%
Multiplus SA Consumer Discretionary $1.957 0.7%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $1.730 0.7%
Motherson Sumi Systems Ltd Consumer Discretionary $7.183 0.7%
Sun TV Network Ltd. Consumer Discretionary $1.748 0.6%
SouFun Holdings Ltd. ADR Class A Information Technology $3.472 0.6%
L.P.N. Development PCL Financials $0.769 0.5%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.061 0.5%
DEN Networks Ltd. Consumer Discretionary $0.396 0.5%
Sihuan Pharmaceutical Holdings Group Ltd. Health Care $5.896 0.5%
M. Dias Branco SA Consumer Staples $2.992 0.4%
Linx SA Information Technology $0.730 0.4%
Biostime International Holdings Ltd. CONB Consumer Staples $1.784 0.4%
Sasol Ltd-Sponsored - Adr Energy $24.081 0.4%
Wynn Macau Ltd. Consumer Discretionary $8.673 0.3%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.642 0.3%
SKS Microfinance LTD Financials $0.927 0.2%
SHUAA Capital psc Financials $0.176 0.2%
Lekoil, Ltd. Energy $0.168 0.2%
GOL Linhas Aéreas Inteligentes SA - ADR Industrials $0.671 0.2%
GAEC Educacao S.A. Consumer Discretionary $0.580 0.2%
Perfect World Co., Ltd. - ADR Information Technology $0.987 0.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.549 0.0%
Total 100.0%
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Sector Breakdown as of July 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
10.5%
Consumer Discretionary
  • Home Furnishings 2.6%
  • Textiles 2.6%
  • Cable & Satellite 2.6%
  • Broadcasting 2.1%
  • Auto Parts & Equipment 1.8%
  • Advertising 1.8%
  • Internet Retail 1.8%
  • Apparel, Accessories & Luxury Goods 1.7%
  • Education Services 1.5%
  • Casinos & Gaming 1.3%
  • Movies & Entertainment 1.2%
  • Department Stores 1.1%
  • Catalog Retail 0.9%
  • Apparel Retail 0.9%
  • Specialty Stores 0.8%
24.6%
Consumer Staples
  • Packaged Foods & Meats 4.0%
  • Soft Drinks 1.5%
  • Household Products 1.4%
  • Hypermarkets & Super Centers 1.0%
7.9%
Energy
  • Integrated Oil & Gas 2.6%
  • Coal & Consumable Fuels 1.9%
  • Oil & Gas Exploration & Production 0.2%
4.8%
Financials
  • Diversified Banks 3.6%
  • Life & Health Insurance 2.3%
  • Investment Banking & Brokerage 2.2%
  • Diversified Real Estate Activities 1.2%
  • Consumer Finance 1.1%
  • Real Estate Operating Companies 1.1%
  • Asset Management & Custody Banks 1.0%
  • Multi-Sector Holdings 0.8%
  • Diversified Capital Markets 0.8%
  • Real Estate Development 0.5%
  • Specialized Finance 0.2%
14.6%
Health Care
  • Pharmaceuticals 6.1%
  • Life Sciences Tools & Services 2.2%
  • Health Care Distributors 1.9%
  • Health Care Supplies 1.0%
  • Health Care Equipment 0.8%
12.0%
Industrials
  • Electrical Components & Equipment 1.2%
  • Industrial Conglomerates 1.2%
  • Construction & Engineering 0.9%
  • Industrial Machinery 0.8%
  • Airlines 0.3%
4.4%
Information Technology
  • Internet Software & Services 4.2%
  • Semiconductors 2.9%
  • Technology Hardware, Storage & Peripherals 2.1%
  • Application Software 1.6%
  • Systems Software 1.0%
11.8%
Telecommunication Services
  • Wireless Telecommunication Services 5.4%
  • Integrated Telecommunication Services 1.8%
7.3%
Utilities
  • Gas Utilities 1.0%
  • Renewable Electricity 1.0%
2.1%
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Country Breakdown As of July 31, 2015

Country Breakdown
Developed % of Net Assets
Hong Kong 2.1%
Singapore 1.1%
United Kingdom 0.2%
United States 1.0%
Country Breakdown
Developing % of Net Assets
Brazil 4.5%
China 23.3%
India 19.7%
Indonesia 3.7%
Korea 7.4%
Mexico 4.6%
Panama 0.3%
Philippines 3.8%
South Africa 6.6%
Taiwan 9.3%
Thailand 1.7%
United Arab Emirates 0.2%
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Top Contributors & Detractors as of June 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 2.12% 0.50%
Cable & Satellite 2.33% 0.46%
Textiles 2.19% 0.38%
Education Services 1.91% 0.29%
Apparel, Accessories & Luxury Goods 1.62% 0.28%
Top Detractors Average Weight Contribution
Diversified Banks 4.30% -0.46%
Technology Hardware, Storage & Peripherals 2.42% -0.31%
Broadcasting 1.63% -0.25%
Department Stores 1.19% -0.21%
Packaged Foods & Meats 4.23% -0.21%
By Holdings
Top Contributors Average Weight Contribution
Kingdee International Software Group Co. Ltd. 1.70% 0.47%
Dish TV India Ltd. 1.55% 0.39%
Eclat Textile Co., Ltd. 1.23% 0.28%
Makalot Industrial Co., Ltd. 1.62% 0.28%
Haitong Securities Co., Ltd. 2.98% 0.25%
Top Detractors Average Weight Contribution
Sun TV Network Ltd. 0.75% -0.33%
Samsung Electronics Co., Ltd. 2.42% -0.31%
Bank Rakyat Indonesia (Persero) Tbk PT 1.02% -0.26%
PT Matahari Department Store Tbk 1.19% -0.21%
Exide Industries Ltd. 1.02% -0.20%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Pharmaceuticals 6.57% 2.06%
Investment Banking & Brokerage 2.59% 1.23%
Electrical Components & Equipment 2.04% 0.74%
Apparel, Accessories & Luxury Goods 0.56% 0.53%
Textiles 0.64% 0.53%
Top Detractors Average Weight Contribution
Education Services 3.90% -1.71%
Casinos & Gaming 2.18% -1.13%
Internet Software & Services 4.07% -0.94%
Industrial Machinery 1.20% -0.76%
Catalog Retail 1.16% -0.75%
By Holdings
Top Contributors Average Weight Contribution
Haitong Securities Co., Ltd. 2.50% 1.36%
Torrent Pharmaceuticals Ltd. 1.82% 1.01%
Amara Raja Batteries Ltd. 1.52% 0.93%
Dish TV India Ltd. 1.29% 0.79%
Lupin Ltd. 1.45% 0.74%
Top Detractors Average Weight Contribution
Kroton Educacional SA 1.78% -1.12%
HIWIN Technologies Corp. 1.20% -0.76%
CJ O Shopping Co. Ltd. 1.16% -0.75%
GOL Linhas Aéreas Inteligentes SA 1.09% -0.74%
Biostime International Holdings Ltd. 0.77% -0.73%
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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.