Baron Emerging Markets Fund (BEXIX)
- Facts & Characteristics
- Top Ten Holdings
- Portfolio Holdings
- Sector Breakdown
- Country Breakdown
- Top Contributors & Detractors
Fund Description
Baron Emerging Markets Fund invests primarily in growth companies in developing countries.
Fund Resources
Latest Fact Sheets
Expanded Fact Sheet - Retail Shares
Facts & Characteristics as of March 31, 2013
| Inception Date | December 31, 2010 |
| Net Assets (All share classes combined as of 4/30/2013) | $20.57 million |
| # of Equity Securities / % of Net Assets | 70/88.9% |
| Turnover (2 Year Average) | 44.22% |
| Median Market Cap | $2.14 billion |
| Weighted Average Market Cap | $5.84 billion |
| CUSIP | 06828M876 |
| Gross Expense Ratio (as of FYE 12/11) | 3.83% |
| Less: Reimbursement of Expenses by Adviser (as of FYE 12/11) | (2.58)% |
| Net Expense Ratio (as of FYE 12/11) | 1.25% |
| EPS Growth (3-5 year forecast)† | 25.2% |
| Price/Earnings Ratio (trailing 12-month)*† | 19.9 |
| Price/Book Ratio*† | 2.7 |
| Price/Sales Ratio*† | 2.6 |
Top Ten Holdings as of April 30, 2013
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| Holding | Sector | Percentage* |
|---|---|---|
|
SINA Corporation (SINA) is one of the leading Internet portals in China. It also owns SINA Weibo, a popular Twitter-like service that is one of the leading social media assets in China with over 500 million registered accounts.
|
Information Technology | 3.3% |
|
KT Skylife Co. Ltd. (053210.KS) is the largest satellite pay TV provider in South Korea with a 15% market share. The company is a majority subsidiary of KT, a leading telecom services player. As of December 2012, KT Skylife had a total subscriber base of 3.8 million.
|
Consumer Discretionary | 2.9% |
|
Financial Technologies, Ltd. (FTECH.IN) develops financial markets exchanges in India and other emerging markets and then sells its stake to other investors. It generates revenues from maintenance contracts and transaction volumes.
|
Information Technology | 2.6% |
|
Kia Motors Corporation (000270 KS) is a leading Korean automobile manufacturer with a 34% domestic share and a growing international and export presence.
|
Consumer Discretionary | 2.2% |
|
Bank Rakyat Indonesia (Persero) Tbk PT(BBRI.IJ) is a leading commercial bank in Indonesia and the biggest microfinance lender in the country, with particular strength in fast growing regions outside of Jakarta.
|
Financials | 2.1% |
|
NQ Mobile, Inc. (NQ) is the #1 mobile security provider in China, although more than 50% of its revenues now come from overseas.
|
Information Technology | 2.1% |
|
Kroton Educational SA (KROT3.BZ) is one of the largest private education companies in Brazil with post-secondary and K-12 offerings. In the industry, Kroton has the largest exposure to the FIES, the new government student loan program.
|
Consumer Discretionary | 2.0% |
|
Zee Entertainment Enterprises Ltd. (Z.IN) is a leading television network operator in India, with channels in a variety of genres, including entertainment, movies and sports.
|
Consumer Discretionary | 2.0% |
|
DEN Networks Ltd. (DEN.IN) is one of India’s largest cable TV providers and also owns 25% of the country’s largest pay TV programming distributor.
|
Consumer Discretionary | 2.0% |
|
Sarana Menara Nusantara Tbk PT (TOWR.IJ) is the largest independent operator of wireless telecommunication tower assets in Indonesia.
|
Telecommunication Services | 1.9% |
| Total | 23.1% | |
Portfolio Holdings as of March 31, 2013
| Holding | Sector | Market Cap ($Bn) | Percentage* |
|---|---|---|---|
| Cash & Cash Equivalents | Cash & Cash Equivalents | - | 11.1% |
| Kroton Educacional SA | Consumer Discretionary | $3.451 | 2.5% |
| Financial Technologies Ltd. | Information Technology | $0.604 | 2.3% |
| Bank Rakyat Indonesia (Persero) Tbk PT | Financials | $22.213 | 2.1% |
| Sarana Menara Nusantara Tbk PT | Telecommunication Services | $2.730 | 2.0% |
| DEN Networks Ltd. | Consumer Discretionary | $0.463 | 2.0% |
| Zee Entertainment Enterprises Ltd. | Consumer Discretionary | $3.787 | 1.9% |
| NQ Mobile, Inc. | Information Technology | $0.429 | 1.9% |
| Universal Robina Corp. | Consumer Staples | $6.040 | 1.8% |
| KT Skylife Co. Ltd. | Consumer Discretionary | $1.416 | 1.8% |
| KIA Motors Corp. | Consumer Discretionary | $20.439 | 1.8% |
| BM&FBOVESPA SA | Financials | $13.365 | 1.7% |
| Sina Corporation | Information Technology | $3.229 | 1.7% |
| Exillon Energy plc | Energy | $0.376 | 1.7% |
| Tower Bersama Infrastructure Tbk PT | Telecommunication Services | $2.986 | 1.7% |
| Biostime International Holdings Ltd. | Consumer Staples | $3.139 | 1.7% |
| Anhanguera Educacional Participações SA | Consumer Discretionary | $2.350 | 1.6% |
| Media Nusantara Citra Tbk PT | Consumer Discretionary | $4.025 | 1.6% |
| Linx SA | Information Technology | $0.731 | 1.6% |
| TOTVS SA | Information Technology | $3.313 | 1.5% |
| Lupin Ltd. | Health Care | $5.160 | 1.5% |
| Yandex N.V. | Information Technology | $7.599 | 1.5% |
| M. Dias Branco SA | Consumer Staples | $4.477 | 1.5% |
| Ginko International Co. LTD | Health Care | $1.486 | 1.5% |
| Tencent Holdings, Ltd. | Information Technology | $58.469 | 1.4% |
| Daum Communications Corp. | Information Technology | $1.099 | 1.4% |
| Bangkok Bank Public Co. Ltd. | Financials | $14.470 | 1.4% |
| L.P.N. Development PCL | Financials | $1.272 | 1.4% |
| Metro Pacific Investments Corp. | Financials | $3.541 | 1.4% |
| Amara Raja Batteries Ltd. | Industrials | $0.863 | 1.4% |
| Lippo Karawaci Tbk PT | Financials | $3.254 | 1.4% |
| Novatek Microelectronics Corp. | Information Technology | $2.631 | 1.3% |
| Luk Fook Holdings (International) Ltd. | Consumer Discretionary | $1.890 | 1.3% |
| Wynn Macau Ltd. | Consumer Discretionary | $13.800 | 1.2% |
| Fomento Económico Mexicano, S.A.B. de C.V. | Consumer Staples | $24.536 | 1.2% |
| Ayala Land, Inc. | Financials | $11.041 | 1.2% |
| Sociedad Química y Minera de Chile SA | Materials | $14.594 | 1.2% |
| Opera Software ASA | Information Technology | $0.766 | 1.2% |
| MNC Sky Vision Tbk PT | Consumer Discretionary | $1.599 | 1.2% |
| Even Construtora e Incorporadora SA | Consumer Discretionary | $1.131 | 1.2% |
| MediaTek Inc. | Information Technology | $15.343 | 1.2% |
| Grupo México S.A.B de C.V. | Materials | $31.351 | 1.2% |
| Kingdee International Software Group Co. Ltd. | Information Technology | $0.420 | 1.1% |
| Torrent Pharmaceuticals Ltd. | Health Care | $1.083 | 1.1% |
| HIWIN Technologies Corp. | Industrials | $1.813 | 1.1% |
| Blue Dart Express Ltd. | Industrials | $1.030 | 1.1% |
| SouFun Holdings Ltd. | Information Technology | $2.106 | 1.1% |
| Estácio Participações SA | Consumer Discretionary | $2.112 | 1.0% |
| CFR Pharmaceuticals SA | Health Care | $2.169 | 1.0% |
| Cebu Air, Inc. | Industrials | $1.019 | 1.0% |
| Aspen Pharmacare Holdings Ltd. | Health Care | $9.463 | 1.0% |
| Great Wall Motor Co. Ltd. | Consumer Discretionary | $11.888 | 1.0% |
| Major Cineplex Group Public Co. Ltd. | Consumer Discretionary | $0.620 | 1.0% |
| Hollysys Automation Technologies Ltd. | Information Technology | $0.683 | 0.9% |
| 21Vianet Group, Inc. | Information Technology | $0.526 | 0.9% |
| Clipan Finance Indonesia Tbk PT | Financials | $0.175 | 0.9% |
| Dish TV India Ltd. | Consumer Discretionary | $1.314 | 0.9% |
| Dah Chong Hong Holdings Ltd. | Consumer Discretionary | $1.717 | 0.8% |
| Hathway Cable & Datacom Ltd | Consumer Discretionary | $0.707 | 0.8% |
| Agrinos AS | Materials | $0.168 | 0.8% |
| Delta Corp Ltd. | Financials | $0.169 | 0.8% |
| Global Logistic Properties Ltd. | Financials | $10.049 | 0.8% |
| SHUAA Capital psc | Financials | $0.165 | 0.7% |
| Qualicorp SA | Health Care | $2.614 | 0.7% |
| Melco International Development Ltd. | Consumer Discretionary | $2.660 | 0.7% |
| Shriram City Union Finance Ltd. | Financials | $1.044 | 0.7% |
| Sun TV Network Ltd. | Consumer Discretionary | $2.839 | 0.6% |
| Africa Oil Corp. | Energy | $1.628 | 0.6% |
| Cetip SA - Mercados Organizados | Financials | $3.017 | 0.6% |
| Valid Soluções SA | Industrials | $1.076 | 0.6% |
| CFR Pharmaceuticals SA | Health Care | $2.169 | 0.3% |
| Mytrah Energy Ltd. | Utilities | $0.224 | 0.2% |
| Clipan Finance Indonesia Tbk PT | Financials | $0.175 | 0.0% |
| Total | 100.0% | ||
Sector Breakdown as of April 30, 2013
Back to TopCountry Breakdown As of April 30, 2013
| Country Breakdown | ||
|---|---|---|
| Developed | % of Net Assets | |
| Canada | 0.5% | |
| Hong Kong | 3.6% | |
| Norway | 1.4% | |
| Singapore | 1.0% | |
| Country Breakdown | ||
|---|---|---|
| Developing | % of Net Assets | |
| Brazil | 11.1% | |
| Chile | 2.3% | |
| China | 14.2% | |
| India | 16.2% | |
| Indonesia | 10.5% | |
| Korea | 6.4% | |
| Mexico | 2.8% | |
| Philippines | 5.7% | |
| Russia | 3.3% | |
| South Africa | 1.0% | |
| Taiwan | 5.4% | |
| Thailand | 3.6% | |
| Country Breakdown | ||
|---|---|---|
| Frontier | % of Net Assets | |
| United Arab Emirates | 0.7% | |
Top Contributors & Detractors as of March 31, 2013
3 Months
|
12 Months
Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)
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3 Months
| By Sub-Industry | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Packaged Foods & Meats | 4.63% | 1.06% |
| Real Estate Development | 2.50% | 0.92% |
| Diversified Banks | 3.32% | 0.62% |
| Wireless Telecommunication Services | 4.20% | 0.44% |
| Health Care Supplies | 2.18% | 0.38% |
| Top Detractors | Average Weight | Contribution |
| Application Software | 6.51% | -0.75% |
| Fertilizers & Agricultural Chemicals | 2.29% | -0.61% |
| Cable & Satellite | 6.91% | -0.33% |
| Internet Software & Services | 9.08% | -0.32% |
| Diversified Real Estate Activities | 2.31% | -0.31% |
| By Holdings | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| L.P.N. Development PCL | 1.36% | 0.52% |
| Biostime International Holdings Ltd. | 1.30% | 0.51% |
| NQ Mobile, Inc. | 1.33% | 0.51% |
| Universal Robina Corp. | 1.65% | 0.50% |
| Ginko International Co. LTD | 1.28% | 0.48% |
| Top Detractors | Average Weight | Contribution |
| Financial Technologies Ltd. | 2.80% | -1.23% |
| Delta Corp Ltd. | 1.11% | -0.57% |
| Agrinos AS | 0.98% | -0.56% |
| Exillon Energy plc | 1.58% | -0.31% |
| Velti plc | 0.09% | -0.26% |
12 Months
| By Sub-Industry | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Education Services | 5.09% | 3.05% |
| Packaged Foods & Meats | 4.75% | 2.60% |
| Wireless Telecommunication Services | 5.11% | 2.48% |
| Cable & Satellite | 5.58% | 2.22% |
| Broadcasting | 4.07% | 2.02% |
| Top Detractors | Average Weight | Contribution |
| Internet Software & Services | 8.84% | -2.06% |
| Communications Equipment | 0.48% | -1.61% |
| Application Software | 6.84% | -1.41% |
| Fertilizers & Agricultural Chemicals | 2.36% | -0.56% |
| Industrial Machinery | 1.16% | -0.53% |
| By Holdings | ||
|---|---|---|
| Top Contributors | Average Weight | Contribution |
| Tower Bersama Infrastructure Tbk PT | 2.33% | 1.83% |
| Sarana Menara Nusantara Tbk PT | 2.43% | 1.74% |
| DEN Networks Ltd. | 1.78% | 1.28% |
| Zee Entertainment Enterprises Ltd. | 2.13% | 1.27% |
| Universal Robina Corp. | 1.98% | 1.24% |
| Top Detractors | Average Weight | Contribution |
| Ubiquiti Networks, Inc. | 0.47% | -1.53% |
| OGX Petróleo e Gás Participações SA | 0.26% | -1.24% |
| NII Holdings, Inc. | 0.34% | -1.15% |
| Net 1 UEPS Technologies, Inc. | 1.07% | -0.95% |
| Qihoo 360 Technology Co. Ltd. | 0.30% | -0.70% |
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.