Baron International Growth Fund (BIGFX)

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Fund Description

Baron International Growth Fund invests primarily in non-U.S. growth companies.

   

   

Facts & Characteristics as of June 30, 2014

Inception Date December 31, 2008
Net Assets (All share classes combined) $70.48 million
# of Equity Securities / % of Net Assets 74 / 95.8%
Turnover (3 Year Average) 41.38%
Median Market Cap $6.67 billion
Weighted Average Market Cap $17.12 billion
CUSIP 06828M306
Gross Expense Ratio (as of FYE 12/13)* 1.74%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.24)%
Net Expense Ratio (as of FYE 12/13) 1.50%
EPS Growth (3-5 year forecast) 16.4%
Price/Earnings Ratio (trailing 12-month) 21.8
Price/Book Ratio 3.0
Price/Sales Ratio 2.2

Top Ten Holdings as of July 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Kroton Educational SA (KROT3.BZ) is a post-secondary education company in Brazil.
Consumer Discretionary 3.2%
RIB Software AG (RSTA.GR) is a German company with a unique software product with 5D modeling capabilities (3D modeling plus time and cost estimation elements). It services the construction sector.
Information Technology 2.7%
Eurofins Scientific SE (ERF.PAR) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 2.6%
Softbank Corp. (9984.JP) is a leading mobile communications and broadband Internet access provider in Japan and the U.S., with additional investments in Internet-related businesses. The company, led by founder Masayoshi Son, is one of the premier entrepreneurial and visionary companies in Japan.
Telecommunication Services 2.5%
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 and KAP Industries. 
Consumer Discretionary 2.3%
Constellation Software, Inc. (CSU.CN) owns an amalgamation of small mission-critical software businesses. With a vast pipeline of acquisition opportunities, highly disciplined return criteria, and sharing of best practices, Constellation has compounded capital at attractive rates of return for over a decade.
Information Technology 2.3%
Check Point Software Technologies Ltd. (CHKP) provides security software for Internet communications and transactions. Check Point’s software verifies remote users, controls access, and blocks viruses. 
Information Technology 2.2%
Agilent Technologies, Inc. (A) is the world’s largest supplier of test and measurement hardware and software products to the electronics, life sciences, chemical analysis, and diagnostics industries. The company plans to separate into two publicly traded companies in November 2014.
Health Care 2.2%
Ingenico SA
Information Technology 2.1%
Grifols SA (GRFS) manufactures and sells plasma derivative healthcare products to hospitals and physicians globally.
Health Care 2.1%
Total 24.2%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 4.2%
RIB Software AG Information Technology $0.695 3.0%
Eurofins Scientific SE Health Care $4.636 2.6%
SoftBank Corp. Telecommunication Services $90.241 2.5%
Grifols SA Health Care $17.346 2.4%
Constellation Software, Inc. Information Technology $5.401 2.4%
Kroton Educacional SA Consumer Discretionary $7.535 2.2%
Agilent Technologies, Inc. Health Care $19.143 2.1%
Check Point Software Technologies Ltd. Information Technology $12.887 2.1%
Steinhoff International Holdings Ltd. Consumer Discretionary $11.838 2.1%
Smiles SA Consumer Discretionary $2.598 2.1%
Compagnie Financière Richemont SA Consumer Discretionary $60.250 1.9%
Symrise AG Materials $7.044 1.9%
FANUC Corp. Industrials $42.154 1.9%
Suncor Energy Inc. Energy $62.595 1.8%
Deutsche Post AG Industrials $43.646 1.8%
Ingenico SA Information Technology $4.687 1.7%
Crescent Point Energy Corp. Energy $18.611 1.6%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $1.750 1.5%
Mitsui Fudosan Co. Ltd. Financials $33.258 1.5%
PATRIZIA Immobilien AG Financials $0.836 1.5%
Rakuten, Inc. Consumer Discretionary $17.331 1.5%
Just Eat plc Information Technology $2.464 1.4%
Ryanair Holdings plc Industrials $15.440 1.3%
TOTVS SA Information Technology $2.811 1.3%
Wynn Macau Ltd. Consumer Discretionary $20.349 1.3%
Julius Baer Group Ltd. Financials $9.227 1.3%
Yandex N.V. Information Technology $11.455 1.3%
Seadrill Partners, LLC Energy $2.780 1.3%
Brambles Ltd. Industrials $13.470 1.3%
ProSiebenSat.1 Media AG Consumer Discretionary $9.740 1.3%
AO World plc Consumer Discretionary $1.856 1.3%
Kingdee International Software Group Co. Ltd. Information Technology $0.840 1.2%
Sony Financial Holdings, Inc. Financials $7.536 1.2%
Arch Capital Group Ltd. Financials $7.703 1.2%
Anhanguera Educacional Participações SA Consumer Discretionary $3.640 1.2%
Bridgestone Corp. Consumer Discretionary $28.782 1.2%
Opera Software ASA Information Technology $1.902 1.2%
Cetip SA - Mercados Organizados Financials $3.717 1.2%
DEN Networks Ltd. Consumer Discretionary $0.708 1.2%
Inchcape plc Consumer Discretionary $4.924 1.2%
Larsen & Toubro Ltd. Industrials $26.248 1.2%
Tencent Holdings, Ltd. Information Technology $142.479 1.2%
Intertek Group plc Industrials $7.592 1.1%
Premier Oil plc Energy $2.990 1.1%
Brenntag AG Industrials $9.203 1.1%
Croda International PLC Materials $5.115 1.1%
Axis Bank Ltd. Financials $15.036 1.1%
Inditex SA Consumer Discretionary $95.936 1.1%
Nomad Holdings Ltd. Unclassified $0.506 1.1%
Experian plc Industrials $16.760 1.0%
Syngenta AG Materials $34.829 1.0%
Sina Corporation Information Technology $3.317 1.0%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.257 1.0%
Domino's Pizza Group plc Consumer Discretionary $1.484 1.0%
Haitong Securities Co., Ltd. Financials $14.249 1.0%
Sumitomo Mitsui Trust Holdings, Inc. Financials $18.072 1.0%
Daiwa Securities Group, Inc. Financials $15.144 1.0%
easyJet plc Industrials $9.270 1.0%
Mellanox Technologies Ltd. Information Technology $1.553 0.9%
21Vianet Group, Inc. Information Technology $1.989 0.9%
GOL Linhas Aéreas Inteligentes SA Industrials $1.554 0.9%
DNB ASA Financials $29.794 0.8%
Fuchs Petrolub SE Materials $6.234 0.8%
Core Laboratories N.V. Energy $7.497 0.7%
Lundin Petroleum AB Energy $6.295 0.7%
Kakaku.com, Inc. Information Technology $3.875 0.7%
SodaStream International Ltd. Consumer Discretionary $0.696 0.7%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.421 0.6%
Sanrio Co. Ltd. Consumer Discretionary $2.604 0.6%
Perfect World Co., Ltd. Information Technology $0.972 0.6%
PT Matahari Department Store Tbk Consumer Discretionary $3.397 0.6%
Sun TV Network Ltd. Consumer Discretionary $3.007 0.5%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.800 0.5%
Agrinos AS Materials $0.053 0.2%
Nomad Holdings Ltd. Unclassified $0.506 0.0%
Total 100.0%
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Sector Breakdown as of July 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.1%
Consumer Discretionary
  • Education Services 3.2%
  • Restaurants 3.0%
  • Internet Retail 2.7%
  • Home Furnishings 2.4%
  • Specialty Stores 2.3%
  • Advertising 1.8%
  • Broadcasting 1.7%
  • Cable & Satellite 1.6%
  • Apparel, Accessories & Luxury Goods 1.4%
  • Casinos & Gaming 1.4%
  • Tires & Rubber 1.3%
  • Distributors 1.2%
  • Apparel Retail 1.1%
  • Department Stores 0.8%
25.9%
Energy
  • Oil & Gas Exploration & Production 3.2%
  • Integrated Oil & Gas 1.8%
  • Oil & Gas Drilling 1.3%
  • Oil & Gas Equipment & Services 0.6%
7.0%
Financials
  • Diversified Banks 3.0%
  • Asset Management & Custody Banks 2.6%
  • Investment Banking & Brokerage 2.0%
  • Diversified Real Estate Activities 1.6%
  • Real Estate Development 1.4%
  • Property & Casualty Insurance 1.2%
  • Life & Health Insurance 0.8%
12.6%
Health Care
  • Life Sciences Tools & Services 4.8%
  • Biotechnology 2.1%
6.8%
Industrials
  • Airlines 3.7%
  • Industrial Machinery 2.0%
  • Research & Consulting Services 2.0%
  • Air Freight & Logistics 1.6%
  • Diversified Support Services 1.3%
  • Construction & Engineering 1.1%
  • Trading Companies & Distributors 1.1%
12.8%
Information Technology
  • Application Software 6.3%
  • Internet Software & Services 5.4%
  • Systems Software 3.5%
  • Electronic Equipment & Instruments 2.1%
  • Semiconductors 1.5%
  • Home Entertainment Software 0.6%
19.4%
Materials
  • Specialty Chemicals 3.0%
  • Fertilizers & Agricultural Chemicals 1.2%
  • Commodity Chemicals 0.8%
5.0%
Telecommunication Services
  • Wireless Telecommunication Services 4.2%
4.2%
Unclassified
  • Unclassified 1.2%
1.2%
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Country Breakdown As of July 31, 2014

Country Breakdown
Developed % of Net Assets
Australia 2.8%
Canada 5.6%
France 4.7%
Germany 10.8%
Hong Kong 2.4%
Ireland 1.3%
Israel 3.7%
Japan 12.9%
Norway 3.2%
Spain 3.1%
Sweden 0.7%
Switzerland 3.7%
United Kingdom 10.4%
United States 5.2%
Country Breakdown
Developing % of Net Assets
Brazil 8.6%
China 5.4%
India 4.4%
Indonesia 2.5%
Mexico 0.3%
Russia 0.8%
South Africa 2.4%
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Top Contributors & Detractors as of June 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
Education Services 3.00% 0.85%
Advertising 1.94% 0.62%
Oil & Gas Exploration & Production 3.29% 0.47%
Cable & Satellite 1.52% 0.37%
Diversified Banks 2.84% 0.37%
Top Detractors Average Weight Contribution
Airlines 3.30% -0.34%
Internet Retail 2.66% -0.34%
Household Appliances 0.88% -0.24%
Oil & Gas Equipment & Services 0.80% -0.15%
Research & Consulting Services 2.22% -0.14%
By Holdings
Top Contributors Average Weight Contribution
Smiles SA 1.94% 0.62%
Kroton Educacional SA 1.94% 0.51%
RIB Software AG 2.86% 0.45%
Anhanguera Educacional Participações SA 1.06% 0.35%
Suncor Energy Inc. 1.63% 0.33%
Top Detractors Average Weight Contribution
AO World plc 1.34% -0.29%
Sina Corporation 1.08% -0.27%
SodaStream International Ltd. 0.88% -0.24%
Kingdee International Software Group Co. Ltd. 1.22% -0.22%
easyJet plc 1.06% -0.21%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 10.41% 5.06%
Application Software 6.26% 4.51%
Life Sciences Tools & Services 5.47% 2.05%
Education Services 2.68% 1.80%
Wireless Telecommunication Services 4.49% 1.27%
Top Detractors Average Weight Contribution
Household Appliances 1.31% -1.04%
Fertilizers & Agricultural Chemicals 1.88% -0.58%
Specialty Stores 1.11% -0.38%
Internet Retail 1.89% -0.27%
Semiconductors 0.84% -0.21%
By Holdings
Top Contributors Average Weight Contribution
RIB Software AG 2.08% 2.57%
21Vianet Group, Inc. 1.40% 1.53%
Kroton Educacional SA 1.71% 1.39%
Eurofins Scientific SE 3.00% 1.23%
Opera Software ASA 1.78% 1.23%
Top Detractors Average Weight Contribution
Financial Technologies Ltd. 0.12% -1.17%
SodaStream International Ltd. 1.31% -1.04%
Agrinos AS 0.46% -0.55%
KT Skylife Co. Ltd. 0.63% -0.39%
Sanrio Co. Ltd. 1.11% -0.38%
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Facts & Characteristics-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 Hodings and Sector breakdown based on net assets. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%.

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 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.