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, 2015

Inception Date December 31, 2008
Net Assets (All share classes combined) $108.21 million
# of Equity Securities / % of Net Assets 75/99.2%
Turnover (3 Year Average) 42.84%
Median Market Cap $7.52 billion
Weighted Average Market Cap $18.41 billion
CUSIP 06828M306
Gross Expense Ratio (as of FYE 12/14)* 1.63%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.13)%
Net Expense Ratio (as of FYE 12/14) 1.50%
EPS Growth (3-5 year forecast) 17.4%
Price/Earnings Ratio (trailing 12-month) 23.6
Price/Book Ratio 2.6
Price/Sales Ratio 2.5

Top Ten Holdings as of June 30, 2015

Holding Sector Percentage*
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates over 160 small and medium-sized software businesses. These software businesses allow customers across a wide range of verticals to automate mission-critical activities, with the goal of saving labor costs.
Information Technology 3.5%
Aena SA (AENA.SM) is the world's largest operator of airports. The company manages 46 airports in Spain, handling over 195 million passengers annually. Aena also has majority and minority ownership in certain international (ex-Spain) airports.
Industrials 2.7%
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 and malicious software.
Information Technology 2.6%
Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.
Information Technology 2.6%
Ingenico S.A. (ING.FP) manufactures point-of-sale (POS) payment terminals and provides secure electronic payment services.
Information Technology 2.4%
RIB Software AG (RSTA.GR) has a unique software product with 5D modeling capabilities (3D modeling plus time and cost estimation elements). It services the construction sector.
Information Technology 2.2%
Eurofins Scientific SE (ERF.PAR) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 2.1%
Julius Baer Group Ltd. (BAER.VX) is one of the largest independent private banks, offering its wealthy clientele private banking, estate planning and asset management services.
Financials 2.1%
ProSiebenSat.1 Media AG (PSM GY) is Germany's leading TV broadcaster with about 29% viewership share. The company also has a fast growing digital media business which includes online video/music streaming services (similar to Netflix/Spotify) and e-commerce ventures.
Consumer Discretionary 2.1%
Rakuten, Inc. (4755.JP) is a Japanese e-commerce company that operates Rakuten Ichiba, the largest online shopping mall in Japan. Rakuten also operates an Internet finance business that includes banking, brokerage, and credit card services.
Consumer Discretionary 2.0%
Total 24.3%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Constellation Software, Inc. Information Technology $8.413 3.5%
Aena SA Industrials $15.676 2.7%
Check Point Software Technologies Ltd. Information Technology $14.621 2.6%
Mellanox Technologies Ltd. Information Technology $2.231 2.6%
Ingenico SA Information Technology $7.157 2.4%
RIB Software AG Information Technology $0.705 2.2%
Julius Baer Group Ltd. Financials $12.556 2.1%
Eurofins Scientific SE Health Care $4.651 2.1%
ProSiebenSat.1 Media AG Consumer Discretionary $10.831 2.1%
Symrise AG Materials $8.068 2.0%
Rakuten, Inc. Consumer Discretionary $23.357 2.0%
Nomad Foods Limited Consumer Staples $3.387 2.0%
Kingdee International Software Group Co. Ltd. Information Technology $1.724 1.9%
Arch Capital Group Ltd. Financials $8.305 1.9%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $2.427 1.9%
Sumitomo Mitsui Trust Holdings, Inc. Financials $17.836 1.9%
Ryanair Holdings plc - ADR Industrials $19.409 1.8%
Domino's Pizza Group plc Consumer Discretionary $2.030 1.8%
Brenntag AG Industrials $8.880 1.7%
MonotaRO Co.,Ltd. Industrials $2.752 1.7%
Daiwa Securities Group, Inc. Financials $13.192 1.6%
easyJet plc Industrials $9.649 1.6%
JUST EAT plc Information Technology $4.313 1.6%
William Hill PLC Consumer Discretionary $5.587 1.6%
Azimut Holding S.p.A. Financials $4.191 1.5%
FANUC Corp. Industrials $42.212 1.5%
Golar LNG Ltd. Energy $4.366 1.5%
Abcam plc Health Care $1.636 1.5%
Fresenius Medical Care Ag & Co Health Care $25.898 1.5%
Softbank Group Corp. Telecommunication Services $70.194 1.4%
Bridgestone Corp. Consumer Discretionary $30.007 1.4%
Sanrio Co. Ltd. Consumer Discretionary $2.420 1.4%
Inchcape plc Consumer Discretionary $5.636 1.4%
Tencent Holdings, Ltd. Information Technology $187.117 1.4%
Alibaba Group Holding Ltd. - ADR Information Technology $206.697 1.4%
Mitsui Fudosan Co. Ltd. Financials $27.810 1.3%
Steinhoff International Holdings Ltd. Consumer Discretionary $23.176 1.3%
Panasonic Corporation Consumer Discretionary $33.774 1.3%
TOTVS SA Information Technology $2.051 1.2%
Suncor Energy Inc. Energy $39.785 1.2%
Dish TV India Ltd. Consumer Discretionary $1.780 1.2%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.319 1.2%
Haitong Securities Co., Ltd. - Cl H Financials $37.429 1.2%
TAL Education Group - ADR Consumer Discretionary $2.821 1.2%
Mobileye N.V. Information Technology $11.522 1.2%
Experian plc Industrials $17.799 1.1%
Inditex SA Consumer Discretionary $101.302 1.1%
Burberry Group Plc Consumer Discretionary $10.980 1.1%
TerraForm Global, Inc. Utilities - 1.1%
Agilent Technologies, Inc. Health Care $12.855 1.0%
Axis Bank Ltd. Financials $20.846 1.0%
PT Matahari Department Store Tbk Consumer Discretionary $3.622 1.0%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $47.506 1.0%
Emis Group Plc Health Care $0.917 1.0%
Grifols SA - ADR Health Care $12.637 0.9%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.737 0.9%
Lancashire Holdings Limited Financials $1.920 0.9%
PRINCIPAL CASH Cash & Cash Equivalents - 0.8%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.549 0.8%
QIHOO 360 TECHNOLOGY CO. LTD. ADR CL - A Information Technology $8.728 0.8%
Larsen & Toubro Ltd. Industrials $26.045 0.8%
Intertek Group plc Industrials $6.212 0.7%
Crescent Point Energy Corp. Energy $9.274 0.7%
AO World plc Consumer Discretionary $0.957 0.7%
China Unicom (Hong Kong) Ltd. Telecommunication Services $37.690 0.7%
Newcrest Mining Ltd Materials $7.523 0.7%
Smiles SA Consumer Discretionary $2.086 0.6%
Syngenta AG - ADS Materials $37.927 0.5%
SouFun Holdings Ltd. ADR Cl - A Information Technology $3.472 0.5%
Premier Oil plc Energy $1.197 0.4%
Cetip SA - Mercados Organizados Financials $2.883 0.4%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.642 0.3%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.061 0.3%
Hellenic Exchnages-Athens Financials $0.338 0.3%
SKS Microfinance LTD Financials $0.927 0.2%
DEN Networks Ltd. Consumer Discretionary $0.396 0.2%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.8%
Consumer Discretionary
  • Restaurants 3.7%
  • Broadcasting 2.9%
  • Internet Retail 2.7%
  • Specialty Stores 2.3%
  • Cable & Satellite 1.7%
  • Casinos & Gaming 1.6%
  • Tires & Rubber 1.4%
  • Distributors 1.4%
  • Consumer Electronics 1.3%
  • Home Furnishings 1.3%
  • Education Services 1.2%
  • Apparel, Accessories & Luxury Goods 1.1%
  • Apparel Retail 1.1%
  • Department Stores 1.0%
  • Advertising 0.6%
25.3%
Consumer Staples
  • Packaged Foods & Meats 2.0%
2.0%
Energy
  • Oil & Gas Storage & Transportation 1.5%
  • Integrated Oil & Gas 1.2%
  • Oil & Gas Exploration & Production 1.1%
3.8%
Financials
  • Asset Management & Custody Banks 3.9%
  • Diversified Banks 2.9%
  • Investment Banking & Brokerage 2.7%
  • Property & Casualty Insurance 2.7%
  • Diversified Real Estate Activities 1.3%
  • Specialized Finance 0.3%
  • Consumer Finance 0.2%
14.1%
Health Care
  • Life Sciences Tools & Services 3.1%
  • Biotechnology 2.5%
  • Health Care Services 1.5%
  • Health Care Technology 1.0%
8.1%
Industrials
  • Trading Companies & Distributors 3.4%
  • Airlines 3.4%
  • Airport Services 2.7%
  • Research & Consulting Services 1.8%
  • Industrial Machinery 1.5%
  • Construction & Engineering 0.8%
13.6%
Information Technology
  • Application Software 8.8%
  • Internet Software & Services 5.8%
  • Systems Software 3.9%
  • Semiconductors 2.6%
  • Electronic Equipment & Instruments 2.4%
23.4%
Materials
  • Specialty Chemicals 2.0%
  • Gold 0.7%
  • Fertilizers & Agricultural Chemicals 0.5%
3.3%
Telecommunication Services
  • Wireless Telecommunication Services 2.9%
  • Integrated Telecommunication Services 1.7%
4.5%
Utilities
  • Renewable Electricity 1.1%
1.1%
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Country Breakdown As of June 30, 2015

Country Breakdown
Developed % of Net Assets
Australia 2.6%
Canada 5.3%
France 4.5%
Germany 9.5%
Hong Kong 0.9%
Ireland 1.8%
Israel 6.4%
Italy 1.5%
Japan 15.4%
Norway 1.5%
Spain 4.8%
Switzerland 2.6%
United Kingdom 17.4%
United States 4.0%
Country Breakdown
Developing % of Net Assets
Brazil 2.2%
China 10.1%
Greece 0.3%
India 4.6%
Indonesia 2.5%
South Africa 1.3%
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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 7.99% 1.42%
Packaged Foods & Meats 1.43% 0.93%
Oil & Gas Storage & Transportation 1.55% 0.56%
Asset Management & Custody Banks 3.71% 0.37%
Cable & Satellite 1.48% 0.27%
Top Detractors Average Weight Contribution
Internet Retail 2.72% -0.28%
Department Stores 1.03% -0.19%
Integrated Telecommunication Services 1.62% -0.16%
Airlines 3.42% -0.13%
Gold 0.54% -0.12%
By Holdings
Top Contributors Average Weight Contribution
Nomad Foods Limited 1.43% 0.93%
Golar LNG Ltd. 1.55% 0.56%
Kingdee International Software Group Co. Ltd. 1.90% 0.53%
Constellation Software, Inc. 3.48% 0.46%
RIB Software AG 2.08% 0.31%
Top Detractors Average Weight Contribution
easyJet plc 1.65% -0.22%
PT Matahari Department Store Tbk 1.03% -0.19%
Rakuten, Inc. 2.07% -0.17%
Newcrest Mining Ltd 0.54% -0.12%
AO World plc 0.65% -0.11%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 6.68% 1.82%
Restaurants 3.39% 1.23%
Trading Companies & Distributors 2.21% 0.97%
Packaged Foods & Meats 1.14% 0.86%
Electronic Equipment & Instruments 2.25% 0.63%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 2.08% -1.92%
Education Services 2.58% -1.77%
Integrated Oil & Gas 1.43% -0.61%
Oil & Gas Drilling 0.55% -0.61%
Wireless Telecommunication Services 3.53% -0.59%
By Holdings
Top Contributors Average Weight Contribution
Constellation Software, Inc. 2.82% 1.37%
Nomad Foods Limited 1.07% 1.01%
MonotaRO Co.,Ltd. 0.76% 0.92%
Kingdee International Software Group Co. Ltd. 1.31% 0.83%
PATRIZIA Immobilien AG 1.15% 0.75%
Top Detractors Average Weight Contribution
Kroton Educacional SA 1.67% -1.24%
Premier Oil plc 0.73% -0.83%
Crescent Point Energy Corp. 1.09% -0.75%
AO World plc 1.01% -0.71%
GOL Linhas Aéreas Inteligentes SA 0.84% -0.65%
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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.