Baron International Growth Fund (BINIX)

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Fund Description

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

   

   

Fund Resources

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Michael Kass sees growth opportunities overseas.

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Facts & Characteristics as of December 31, 2015

Inception Date December 31, 2008
Net Assets (All share classes combined) $98.60 million
# of Equity Securities / % of Net Assets 68/96.0%
Turnover (3 Year Average) 39.37%
Median Market Cap $7.91 billion
Weighted Average Market Cap $17.94 billion
CUSIP 06828M603
Gross Expense Ratio (as of FYE 12/14)* 1.34%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.09)%
Net Expense Ratio (as of FYE 12/14) 1.25%
EPS Growth (3-5 year forecast) 20.1%
Price/Earnings Ratio (trailing 12-month) 20.8
Price/Book Ratio 2.5
Price/Sales Ratio 2.6

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
Domino’s Pizza Enterprises (DMP.AU) is the master franchisee of the Domino’s Pizza brand in Australia, New Zealand, select European countries, and Japan. It is the largest franchisee of Domino’s outside the U.S. It is the leader in terms of technology innovation among all Domino’s master franchisees globally.
Consumer Discretionary 3.5%
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates over 250 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 3.1%
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 2.8%
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 2.7%
Eurofins Scientific SE (ERF.PAR) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 2.7%
Fresenius Medical Care Ag & Co
Health Care 2.4%
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 2.3%
Ryanair Holdings plc (RYAA.Y) is an ultra low-cost airline that operates over 300 aircraft and flies over 90 million passengers per year in continental Europe and Morocco.
Industrials 2.2%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.2%
Abcam plc (abc.ln) sells research grade antibodies to scientists who use Abcam’s products in their search for treatments for human disease.  The company sources products from more than 400 OEM suppliers and also manufactures products in-house.
Health Care 2.1%
Total 26.0%
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Portfolio Holdings as of September 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
Constellation Software, Inc. Information Technology $8.882 4.0%
Aena SA Industrials $16.552 3.3%
Check Point Software Technologies Ltd. Information Technology $14.347 3.0%
Ingenico Group Information Technology $7.347 2.7%
ProSiebenSat.1 Media AG Consumer Discretionary $10.718 2.6%
Eurofins Scientific SE Health Care $4.696 2.4%
PRINCIPAL CASH Cash & Cash Equivalents - 2.3%
Arch Capital Group Ltd. Financials $8.996 2.3%
Ryanair Holdings plc - ADR Industrials $21.190 2.2%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $2.492 2.2%
Symrise AG Materials $7.785 2.0%
Mellanox Technologies Ltd. Information Technology $1.753 2.0%
easyJet plc Industrials $10.678 2.0%
Julius Baer Group Ltd. Financials $10.155 1.9%
RIB Software AG Information Technology $0.736 1.9%
Brenntag AG Industrials $8.315 1.9%
Domino's Pizza Group plc Consumer Discretionary $2.235 1.9%
Abcam plc Health Care $1.767 1.9%
Rakuten, Inc. Consumer Discretionary $18.424 1.8%
Sumitomo Mitsui Trust Holdings, Inc. Financials $14.180 1.7%
MonotaRO Co.,Ltd. Industrials $2.840 1.7%
Fresenius Medical Care Ag & Co Health Care $24.329 1.7%
Lancashire Holdings Limited Financials $2.072 1.6%
Emis Group Plc Health Care $1.006 1.6%
Bridgestone Corp. Consumer Discretionary $27.891 1.5%
Steinhoff International Holdings Ltd. Consumer Discretionary $22.660 1.5%
Daiwa Securities Group, Inc. Financials $11.182 1.5%
Nomad Foods Limited Consumer Staples $2.678 1.5%
William Hill PLC Consumer Discretionary $4.690 1.5%
Mitsui Fudosan Co. Ltd. Financials $27.520 1.4%
JUST EAT plc Information Technology $4.190 1.4%
Suncor Energy Inc. Energy $38.652 1.3%
Sanrio Co. Ltd. Consumer Discretionary $2.439 1.3%
Inchcape plc Consumer Discretionary $4.779 1.3%
Inditex SA Consumer Discretionary $104.233 1.3%
TAL Education Group - ADR Consumer Discretionary $2.569 1.3%
Tencent Holdings, Ltd. Information Technology $156.843 1.3%
Kingdee International Software Group Co. Ltd. Information Technology $1.090 1.2%
FANUC Corp. Industrials $32.076 1.2%
Intertek Group plc Industrials $5.934 1.2%
Experian plc Industrials $15.533 1.1%
Softbank Group Corp. Telecommunication Services $55.967 1.1%
Grifols SA - ADR Health Care $12.814 1.1%
Dish TV India Ltd. Consumer Discretionary $1.727 1.1%
AO World plc Consumer Discretionary $1.073 1.1%
Mobileye N.V. Information Technology $9.855 1.1%
Burberry Group Plc Consumer Discretionary $9.207 1.1%
Azimut Holding S.p.A. Financials $3.070 1.0%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.742 1.0%
Axis Bank Ltd. Financials $17.953 1.0%
PT Matahari Department Store Tbk Consumer Discretionary $3.207 1.0%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $38.952 1.0%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.145 0.9%
Alibaba Group Holding Ltd. - ADR Information Technology $148.158 0.9%
Newcrest Mining Ltd. Materials $6.811 0.9%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $1.051 0.9%
Agilent Technologies, Inc. Health Care $11.377 0.8%
lululemon athletica inc. Consumer Discretionary $7.119 0.8%
TOTVS SA Information Technology $1.243 0.8%
Golar LNG Ltd. Energy $2.601 0.7%
Haitong Securities Co., Ltd. - Cl H Financials $21.138 0.7%
Larsen & Toubro Ltd. Industrials $20.789 0.7%
Panasonic Corporation Consumer Discretionary $25.069 0.7%
Intesa Sanpaolo Financials $58.916 0.7%
SKS Microfinance LTD Financials $0.783 0.5%
Qihoo 360 Technology Co. Ltd. ADR Cl - A Information Technology $6.167 0.5%
SouFun Holdings Ltd. ADR Cl - A Information Technology $2.725 0.5%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.473 0.5%
Crescent Point Energy Corp. Energy $5.774 0.4%
Sarana Menara Nusantara Tbk PT Telecommunication Services $2.779 0.4%
Smiles SA Consumer Discretionary $0.933 0.3%
Hathway Cable & Datacom Limited Consumer Discretionary $0.465 0.2%
DEN Networks Ltd. Consumer Discretionary $0.329 0.2%
Total 100.0%
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Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
7.0%
Consumer Discretionary
  • Restaurants 5.0%
  • Broadcasting 3.7%
  • Internet Retail 3.7%
  • Casinos & Gaming 1.4%
  • Education Services 1.4%
  • Tires & Rubber 1.3%
  • Distributors 1.3%
  • Apparel Retail 1.3%
  • Home Furnishings 1.2%
  • Department Stores 1.1%
  • Apparel, Accessories & Luxury Goods 0.9%
  • Cable & Satellite 0.7%
  • Advertising 0.4%
23.4%
Consumer Staples
  • Packaged Foods & Meats 0.8%
0.8%
Energy
  • Integrated Oil & Gas 1.2%
  • Oil & Gas Storage & Transportation 0.7%
  • Oil & Gas Exploration & Production 0.3%
2.2%
Financials
  • Diversified Banks 3.7%
  • Property & Casualty Insurance 3.6%
  • Asset Management & Custody Banks 2.4%
  • Investment Banking & Brokerage 2.0%
  • Diversified Real Estate Activities 1.5%
  • Consumer Finance 1.3%
  • Specialized Finance 0.9%
15.5%
Health Care
  • Life Sciences Tools & Services 3.6%
  • Biotechnology 3.4%
  • Health Care Services 2.4%
  • Health Care Technology 1.4%
10.8%
Industrials
  • Airlines 3.7%
  • Trading Companies & Distributors 3.2%
  • Research & Consulting Services 3.2%
  • Airport Services 2.8%
  • Industrial Machinery 0.7%
13.6%
Information Technology
  • Application Software 6.2%
  • Internet Software & Services 5.3%
  • Systems Software 3.1%
  • Semiconductors 2.1%
  • Data Processing and Outsourced Services 2.0%
  • Electronic Equipment & Instruments 1.6%
20.3%
Materials
  • Specialty Chemicals 1.9%
  • Gold 1.3%
3.2%
Telecommunication Services
  • Wireless Telecommunication Services 2.1%
  • Integrated Telecommunication Services 0.5%
2.6%
Utilities
  • Renewable Electricity 0.7%
0.6%
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Country Breakdown As of January 31, 2016

Country Breakdown
Developed % of Net Assets
Australia 4.8%
Canada 4.3%
France 4.3%
Germany 9.9%
Ireland 2.2%
Israel 5.3%
Italy 1.8%
Japan 10.2%
Norway 0.8%
Spain 5.3%
Switzerland 1.8%
United Kingdom 18.9%
United States 4.7%
Country Breakdown
Developing % of Net Assets
Brazil 2.0%
China 9.5%
India 3.0%
Indonesia 2.1%
Mexico 0.9%
South Africa 1.2%
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Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Restaurants 4.28% 1.27%
Internet Software & Services 5.61% 1.15%
Education Services 1.52% 0.53%
Life Sciences Tools & Services 3.47% 0.48%
Data Processing and Outsourced Services 1.56% 0.33%
Top Detractors Average Weight Contribution
Oil & Gas Storage & Transportation 0.69% -0.36%
Packaged Foods & Meats 1.13% -0.32%
Application Software 7.50% -0.23%
Home Furnishings 1.31% -0.19%
Integrated Oil & Gas 1.40% -0.17%
By Holdings
Top Contributors Average Weight Contribution
Domino's Pizza Enterprises Ltd. 2.61% 1.04%
TAL Education Group 1.52% 0.53%
Qihoo 360 Technology Co. Ltd. 0.92% 0.34%
Worldpay Group plc 1.56% 0.33%
Alibaba Group Holding Limited 1.13% 0.31%
Top Detractors Average Weight Contribution
RIB Software AG 1.42% -0.39%
Golar LNG Ltd. 0.69% -0.36%
Nomad Foods Limited 1.13% -0.32%
Rakuten, Inc. 1.88% -0.19%
Steinhoff International Holdings N.V. 1.31% -0.19%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Restaurants 3.88% 2.31%
Application Software 7.54% 1.43%
Trading Companies & Distributors 3.28% 1.27%
Unclassified^ 0.56% 0.85%
Life Sciences Tools & Services 3.35% 0.66%
Top Detractors Average Weight Contribution
Renewable Electricity 0.55% -1.11%
Packaged Foods & Meats^ 0.75% -0.89%
Education Services 1.51% -0.88%
Wireless Telecommunication Services 2.76% -0.86%
Investment Banking & Brokerage 2.33% -0.84%
By Holdings
Top Contributors Average Weight Contribution
Domino's Pizza Enterprises Ltd. 2.09% 1.65%
MonotaRO Co.,Ltd. 1.51% 1.34%
Constellation Software, Inc. 3.40% 1.05%
JUST EAT plc 1.54% 0.74%
Domino's Pizza Group plc 1.79% 0.66%
Top Detractors Average Weight Contribution
TerraForm Global, Inc. 0.55% -1.11%
GAEC Educação S.A 0.22% -0.78%
GOL Linhas Aéreas Inteligentes SA 0.23% -0.68%
Kroton Educacional SA 0.21% -0.67%
Tower Bersama Infrastructure Tbk PT 1.08% -0.63%
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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 Holdings 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.