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 March 31, 2014

Inception Date December 31, 2008
Net Assets (All share classes combined) $64.48 million
# of Equity Securities / % of Net Assets 70/94.7%
Turnover (3 Year Average) 42.90%
Median Market Cap $7.43 billion
Weighted Average Market Cap $17.46 billion
CUSIP 06828M603
Gross Expense Ratio (as of FYE 12/12)* 1.40%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/12) (0.15)%
Net Expense Ratio (as of FYE 12/12) 1.25%
EPS Growth (3-5 year forecast) 15.3%
Price/Earnings Ratio (trailing 12-month) 20.4
Price/Book Ratio 2.9
Price/Sales Ratio 2.2

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
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 3.0%
Eurofins Scientific SE (ERF.PAR) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 2.8%
RIB Software AG
Information Technology 2.8%
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 2.3%
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 2014.
Health Care 2.3%
Grifols SA
Health Care 2.2%
FANUC Corp. (6954.JP) is a leading developer and manufacturer of factory robots and automation equipment.
Industrials 2.1%
Constellation Software, Inc.
Information Technology 2.1%
Ingenico SA
Information Technology 2.0%
Deutsche Post AG (DPW.GR) is a mail delivery and logistics company based in Germany. Deutsche Post is comprised of four businesses: a German mail and parcel delivery business, global overnight package delivery (international time-sensitive), global freight forwarding, and a global supply chain business.
Industrials 2.0%
Total 23.6%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 5.3%
SoftBank Corp. Telecommunication Services $92.107 3.0%
Eurofins Scientific SE Health Care $4.511 2.8%
RIB Software AG Information Technology $0.603 2.8%
Agilent Technologies, Inc. Health Care $18.645 2.3%
Check Point Software Technologies Ltd. Information Technology $13.460 2.3%
Grifols SA Health Care $17.050 2.2%
FANUC Corp. Industrials $42.291 2.1%
Constellation Software, Inc. Information Technology $5.553 2.1%
Ingenico SA Information Technology $4.965 2.0%
Deutsche Post AG Industrials $45.121 2.0%
Compagnie Financière Richemont SA Consumer Discretionary $54.819 1.9%
Symrise AG Materials $5.888 1.9%
Steinhoff International Holdings Ltd. Consumer Discretionary $10.293 1.9%
Wynn Macau Ltd. Consumer Discretionary $21.535 1.8%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $1.574 1.8%
Kroton Educacional SA Consumer Discretionary $5.909 1.8%
21Vianet Group, Inc. Information Technology $1.905 1.7%
Smiles SA Consumer Discretionary $1.952 1.7%
AO plc Consumer Discretionary $2.204 1.7%
Ryanair Holdings plc Industrials $16.237 1.6%
Kingdee International Software Group Co. Ltd. Information Technology $0.975 1.5%
Julius Baer Group Ltd. Financials $9.932 1.5%
Mitsui Fudosan Co. Ltd. Financials $26.968 1.5%
Suncor Energy Inc. Energy $51.694 1.4%
Bridgestone Corp. Consumer Discretionary $28.730 1.4%
PATRIZIA Immobilien AG Financials $0.728 1.4%
Rakuten, Inc. Consumer Discretionary $17.407 1.4%
ProSiebenSat.1 Media AG Consumer Discretionary $10.007 1.4%
Sony Financial Holdings, Inc. Financials $7.139 1.3%
Arch Capital Group Ltd. Financials $7.713 1.3%
Intertek Group plc Industrials $8.264 1.3%
Opera Software ASA Information Technology $1.734 1.3%
Yandex N.V. Information Technology $9.793 1.3%
Brenntag AG Industrials $9.550 1.3%
Seadrill Partners, LLC Energy $2.236 1.3%
Brambles Ltd. Industrials $13.458 1.3%
Inchcape plc Consumer Discretionary $4.910 1.3%
Croda International PLC Materials $5.763 1.3%
Daiwa Securities Group, Inc. Financials $15.152 1.3%
Tencent Holdings, Ltd. Information Technology $129.650 1.2%
TOTVS SA Information Technology $2.565 1.2%
Sina Corporation Information Technology $4.026 1.2%
easyJet plc Industrials $11.345 1.2%
Experian plc Industrials $17.898 1.1%
Syngenta AG Materials $35.286 1.1%
DEN Networks Ltd. Consumer Discretionary $0.571 1.1%
Sumitomo Mitsui Trust Holdings, Inc. Financials $17.624 1.1%
Premier Oil plc Energy $2.596 1.0%
Crescent Point Energy Corp. Energy $14.474 1.0%
Kakaku.com, Inc. Information Technology $3.796 1.0%
SodaStream International Ltd. Consumer Discretionary $0.914 1.0%
Fuchs Petrolub SE Materials $6.686 1.0%
Axis Bank Ltd. Financials $11.484 1.0%
Core Laboratories N.V. Energy $8.903 0.9%
Mellanox Technologies Ltd. Information Technology $1.734 0.9%
Anhanguera Educacional Participações SA Consumer Discretionary $2.697 0.9%
Haitong Securities Co., Ltd. Financials $14.006 0.9%
Inditex SA Consumer Discretionary $93.516 0.9%
Cetip SA - Mercados Organizados Financials $3.157 0.8%
DNB ASA Financials $28.317 0.8%
Credit Suisse Group ADR Financials $51.682 0.8%
Larsen & Toubro Ltd. Industrials $19.740 0.8%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.533 0.7%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.547 0.7%
Sanrio Co. Ltd. Consumer Discretionary $2.973 0.7%
Lundin Petroleum AB Energy $6.538 0.6%
Criteo S.A. Information Technology $2.242 0.6%
Sun TV Network Ltd. Consumer Discretionary $2.651 0.5%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.617 0.5%
Agrinos AS Materials $0.065 0.3%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.3%
Consumer Discretionary
  • Internet Retail 3.1%
  • Education Services 2.8%
  • Home Furnishings 1.9%
  • Apparel, Accessories & Luxury Goods 1.9%
  • Broadcasting 1.9%
  • Casinos & Gaming 1.8%
  • Restaurants 1.8%
  • Advertising 1.7%
  • Cable & Satellite 1.5%
  • Tires & Rubber 1.4%
  • Distributors 1.3%
  • Household Appliances 1.0%
  • Apparel Retail 0.9%
  • Specialty Stores 0.7%
23.7%
Energy
  • Oil & Gas Exploration & Production 2.7%
  • Integrated Oil & Gas 1.4%
  • Oil & Gas Drilling 1.3%
  • Oil & Gas Equipment & Services 0.9%
6.2%
Financials
  • Diversified Banks 2.9%
  • Asset Management & Custody Banks 2.3%
  • Investment Banking & Brokerage 2.2%
  • Diversified Real Estate Activities 1.5%
  • Real Estate Development 1.4%
  • Life & Health Insurance 1.3%
  • Property & Casualty Insurance 1.3%
  • Diversified Capital Markets 0.8%
13.6%
Health Care
  • Life Sciences Tools & Services 5.0%
  • Biotechnology 2.2%
7.3%
Industrials
  • Airlines 2.7%
  • Research & Consulting Services 2.4%
  • Industrial Machinery 2.1%
  • Air Freight & Logistics 2.0%
  • Trading Companies & Distributors 1.3%
  • Diversified Support Services 1.3%
  • Construction & Engineering 0.8%
12.7%
Information Technology
  • Internet Software & Services 8.3%
  • Application Software 6.4%
  • Systems Software 3.5%
  • Electronic Equipment & Instruments 2.0%
  • Semiconductors 0.9%
21.2%
Materials
  • Specialty Chemicals 3.3%
  • Fertilizers & Agricultural Chemicals 1.4%
  • Commodity Chemicals 1.0%
5.6%
Telecommunication Services
  • Wireless Telecommunication Services 4.4%
4.4%
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Country Breakdown As of March 31, 2014

Country Breakdown
Developed % of Net Assets
Australia 3.1%
Canada 4.5%
France 4.8%
Germany 11.8%
Hong Kong 1.8%
Ireland 1.6%
Israel 4.2%
Japan 14.7%
Norway 3.4%
Spain 3.2%
Sweden 0.6%
Switzerland 5.3%
United Kingdom 8.8%
United States 5.2%
Country Breakdown
Developing % of Net Assets
Brazil 6.5%
China 6.5%
India 3.8%
Indonesia 1.4%
Mexico 0.3%
Russia 1.3%
South Africa 1.9%
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Top Contributors & Detractors as of March 31, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 5.92% 1.73%
Airlines 2.99% 0.61%
Education Services 2.58% 0.50%
Restaurants 1.63% 0.44%
Electronic Equipment & Instruments 2.00% 0.31%
Top Detractors Average Weight Contribution
Investment Banking & Brokerage 2.59% -0.52%
Internet Software & Services 10.82% -0.46%
Diversified Real Estate Activities 1.80% -0.33%
Diversified Banks 2.95% -0.27%
Wireless Telecommunication Services 4.73% -0.23%
By Holdings
Top Contributors Average Weight Contribution
RIB Software AG 2.38% 1.06%
Kroton Educacional SA 1.73% 0.52%
Domino's Pizza Enterprises Ltd. 1.63% 0.44%
CRITEO SA ADR 1.20% 0.39%
Ryanair Holdings plc 1.65% 0.39%
Top Detractors Average Weight Contribution
Sina Corporation 2.29% -0.74%
Softbank Corp. 3.47% -0.55%
Yandex N.V. 1.13% -0.37%
Mitsui Fudosan Co. Ltd. 1.80% -0.33%
Haitong Securities Co., Ltd. 1.04% -0.30%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 10.45% 6.22%
Application Software 6.35% 3.92%
Life Sciences Tools & Services 5.87% 1.74%
Wireless Telecommunication Services 4.56% 1.56%
Education Services 2.68% 1.25%
Top Detractors Average Weight Contribution
Fertilizers & Agricultural Chemicals 2.16% -0.83%
Cable & Satellite 2.56% -0.66%
Communications Equipment 0.69% -0.57%
Oil & Gas Exploration & Production 3.56% -0.44%
Specialty Stores 1.44% -0.34%
By Holdings
Top Contributors Average Weight Contribution
RIB Software AG 1.64% 1.95%
21Vianet Group, Inc. 1.36% 1.66%
Softbank Corp. 3.19% 1.64%
Opera Software ASA 1.84% 1.49%
Kingdee International Software Group Co. Ltd. 1.41% 1.21%
Top Detractors Average Weight Contribution
Financial Technologies Ltd. 0.52% -1.13%
Agrinos AS 0.56% -0.68%
Radware Ltd. 0.69% -0.57%
TOTVS SA 1.11% -0.38%
Standard Chartered PLC 1.22% -0.31%
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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.