Baron International Growth Fund (BINIX)

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Fund Description

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

   

   

Facts & Characteristics as of September 30, 2016

Inception Date December 31, 2008
Net Assets (All share classes combined) $86.62 million
# of Equity Securities / % of Net Assets 71/97.6%
Turnover (3 Year Average) 40.58%
Median Market Cap $8.60 billion
Weighted Average Market Cap $28.78 billion
CUSIP 06828M603
Gross Expense Ratio (as of FYE 12/15)* 1.31%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/15) (0.06)%
Net Expense Ratio (as of FYE 12/15) 1.25%
EPS Growth (3-5 year forecast) 12.4%
Price/Earnings Ratio (trailing 12-month) 25.8
Price/Book Ratio 3.1
Price/Sales Ratio 3.0

Top Ten Holdings as of November 30, 2016

Holding Sector Percentage*
Eurofins Scientific SE (erf.fp) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 3.7%
RIB Software AG (RIB.GR) is a software company with a flagship application called iTWO with 5D modeling capability, 3D modeling with cost and time management, which allows construction clients to manage the project from start to finish using one software platform. 
Information Technology 3.0%
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates approximately 200 small and medium-sized software businesses. These software businesses allow customers across a wide range of verticals to automate key activities, with the goal of saving on labor costs.
Information Technology 3.0%
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 technological innovation among all of Domino’s master franchisees globally.
Consumer Discretionary 2.9%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.7%
Abcam plc (abc.ln) sells research grade antibodies to scientists who use its products in their search for treatments for human disease. The company sources products from more than 400 suppliers and also manufactures products in-house.
Health Care 2.5%
Alibaba Group Holding Limited (BABA) is the largest e-commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao and Tmall. It also participates in the profits of Ant Financial, which owns Alipay, the largest third party online payment provider in China.
Information Technology 2.5%
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%
Tencent Holdings Ltd. (700.HK) is a leading internet service company, and the top game developer, in China. Its primary platforms include QQ for instant messaging (815 million media access units (MAUs)), WeChat for mobile messaging (500 million MAUs), and Qzone for social networking (654 million MAUs).
Information Technology 2.3%
Reckitt Benckiser Group Plc
Consumer Staples 2.1%
Total 27.2%
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Portfolio Holdings as of September 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Eurofins Scientific SE Health Care $7.659 3.9%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $4.781 3.0%
Alibaba Group Holding Limited - ADR Information Technology $263.975 2.9%
Constellation Software, Inc. Information Technology $9.553 2.7%
Softbank Group Corp. Telecommunication Services $77.222 2.6%
Aena SA Industrials $22.124 2.6%
Arch Capital Group Ltd. Financials $9.715 2.5%
Abcam plc Health Care $2.208 2.5%
PRINCIPAL CASH Cash & Cash Equivalents - 2.4%
Tencent Holdings, Ltd. Information Technology $259.960 2.4%
Fresenius Medical Care AG & Co. KGaA Health Care $26.865 2.4%
Bharat Financial Inclusion Limited Financials $1.685 2.3%
RIB Software AG Information Technology $0.575 2.2%
Reckitt Benckiser Group Plc Consumer Staples $66.161 2.2%
Rakuten, Inc. Consumer Discretionary $18.514 1.9%
Ryanair Holdings plc - ADR Industrials $18.821 1.8%
Multi Commodity Exchange of India Ltd. Financials $1.035 1.8%
Experian plc Industrials $19.170 1.7%
Julius Baer Group Ltd. Financials $9.107 1.7%
Golar LNG Ltd. Energy $1.973 1.7%
BM&FBOVESPA SA Financials $9.382 1.6%
Intertek Group plc Industrials $7.298 1.6%
Agilent Technologies, Inc. Health Care $15.275 1.5%
Check Point Software Technologies Ltd. Information Technology $13.574 1.4%
Grifols SA - ADR Health Care $13.953 1.4%
Industria de Diseño Textil, S.A. Consumer Discretionary $115.536 1.4%
PT Matahari Department Store Tbk Consumer Discretionary $4.131 1.4%
Newcrest Mining Ltd. Materials $13.018 1.4%
Symrise AG Materials $9.512 1.3%
Mellanox Technologies Ltd. Information Technology $2.081 1.3%
China Distance Education Holdings Limited - ADR Consumer Discretionary $0.445 1.3%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $7.887 1.3%
Domino's Pizza Group plc Consumer Discretionary $2.391 1.3%
Worldpay Group plc Information Technology $7.678 1.3%
Copa Holdings, S.A. Industrials $3.689 1.2%
Yandex N.V. Information Technology $6.756 1.2%
ProSiebenSat.1 Media AG Consumer Discretionary $9.364 1.2%
Grupo Financiero Banorte, S.A.B. de C.V. - Cl O Financials $14.546 1.2%
Steinhoff International Holdings N.V. Consumer Discretionary $24.579 1.2%
Encana Corp. Energy $10.000 1.2%
Nets A/S Information Technology $4.146 1.2%
Ctrip.com International, Ltd. Consumer Discretionary $23.175 1.1%
Suncor Energy Inc. Energy $46.239 1.1%
Bridgestone Corp. Consumer Discretionary $29.716 1.1%
Sociedad Química y Minera de Chile SA - ADS Materials $7.234 1.1%
Smiles SA Consumer Discretionary $2.051 1.1%
TAL Education Group - ADR Consumer Discretionary $5.730 1.1%
Bellamy’s Australia Limited Consumer Staples $0.963 1.1%
FANUC Corp. Industrials $34.232 1.0%
AO World plc Consumer Discretionary $0.922 1.0%
MonotaRO Co., Ltd. Industrials $3.326 1.0%
Kingdee International Software Group Co. Ltd. Information Technology $1.160 0.9%
TOTVS SA Information Technology $1.527 0.9%
Wynn Macau Ltd. Consumer Discretionary $8.601 0.9%
Agnico Eagle Mines Limited Materials $12.166 0.9%
Man Wah Holdings Ltd. Consumer Discretionary $2.469 0.9%
Mitsui Fudosan Co. Ltd. Real Estate $20.879 0.8%
TerraForm Global, Inc. Cl - A Utilities $0.732 0.8%
Maruti Suzuki India Ltd. Consumer Discretionary $24.851 0.8%
MYOB Group Limited Information Technology $1.711 0.8%
BYD Company Ltd. Consumer Discretionary $21.130 0.7%
Sony Corporation Consumer Discretionary $41.939 0.7%
PT Tower Bersama Infrastructure, Tbk. Telecommunication Services $2.242 0.7%
JUST EAT plc Information Technology $4.704 0.6%
Horizon Discovery Group plc Health Care $0.182 0.6%
L'Occitane International S.A. Consumer Discretionary $2.944 0.6%
Baidu, Inc. Information Technology $63.042 0.5%
Haitong Securities Co., Ltd. - Cl H Financials $25.088 0.5%
Daiwa Securities Group, Inc. Financials $9.737 0.5%
Lekoil, Ltd. Energy $0.138 0.5%
PT Sarana Menara Nusantara Tbk. Telecommunication Services $3.049 0.4%
easyJet plc Industrials $5.185 0.2%
Total 100.0%
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Sector Breakdown as of November 30, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.3%
Consumer Discretionary
  • Restaurants 4.1%
  • Internet & Direct Marketing Retail 3.2%
  • Education Services 2.5%
  • Home Furnishings 1.8%
  • Broadcasting 1.6%
  • Automobile Manufacturers 1.5%
  • Apparel Retail 1.3%
  • Tires & Rubber 1.2%
  • Consumer Electronics 1.2%
  • Advertising 1.0%
  • Department Stores 1.0%
  • Specialty Stores 0.7%
  • Casinos & Gaming 0.5%
21.7%
Consumer Staples
  • Household Products 2.1%
  • Packaged Foods & Meats 1.1%
3.1%
Energy
  • Oil & Gas Exploration & Production 2.2%
  • Oil & Gas Storage & Transportation 1.5%
  • Integrated Oil & Gas 1.4%
5.1%
Financials
  • Financial Exchanges & Data 3.1%
  • Property & Casualty Insurance 2.7%
  • Investment Banking & Brokerage 2.2%
  • Asset Management & Custody Banks 2.0%
  • Diversified Banks 1.2%
  • Consumer Finance 1.1%
12.3%
Health Care
  • Life Sciences Tools & Services 5.7%
  • Biotechnology 3.3%
  • Health Care Services 2.0%
11.1%
Industrials
  • Research & Consulting Services 3.2%
  • Airlines 2.9%
  • Airport Services 1.9%
  • Industrial Machinery 1.3%
  • Trading Companies & Distributors 0.9%
10.2%
Information Technology
  • Internet Software & Services 9.1%
  • Application Software 7.9%
  • Data Processing and Outsourced Services 2.3%
  • Systems Software 2.3%
  • Semiconductors 1.4%
22.9%
Materials
  • Gold 1.7%
  • Fertilizers & Agricultural Chemicals 1.1%
  • Specialty Chemicals 1.1%
3.9%
Real Estate
  • Diversified Real Estate Activities 1.3%
1.3%
Telecommunication Services
  • Wireless Telecommunication Services 3.6%
3.6%
Utilities
  • Renewable Electricity 0.5%
0.5%
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Country Breakdown As of November 30, 2016

Country Breakdown
Developed % of Net Assets
Australia 5.9%
Canada 6.8%
Denmark 1.0%
France 3.7%
Germany 7.1%
Hong Kong 2.0%
Ireland 1.6%
Israel 3.0%
Japan 12.6%
Netherlands 0.5%
Norway 1.5%
Spain 4.0%
Switzerland 2.0%
United Kingdom 12.4%
United States 4.8%
Country Breakdown
Developing % of Net Assets
Brazil 3.2%
Chile 1.1%
China 11.7%
India 4.1%
Indonesia 2.1%
Mexico 1.2%
Panama 1.3%
Russia 1.2%
South Africa 0.9%
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Top Contributors & Detractors as of September 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 6.67% 1.14%
Application Software 5.38% 1.10%
Life Sciences Tools & Services 5.65% 0.81%
Internet & Direct Marketing Retail 3.64% 0.56%
Oil & Gas Storage & Transportation 1.51% 0.46%
Top Detractors Average Weight Contribution
Semiconductors 1.86% -0.24%
Household Products 2.29% -0.13%
Trading Companies & Distributors 1.72% -0.11%
Department Stores 1.52% -0.10%
Diversified Real Estate Activities 0.94% -0.09%
By Holdings
Top Contributors Average Weight Contribution
Eurofins Scientific SE 3.59% 0.76%
Alibaba Group Holding Limited 2.43% 0.71%
Multi Commodity Exchange of India Ltd. 1.34% 0.49%
Golar LNG Ltd. 1.51% 0.46%
Bellamy’s Australia Limited 1.49% 0.43%
Top Detractors Average Weight Contribution
MonotaRO Co., Ltd. 1.10% -0.27%
Mellanox Technologies Ltd. 1.86% -0.24%
Reckitt Benckiser Group Plc 2.29% -0.13%
BM&FBOVESPA SA 1.75% -0.12%
Nets A/S 0.11% -0.11%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 5.66% 2.56%
Restaurants 4.42% 2.13%
Gold 2.21% 1.93%
Life Sciences Tools & Services 4.38% 1.66%
Financial Exchanges & Data 1.70% 1.36%
Top Detractors Average Weight Contribution
Diversified Banks 2.72% -1.04%
Airlines 3.55% -0.97%
Packaged Foods & Meats 1.10% -0.46%
Diversified Real Estate Activities 1.27% -0.36%
Asset Management & Custody Banks 2.30% -0.34%
By Holdings
Top Contributors Average Weight Contribution
Domino's Pizza Enterprises Ltd. 3.00% 1.96%
Newcrest Mining Ltd. 1.57% 1.38%
Eurofins Scientific SE 3.07% 1.32%
Bharat Financial Inclusion Limited 1.41% 1.18%
Aena SA 3.27% 1.12%
Top Detractors Average Weight Contribution
easyJet plc 1.24% -0.86%
Nomad Foods Limited 0.44% -0.80%
Intesa Sanpaolo S.p.A. 0.80% -0.56%
Sumitomo Mitsui Trust Holdings, Inc. 0.87% -0.42%
Mitsui Fudosan Co. Ltd. 1.27% -0.36%
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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.