The Fund invests primarily in emerging market companies of all sizes with significant growth potential. The Fund may invest up to 20% in companies in developed and frontier countries. Diversified.
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IN
The Fund invests primarily in emerging market companies of all sizes with significant growth potential. The Fund may invest up to 20% in companies in developed and frontier countries. Diversified.
As of Dec 01, 2023
NAV | $13.52 |
---|---|
Daily Change ($) | $0.01 |
Daily Change (%) | 0.07% |
YTD | 4.40% |
Inception Date | 12/31/2010 |
Overall (out of 721 Funds)
Ratings based on risk-adjusted returns as of 10/31/2023
Category:US Fund Diversified Emerging Mkts
Portfolio Manager
years of exp 36
years at baron 16
1Source: FactSet SPAR.
For the period ended 9/30/2023, the Baron Emerging Markets Fund received a 3-Star Overall Morningstar Rating™, 2-Star 3-Year Rating, 2-Star 5-Year Rating, and 3-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 718, 718, 652, and 391 funds in the category, respectively. This Morningstar Rating is for the Retail share class only; other classes may have different performance characteristics.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box–size is displayed along the vertical axis and style is displayed along the horizontal axis. Please note that the style boxes indicate the Fund’s equity style, not necessarily its Morningstar Category.
© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates or content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) does not constitute advice of any kind, whether investment, tax, legal or otherwise. User is solely responsible for ensuring that any use of this information complies with all laws, regulations and restrictions applicable to it. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
MORNINGSTAR IS NOT RESPONSIBLE FOR ANY DELETION, DAMAGE, LOSS OR FAILURE TO STORE ANY PRODUCT OUTPUT, COMPANY CONTENT OR OTHER CONTENT.
as of 12/01/23
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$13.52 | $0.01 | 0.07% | 0.07% | 3.21% | 4.40% |
as of 10/31/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BEXFX - Baron Emerging Markets Fund | -3.66% | -2.55% | 8.51% | -7.11% | 0.64% | 1.37% | 2.14% | 1.38% | 1.38% |
MSCI EM Index | -3.89% | -2.14% | 10.80% | -3.67% | 1.59% | 1.19% | 0.66% | ||
MSCI EM IMI Growth Index | -4.07% | -3.74% | 9.48% | -7.64% | 2.75% | 2.00% | 1.47% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
as of 09/30/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BEXFX - Baron Emerging Markets Fund | -5.00% | 1.16% | 9.72% | -5.49% | 0.09% | 2.02% | 2.45% | 1.38% | 1.38% |
MSCI EM Index | -2.93% | 1.82% | 11.70% | -1.73% | 0.55% | 2.07% | 0.98% | ||
MSCI EM IMI Growth Index | -3.99% | 0.34% | 9.65% | -5.43% | 1.37% | 2.96% | 1.82% |
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
1Not annualized.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
Expense ratios are as of the fiscal year ended 12/31/2021
as of 10/31/23
Year | Baron Emerging Markets Fund | MSCI EM Index | MSCI EM IMI Growth Index |
---|---|---|---|
2022 | -26.04% | -20.09% | -23.88% |
2021 | -6.26% | -2.54% | -5.50% |
2020 | 28.87% | 18.31% | 30.75% |
2019 | 18.48% | 18.42% | 23.60% |
2018 | -18.67% | -14.58% | -18.44% |
2017 | 40.34% | 37.28% | 44.70% |
2016 | 3.75% | 11.19% | 5.84% |
2015 | -11.16% | -14.92% | -10.51% |
2014 | 3.47% | -2.19% | -0.15% |
2013 | 14.71% | -2.60% | 0.10% |
2012 | 22.98% | 18.22% | 20.72% |
2011 | -17.20% | -18.42% | -20.04% |
1Not annualized.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
Expense ratios are as of the fiscal year ended 12/31/2021
Record Date | Ex Date | Payable Date | Income | Return of Capital | Short-Term Capital Gain | Long-Term Capital Gain | Total | Re-Invest NAV | Calendar-Yr Return |
---|---|---|---|---|---|---|---|---|---|
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.2791 | $0.0000 | $0.0000 | $0.0000 | $0.2791 | $17.89 | -6.26% |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0252 | $0.0021 | $0.0000 | $0.0000 | $0.0273 | $14.04 | 18.48% |
09/26/2019 | 09/27/2019 | 09/30/2019 | $0.0023 | $0.0000 | $0.0000 | $0.0000 | $0.0023 | $13.46 | 18.48% |
11/28/2018 | 11/29/2018 | 11/30/2018 | $0.0178 | $0.0000 | $0.0000 | $0.0000 | $0.0178 | $12.83 | -18.67% |
11/27/2017 | 11/28/2017 | 11/29/2017 | $0.0297 | $0.0014 | $0.0000 | $0.0000 | $0.0311 | $14.97 | 40.34% |
09/27/2017 | 09/28/2017 | 09/29/2017 | $0.0047 | $0.0000 | $0.0000 | $0.0000 | $0.0047 | $14.32 | 40.34% |
11/28/2016 | 11/29/2016 | 11/30/2016 | $0.0152 | $0.0000 | $0.0000 | $0.0000 | $0.0152 | $11.09 | 3.75% |
10/05/2016 | 10/06/2016 | 10/07/2016 | $0.0017 | $0.0000 | $0.0000 | $0.0000 | $0.0017 | $12.07 | 3.75% |
12/02/2015 | 12/03/2015 | 12/04/2015 | $0.0113 | $0.0000 | $0.0000 | $0.0000 | $0.0113 | $10.69 | -11.16% |
12/01/2014 | 12/02/2014 | 12/03/2014 | $0.0308 | $0.0000 | $0.0000 | $0.0000 | $0.0308 | $12.16 | 3.47% |
11/28/2012 | 11/29/2012 | 11/30/2012 | $0.1200 | $0.0000 | $0.0000 | $0.0000 | $0.1200 | $9.82 | 22.98% |
as of 09/30/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 18.11 | 20.26 | 16.63 |
Sharpe Ratio | -0.40 | -0.08 | 0.05 |
Alpha (%) | -3.80 | -0.28 | 0.18 |
Beta | 0.98 | 1.02 | 0.92 |
R-Squared (%) | 93.43 | 93.10 | 88.36 |
Tracking Error (%) | 4.66 | 5.33 | 5.85 |
Information Ratio | -0.81 | -0.09 | -0.01 |
Upside Capture (%) | 90.77 | 99.68 | 89.35 |
Downside Capture (%) | 107.61 | 101.46 | 88.96 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Emerging Markets Fund's(BEXFX) benchmark (MSCI EM Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV | $13.52 |
---|---|
Daily Change ($) | $0.01 |
Daily Change (%) | $0.01 |
MTD | 0.07% |
QTD | 3.21% |
YTD | 4.40% |
BEXFX - Baron Emerging Markets Fund | MSCI EM Index | MSCI EM IMI Growth Index | |
---|---|---|---|
QTD1 | -3.66% | -3.89% | -4.07% |
YTD1 | -2.55% | -2.14% | -3.74% |
1 Year | 8.51% | 10.80% | 9.48% |
3 Years | -7.11% | -3.67% | -7.64% |
5 Years | 0.64% | 1.59% | 2.75% |
10 Years | 1.37% | 1.19% | 2.00% |
Since Inception | 2.14% | 0.66% | 1.47% |
Expense Ratio2 - Gross | 1.38% | ||
Expense Ratio2 - Net | 1.38% |
*As of 10/31/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
BEXFX - Baron Emerging Markets Fund | MSCI EM Index | MSCI EM IMI Growth Index | |
---|---|---|---|
QTD1 | -5.00% | -2.93% | -3.99% |
YTD1 | 1.16% | 1.82% | 0.34% |
1 Year | 9.72% | 11.70% | 9.65% |
3 Years | -5.49% | -1.73% | -5.43% |
5 Years | 0.09% | 0.55% | 1.37% |
10 Years | 2.02% | 2.07% | 2.96% |
Since Inception | 2.45% | 0.98% | 1.82% |
Expense Ratio2 - Gross | 1.38% | ||
Expense Ratio2 - Net | 1.38% |
*As of 09/30/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are as of the fiscal year ended 12/31/2021
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
as of 09/30/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 18.11 | 20.26 | 16.63 |
Sharpe Ratio | -0.40 | -0.08 | 0.05 |
Alpha (%) | -3.80 | -0.28 | 0.18 |
Beta | 0.98 | 1.02 | 0.92 |
R-Squared (%) | 93.43 | 93.10 | 88.36 |
Tracking Error (%) | 4.66 | 5.33 | 5.85 |
Information Ratio | -0.81 | -0.09 | -0.01 |
Upside Capture (%) | 90.77 | 99.68 | 89.35 |
Downside Capture (%) | 107.61 | 101.46 | 88.96 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Emerging Markets Fund's(BEXFX) benchmark (MSCI EM Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 10/31/23
Year | Baron Emerging Markets Fund | MSCI EM Index | MSCI EM IMI Growth Index |
---|---|---|---|
2022 | -26.04% | -20.09% | -23.88% |
2021 | -6.26% | -2.54% | -5.50% |
2020 | 28.87% | 18.31% | 30.75% |
2019 | 18.48% | 18.42% | 23.60% |
2018 | -18.67% | -14.58% | -18.44% |
2017 | 40.34% | 37.28% | 44.70% |
2016 | 3.75% | 11.19% | 5.84% |
2015 | -11.16% | -14.92% | -10.51% |
2014 | 3.47% | -2.19% | -0.15% |
2013 | 14.71% | -2.60% | 0.10% |
2012 | 22.98% | 18.22% | 20.72% |
2011 | -17.20% | -18.42% | -20.04% |
1Not annualized.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
Expense ratios are as of the fiscal year ended 12/31/2021
Record Date | 11/22/2021 | 11/25/2019 | 09/26/2019 | 11/28/2018 | 11/27/2017 | 09/27/2017 | 11/28/2016 | 10/05/2016 | 12/02/2015 | 12/01/2014 | 11/28/2012 |
---|---|---|---|---|---|---|---|---|---|---|---|
Ex Date | 11/23/2021 | 11/26/2019 | 09/27/2019 | 11/29/2018 | 11/28/2017 | 09/28/2017 | 11/29/2016 | 10/06/2016 | 12/03/2015 | 12/02/2014 | 11/29/2012 |
Payable Date | 11/24/2021 | 11/27/2019 | 09/30/2019 | 11/30/2018 | 11/29/2017 | 09/29/2017 | 11/30/2016 | 10/07/2016 | 12/04/2015 | 12/03/2014 | 11/30/2012 |
Income | $0.2791 | $0.0252 | $0.0023 | $0.0178 | $0.0297 | $0.0047 | $0.0152 | $0.0017 | $0.0113 | $0.0308 | $0.1200 |
Return of Capital | $0.0000 | $0.0021 | $0.0000 | $0.0000 | $0.0014 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
Short-Term Capital Gain | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
Long-Term Capital Gain | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
Total | $0.2791 | $0.0273 | $0.0023 | $0.0178 | $0.0311 | $0.0047 | $0.0152 | $0.0017 | $0.0113 | $0.0308 | $0.1200 |
Re-Invest NAV | $17.89 | $14.04 | $13.46 | $12.83 | $14.97 | $14.32 | $11.09 | $12.07 | $10.69 | $12.16 | $9.82 |
Calendar-Yr Return | -6.26% | 18.48% | 18.48% | -18.67% | 40.34% | 40.34% | 3.75% | 3.75% | -11.16% | 3.47% | 22.98% |
as of 09/30/23
Baron Emerging Markets Fund | MSCI EM Index | |
---|---|---|
Net Assets | $4.54 billion | |
# of Issuers / % of Net Assets | 89 / 93.8% | |
Turnover (3 Year Average) | 37.69% | |
Active Share | 72.9% | |
Median Market Cap | $12.35 billion | $6.34 billion |
Weighted Average Market Cap | $91.49 billion | $98.61 billion |
EPS Growth (3-5 year forecast) | 16.4% | 14.9% |
Price/Earnings Ratio (trailing 12-month) | 18.8 | 12.0 |
Price/Book Ratio | 2.4 | 1.7 |
Price/Sales Ratio | 2.2 | 1.2 |
The Net Assets include all share classes combined.
Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.
as of 10/31/23
Open All Close All | Holding | Sector | % of Net Assets |
---|---|---|---|
Taiwan Semiconductor Manufacturing Company LimitedTaiwan Semiconductor Manufacturing Company Limited (TSM) is the world's largest independent semiconductor foundry, manufacturing chips on behalf of other companies. |
Information Technology | 5.7% | |
Samsung Electronics Co., Ltd.Samsung Electronics Co., Ltd. (005930.KS) is a Korean technology conglomerate known for its leadership in consumer electronics and semiconductor manufacturing. |
Information Technology | 4.7% | |
Alibaba Group Holding LimitedAlibaba 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, as well as a 33% stake in Ant Financial, which is the country's dominant payment platform. |
Consumer Discretionary | 3.6% | |
Tencent Holdings LimitedTencent Holdings Limited (700.HK) is a leading internet service company and the top game developer in China. Its primary platforms include QQ for instant messaging, WeChat for mobile messaging, and Qzone for social networking. |
Communication Services | 3.4% | |
Bajaj Finance LimitedBajaj Finance Limited (BAF.IN) is a leading non-banking financial corporation in India. It offers various financial products and services including housing loans, consumer durables financing, small- and medium-sized enterprise credit, and rural loans. |
Financials | 2.7% | |
Suzano S.A.Suzano S.A. (SUZB3.BZ) is the world’s largest and lowest-cost producer of pulp, which is primarily used in paper, tissue, and packaging. |
Materials | 2.3% | |
HDFC Bank LimitedHDFC Bank Limited (HDB) is one of India's largest and most recognized private sector banks, offering a broad range of financial services to retail and commercial clients. It merged with parent company HDFC Ltd. in July 2023. |
Financials | 2.1% | |
Bharti Airtel LimitedBharti Airtel Limited (BHARTI.IN) is a leading telecommunications company, with operations in 18 countries across Asia and Africa. The company's offerings include wireless, mobile commerce, and fixed line. |
Communication Services | 1.8% | |
Bundl Technologies Private Limited |
Consumer Discretionary | 1.8% | |
Reliance Industries LimitedReliance Industries Limited (RIL.IN) is India's leading conglomerate, with business interests that include oil refining, petrochemicals, media, telecommunications, and retail. |
Energy | 1.7% | |
Total |
29.6% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 09/30/23
Name | Sector | % of Net Assets |
---|---|---|
Samsung Electronics Co., Ltd. |
Information Technology | 4.6% |
Alibaba Group Holding Limited - ADR |
Consumer Discretionary | 4.1% |
Taiwan Semiconductor Manufacturing Company Limited |
Information Technology | 3.9% |
Tencent Holdings, Ltd. |
Communication Services | 3.2% |
Bajaj Finance Limited |
Financials | 2.6% |
Suzano S.A. |
Materials | 2.3% |
HDFC Bank Limited |
Financials | 2.1% |
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. |
Industrials | 2.1% |
Taiwan Semiconductor Manufacturing Company Limited |
Information Technology | 2.0% |
Tata Communications Limited |
Communication Services | 1.9% |
PT Bank Rakyat Indonesia (Persero) Tbk |
Financials | 1.7% |
Reliance Industries Limited |
Energy | 1.7% |
Bundl Technologies Private Limited, Series K |
Consumer Discretionary | 1.6% |
Bharti Airtel Limited |
Communication Services | 1.5% |
InPost S.A. |
Industrials | 1.5% |
Wal-Mart de México, S.A.B. de C.V. - Cl V |
Consumer Staples | 1.5% |
BDO Unibank, Inc. |
Financials | 1.5% |
Delta Electronics, Inc. |
Information Technology | 1.5% |
Jiangsu Hengli Hydraulic Co., Ltd. |
Industrials | 1.4% |
Midea Group Co., Ltd.- A |
Consumer Discretionary | 1.3% |
SBI Life Insurance Company Limited 144A |
Financials | 1.3% |
Baidu, Inc. |
Communication Services | 1.3% |
Full Truck Alliance Co. Ltd. - ADR |
Industrials | 1.3% |
Godrej Consumer Products Limited |
Consumer Staples | 1.3% |
Max Financial Services Limited |
Financials | 1.2% |
Coupang, Inc. |
Consumer Discretionary | 1.2% |
Localiza Rent a Car S.A. |
Industrials | 1.1% |
Grupo México, S.A.B. de C.V. |
Materials | 1.1% |
China Mengniu Dairy Co. Ltd. |
Consumer Staples | 1.1% |
Kingdee International Software Group Company Limited |
Information Technology | 1.1% |
Credicorp Ltd. |
Financials | 1.0% |
Shenzhou International Group Holdings Ltd. |
Consumer Discretionary | 1.0% |
JM Financial Limited |
Financials | 1.0% |
Kingsoft Corporation Ltd. |
Communication Services | 1.0% |
Galaxy Entertainment Group Limited |
Consumer Discretionary | 1.0% |
HD Hyundai Heavy Industries Co., Ltd. |
Industrials | 1.0% |
NARI Technology Co. Ltd. |
Industrials | 1.0% |
Nippon Life India Asset Management Limited 144A |
Financials | 0.9% |
Yum China Holdings Inc. |
Consumer Discretionary | 0.9% |
Tata Consumer Products Limited |
Consumer Staples | 0.9% |
Titan Co. Ltd. |
Consumer Discretionary | 0.9% |
Godrej Properties Limited |
Real Estate | 0.9% |
Yunnan Baiyao Group Co., Ltd. |
Health Care | 0.8% |
Kweichow Moutai Co., Ltd. |
Consumer Staples | 0.8% |
XP Inc. |
Financials | 0.8% |
Estun Automation Co., Ltd. |
Industrials | 0.8% |
Kanzhun Limited |
Communication Services | 0.8% |
Korea Aerospace Industries, Ltd. |
Industrials | 0.7% |
Venustech Group Inc. - Class A |
Information Technology | 0.7% |
Trent Limited |
Consumer Discretionary | 0.7% |
Yum China Holdings Inc. |
Consumer Discretionary | 0.7% |
AIA Group Limited |
Financials | 0.7% |
Budweiser Brewing Company APAC Limited 144A |
Consumer Staples | 0.7% |
Zai Lab Limited -Adr |
Health Care | 0.7% |
Keyence Corporation |
Information Technology | 0.7% |
Techtronic Industries Co. Ltd. |
Industrials | 0.7% |
B3 S.A. - Brasil, Bolsa, Balcao |
Financials | 0.7% |
Ayala Land, Inc. |
Real Estate | 0.7% |
Mahindra & Mahindra Limited |
Consumer Discretionary | 0.6% |
Divi’s Laboratories Limited |
Health Care | 0.6% |
Tencent Holdings Limited - ADR |
Communication Services | 0.6% |
StoneCo Ltd. |
Financials | 0.6% |
Afya Limited |
Consumer Discretionary | 0.6% |
Pernod Ricard SA |
Consumer Staples | 0.6% |
Think & Learn Private Limited - Series F |
Consumer Discretionary | 0.6% |
Pine Labs Pte. Ltd. Series J PFD |
Financials | 0.6% |
Nu Holdings Ltd. |
Financials | 0.6% |
Tata Consultancy Services Limited |
Information Technology | 0.6% |
SK hynix Inc. |
Information Technology | 0.5% |
Max Healthcare Institute Limited |
Health Care | 0.5% |
Naspers Limited |
Consumer Discretionary | 0.5% |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A |
Health Care | 0.5% |
Glodon Company Limited |
Information Technology | 0.5% |
Aarti Industries Limited |
Materials | 0.5% |
Muthoot Finance Limited |
Financials | 0.5% |
Wuliangye Yibin Co., Ltd. |
Consumer Staples | 0.5% |
Jubilant FoodWorks Limited |
Consumer Discretionary | 0.5% |
Gold Fields Limited |
Materials | 0.5% |
Edelweiss Financial Services Limited |
Financials | 0.4% |
Samsung SDI Co., Ltd. |
Information Technology | 0.4% |
Pine Labs Pte. Ltd.- Series 1 PFD |
Financials | 0.4% |
Lufax Holding Ltd |
Financials | 0.3% |
Network International Holdings Plc |
Financials | 0.3% |
JD.com, Inc. |
Consumer Discretionary | 0.3% |
Dino Polska S.A. 144A |
Consumer Staples | 0.2% |
Nuvama Wealth Management Limited |
Financials | 0.2% |
Jio Financial Services Limited |
Financials | 0.2% |
Inter & Co Inc. |
Financials | 0.2% |
Gold Fields Limited |
Materials | 0.2% |
Bharti Airtel Limited PP |
Communication Services | 0.1% |
Aarti Pharmalabs Limited |
Health Care | 0.1% |
Codere Online Luxembourg, S.A. - Forward Shares |
Consumer Discretionary | 0.1% |
Glodon Company Limited |
Information Technology | 0.1% |
Pine Labs Pte. Ltd.Series B2 PFD |
Financials | 0.1% |
Pine Labs Pte. Ltd. Series A PFD |
Financials | 0.1% |
Pine Labs Pte. Ltd. Series B PFD |
Financials | 0.1% |
Pine Labs Pte. Ltd. Series C PFD |
Financials | 0.1% |
Pine Labs Pte. Ltd. Series C1 PFD |
Financials | 0.0% |
Pine Labs Pte. Ltd. Series D PFD |
Financials | 0.0% |
Fix Price Group Ltd. |
Consumer Staples | 0.0% |
Localiza Rent a Car Sa - Rights |
Industrials | 0.0% |
Codere Online Luxembourg, S.A. - Private Warrants Exp. 11/30/2026 |
Consumer Discretionary | 0.0% |
Codere Online Luxembourg, S.A. - Private Shares |
Consumer Discretionary | 0.0% |
Sberbank of Russia PJSC |
Financials | 0.0% |
Codere Online Luxembourg, S.A. - Founders Shares |
Consumer Discretionary | 0.0% |
As of 10/31/23
As of 10/31/23
Colors of Sub-Industry bars correspond to the GICS sector chart.
As of 10/31/23
Quarterly as of 09/30/23
Top Contributors | Average Weight | Contribution |
---|---|---|
Suzano S.A. | 2.06% | 0.30% |
Tata Communications Limited | 1.61% | 0.28% |
Bundl Technologies Private Limited | 1.43% | 0.26% |
Bajaj Finance Limited | 2.31% | 0.17% |
Fix Price Group Ltd. | 0.01% | 0.17% |
Quarterly as of 09/30/23
Top Detractors | Average Weight | Contribution |
---|---|---|
Taiwan Semiconductor Manufacturing Company Limited | 5.70% | -0.73% |
Samsung Electronics Co., Ltd. | 4.55% | -0.35% |
Tencent Holdings Limited | 3.90% | -0.34% |
Estun Automation Co., Ltd. | 1.22% | -0.31% |
HDFC Bank Limited | 2.13% | -0.26% |
Source: FactSet PA.
03/25/22
Baron Emerging Markets Fund, managed by Michael Kass, was named among The Kiplinger 25, a list of Kiplinger’s favorite low-fee mutual funds.
10/29/21
Michael Kass, portfolio manager of Baron's Emerging Markets, International Growth, and New Asia Funds, makes the case for why he believes emerging market stocks are poised for outperformance. Watch the full October 29, 2021, interview on PBS’s “Consuelo Mack’s WealthTrack”.
05/16/21
Pine Labs is a dominant merchant commerce platform that is enabling digital payments and “Buy Now Pay Later” options in India and Southeast Asia. We are excited to partner with Amrish Rau and the Pine Labs team as they embark on their next growth phase. Read the full article on TechCrunch.
01/23/21
10/01/20
After a recent interview with portfolio manager Michael Kass, Litman Gregory reaffirmed its conviction in Baron Emerging Markets Fund (BEXIX) and Baron International Growth Fund (BINIX), highlighting Michael’s disciplined long-term approach to growth investing, superior understanding of secular trends and business models, and macro-risk overlay as reasons for their recommendation. Read the full article on Advisor Intelligence.
05/15/20
We are pleased to announce that Anuj Aggarwal has been appointed to the position of Assistant Portfolio Manager of Baron Emerging Markets Fund, working with Portfolio Manager Michael Kass. Anuj joined Baron in 2012 to support our emerging markets and international research efforts, and has a total of 12 years of research experience. He will continue to conduct equity research in his expanded role.
02/10/19
Baron is pleased to announce that Morningstar has added Baron Discovery Fund and Baron Global Advantage Fund to its “Prospects” list of up-and-coming or under-the-radar strategies that Morningstar Manager Research thinks might be worthy of full coverage someday. Currently, Baron Growth Fund, Baron Asset Fund, Baron Small Cap Fund, Baron Partners Fund, and Baron Emerging Markets Fund all have full coverage by Morningstar.
01/23/19
Michael Kass, portfolio manager of Baron Emerging Markets Fund and Baron International Growth Fund, sat down with Litman Gregory to discuss his perspective on foreign equity markets.
11/09/18
At the 2018 Baron Investment Conference, Ron Baron joined Ken Moelis, chairman and CEO of Moelis & Company, on CNBC’s “Squawk Box” to discuss Moelis’ investment strategy and the outlook for M&A activity. Watch the full interview on www.cnbc.com.
Portfolio holdings as a percentage of net assets as of September 30, 2018 for Moelis & Company are as follows: Baron Growth Fund (0.6%), Baron Small Cap Fund (0.9%).
07/01/18
Litman Gregory's AdvisorIntelligence published a fund update on Baron Emerging Markets Fund and Baron International Growth Fund discussing Portfolio Manager Michael Kass' investment themes and long-term outlook.
SAI | 04/28/23 |
---|---|
Prospectus | 04/28/23 |
Summary Prospectus | 04/28/23 |
Fact Sheet | 09/30/23 |
Baron Select Funds Annual Financial Report | 12/31/22 |
Baron Select Funds Semi-Annual Financial Report | 06/30/23 |
1Q23 Baron Select Funds NPORT | 03/31/23 |
3Q23 Baron Select Funds NPORT | 09/30/23 |
Baron Emerging Markets Fund – October 2022 Monthly Update | 11/15/22 |
Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.
Risks: In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased risks due to a greater possibility of: settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The MSCI EM (Emerging Markets) Index Net USD is designed to measure equity market performance of large and mid-cap securities across 23 Emerging Markets countries. The MSCI EM (Emerging Markets) IMI Growth Index Net USD is a free float-adjusted market capitalization index designed to measure equity market performance of large, mid and small-cap securities exhibiting overall growth characteristics across 23 Emerging Markets countries. The indexes and the Fund include reinvestment of dividends, net of withholding taxes, which positively impact the performance results. The indexes are unmanaged. The index performance is not Fund performance; one cannot invest directly into an index.
Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero
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. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All GICS structure changes that have occurred since 2016 have been applied retroactively in historical holdings-based analyses, including performance attribution. The Adviser may have reclassified/classified certain securities in or out of a sub-industry within a sector. Such reclassifications are not supported by S&P or MSCI.
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Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
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BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).