The Fund invests mainly in non-U.S. companies of any size with significant growth potential. The Fund invests principally in companies in developed countries. Diversified.
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IN
The Fund invests mainly in non-U.S. companies of any size with significant growth potential. The Fund invests principally in companies in developed countries. Diversified.
As of Dec 01, 2023
NAV | $24.56 |
---|---|
Daily Change ($) | $0.19 |
Daily Change (%) | 0.78% |
YTD | 3.19% |
Inception Date | 12/31/2008 |
Overall (out of 383 Funds)
Ratings based on risk-adjusted returns as of 10/31/2023
Category:US Fund Foreign Large Growth
Portfolio Manager
years of exp 36
years at baron 16
1Source: FactSet SPAR.
For the period ended 9/30/2023, the Baron International Growth Fund received a 3-Star Overall Morningstar Rating™, 3-Star 3-Year Rating, 3-Star 5-Year Rating, and 3-Star 10-Year Rating. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures of 393, 393, 345, and 240 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 |
---|---|---|---|---|---|
$24.56 | $0.19 | 0.78% | 0.78% | 3.54% | 3.19% |
as of 10/31/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BIGFX - Baron International Growth Fund | -4.85% | -5.17% | 5.47% | -3.56% | 3.43% | 4.00% | 7.87% | 1.26% | 1.20% |
MSCI ACWI ex USA Index | -4.13% | 0.99% | 12.07% | 3.03% | 3.46% | 2.54% | 5.85% | ||
MSCI ACWI ex USA IMI Growth Index | -4.24% | -1.61% | 8.69% | -2.42% | 3.66% | 3.22% | 6.51% |
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 reimburses 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.
The Fund’s YTD, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
as of 09/30/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BIGFX - Baron International Growth Fund | -7.02% | -0.34% | 14.42% | -2.07% | 2.45% | 4.47% | 8.28% | 1.26% | 1.20% |
MSCI ACWI ex USA Index | -3.77% | 5.34% | 20.39% | 3.74% | 2.58% | 3.35% | 6.19% | ||
MSCI ACWI ex USA IMI Growth Index | -6.82% | 2.75% | 15.83% | -1.64% | 2.48% | 3.99% | 6.86% |
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 reimburses 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.
The Fund’s YTD, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
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 reimburses 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 based on fiscal year ended 12/31/21.
The Fund’s YTD, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
as of 10/31/23
Year | Baron International Growth Fund | MSCI ACWI ex USA Index | MSCI ACWI ex USA IMI Growth Index |
---|---|---|---|
2022 | -27.47% | -16.00% | -23.49% |
2021 | 9.64% | 7.82% | 5.97% |
2020 | 30.52% | 10.65% | 22.40% |
2019 | 29.06% | 21.51% | 26.98% |
2018 | -17.90% | -14.20% | -14.96% |
2017 | 36.94% | 27.19% | 32.25% |
2016 | 1.14% | 4.50% | 0.06% |
2015 | 1.23% | -5.66% | -0.26% |
2014 | -2.33% | -3.87% | -2.77% |
2013 | 21.61% | 15.29% | 15.85% |
2012 | 17.80% | 16.83% | 16.69% |
2011 | -16.35% | -13.71% | -14.66% |
2010 | 24.22% | 11.15% | 15.90% |
2009 | 44.69% | 41.45% | 40.90% |
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 reimburses 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 based on fiscal year ended 12/31/21.
The Fund’s YTD, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
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 |
---|---|---|---|---|---|---|---|---|---|
09/26/2022 | 09/27/2022 | 09/28/2022 | $0.0000 | $0.0000 | $0.0032 | $0.2951 | $0.2983 | $20.62 | -27.47% |
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.5968 | $0.0000 | $0.0000 | $1.1180 | $1.7148 | $32.97 | 9.64% |
09/22/2021 | 09/23/2021 | 09/24/2021 | $0.0303 | $0.0000 | $0.0000 | $0.0000 | $0.0303 | $36.26 | 9.64% |
09/23/2020 | 09/24/2020 | 09/25/2020 | $0.0059 | $0.0000 | $0.0000 | $0.0000 | $0.0059 | $26.38 | 30.52% |
11/25/2019 | 11/26/2019 | 11/27/2019 | $0.0133 | $0.0000 | $0.0000 | $0.0000 | $0.0133 | $23.72 | |
09/26/2019 | 09/27/2019 | 09/30/2019 | $0.0000 | $0.0000 | $0.0000 | $0.0067 | $0.0067 | $22.43 | |
11/28/2018 | 11/29/2018 | 11/30/2018 | $0.0000 | $0.0000 | $0.0000 | $0.5769 | $0.5769 | $20.35 | -17.90% |
09/24/2018 | 09/25/2018 | 09/26/2018 | $0.0000 | $0.0000 | $0.0514 | $0.0486 | $0.1000 | $23.19 | -17.90% |
11/27/2017 | 11/28/2017 | 11/29/2017 | $0.0000 | $0.0000 | $0.0000 | $0.7448 | $0.7448 | $23.30 | 36.94% |
09/27/2017 | 09/28/2017 | 09/29/2017 | $0.0000 | $0.0000 | $0.0000 | $0.1007 | $0.1007 | $22.81 | 36.94% |
11/28/2016 | 11/29/2016 | 11/30/2016 | $0.0000 | $0.0000 | $0.0000 | $0.1582 | $0.1582 | $18.31 | 1.14% |
10/05/2016 | 10/06/2016 | 10/07/2016 | $0.0100 | $0.0000 | $0.0000 | $0.0006 | $0.0106 | $19.45 | 1.14% |
12/02/2015 | 12/03/2015 | 12/04/2015 | $0.0786 | $0.0000 | $0.0000 | $0.0092 | $0.0878 | $18.31 | 1.23% |
09/23/2015 | 09/24/2015 | 09/25/2015 | $0.0040 | $0.0000 | $0.0000 | $0.0193 | $0.0233 | $17.29 | 1.23% |
12/01/2014 | 12/02/2014 | 12/03/2014 | $0.0000 | $0.0000 | $0.0000 | $0.3885 | $0.3885 | $18.28 | -2.33% |
09/22/2014 | 09/23/2014 | 09/24/2014 | $0.0034 | $0.0000 | $0.0000 | $0.1491 | $0.1525 | $18.76 | -2.33% |
11/28/2011 | 11/29/2011 | 11/30/2011 | $0.0000 | $0.0000 | $0.0000 | $0.9570 | $0.9570 | $13.33 | -16.35% |
09/07/2011 | 09/08/2011 | 09/09/2011 | $0.0400 | $0.0000 | $0.0540 | $0.2440 | $0.3380 | $15.16 | -16.35% |
09/27/2010 | 09/28/2010 | 09/29/2010 | $0.0000 | $0.0000 | $0.2110 | $0.0000 | $0.2110 | $15.38 | 24.22% |
12/28/2009 | 12/29/2009 | 12/30/2009 | $0.0000 | $0.0000 | $0.3600 | $0.0000 | $0.3600 | $14.15 | 44.69% |
as of 09/30/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 19.38 | 20.06 | 16.09 |
Sharpe Ratio | -0.20 | 0.04 | 0.21 |
Alpha (%) | -5.63 | 0.01 | 1.26 |
Beta | 1.08 | 1.07 | 1.01 |
R-Squared (%) | 91.93 | 90.06 | 85.63 |
Tracking Error (%) | 5.68 | 6.46 | 6.10 |
Information Ratio | -1.02 | -0.02 | 0.18 |
Upside Capture (%) | 95.14 | 107.49 | 100.90 |
Downside Capture (%) | 121.22 | 108.48 | 95.19 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron International Growth Fund's(BIGFX) benchmark (MSCI ACWI ex USA Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV | $24.56 |
---|---|
Daily Change ($) | $0.19 |
Daily Change (%) | $0.19 |
MTD | 0.78% |
QTD | 3.54% |
YTD | 3.19% |
BIGFX - Baron International Growth Fund | MSCI ACWI ex USA Index | MSCI ACWI ex USA IMI Growth Index | |
---|---|---|---|
QTD1 | -4.85% | -4.13% | -4.24% |
YTD1 | -5.17% | 0.99% | -1.61% |
1 Year | 5.47% | 12.07% | 8.69% |
3 Years | -3.56% | 3.03% | -2.42% |
5 Years | 3.43% | 3.46% | 3.66% |
10 Years | 4.00% | 2.54% | 3.22% |
Since Inception | 7.87% | 5.85% | 6.51% |
Expense Ratio2 - Gross | 1.26% | ||
Expense Ratio2 - Net | 1.20% |
*As of 10/31/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 reimburses 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.
The Fund’s YTD, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
BIGFX - Baron International Growth Fund | MSCI ACWI ex USA Index | MSCI ACWI ex USA IMI Growth Index | |
---|---|---|---|
QTD1 | -7.02% | -3.77% | -6.82% |
YTD1 | -0.34% | 5.34% | 2.75% |
1 Year | 14.42% | 20.39% | 15.83% |
3 Years | -2.07% | 3.74% | -1.64% |
5 Years | 2.45% | 2.58% | 2.48% |
10 Years | 4.47% | 3.35% | 3.99% |
Since Inception | 8.28% | 6.19% | 6.86% |
Expense Ratio2 - Gross | 1.26% | ||
Expense Ratio2 - Net | 1.20% |
*As of 09/30/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 reimburses 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.
The Fund’s YTD, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
as of 09/30/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 19.38 | 20.06 | 16.09 |
Sharpe Ratio | -0.20 | 0.04 | 0.21 |
Alpha (%) | -5.63 | 0.01 | 1.26 |
Beta | 1.08 | 1.07 | 1.01 |
R-Squared (%) | 91.93 | 90.06 | 85.63 |
Tracking Error (%) | 5.68 | 6.46 | 6.10 |
Information Ratio | -1.02 | -0.02 | 0.18 |
Upside Capture (%) | 95.14 | 107.49 | 100.90 |
Downside Capture (%) | 121.22 | 108.48 | 95.19 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron International Growth Fund's(BIGFX) benchmark (MSCI ACWI ex USA Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 10/31/23
Year | Baron International Growth Fund | MSCI ACWI ex USA Index | MSCI ACWI ex USA IMI Growth Index |
---|---|---|---|
2022 | -27.47% | -16.00% | -23.49% |
2021 | 9.64% | 7.82% | 5.97% |
2020 | 30.52% | 10.65% | 22.40% |
2019 | 29.06% | 21.51% | 26.98% |
2018 | -17.90% | -14.20% | -14.96% |
2017 | 36.94% | 27.19% | 32.25% |
2016 | 1.14% | 4.50% | 0.06% |
2015 | 1.23% | -5.66% | -0.26% |
2014 | -2.33% | -3.87% | -2.77% |
2013 | 21.61% | 15.29% | 15.85% |
2012 | 17.80% | 16.83% | 16.69% |
2011 | -16.35% | -13.71% | -14.66% |
2010 | 24.22% | 11.15% | 15.90% |
2009 | 44.69% | 41.45% | 40.90% |
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 reimburses 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 based on fiscal year ended 12/31/21.
The Fund’s YTD, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
Record Date | 09/26/2022 | 11/22/2021 | 09/22/2021 | 09/23/2020 | 11/25/2019 | 09/26/2019 | 11/28/2018 | 09/24/2018 | 11/27/2017 | 09/27/2017 | 11/28/2016 | 10/05/2016 | 12/02/2015 | 09/23/2015 | 12/01/2014 | 09/22/2014 | 11/28/2011 | 09/07/2011 | 09/27/2010 | 12/28/2009 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ex Date | 09/27/2022 | 11/23/2021 | 09/23/2021 | 09/24/2020 | 11/26/2019 | 09/27/2019 | 11/29/2018 | 09/25/2018 | 11/28/2017 | 09/28/2017 | 11/29/2016 | 10/06/2016 | 12/03/2015 | 09/24/2015 | 12/02/2014 | 09/23/2014 | 11/29/2011 | 09/08/2011 | 09/28/2010 | 12/29/2009 |
Payable Date | 09/28/2022 | 11/24/2021 | 09/24/2021 | 09/25/2020 | 11/27/2019 | 09/30/2019 | 11/30/2018 | 09/26/2018 | 11/29/2017 | 09/29/2017 | 11/30/2016 | 10/07/2016 | 12/04/2015 | 09/25/2015 | 12/03/2014 | 09/24/2014 | 11/30/2011 | 09/09/2011 | 09/29/2010 | 12/30/2009 |
Income | $0.0000 | $0.5968 | $0.0303 | $0.0059 | $0.0133 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0100 | $0.0786 | $0.0040 | $0.0000 | $0.0034 | $0.0000 | $0.0400 | $0.0000 | $0.0000 |
Return of Capital | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
Short-Term Capital Gain | $0.0032 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0514 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0000 | $0.0540 | $0.2110 | $0.3600 |
Long-Term Capital Gain | $0.2951 | $1.1180 | $0.0000 | $0.0000 | $0.0000 | $0.0067 | $0.5769 | $0.0486 | $0.7448 | $0.1007 | $0.1582 | $0.0006 | $0.0092 | $0.0193 | $0.3885 | $0.1491 | $0.9570 | $0.2440 | $0.0000 | $0.0000 |
Total | $0.2983 | $1.7148 | $0.0303 | $0.0059 | $0.0133 | $0.0067 | $0.5769 | $0.1000 | $0.7448 | $0.1007 | $0.1582 | $0.0106 | $0.0878 | $0.0233 | $0.3885 | $0.1525 | $0.9570 | $0.3380 | $0.2110 | $0.3600 |
Re-Invest NAV | $20.62 | $32.97 | $36.26 | $26.38 | $23.72 | $22.43 | $20.35 | $23.19 | $23.30 | $22.81 | $18.31 | $19.45 | $18.31 | $17.29 | $18.28 | $18.76 | $13.33 | $15.16 | $15.38 | $14.15 |
Calendar-Yr Return | -27.47% | 9.64% | 9.64% | 30.52% | -17.90% | -17.90% | 36.94% | 36.94% | 1.14% | 1.14% | 1.23% | 1.23% | -2.33% | -2.33% | -16.35% | -16.35% | 24.22% | 44.69% |
as of 09/30/23
Baron International Growth Fund | MSCI ACWI ex USA Index | |
---|---|---|
Net Assets | $482.14 million | |
# of Issuers / % of Net Assets | 96 / 92.0% | |
Turnover (3 Year Average) | 38.83% | |
Active Share | 87.2% | |
Median Market Cap | $12.95 billion | $8.18 billion |
Weighted Average Market Cap | $62.59 billion | $84.33 billion |
EPS Growth (3-5 year forecast) | 14.3% | 10.6% |
Price/Earnings Ratio (trailing 12-month) | 17.9 | 12.8 |
Price/Book Ratio | 2.1 | 1.6 |
Price/Sales Ratio | 1.9 | 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 |
---|---|---|---|
argenx SEArgenx SE (ARGX) is a biotechnology company developing antibodies for the treatment of autoimmune disorders. The company is in the early years of the commercial launch of its drug Vyvgart, which promises to change the treatment paradigm for a host of autoantibody immune disorders. |
Health Care | 3.2% | |
Linde plcLinde plc (LIN) is the largest global independent industrial gas operator. |
Materials | 2.9% | |
Arch Capital Group Ltd.Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company providing property & casualty insurance, reinsurance, and mortgage insurance. |
Financials | 2.7% | |
eDreams ODIGEO SAeDreams ODIGEO SA (EDR.SM) is one of the largest online travel companies in the world and e-commerce businesses in Europe. The company serves customers across 44 markets under four leading brands – eDreams, GO Voyages, Opodo, and Travellink – as well as the metasearch engine Liligo. |
Consumer Discretionary | 2.3% | |
Constellation Software Inc.Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates a large number of small- and medium-sized software businesses. These businesses allow customers across a wide range of verticals to automate key activities with the goal of saving on labor costs. |
Information Technology | 2.2% | |
AstraZeneca PLCAstraZeneca PLC (AZN) is a global biopharmaceutical company with a strategy based on pipeline-driven transformation and a focus on three main therapy areas based on its core competencies: oncology, cardiovascular and metabolic diseases, and respiratory illnesses. |
Health Care | 2.2% | |
Mitsubishi UFJ Financial Group, Inc.Mitsubishi UFJ Financial Group, Inc. (MTU) is Japan's largest private financial group, providing commercial banking and asset management services, credit cards, and consumer finance solutions. The company has U.S. exposure through a 23.5% stake in Morgan Stanley and operations in Union Bank of California. |
Financials | 1.9% | |
Sumitomo Mitsui Financial Group, Inc. |
Financials | 1.8% | |
Pernod Ricard SAPernod Ricard SA (RI.FP) is a France-based global spirits conglomerate. Major brands include Jameson, Martell, Chivas, Glenlivet, Absolut, and Malibu. Its revenue is geographically diversified, with 20% of sales in the U.S., 13% in China, 12% in India, 30% in Europe, and 25% in the rest of the world. |
Consumer Staples | 1.8% | |
Industria de Diseno Textil, S.A.Industria de Diseño Textil, S.A. (ITX.SM) (Inditex) is a leading Spain-headquartered specialty apparel company with over 5,000 stores in more than 80 countries. The company's flagship Zara brand represents around 70% of its revenue. |
Consumer Discretionary | 1.7% | |
Total |
22.8% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 09/30/23
Name | Sector | % of Net Assets |
---|---|---|
argenx SE ADR |
Health Care | 3.2% |
Linde plc |
Materials | 2.7% |
Arch Capital Group Ltd. |
Financials | 2.4% |
eDreams ODIGEO SA |
Consumer Discretionary | 2.3% |
Constellation Software, Inc. |
Information Technology | 2.2% |
AstraZeneca PLC |
Health Care | 2.2% |
Industria de Diseno Textil, S.A. |
Consumer Discretionary | 1.9% |
BNP Paribas S.A. |
Financials | 1.9% |
Taiwan Semiconductor Manufacturing Company Limited |
Information Technology | 1.7% |
Mitsubishi UFJ Financial Group, Inc. |
Financials | 1.7% |
InPost S.A. |
Industrials | 1.7% |
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. |
Industrials | 1.6% |
Meyer Burger Technology AG |
Information Technology | 1.6% |
Sumitomo Mitsui Financial Group, Inc. |
Financials | 1.6% |
Renesas Electronics Corporation |
Information Technology | 1.5% |
B&M European Value Retail S.A. |
Consumer Discretionary | 1.5% |
Pernod Ricard SA |
Consumer Staples | 1.4% |
AMG Critical Materials N.V. |
Materials | 1.4% |
Suzano S.A. |
Materials | 1.4% |
Epiroc AB |
Industrials | 1.4% |
Alibaba Group Holding Limited - ADR |
Consumer Discretionary | 1.4% |
Nestlé S.A. |
Consumer Staples | 1.3% |
SYMRISE AG |
Materials | 1.3% |
Waga Energy SA |
Energy | 1.3% |
DSM-Firmenich AG |
Materials | 1.2% |
Japan Airport Terminal Co., Ltd. |
Industrials | 1.2% |
Universal Music Group N.V. |
Communication Services | 1.2% |
Experian plc |
Industrials | 1.2% |
LVMH Moet Hennessy Louis Vuitton SE |
Consumer Discretionary | 1.2% |
Agilent Technologies, Inc. |
Health Care | 1.2% |
Z Holdings Corporation |
Communication Services | 1.1% |
Keyence Corporation |
Information Technology | 1.1% |
Reliance Industries Limited |
Energy | 1.1% |
Bank of Ireland Group plc |
Financials | 1.1% |
Stevanato Group S.p.A |
Health Care | 1.1% |
Bajaj Finance Limited |
Financials | 1.0% |
Genmab A/S |
Health Care | 1.0% |
Tokyo Electron Limited |
Information Technology | 1.0% |
SMS CO., LTD. |
Industrials | 1.0% |
Eurofins Scientific SE |
Health Care | 1.0% |
Agnico Eagle Mines Limited |
Materials | 0.9% |
Grupo México, S.A.B. de C.V. |
Materials | 0.9% |
Dino Polska S.A. 144A |
Consumer Staples | 0.9% |
Befesa S.A. 144A |
Industrials | 0.9% |
Clariant AG |
Materials | 0.9% |
Endava plc -ADR |
Information Technology | 0.8% |
HDFC Bank Limited |
Financials | 0.8% |
Dechra Pharmaceuticals PLC |
Health Care | 0.8% |
Samsung Electronics Co., Ltd. |
Information Technology | 0.8% |
Compagnie Financiere Richemont SA |
Consumer Discretionary | 0.8% |
Credicorp Ltd. |
Financials | 0.8% |
Baidu, Inc. |
Communication Services | 0.8% |
HD Hyundai Heavy Industries Co., Ltd. |
Industrials | 0.8% |
Bharti Airtel Limited PP |
Communication Services | 0.7% |
Full Truck Alliance Co. Ltd. - ADR |
Industrials | 0.7% |
Coupang, Inc. |
Consumer Discretionary | 0.7% |
Japan Exchange Group, Inc. |
Financials | 0.7% |
Wix.com Ltd. |
Information Technology | 0.7% |
Afya Limited |
Consumer Discretionary | 0.7% |
Okamoto Industries, Inc. |
Materials | 0.7% |
Trent Limited |
Consumer Discretionary | 0.6% |
Nippon Life India Asset Management Limited 144A |
Financials | 0.6% |
Yum China Holdings Inc. |
Consumer Discretionary | 0.6% |
Godrej Properties Limited |
Real Estate | 0.6% |
Tata Communications Limited |
Communication Services | 0.6% |
Recruit Holdings Co., Ltd. |
Industrials | 0.6% |
Tencent Holdings, Ltd. |
Communication Services | 0.6% |
Godrej Consumer Products Limited |
Consumer Staples | 0.6% |
Jiangsu Hengli Hydraulic Co., Ltd. |
Industrials | 0.5% |
Ceres Power Holdings plc |
Industrials | 0.5% |
Max Healthcare Institute Limited |
Health Care | 0.5% |
JM Financial Limited |
Financials | 0.5% |
Max Financial Services Limited |
Financials | 0.5% |
Midea Group Co., Ltd.- A |
Consumer Discretionary | 0.5% |
B3 S.A. - Brasil, Bolsa, Balcao |
Financials | 0.5% |
Kingdee International Software Group Company Limited |
Information Technology | 0.5% |
Localiza Rent a Car S.A. |
Industrials | 0.5% |
Prosus N.V. |
Consumer Discretionary | 0.5% |
S4 Capital plc |
Communication Services | 0.5% |
XP Inc. |
Financials | 0.5% |
StoneCo Ltd. |
Financials | 0.4% |
Tencent Holdings Limited - ADR |
Communication Services | 0.4% |
Zai Lab Limited -Adr |
Health Care | 0.4% |
Kingsoft Corporation Ltd. |
Communication Services | 0.4% |
Galaxy Entertainment Group Limited |
Consumer Discretionary | 0.4% |
Samsung SDI Co., Ltd. |
Information Technology | 0.4% |
Watches of Switzerland Group PLC |
Consumer Discretionary | 0.4% |
Cellnex Telecom, S.A. 144A |
Communication Services | 0.4% |
Techtronic Industries Co. Ltd. |
Industrials | 0.4% |
Aker Carbon Capture ASA |
Industrials | 0.4% |
Kanzhun Limited |
Communication Services | 0.4% |
Taboola.com Ltd. |
Communication Services | 0.3% |
ODDITY Tech Ltd. |
Consumer Staples | 0.3% |
Lufax Holding Ltd |
Financials | 0.3% |
Jio Financial Services Limited |
Financials | 0.1% |
Taboola.com Ltd. - PIPE Shares |
Communication Services | 0.1% |
Sberbank of Russia PJSC |
Financials | 0.0% |
Taboola.com Ltd. - Warrants Exp. 6/29/2026 |
Communication Services | 0.0% |
Constellation Software Inc. |
Information Technology | 0.0% |
Localiza Rent a Car Sa - Rights |
Industrials | 0.0% |
WANdisco plc |
Information Technology | 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 |
---|---|---|
argenx SE | 2.91% | 0.47% |
Mitsubishi UFJ Financial Group, Inc. | 1.44% | 0.20% |
Suzano S.A. | 1.18% | 0.16% |
Sumitomo Mitsui Financial Group, Inc. | 1.17% | 0.15% |
Universal Music Group N.V. | 1.07% | 0.15% |
Quarterly as of 09/30/23
Top Detractors | Average Weight | Contribution |
---|---|---|
Meyer Burger Technology AG | 1.99% | -0.94% |
AMG Critical Materials N.V. | 1.74% | -0.85% |
S4 Capital plc | 0.78% | -0.46% |
Pernod Ricard SA | 1.68% | -0.42% |
Dino Polska S.A. | 1.10% | -0.37% |
Source: FactSet PA.
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”.
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.
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.
03/09/17
Michael Kass, portfolio manager of Baron Emerging Markets Fund and Baron International Growth Fund, featured in the February/March 2017 issue of Morningstar magazine (PDF) discussing the Baron approach to growth investing farther afield.
11/05/16
Barron’s recently convened four veteran emerging market managers – including Michael Kass, Portfolio Manager of Baron Emerging Markets Fund and Baron International Growth Fund – to solicit their views on whether this year’s rally is the start of a new bull market or a prelude to a correction
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 |
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: Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. This may result in greater share price volatility. Securities of small and medium-sized companies may be thinly traded and more difficult to sell. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The MSCI ACWI ex USA indexes cited are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI ACWI ex USA Index Net USD measures the equity market performance of large- and mid-cap securities across developed and emerging markets, excluding the United States. The MSCI ACWI ex USA IMI Growth Index Net USD measures the equity market performance of large-, mid- and small-cap growth securities across developed and emerging markets, excluding the United States. The indexes and Baron International Growth Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. 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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