The Fund invests primarily in companies of all sizes with significant growth potential located in Asia. The Fund emphasizes securities in developing Asian markets, including frontier markets. Diversified.
Institutional Investors
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Overview
Objective & Strategy
IN
Fund Facts
BNAIX Snapshot
As of Dec 01, 2023
| NAV | $7.62 |
|---|---|
| Daily Change ($) | $0.02 |
| Daily Change (%) | 0.26% |
| YTD | 2.56% |
| Inception Date | 7/30/2021 |
Equity Style
BNAIX Portfolio Management
Michael Kass
Portfolio Manager
years of exp 36
years at baron 16
Anuj Aggarwal
Portfolio Manager
years of exp 15
years at baron 11
Prices & Performance: Baron New Asia Fund (BNAIX)
Prices
as of 12/01/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $7.62 | $0.02 | 0.26% | 0.26% | 2.83% | 2.56% |
Performance
Quarterly Returns
as of 09/30/23
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| QTD1 | YTD1 | 1 Year | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|
| Gross | Net | |||||
| BNAIX - Baron New Asia Fund - I | -5.00% | -0.27% | 6.31% | -12.92% | 7.22% | 1.20% |
| MSCI AC Asia ex Japan Index | -3.34% | -0.42% | 10.88% | -11.13% | ||
| MSCI AC Asia ex Japan IMI Growth Index | -4.51% | -1.80% | 9.29% | -14.26% | ||
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.
| NAV | $7.62 |
|---|---|
| Daily Change ($) | $0.02 |
| Daily Change (%) | $0.02 |
| MTD | 0.26% |
| QTD | 2.83% |
| YTD | 2.56% |
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| BNAIX - Baron New Asia Fund - I | MSCI AC Asia ex Japan Index | MSCI AC Asia ex Japan IMI Growth Index | |
|---|---|---|---|
| QTD1 | -3.24% | -3.87% | -3.82% |
| YTD1 | -3.50% | -4.27% | -5.56% |
| 1 Year | 8.14% | 13.52% | 13.55% |
| Since Inception | -13.74% | -12.29% | -15.25% |
| Expense Ratio2 - Gross | 7.22% | ||
| 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.
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| BNAIX - Baron New Asia Fund - I | MSCI AC Asia ex Japan Index | MSCI AC Asia ex Japan IMI Growth Index | |
|---|---|---|---|
| QTD1 | -5.00% | -3.34% | -4.51% |
| YTD1 | -0.27% | -0.42% | -1.80% |
| 1 Year | 6.31% | 10.88% | 9.29% |
| Since Inception | -12.92% | -11.13% | -14.26% |
| Expense Ratio2 - Gross | 7.22% | ||
| 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.
as of 10/31/23
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| Year | Baron New Asia Fund | MSCI AC Asia ex Japan Index | MSCI AC Asia ex Japan IMI Growth Index |
|---|---|---|---|
| 2022 | -26.94% | -19.67% | -24.26% |
| 2021 | 1.70% | -3.19% | -3.67% |
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.
Portfolio Characteristics
as of 09/30/23
| Baron New Asia Fund | MSCI AC Asia ex Japan Index | |
|---|---|---|
| Net Assets | $4.22 million | |
| # of Issuers / % of Net Assets | 71 / 91.6% | |
| Turnover (2 Year Average) | 47.81% | |
| Active Share | 69.2% | |
| Median Market Cap | $14.40 billion | $6.57 billion |
| Weighted Average Market Cap | $101.22 billion | $100.69 billion |
| EPS Growth (3-5 year forecast) | 17.9% | 15.6% |
| Price/Earnings Ratio (trailing 12-month) | 25.5 | 13.3 |
| Price/Book Ratio | 2.7 | 1.6 |
| Price/Sales Ratio | 2.5 | 1.2 |
Contributors/Detractors
Contributors
Quarterly as of 09/30/23
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| Zomato Limited | 1.89% | 0.44% |
| Tata Communications Limited | 1.80% | 0.32% |
| Trent Limited | 1.68% | 0.25% |
| Amber Enterprises India Ltd. | 0.95% | 0.24% |
| Bajaj Finance Limited | 3.31% | 0.23% |
Insights & News: Baron New Asia Fund (BNAIX)
Documents
| 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 |
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. In addition, 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. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the Indian economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India.
The Fund may not achieve its objectives.
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.
The MSCI AC Asia Ex-Japan Index Net (USD) and the MSCI AC Asia Index Net (USD) are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI AC Asia Ex-Japan Index measures the performance of large and mid cap equity securities representation across 2 of 3 developed markets countries (excluding Japan) and 9 emerging markets countries in Asia. The MSCI AC Asia Index measures performance of large and midcap securities representation across developed and emerging markets countries in Asia, including Japan. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. Index performance is not fund performance. Investors cannot invest directly in an index.
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.