Prices & Performance

Prices

as of 04/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$10.67 -$0.25 -2.29% -3.53% -3.53% -27.66%

Performance

 

as of 02/29/20

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BEXIX - Baron Emerging Markets Fund - I -6.10% -6.10% 1.74% 5.75% 3.43% 4.11% 1.10% 1.10%
MSCI EM Index -9.69% -9.69% -1.88% 4.89% 2.73% 0.95%
MSCI EM IMI Growth Index -7.05% -7.05% 4.54% 7.57% 4.18% 2.37%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 03/31/20

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YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BEXIX - Baron Emerging Markets Fund - I -25.02% -20.39% -3.31% -1.02% 1.57% 1.10% 1.10%
MSCI EM Index -23.60% -17.69% -1.62% -0.37% -0.87%
MSCI EM IMI Growth Index -20.34% -11.70% 1.07% 1.12% 0.65%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are as of the fiscal year ended 12/31/2017

as of 03/31/20

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Year Baron Emerging Markets Fund MSCI EM Index MSCI EM IMI Growth Index
2019 18.86% 18.42% 23.60%
2018 -18.49% -14.58% -18.44%
2017 40.63% 37.28% 44.70%
2016 4.08% 11.19% 5.84%
2015 -10.97% -14.92% -10.51%
2014 3.75% -2.19% -0.15%
2013 15.02% -2.60% 0.10%
2012 23.22% 18.22% 20.72%
2011 -17.00% -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 reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are as of the fiscal year ended 12/31/2017

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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
11/25/2019 11/26/2019 11/27/2019 $0.0614 $0.0050 $0.0000 $0.0000 $0.0664 $14.06 18.86%
09/26/2019 09/27/2019 09/30/2019 $0.0023 $0.0000 $0.0000 $0.0000 $0.0023 $13.51 18.86%
11/28/2018 11/29/2018 11/30/2018 $0.0606 $0.0000 $0.0000 $0.0000 $0.0606 $12.85 -18.49%
11/27/2017 11/28/2017 11/29/2017 $0.0615 $0.0028 $0.0000 $0.0000 $0.0643 $15.01 40.63%
09/27/2017 09/28/2017 09/29/2017 $0.0047 $0.0000 $0.0000 $0.0000 $0.0047 $14.38 40.63%
11/28/2016 11/29/2016 11/30/2016 $0.0406 $0.0000 $0.0000 $0.0000 $0.0406 $11.11 4.08%
10/05/2016 10/06/2016 10/07/2016 $0.0017 $0.0000 $0.0000 $0.0000 $0.0017 $12.12 4.08%
12/02/2015 12/03/2015 12/04/2015 $0.0412 $0.0000 $0.0000 $0.0000 $0.0412 $10.71 -10.97%
12/01/2014 12/02/2014 12/03/2014 $0.0541 $0.0000 $0.0000 $0.0000 $0.0541 $12.18 3.75%
11/28/2012 11/29/2012 11/30/2012 $0.1730 $0.0000 $0.0000 $0.0000 $0.1730 $9.81 23.22%

Performance Characteristics

as of 12/31/19

3 Years 5 Years Since Inception
Standard Deviation (%) 12.89 13.30 14.11
Sharpe Ratio 0.71 0.28 0.31
Alpha (%) 0.89 0.25 3.13
Beta 0.86 0.79 0.78
R-Squared (%) 91.07 88.14 85.05
Tracking Error (%) 4.37 5.65 6.59
Information Ratio -0.16 -0.15 0.43
Upside Capture (%) 89.86 81.35 84.45
Downside Capture (%) 87.12 80.80 70.69

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Emerging Markets Fund's(BEXIX) benchmark (MSCI EM Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $10.67
Daily Change ($) -$0.25
Daily Change (%) -2.29%
MTD -3.53%
QTD -3.53%
YTD -27.66%
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BEXIX - Baron Emerging Markets Fund - I MSCI EM Index MSCI EM IMI Growth Index
QTD1 -6.10% -9.69% -7.05%
YTD1 -6.10% -9.69% -7.05%
1 Year 1.74% -1.88% 4.54%
3 Years 5.75% 4.89% 7.57%
5 Years 3.43% 2.73% 4.18%
Since Inception 4.11% 0.95% 2.37%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.10%

*As of 02/29/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

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BEXIX - Baron Emerging Markets Fund - I MSCI EM Index MSCI EM IMI Growth Index
YTD1 -25.02% -23.60% -20.34%
1 Year -20.39% -17.69% -11.70%
3 Years -3.31% -1.62% 1.07%
5 Years -1.02% -0.37% 1.12%
Since Inception 1.57% -0.87% 0.65%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.10%

*As of 03/31/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 12/31/19

3 Years 5 Years Since Inception
Standard Deviation (%) 12.89 13.30 14.11
Sharpe Ratio 0.71 0.28 0.31
Alpha (%) 0.89 0.25 3.13
Beta 0.86 0.79 0.78
R-Squared (%) 91.07 88.14 85.05
Tracking Error (%) 4.37 5.65 6.59
Information Ratio -0.16 -0.15 0.43
Upside Capture (%) 89.86 81.35 84.45
Downside Capture (%) 87.12 80.80 70.69

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Emerging Markets Fund's(BEXIX) benchmark (MSCI EM Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 03/31/20

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Year Baron Emerging Markets Fund MSCI EM Index MSCI EM IMI Growth Index
2019 18.86% 18.42% 23.60%
2018 -18.49% -14.58% -18.44%
2017 40.63% 37.28% 44.70%
2016 4.08% 11.19% 5.84%
2015 -10.97% -14.92% -10.51%
2014 3.75% -2.19% -0.15%
2013 15.02% -2.60% 0.10%
2012 23.22% 18.22% 20.72%
2011 -17.00% -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 reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are as of the fiscal year ended 12/31/2017

Select Year
Record Date 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 11/26/2019 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 11/27/2019 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 $0.0614 $0.0023 $0.0606 $0.0615 $0.0047 $0.0406 $0.0017 $0.0412 $0.0541 $0.1730
Return of Capital $0.0050 $0.0000 $0.0000 $0.0028 $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
Long-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Total $0.0664 $0.0023 $0.0606 $0.0643 $0.0047 $0.0406 $0.0017 $0.0412 $0.0541 $0.1730
Re-Invest NAV $14.06 $13.51 $12.85 $15.01 $14.38 $11.11 $12.12 $10.71 $12.18 $9.81
Calendar-Yr Return 18.86% 18.86% -18.49% 40.63% 40.63% 4.08% 4.08% -10.97% 3.75% 23.22%

Portfolio Characteristics

 

as of 12/31/19

Baron Emerging Markets Fund MSCI EM Index
Net Assets$5.32 billion
# of Equity Securities / % of Net Assets96 / 98.3%
Turnover (3 Year Average)44.34%
Active Share79.3%
Median Market Cap$13.13 billion$5.38 billion
Weighted Average Market Cap$92.91 billion$106.66 billion
EPS Growth (3-5 year forecast)14.0%13.3%
Price/Earnings Ratio (trailing 12-month)21.314.0
Price/Book Ratio2.81.8
Price/Sales Ratio1.81.2
Current Expense Ratio Date12/31/2018

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.

Holdings

as of 02/29/20

Open All Close All Holding Sector % of Net Assets

Alibaba Group Holding Limited

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 owns a third of Ant Financial, which operates China's largest third-party online payment vendor Alipay.
With over 670 million active buyers and over 10 million merchants, we believe Alibaba is poised to benefit disproportionately from the increased penetration of internet, mobile, and e-commerce in China. It enjoys more than 70% market share of all e-commerce transactions in China, and we expect it to continue growing at a rate of more than 20% for years to come. We also see significant positive optionality in Alibaba's cloud computing, data management, and electronic payment platforms.

Consumer Discretionary 5.9%

Tencent Holdings Limited

Tencent 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.
We are bullish on Tencent's ability to grow EPS at over 20% in the long term. Tencent benefits from virtuous network effects, and we think it has a long runway to monetize its large user base by pushing value-added services and advertising through its platforms. Gaming comprises over 50% of Tencent's revenue, but we think advertising should be its next major growth driver via in-feed ads on WeChat. Tencent also invests in online-to-offline services by leveraging its payment solutions across a number of industries, including restaurants, ticketing, and travel.

Communication Services 4.2%

Taiwan Semiconductor Manufacturing Company Ltd.

Taiwan Semiconductor Manufacturing Company Ltd. (TSM) is the world's largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Taiwan Semiconductor benefits from economies of scale and a superior cost structure. It also deploys new technology faster than its competition, allowing it to enjoy higher average sales prices and gross margins. We believe Taiwan Semiconductor is poised to gain market share, driven by increased dominance in advanced nodes (7, 5, and 3 nanometers), while maintaining superior profitability with the gradual adoption of the extreme ultraviolet lithography process.

Information Technology 3.4%

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.
Samsung is the bellwether for global technology innovation and continues to deliver robust earnings across memory, logic, display, smartphones, and home appliances. We are confident that Samsung will continue to deliver growth while enhancing its shareholder return program, which makes the company an attractive long-term investment.

Information Technology 3.2%

GDS Holdings Limited

GDS Holdings Limited (GDS) is a China-based operator of data centers with over 50 data centers, five markets, and approximately 200,000 square meters in service. More than 50% of its revenue comes from  top Chinese internet companies
We believe that as the preferred provider to Alibaba and Tencent, GDS is poised to benefit from the exploding growth in cloud computing in China. Cloud adoption is still in the early stages in China, and GDS is capturing more than its fair share of incremental deployments due to its proven track record and carrier-neutral value proposition.

Information Technology 2.1%

Reliance Industries Limited

Reliance Industries Limited (RIL IN) is India's leading conglomerate, with business interests that include oil refining, petrochemicals, media, telecommunications, and retail.
We believe Reliance is well-positioned to leverage its telecommunications network to transform into a digital services company, offering products such as video streaming, broadband, and e-commerce services. The company is also laying the groundwork to create an online marketplace that will connect over 12 million mom & pop retailers to over 250 million mobile and internet subscribers. We believe earnings will sustain high double-digit growth over the next three to five years.

Energy 2.1%

China Conch Venture Holdings Ltd.

Industrials 2.0%

Zai Lab Limited

Health Care 1.9%

Bajaj Finance Limited

Financials 1.8%

Sberbank of Russia PJSC

Sberbank of Russia PJSC (SBER LI) is the largest bank in Russia, with over 16,000 outlets throughout the country and dominant market share in assets, loans, and deposits. The bank also has operations in Central Europe and other former Soviet Union countries, accounting for about 11% of total assets.
Sberbank's dominant market position provides competitive advantages in funding, distribution, and client knowledge. We believe the bank can sustain ROEs in the 18% to 20% range, driven by stable net interest margins, low cost of risk, and best-in-class efficiency. The bank's strong capital position allows for flexible capital policy and raising dividend payout, in our view.

Financials 1.7%

Total

28.3%

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.

as of 12/31/19

Name Sector % of Net Assets

Alibaba Group Holding Limited - ADR

Consumer Discretionary 5.6%

Taiwan Semiconductor Manufacturing Company Ltd. - ADR

Information Technology 3.5%

Tencent Holdings, Ltd.

Communication Services 3.3%

Samsung Electronics Co., Ltd.

Information Technology 3.2%

Sberbank of Russia PJSC-ADR

Financials 2.4%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 2.0%

Reliance Industries Limited

Energy 1.8%

GDS Holdings Limited - ADR

Information Technology 1.7%

B3 S.A. - Brasil, Bolsa, Balcao

Financials 1.6%

Midea Group Co., Ltd.- A

Consumer Discretionary 1.6%

Bajaj Finance Limited

Financials 1.5%

Zai Lab Limited -Adr

Health Care 1.4%

China Conch Venture Holdings Ltd.

Industrials 1.4%

Rumo S.A.

Industrials 1.4%

China Mengniu Dairy Co. Ltd.

Consumer Staples 1.4%

BDO Unibank, Inc.

Financials 1.4%

New Oriental Education & Technology Group Inc. - ADR

Consumer Discretionary 1.3%

Copa Holdings, S.A.

Industrials 1.3%

SBI Life Insurance Company Limited

Financials 1.3%

WH Group Limited

Consumer Staples 1.3%

Delta Electronics, Inc.

Information Technology 1.3%

Notre Dame Intermedica Participacoes S.A.

Health Care 1.3%

Ping An Insurance (Group) Company of China, Ltd.-Class H

Financials 1.3%

Pagseguro Digital Ltd

Information Technology 1.2%

Guangzhou Automobile Group Co. Ltd. - Cl H

Consumer Discretionary 1.2%

Bid Corporation Ltd.

Consumer Staples 1.2%

Kotak Mahindra Bank Ltd

Financials 1.2%

Shenzhou International Group Holdings Ltd.

Consumer Discretionary 1.2%

Techtronic Industries Co. Ltd.

Industrials 1.2%

HDFC Bank Limited

Financials 1.2%

Housing Development Finance Corporation Limited

Financials 1.2%

Ayala Land, Inc.

Real Estate 1.1%

Cogna Educacao SA

Consumer Discretionary 1.1%

Max Financial Services Ltd.

Financials 1.1%

Yunnan Baiyao Group Co., Ltd.

Health Care 1.1%

China International Travel Service Co., LTD

Consumer Discretionary 1.1%

Meituan Dianping

Consumer Discretionary 1.0%

Xiaomi Corporation-Class B

Information Technology 1.0%

Eclat Textile Co., Ltd.

Consumer Discretionary 1.0%

MercadoLibre, Inc.

Consumer Discretionary 1.0%

Grupo México, S.A.B. de C.V.

Materials 1.0%

KIA Motors Corp.

Consumer Discretionary 0.9%

Divi's Laboratories Ltd.

Health Care 0.9%

Bidvest Group Ltd.

Industrials 0.9%

Wal-Mart de México, S.A.B. de C.V. - Cl V

Consumer Staples 0.9%

Fomento Económico Mexicano, S.A.B. de C.V. - ADS

Consumer Staples 0.9%

Lenovo Group Limited

Information Technology 0.9%

Momo Inc. Spon - ADR

Communication Services 0.9%

Network International Holdings Ltd.

Information Technology 0.9%

Azul S.A. - ADR

Industrials 0.8%

Azul S.A.

Industrials 0.8%

Glodon Company Limited

Information Technology 0.8%

Hua Hong Semiconductor Limited

Information Technology 0.8%

Reliance Nippon Life Asset Management Limited

Financials 0.8%

CP All Plc.

Consumer Staples 0.8%

Tata Global Beverages Limited

Consumer Staples 0.8%

KB Financial Group Inc.

Financials 0.7%

Britannia Industries Limited

Consumer Staples 0.7%

Hangzhou Hikvision Digital-a

Information Technology 0.7%

Sino Biopharmaceutical Ltd.

Health Care 0.7%

Keyence Corporation

Information Technology 0.7%

Taiwan Mobile Co., Ltd.

Communication Services 0.7%

Dr. Reddy's Laboratories Ltd.

Health Care 0.7%

Sinopharm Group Co. Ltd. - Cl H

Health Care 0.7%

PT Telkom Indonesia (Persero) Tbk

Communication Services 0.7%

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A

Health Care 0.7%

CNOOC Limited

Energy 0.7%

Titan Co. Ltd.

Consumer Discretionary 0.6%

Bandhan Bank Ltd.

Financials 0.6%

Infraestructura Energetica Nova S.A.B. de C.V.

Utilities 0.6%

Haitong Securities Co., Ltd. - Cl H

Financials 0.6%

Yandex N.V.

Communication Services 0.6%

Sunny Optical Technology Group

Information Technology 0.6%

GRUMA, S.A.B. de C.V. - B

Consumer Staples 0.6%

JM Financial

Financials 0.6%

Wizz Air Holdings Plc

Industrials 0.6%

Sasol Limited

Materials 0.5%

Globant, S.A.

Information Technology 0.5%

PT Tower Bersama Infrastructure, Tbk.

Communication Services 0.5%

Kingdee International Software Group Co. Ltd.

Information Technology 0.5%

Pepkor Holdings Limited

Consumer Discretionary 0.5%

LexinFintech Holdings Ltd.

Financials 0.5%

ICICI Lombard General Insurance Company Limited

Financials 0.4%

New Frontier Health Corp

Health Care 0.4%

Ginko International Co., Ltd.

Health Care 0.4%

Bangkok Bank Public Co. Ltd.

Financials 0.4%

Edelweiss Financial Services Limited

Financials 0.4%

Tata Communications Limited

Communication Services 0.4%

Bangkok Bank - Foreign Inv.- Public Co. Ltd.

Financials 0.3%

Sasol Limited-Sponsored - ADR

Materials 0.3%

XP Inc.

Financials 0.3%

Korea Shipbuilding & Offshore Engineering Co., Ltd.

Industrials 0.3%

Shanghai Henlius Biotech

Health Care 0.3%

Tencent Music Entertainment Group - ADR

Communication Services 0.3%

Tencent Holdings Limited - ADR

Communication Services 0.2%

Hemisphere Properties India Limited

Real Estate 0.2%

Dr. Reddy’s Laboratories Ltd.-ADR

Health Care 0.2%

Grupo Lala, S.A.B. de C.V.

Consumer Staples 0.1%

Makalot Industrial Co., Ltd.

Consumer Discretionary 0.1%

Far EasTone Telecommunications Co., Ltd.

Communication Services 0.0%

Lekoil, Ltd.

Energy 0.0%

GICS SECTOR BREAKDOWN

As of 02/29/20

As of 02/29/20

Colors of Sub-Industry bars correspond to the GICS sector chart.

As of 02/29/20

Contributors/Detractors

Quarterly as of 12/31/19

Top Contributors Average Weight Contribution
Alibaba Group Holding Limited 5.19% 1.29%
Taiwan Semiconductor Manufacturing Company Ltd. 3.36% 0.81%
Samsung Electronics Co., Ltd. 3.10% 0.54%
Tencent Holdings Limited 2.80% 0.43%
GDS Holdings Limited 1.42% 0.39%

Quarterly as of 12/31/19

Top Detractors Average Weight Contribution
Tullow Oil plc 0.84% -0.93%
PagSeguro Digital Ltd. 1.29% -0.47%
CP All Plc. 1.22% -0.11%
Metro Pacific Investments Corp. 0.19% -0.09%
Ayala Land, Inc. 1.23% -0.08%

Source: FactSet PA.

Insights & News

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.

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”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.