Prices & Performance

Prices

as of 07/16/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$14.16 -$0.08 -0.56% 0.78% 0.78% -7.87%

Performance

 

as of 06/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BEXIX - Baron Emerging Markets Fund - I -9.35% -8.59% 6.85% 5.86% 7.14% 5.12% 1.10% 1.10%
MSCI EM Index -7.96% -6.66% 8.20% 5.60% 5.01% 1.45%
MSCI EM IMI Growth Index -7.18% -6.06% 11.26% 7.21% 6.64% 2.93%

1Not annualized.

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

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 Fund's transfer agency expenses may be reduced by the 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 above.

1Not annualized.

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 Fund's transfer agency expenses may be reduced by the 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 above.

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

as of 06/30/18

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Year Baron Emerging Markets Fund MSCI EM Index MSCI EM IMI Growth Index
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.

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 Fund's transfer agency expenses may be reduced by the 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 above.

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
11/27/2017 11/28/2017 11/29/2017 $0.062 $0.003 $0.000 $0.000 $0.064 $15.01 40.63%
09/27/2017 09/28/2017 09/29/2017 $0.005 $0.000 $0.000 $0.000 $0.005 $14.38 40.63%
11/28/2016 11/29/2016 11/30/2016 $0.041 $0.000 $0.000 $0.000 $0.041 $11.11 4.08%
10/05/2016 10/06/2016 10/07/2016 $0.002 $0.000 $0.000 $0.000 $0.002 $12.12 4.08%
12/02/2015 12/03/2015 12/04/2015 $0.041 $0.000 $0.000 $0.000 $0.041 $10.71 -10.97%
12/01/2014 12/02/2014 12/03/2014 $0.054 $0.000 $0.000 $0.000 $0.054 $12.18 3.75%
11/28/2012 11/29/2012 11/30/2012 $0.173 $0.000 $0.000 $0.000 $0.173 $9.81 23.22%

Performance Characteristics

as of 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 13.77 12.45 14.16
Sharpe Ratio 0.38 0.54 0.34
Alpha (%) 1.18 3.17 3.87
Beta 0.81 0.76 0.77
R-Squared (%) 90.06 82.38 83.48
Tracking Error (%) 5.27 6.32 6.97
Information Ratio 0.05 0.34 0.53
Upside Capture (%) 85.93 82.75 83.98
Downside Capture (%) 81.14 67.56 67.01

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 $14.16
Daily Change ($) -$0.08
Daily Change (%) -0.56%
MTD 0.78%
QTD 0.78%
YTD -7.87%
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BEXIX - Baron Emerging Markets Fund - I MSCI EM Index MSCI EM IMI Growth Index
QTD1 -9.35% -7.96% -7.18%
YTD1 -8.59% -6.66% -6.06%
1 Year 6.85% 8.20% 11.26%
3 Years 5.86% 5.60% 7.21%
5 Years 7.14% 5.01% 6.64%
Since Inception 5.12% 1.45% 2.93%
Expense Ratio2 - Gross 1.10%
Expense Ratio2 - Net 1.10%

*As of 06/30/18

*Annualized as of 06/30/18

1Not annualized.

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

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 Fund's transfer agency expenses may be reduced by the 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 above.

as of 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 13.77 12.45 14.16
Sharpe Ratio 0.38 0.54 0.34
Alpha (%) 1.18 3.17 3.87
Beta 0.81 0.76 0.77
R-Squared (%) 90.06 82.38 83.48
Tracking Error (%) 5.27 6.32 6.97
Information Ratio 0.05 0.34 0.53
Upside Capture (%) 85.93 82.75 83.98
Downside Capture (%) 81.14 67.56 67.01

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 06/30/18

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Year Baron Emerging Markets Fund MSCI EM Index MSCI EM IMI Growth Index
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.

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 Fund's transfer agency expenses may be reduced by the 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 above.

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

Select Year
Record Date 11/27/2017 09/27/2017 11/28/2016 10/05/2016 12/02/2015 12/01/2014 11/28/2012
Ex Date 11/28/2017 09/28/2017 11/29/2016 10/06/2016 12/03/2015 12/02/2014 11/29/2012
Payable Date 11/29/2017 09/29/2017 11/30/2016 10/07/2016 12/04/2015 12/03/2014 11/30/2012
Income $0.062 $0.005 $0.041 $0.002 $0.041 $0.054 $0.173
Return of Capital $0.003 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Long-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Total $0.064 $0.005 $0.041 $0.002 $0.041 $0.054 $0.173
Re-Invest NAV $15.01 $14.38 $11.11 $12.12 $10.71 $12.18 $9.81
Calendar-Yr Return 40.63% 40.63% 4.08% 4.08% -10.97% 3.75% 23.22%

Portfolio Characteristics

 

as of 06/30/18

Baron Emerging Markets Fund MSCI EM Index
Net Assets$5.43 billion
# of Equity Securities / % of Net Assets93 / 90.3%
Turnover (3 Year Average)30.64%
Active Share (%)78.7
Median Market Cap$9.84 billion$5.41 billion
Weighted Average Market Cap$78.84 billion$89.89 billion
EPS Growth (3-5 year forecast)17.1%15.3%
Price/Earnings Ratio (trailing 12-month)17.412.6
Price/Book Ratio2.11.5
Price/Sales Ratio1.61.1
Current Expense Ratio Date12/31/2017

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 06/30/18

Open All Close All Holding Sector % of Net Assets

Tencent Holdings, Ltd.

Tencent Holdings Ltd. (700.HK) is a leading internet service company and the top game developer in China. Its primary platforms include QQ for instant messaging (815 million media access units (MAUs)), WeChat for mobile messaging (500 million MAUs), and Qzone for social networking (654 million MAUs).

Information Technology 4.2%

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.

Information Technology 3.8%

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.

Financials 2.3%

Samsung Electronics Co., Ltd.

Samsung Electronics Co, Ltd (005930.KS) is a leading consumer electronics manufacturer and the largest handset maker in the world. It is also a key player in the semiconductor (DRAM / NAND) and display components (OLED/LED) industry.

Information Technology 2.2%

China Construction Bank Corporation

China Construction Bank Corporation (939.HK) is the second largest commercial bank in China. It previously focused on lending to large corporate clients, but has increasingly built exposure to consumer and small and medium enterprise segments. It currently is the largest residential mortgage lender in China.

Financials 1.9%

Baidu, Inc.

Baidu, Inc. (BIDU) is the leading search engine provider in China.

Information Technology 1.8%

Housing Development Finance Corporation Limited

Housing Development Finance Corporation Limited (HDFC.IN) is India's largest mortgage lender with three trillion rupees in assets. It has a strong brand name and has consistently received industry recognition. Through its subsidiaries, it provides financial services such as banking and life insurance.

Financials 1.8%

KB Financial Group, Inc.

KB Financial Group, Inc. (105560.KS) provides commercial and consumer financial services in South Korea. It also offers asset management, life insurance, and securities brokerage through subsidiaries. The bank has over 1,200 branches and over 26 million customers, about half of the population of South Korea.

Financials 1.8%

Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank Ltd. is a leading financial services group in India. It offers products across many verticals, including banking, securities, asset management, and life insurance. It has a well-diversified loan portfolio with a focus on granular retail, agribusiness, and small-to-medium enterprise.

Financials 1.6%

CSPC Pharmaceutical Group Limited

CSPC Pharmaceutical Group Ltd. (1093.HK) is a leading R&D-focused pharmaceutical manufacturer in China. The company specializes in therapeutic areas such as cardiology, oncology, dementia, and antibiotics.

Health Care 1.6%

Total

23.0%

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

as of 06/30/18

Name Sector % of Net Assets

Tencent Holdings, Ltd.

Information Technology 4.2%

Alibaba Group Holding Limited - ADR

Information Technology 3.8%

Sberbank of Russia PJSC-ADR

Financials 2.3%

Samsung Electronics Co., Ltd.

Information Technology 2.2%

China Construction Bank Corporation

Financials 1.9%

Baidu, Inc.

Information Technology 1.8%

Housing Development Finance Corporation Limited

Financials 1.8%

KB Financial Group Inc.

Financials 1.8%

Sino Biopharmaceutical Ltd.

Health Care 1.6%

Kotak Mahindra Bank Ltd

Financials 1.6%

China Mengniu Dairy Co. Ltd.

Consumer Staples 1.6%

CSPC Pharmaceutical Group Limited

Health Care 1.6%

Yandex N.V.

Information Technology 1.5%

Taiwan Semiconductor Manufacturing Company Ltd. - ADR

Information Technology 1.5%

Britannia Industries Limited

Consumer Staples 1.4%

Maruti Suzuki India Lmtd.

Consumer Discretionary 1.4%

Amorepacific Corporation

Consumer Staples 1.3%

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

Consumer Staples 1.3%

Midea Group Co., Ltd.- A

Consumer Discretionary 1.3%

Rumo S.A.

Industrials 1.2%

Yunnan Baiyao Group Co., Ltd.

Health Care 1.2%

Industrial and Commercial Bank of China Limited Cl - H

Financials 1.2%

KIA Motors Corp.

Consumer Discretionary 1.2%

Far EasTone Telecommunications Co., Ltd.

Telecommunication Services 1.2%

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

Utilities 1.2%

Tullow Oil plc

Energy 1.2%

Taiwan Mobile Co., Ltd.

Telecommunication Services 1.2%

Bid Corporation Ltd.

Consumer Staples 1.2%

Shenzhou International Group Holdings Ltd.

Consumer Discretionary 1.2%

Bidvest Group Ltd.

Industrials 1.2%

China Mobile Ltd.

Telecommunication Services 1.2%

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

Consumer Staples 1.1%

Momo Inc. Spon - ADR

Information Technology 1.1%

WH Group Limited

Consumer Staples 1.1%

Hangzhou Hikvision Digital-a

Information Technology 1.1%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 1.1%

America Movil-ADR Series L

Telecommunication Services 1.1%

YPF S.A. - ADR

Energy 1.0%

Exide Industries Ltd.

Consumer Discretionary 1.0%

Pagseguro Digital Ltd

Information Technology 1.0%

Firstrand Ltd

Financials 1.0%

Kangde Xin Composite Material

Materials 1.0%

SBI Life Insurance Company Limited

Financials 0.9%

Tata Chemicals Limited

Materials 0.9%

Smiles Fidelidade S.A.

Consumer Discretionary 0.9%

Sunny Optical Technology Group

Information Technology 0.9%

Ayala Land, Inc.

Real Estate 0.9%

Sun TV Network Ltd.

Consumer Discretionary 0.9%

Sinopharm Group Co. Ltd. - Cl H

Health Care 0.9%

BDO Unibank, Inc.

Financials 0.9%

B3 S.A. – Brasil, Bolsa, Balcão

Financials 0.8%

Techtronic Industries Co. Ltd.

Consumer Discretionary 0.8%

Sasol Limited

Materials 0.8%

Tata Global Beverages Limited

Consumer Staples 0.8%

Max Financial Services Ltd.

Financials 0.7%

Titan Co. Ltd.

Consumer Discretionary 0.7%

JSW STEEL Ltd.

Materials 0.7%

Eclat Textile Co., Ltd.

Consumer Discretionary 0.7%

Kingdee International Software Group Co. Ltd.

Information Technology 0.7%

Divi's Laboratories Ltd.

Health Care 0.7%

Haitong Securities Co., Ltd. - Cl H

Financials 0.6%

TAL Education Group - ADR

Consumer Discretionary 0.6%

Zee Entertainment Enterprises Ltd.

Consumer Discretionary 0.6%

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

Consumer Staples 0.6%

Samsung Life Insurance Co. Ltd.

Financials 0.6%

JM Financial

Financials 0.6%

Edelweiss Financial Services Limited

Financials 0.6%

Han's Laser Technology Co., Ltd. CL - A

Industrials 0.6%

Loma Negra Compañía Industrial Argentina Sociedad Anónima

Materials 0.5%

Tongda Group Holdings Limited

Information Technology 0.5%

Banco Macro S.A.

Financials 0.5%

Tata Communications Limited

Telecommunication Services 0.5%

Delta Electronics, Inc.

Information Technology 0.5%

China Everbright Ltd.

Financials 0.5%

Coal India Ltd.

Energy 0.5%

Makalot Industrial Co., Ltd.

Consumer Discretionary 0.5%

Ginko International Co., Ltd.

Health Care 0.5%

PT Tower Bersama Infrastructure, Tbk.

Telecommunication Services 0.4%

Bangkok Bank Public Co. Ltd.

Financials 0.4%

Copa Holdings, S.A.

Industrials 0.4%

Sasol Limited-Sponsored - ADR

Materials 0.4%

MyEG Services Berhad

Information Technology 0.4%

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

Financials 0.3%

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

Consumer Staples 0.3%

Kroton Educacional SA

Consumer Discretionary 0.3%

Bajaj Finance Limited

Financials 0.3%

Piramal Enterprises Limited

Health Care 0.2%

Steinhoff Africa Retail Limited

Consumer Discretionary 0.2%

Localiza Rent a Car S.A.

Industrials 0.2%

Metro Pacific Investments Corp.

Financials 0.2%

Motherson Sumi Systems Limited

Consumer Discretionary 0.2%

Manpasand Beverages Ltd.

Consumer Staples 0.2%

Lekoil, Ltd.

Energy 0.1%

Zee Entertainment Enterprises Ltd.

Consumer Discretionary 0.0%

TOTVS SA

Information Technology 0.0%

Tongda Hong Tai Holdings Limited

Information Technology 0.0%

GICS SECTOR BREAKDOWN

As of 06/30/18

As of 06/30/18

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

As of 06/30/18

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Kotak Mahindra Bank Ltd. 1.47% 0.25%
Sino Biopharmaceutical Ltd. 1.63% 0.21%
Britannia Industries Limited 1.26% 0.20%
Shenzhou International Group Holdings Ltd. 1.13% 0.17%
CSPC Pharmaceutical Group Limited 1.46% 0.16%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
MyEG Services Berhad 0.75% -0.77%
YPF S.A. 1.34% -0.54%
Banco Macro S.A. 0.92% -0.46%
Loma Negra Compañía Industrial Argentina Sociedad Anónima 0.66% -0.42%
Sberbank of Russia PJSC 2.19% -0.40%

Source: FactSet PA.

Insights & News

Documents

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) IMI Index Net USD and the MSCI EM (Emerging Markets) IMI Growth Index Net USD are free float-adjusted market capitalization indexes designed to measure equity market performance of large-, mid- and small-cap securities in the emerging markets. The MSCI EM (Emerging Markets) IMI Growth Index Net USD screens for growth-style securities. The indexes and the Fund include reinvestment of dividends, net of withholding taxes, which positively impacts the performance results. Index performance is not fund performance. Investors cannot invest directly in 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.