Prices & Performance

Prices

as of 08/23/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$13.15 -$0.20 -1.50% -4.99% -6.14% 5.37%

Performance

 

as of 07/31/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BEXUX - Baron Emerging Markets Fund - R6 -1.21% 10.90% -1.73% 6.34% 2.68% 4.33% 1.11% 1.11%
MSCI EM Index -1.22% 9.24% -2.18% 8.42% 1.84% 1.26%
MSCI EM IMI Growth Index 0.11% 11.71% -3.47% 8.54% 3.00% 2.19%

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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 06/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BEXUX - Baron Emerging Markets Fund - R6 0.36% 12.26% 0.11% 8.22% 2.68% 4.52% 1.11% 1.11%
MSCI EM Index 0.61% 10.59% 1.21% 10.66% 2.49% 1.42%
MSCI EM IMI Growth Index 0.07% 11.59% -3.12% 10.10% 3.17% 2.20%

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

1Not annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

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

as of 07/31/19

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Year Baron Emerging Markets Fund MSCI EM Index MSCI EM IMI Growth Index
2018 -18.47% -14.58% -18.44%
2017 40.59% 37.28% 44.70%
2016 4.17% 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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

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

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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
11/28/2018 11/29/2018 11/30/2018 $0.061 $0.000 $0.000 $0.000 $0.061 $12.86 -18.47%
11/27/2017 11/28/2017 11/29/2017 $0.061 $0.003 $0.000 $0.000 $0.064 $15.01 40.59%
09/27/2017 09/28/2017 09/29/2017 $0.005 $0.000 $0.000 $0.000 $0.005 $14.39 40.59%
11/28/2016 11/29/2016 11/30/2016 $0.041 $0.000 $0.000 $0.000 $0.041 $11.12 4.17%
10/05/2016 10/06/2016 10/07/2016 $0.002 $0.000 $0.000 $0.000 $0.002 $12.13 4.17%
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 06/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 13.09 13.26 14.30
Sharpe Ratio 0.52 0.14 0.28
Alpha (%) -1.21 0.63 3.29
Beta 0.90 0.78 0.78
R-Squared (%) 90.35 86.84 84.76
Tracking Error (%) 4.30 5.90 6.70
Information Ratio -0.57 0.03 0.46
Upside Capture (%) 87.54 80.61 85.02
Downside Capture (%) 94.73 77.94 70.71

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

 
NAV $13.15
Daily Change ($) -$0.20
Daily Change (%) -1.50%
MTD -4.99%
QTD -6.14%
YTD 5.37%
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BEXUX - Baron Emerging Markets Fund - R6 MSCI EM Index MSCI EM IMI Growth Index
QTD1 -1.21% -1.22% 0.11%
YTD1 10.90% 9.24% 11.71%
1 Year -1.73% -2.18% -3.47%
3 Years 6.34% 8.42% 8.54%
5 Years 2.68% 1.84% 3.00%
Since Inception 4.33% 1.26% 2.19%
Expense Ratio2 - Gross 1.11%
Expense Ratio2 - Net 1.11%

*As of 07/31/19

*Annualized as of 07/31/19

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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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BEXUX - Baron Emerging Markets Fund - R6 MSCI EM Index MSCI EM IMI Growth Index
QTD1 0.36% 0.61% 0.07%
YTD1 12.26% 10.59% 11.59%
1 Year 0.11% 1.21% -3.12%
3 Years 8.22% 10.66% 10.10%
5 Years 2.68% 2.49% 3.17%
Since Inception 4.52% 1.42% 2.20%
Expense Ratio2 - Gross 1.11%
Expense Ratio2 - Net 1.11%

*As of 06/30/19

*Annualized as of 07/31/19

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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 06/30/19

3 Years 5 Years Since Inception
Standard Deviation (%) 13.09 13.26 14.30
Sharpe Ratio 0.52 0.14 0.28
Alpha (%) -1.21 0.63 3.29
Beta 0.90 0.78 0.78
R-Squared (%) 90.35 86.84 84.76
Tracking Error (%) 4.30 5.90 6.70
Information Ratio -0.57 0.03 0.46
Upside Capture (%) 87.54 80.61 85.02
Downside Capture (%) 94.73 77.94 70.71

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

as of 07/31/19

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Year Baron Emerging Markets Fund MSCI EM Index MSCI EM IMI Growth Index
2018 -18.47% -14.58% -18.44%
2017 40.59% 37.28% 44.70%
2016 4.17% 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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

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

Select Year
Record Date 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 11/29/2018 11/28/2017 09/28/2017 11/29/2016 10/06/2016 12/03/2015 12/02/2014 11/29/2012
Payable Date 11/30/2018 11/29/2017 09/29/2017 11/30/2016 10/07/2016 12/04/2015 12/03/2014 11/30/2012
Income $0.061 $0.061 $0.005 $0.041 $0.002 $0.041 $0.054 $0.173
Return of Capital $0.000 $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 $0.000
Long-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Total $0.061 $0.064 $0.005 $0.041 $0.002 $0.041 $0.054 $0.173
Re-Invest NAV $12.86 $15.01 $14.39 $11.12 $12.13 $10.71 $12.18 $9.81
Calendar-Yr Return -18.47% 40.59% 40.59% 4.17% 4.17% -10.97% 3.75% 23.22%

Portfolio Characteristics

 

as of 06/30/19

Baron Emerging Markets Fund MSCI EM Index
Net Assets$5.17 billion
# of Equity Securities / % of Net Assets109 / 96.4%
Turnover (3 Year Average)40.15%
Active Share77.0%
Median Market Cap$9.31 billion$5.55 billion
Weighted Average Market Cap$67.12 billion$83.32 billion
EPS Growth (3-5 year forecast)18.4%11.7%
Price/Earnings Ratio (trailing 12-month)17.312.5
Price/Book Ratio2.11.6
Price/Sales Ratio1.51.1
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 07/31/19

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 500 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 4.2%

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 (815 million monthly active users, or MAUs), WeChat for mobile messaging (500 million MAUs), and Qzone for social networking (654 million MAUs).
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 3.9%

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 2.2%

B3 S.A. - Brasil, Bolsa, Balcao

B3 S.A. (BVMF3 BZ) operates financial exchanges in Brazil for trading equities, fixed income, derivatives, commodities, and currencies. The company also provides registration, custody, and settlement of fixed income securities, derivatives, and auto liens.
We believe B3 will benefit from the long-term development of the Brazilian capital markets. We expect growth in trading volumes and revenue as more companies list securities on its exchanges. Margins should expand due to operating leverage. B3 has high barriers to entry due to its scale advantages and vertical integration into post-trade clearing and settlement.

Financials 2.0%

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. It is the largest smartphone and DRAM and NAND semiconductor maker globally.
Samsung benefits from tremendous scale, which gives it a cost advantage and allows it to outspend competitors in R&D. Its investment in innovation has accelerated new product introductions and improved Samsung's global brand positioning. We think Samsung's in-house capabilities with display, memory, and semiconductors are also a key differentiator, as vertical integration lowers Samsung's product costs and gives it a time-to-market advantage. We believe the sustainability of these advantages is underestimated, and Samsung is undervalued relative to its earnings prospects.

Information Technology 2.0%

PagSeguro Digital Ltd.

PagSeguro Digital Ltd. (PAGS) is a payment processor and merchant acquirer in Brazil targeting small- and micro-sized merchants with no formal banking relationship.
PagSeguro’s digital payment platform allows non-banked and underserved Brazilian merchants to expand their businesses and manage working capital. Over the medium term, we expect the company to roll out its platform to millions of new merchants and expand platform services in order to capture a higher share of payment volume in Brazil.

Information Technology 1.9%

Petroleo Brasileiro S.A. Petrobras

Petróleo Brasileiro S.A. – Petrobras (PBR) is one of the largest integrated oil & gas companies in the world. It is focused on developing deep-water oil fields in offshore Brazil.
Petrobras has been the global leader in offshore deep-water oil exploration and production and has some of the lowest breakeven cost assets in the industry. We like the shares due to the ramp-up in production at pre-salt oil fields and expect a material deleveraging of balance sheet with non-core asset divestments over the next several years.

Energy 1.8%

Rumo S.A.

Rumo S.A. (RAIL3.BZ) is the largest independent rail concessionaire in Brazil, transporting largely agricultural commodities and fertilizers across Brazil to export markets in Europe and Asia.
Since its merger with a competitor in 2014, Rumo enacted a significant cost control and capacity expansion plan. Following the company’s IPO and subsequent primary capital issuance by its lead shareholder, we believe Rumo is well-capitalized to continue executing on the plan. We expect continued progress to help lower the company’s fixed cost per ton moved, potentially causing EBITDA to double in four to five years and enabling further deleveraging over a three-year period.

Industrials 1.8%

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 1.7%

China International Travel Service Limited

China International Travel Services (CITS) is the largest operator of duty free shops (DFS) in China. It has more than 230 sales locations nationwide (including Hong Kong, Macau and Taiwan) and controls approximately 80% of China's DFS market share.
We believe China International will be able to generate a 20-30% compound annual growth rate in revenue and profit for the next three to five years as it benefits from consumption upgrades by Chinese consumers and China’s favorable policy towards the domestic duty free industry where China International is a market leader.

Consumer Discretionary 1.6%

Total

23.1%

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

as of 06/30/19

Name Sector % of Net Assets

Alibaba Group Holding Limited - ADR

Consumer Discretionary 3.8%

Tencent Holdings, Ltd.

Communication Services 3.1%

Sberbank of Russia PJSC-ADR

Financials 2.2%

Samsung Electronics Co., Ltd.

Information Technology 2.1%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 1.8%

Pagseguro Digital Ltd

Information Technology 1.8%

B3 S.A. - Brasil, Bolsa, Balcao

Financials 1.7%

China Mobile Ltd.

Communication Services 1.6%

Rumo S.A.

Industrials 1.6%

China Tower Corporation Limited - Cl - H

Communication Services 1.5%

Delta Electronics, Inc.

Information Technology 1.5%

Taiwan Semiconductor Manufacturing Company Ltd. - ADR

Information Technology 1.5%

China Mengniu Dairy Co. Ltd.

Consumer Staples 1.4%

Bid Corporation Ltd.

Consumer Staples 1.4%

WH Group Limited

Consumer Staples 1.4%

CP All Plc.

Consumer Staples 1.4%

China International Travel Service Co., LTD

Consumer Discretionary 1.4%

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

Financials 1.4%

Reliance Industries Limited

Energy 1.3%

HDFC Bank Limited

Financials 1.3%

Shenzhou International Group Holdings Ltd.

Consumer Discretionary 1.3%

KIA Motors Corp.

Consumer Discretionary 1.3%

Ayala Land, Inc.

Real Estate 1.3%

Copa Holdings, S.A.

Industrials 1.2%

BDO Unibank, Inc.

Financials 1.2%

Taiwan Mobile Co., Ltd.

Communication Services 1.2%

Kotak Mahindra Bank Ltd

Financials 1.2%

Techtronic Industries Co. Ltd.

Industrials 1.2%

Midea Group Co., Ltd.- A

Consumer Discretionary 1.2%

Zai Lab Limited -Adr

Health Care 1.2%

SBI Life Insurance Company Limited

Financials 1.1%

Yunnan Baiyao Group Co., Ltd.

Health Care 1.1%

Guangzhou Automobile Group Co. Ltd. - Cl H

Consumer Discretionary 1.1%

Tullow Oil plc

Energy 1.1%

Bidvest Group Ltd.

Industrials 1.1%

Nokia Corporation - ADR

Information Technology 1.1%

Housing Development Finance Corporation Limited

Financials 1.0%

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

Consumer Staples 1.0%

Far EasTone Telecommunications Co., Ltd.

Communication Services 1.0%

Kroton Educacional SA

Consumer Discretionary 1.0%

Eclat Textile Co., Ltd.

Consumer Discretionary 1.0%

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

Consumer Staples 1.0%

YPF S.A. - ADR

Energy 0.9%

Max Financial Services Ltd.

Financials 0.9%

Firstrand Ltd

Financials 0.9%

Divi's Laboratories Ltd.

Health Care 0.9%

Xiaomi Corporation-Class B

Information Technology 0.9%

StoneCo Ltd.

Information Technology 0.9%

Banco do Brasil S.A.

Financials 0.8%

Tata Global Beverages Limited

Consumer Staples 0.8%

Gds Holdings Limited - Adr

Information Technology 0.8%

MercadoLibre, Inc.

Consumer Discretionary 0.8%

Yandex N.V.

Communication Services 0.8%

Britannia Industries Limited

Consumer Staples 0.8%

Lenovo Group Limited

Information Technology 0.8%

Makalot Industrial Co., Ltd.

Consumer Discretionary 0.7%

KB Financial Group Inc.

Financials 0.7%

Sinopharm Group Co. Ltd. - Cl H

Health Care 0.7%

Tencent Holdings Limited - ADR

Communication Services 0.7%

Network International Holdings Ltd.

Information Technology 0.7%

RBL Bank Limited

Financials 0.6%

Hua Hong Semiconductor Limited

Information Technology 0.6%

Pepkor Holdings Limited

Consumer Discretionary 0.6%

Bandhan Bank Ltd.

Financials 0.6%

Tata Chemicals Limited

Materials 0.6%

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

Industrials 0.6%

Bajaj Finance Limited

Financials 0.6%

Haitong Securities Co., Ltd. - Cl H

Financials 0.6%

Dr. Reddy's Laboratories Ltd.

Health Care 0.6%

Sasol Limited

Materials 0.6%

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

Consumer Staples 0.6%

AngloGold Ashanti Limited - ADR

Materials 0.5%

Samsung Life Insurance Co. Ltd.

Financials 0.5%

Momo Inc. Spon - ADR

Communication Services 0.5%

Tata Communications Limited

Communication Services 0.5%

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

Financials 0.5%

Bangkok Bank Public Co. Ltd.

Financials 0.5%

SK Telecom Co., Ltd.

Communication Services 0.5%

Kingdee International Software Group Co. Ltd.

Information Technology 0.5%

New Oriental Education & Technology Group Inc. - ADR

Consumer Discretionary 0.5%

Gold Fields Ltd. ADR

Materials 0.5%

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

Utilities 0.5%

Exide Industries Ltd.

Consumer Discretionary 0.5%

Wizz Air Holdings Plc

Industrials 0.5%

Piramal Enterprises Limited

Health Care 0.5%

YY, Inc. - ADR

Communication Services 0.5%

KunLun Energy Company Limited

Utilities 0.5%

Reliance Nippon Life Asset Management Limited

Financials 0.5%

LexinFintech Holdings Ltd.

Financials 0.4%

Qudian Inc. - ADR

Financials 0.4%

Ginko International Co., Ltd.

Health Care 0.4%

Sun Pharmaceuticals Industries Limited

Health Care 0.4%

China Everbright Ltd.

Financials 0.4%

Sino Biopharmaceutical Ltd.

Health Care 0.4%

JM Financial

Financials 0.4%

Edelweiss Financial Services Limited

Financials 0.4%

MyEG Services Berhad

Information Technology 0.3%

Sasol Limited-Sponsored - ADR

Materials 0.3%

Metro Pacific Investments Corp.

Financials 0.3%

PT Tower Bersama Infrastructure, Tbk.

Communication Services 0.3%

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

Consumer Staples 0.3%

Mr Price Group Limited

Consumer Discretionary 0.3%

Loma Negra Compañía Industrial Argentina Sociedad Anónima

Materials 0.3%

Notre Dame Intermedica Participacoes S.A.

Health Care 0.3%

Tencent Music Entertainment Group - ADR

Communication Services 0.3%

Tongda Group Holdings Limited

Information Technology 0.2%

Dr. Reddy’s Laboratories Ltd.-ADR

Health Care 0.2%

Sunny Optical Technology Group

Information Technology 0.2%

Hangzhou Hikvision Digital-a

Information Technology 0.2%

Manpasand Beverages Ltd.

Consumer Staples 0.0%

Lekoil, Ltd.

Energy 0.0%

Tongda Hong Tai Holdings Limited

Information Technology 0.0%

PT Telkom Indonesia (Persero) Tbk

Communication Services 0.0%

GICS SECTOR BREAKDOWN

As of 07/31/19

As of 07/31/19

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

As of 07/31/19

Contributors/Detractors

Quarterly as of 06/30/19

Top Contributors Average Weight Contribution
PagSeguro Digital Ltd. 1.58% 0.51%
Sberbank of Russia PJSC 1.97% 0.41%
B3 S.A. - Brasil, Bolsa, Balcao 1.59% 0.31%
CP All Plc. 1.20% 0.24%
KIA Motors Corporation 1.26% 0.24%

Quarterly as of 06/30/19

Top Detractors Average Weight Contribution
Alibaba Group Holding Limited 3.89% -0.33%
Sasol Limited 1.11% -0.26%
Hangzhou Hikvision Digital Technology Co., Ltd. 0.61% -0.24%
Piramal Enterprises Limited 0.60% -0.22%
Tullow Oil plc 1.19% -0.19%

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.