Prices & Performance

Prices

as of 06/15/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$24.77 -$0.11 -0.44% 1.06% 0.36% 2.40%

Performance

 

as of 05/31/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BINIX - Baron International Growth Fund - I -0.69% 1.32% 17.24% 9.08% 10.31% 12.59% 1.13% 0.95%
MSCI ACWI ex USA Index -0.75% -1.92% 9.67% 4.74% 5.46% 8.52%
MSCI ACWI ex USA IMI Growth Index 0.27% -0.36% 12.42% 6.55% 6.98% 9.79%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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 based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

as of 05/31/18

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Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2017 37.33% 27.19% 32.25%
2016 1.35% 4.50% 0.06%
2015 1.48% -5.66% -0.26%
2014 -2.07% -3.87% -2.77%
2013 21.89% 15.29% 15.85%
2012 18.17% 16.83% 16.69%
2011 -16.13% -13.71% -14.66%
2010 24.54% 11.15% 15.90%
2009 44.89% 41.45% 40.90%

1Not annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser 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 based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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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 $0.000 $0.000 $0.000 $0.745 $0.745 $23.58 37.33%
09/27/2017 09/28/2017 09/29/2017 $0.000 $0.000 $0.000 $0.101 $0.101 $23.06 37.33%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $0.158 $0.158 $18.48 1.35%
10/05/2016 10/06/2016 10/07/2016 $0.010 $0.000 $0.000 $0.001 $0.011 $19.62 1.35%
12/02/2015 12/03/2015 12/04/2015 $0.128 $0.000 $0.000 $0.009 $0.137 $18.43 1.48%
09/23/2015 09/24/2015 09/25/2015 $0.031 $0.000 $0.000 $0.019 $0.050 $17.44 1.48%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $0.389 $0.389 $18.43 -2.07%
09/22/2014 09/23/2014 09/24/2014 $0.040 $0.000 $0.000 $0.149 $0.189 $18.90 -2.07%
09/25/2013 09/26/2013 09/27/2013 $0.001 $0.000 $0.000 $0.000 $0.001 $18.59 21.89%
09/24/2012 09/25/2012 09/26/2012 $0.027 $0.000 $0.000 $0.000 $0.027 $15.36 18.17%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.957 $0.957 $13.38 -16.13%
09/07/2011 09/08/2011 09/09/2011 $0.090 $0.000 $0.054 $0.244 $0.388 $15.20 -16.13%
09/27/2010 09/28/2010 09/29/2010 $0.000 $0.000 $0.211 $0.000 $0.211 $15.44 24.54%
12/28/2009 12/29/2009 12/30/2009 $0.000 $0.000 $0.360 $0.000 $0.360 $14.17 44.89%

Performance Characteristics

as of 03/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 11.70 11.66 15.30
Sharpe Ratio 0.97 0.92 0.83
Alpha (%) 6.30 5.78 5.16
Beta 0.86 0.87 0.85
R-Squared (%) 84.20 78.87 85.05
Tracking Error (%) 4.96 5.57 6.42
Information Ratio 1.15 0.93 0.65
Upside Capture (%) 102.14 103.25 96.40
Downside Capture (%) 66.96 69.75 74.03

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

 
NAV $24.77
Daily Change ($) -$0.11
Daily Change (%) -0.44%
MTD 1.06%
QTD 0.36%
YTD 2.40%
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BINIX - Baron International Growth Fund - I MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 -0.69% -0.75% 0.27%
YTD1 1.32% -1.92% -0.36%
1 Year 17.24% 9.67% 12.42%
3 Years 9.08% 4.74% 6.55%
5 Years 10.31% 5.46% 6.98%
Since Inception 12.59% 8.52% 9.79%
Expense Ratio2 - Gross 1.13%
Expense Ratio2 - Net 0.95%

*As of 05/31/18

*Annualized as of 05/31/18

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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 03/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 11.70 11.66 15.30
Sharpe Ratio 0.97 0.92 0.83
Alpha (%) 6.30 5.78 5.16
Beta 0.86 0.87 0.85
R-Squared (%) 84.20 78.87 85.05
Tracking Error (%) 4.96 5.57 6.42
Information Ratio 1.15 0.93 0.65
Upside Capture (%) 102.14 103.25 96.40
Downside Capture (%) 66.96 69.75 74.03

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

as of 05/31/18

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Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2017 37.33% 27.19% 32.25%
2016 1.35% 4.50% 0.06%
2015 1.48% -5.66% -0.26%
2014 -2.07% -3.87% -2.77%
2013 21.89% 15.29% 15.85%
2012 18.17% 16.83% 16.69%
2011 -16.13% -13.71% -14.66%
2010 24.54% 11.15% 15.90%
2009 44.89% 41.45% 40.90%

1Not annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser 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 based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

Select Year
Record Date 11/27/2017 09/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 09/22/2014 09/25/2013 09/24/2012 11/28/2011 09/07/2011 09/27/2010 12/28/2009
Ex Date 11/28/2017 09/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 09/23/2014 09/26/2013 09/25/2012 11/29/2011 09/08/2011 09/28/2010 12/29/2009
Payable Date 11/29/2017 09/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 09/24/2014 09/27/2013 09/26/2012 11/30/2011 09/09/2011 09/29/2010 12/30/2009
Income $0.000 $0.000 $0.000 $0.010 $0.128 $0.031 $0.000 $0.040 $0.001 $0.027 $0.000 $0.090 $0.000 $0.000
Return of Capital $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $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 $0.000 $0.000 $0.000 $0.054 $0.211 $0.360
Long-Term Capital Gain $0.745 $0.101 $0.158 $0.001 $0.009 $0.019 $0.389 $0.149 $0.000 $0.000 $0.957 $0.244 $0.000 $0.000
Total $0.745 $0.101 $0.158 $0.011 $0.137 $0.050 $0.389 $0.189 $0.001 $0.027 $0.957 $0.388 $0.211 $0.360
Re-Invest NAV $23.58 $23.06 $18.48 $19.62 $18.43 $17.44 $18.43 $18.90 $18.59 $15.36 $13.38 $15.20 $15.44 $14.17
Calendar-Yr Return 37.33% 37.33% 1.35% 1.35% 1.48% 1.48% -2.07% -2.07% 21.89% 18.17% -16.13% -16.13% 24.54% 44.89%

Portfolio Characteristics

 

as of 03/31/18

Baron International Growth Fund MSCI ACWI ex USA Index
Net Assets$196.59 million
# of Equity Securities / % of Net Assets77/88.5%
Turnover (3 Year Average)39.97%
Active Share (%)93.40
Median Market Cap$10.68 billion$8.49 billion
Weighted Average Market Cap$44.44 billion$64.81 billion
EPS Growth (3-5 year forecast)13.9%13.5%
Price/Earnings Ratio (trailing 12-month)18.414.1
Price/Book Ratio2.31.6
Price/Sales Ratio2.41.1

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 05/31/18

Open All Close All Holding Sector % of Net Assets

Constellation Software, Inc.

Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates approximately 200 small- and medium-sized software businesses. These businesses allow customers across a wide range of verticals to automate key activities, with the goal of saving on labor costs.

Information Technology 2.5%

argenx SE

argenx SE (ARGX) is a biotech company developing antibodies for the treatment of autoimmune disorders and cancer based on the uniquely powerful immune system of llamas.

Health Care 2.3%

Square Enix Holdings Co., Ltd.

Square Enix Holdings Co., Ltd. (9684.JP) is a leading video game content producer based in Japan. Its core IP portfolio consists of well known titles such as Final Fantasy Dragon Quest.

Information Technology 2.1%

Wix.com Ltd.

Wix.com Ltd. (WIX) is an internet company providing an operating system to help micro businesses build and maintain websites and operate their businesses. Wix has over 120 million registered users and over three million premium users.

Information Technology 2.1%

TechnoPro Holdings, Inc.

TechnoPro Holdings, Inc. (6028.JT) is a major engineering staffing company in Japan, dispatching qualified staffers in areas including software development, electrical engineering, machinery, life sciences, and R&D.

Industrials 2.0%

Danone SA

Danone SA (BN.FP) is a global packaged food company that manufactures dairy and plant-based products, baby nutrition, medical nutrition, and bottled water products. Worldwide, Danone is the top producer of fresh dairy and the second largest producer of baby nutrition and bottled water.

Consumer Staples 1.9%

Mellanox Technologies Ltd.

Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.

Information Technology 1.8%

Domino's Pizza Enterprises Ltd.

Domino’s Pizza Enterprises Ltd. (DMP.AU) is the master franchisee of the Domino’s Pizza brand in Australia, New Zealand, select European countries, and Japan. It is the largest franchisee of Domino’s outside the U.S. and the leader in technological innovation among all of Domino’s master franchisees globally.

Consumer Discretionary 1.8%

RIB Software SE

RIB Software SE (RIB.GR) is a software company with a flagship application called iTWO. The application has 5D modeling capability (3D modeling with cost and time management), which allows construction clients to manage a project from start to finish using one software platform.

Information Technology 1.8%

Aena SME, S.A.

Aena SA (AENA.SM) is the world's largest operator of airports. The company manages 46 airports in Spain, handling over 200 million passengers annually. Aena also has majority and minority ownership in certain international (ex-Spain) airports.

Industrials 1.7%

Total

20.0%

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

as of 03/31/18

Name Sector % of Net Assets

KOSÉ Corporation

Consumer Staples 2.5%

Constellation Software, Inc.

Information Technology 2.4%

Square Enix Holdings Co., Ltd.

Information Technology 2.1%

Wix.com Ltd.

Information Technology 2.0%

argenx SE - ADR

Health Care 1.9%

Eurofins Scientific SE

Health Care 1.9%

Danone SA

Consumer Staples 1.8%

Sms Co Ltd

Information Technology 1.8%

Recruit Holdings Co., Ltd.

Industrials 1.7%

Mitsubishi UFJ Financial Group, Inc. ADR

Financials 1.7%

Mellanox Technologies Ltd.

Information Technology 1.7%

RIB Software SE

Information Technology 1.7%

Tencent Holdings, Ltd.

Information Technology 1.7%

Abcam plc

Health Care 1.6%

Technopro Holdings, Inc.

Industrials 1.6%

UniCredit S.p.A.

Financials 1.6%

Pagseguro Digital Ltd

Information Technology 1.6%

Sberbank of Russia PJSC-ADR

Financials 1.5%

Aena SME, S.A.

Industrials 1.5%

Alibaba Group Holding Limited - ADR

Information Technology 1.5%

Ryanair Holdings plc - ADR

Industrials 1.4%

Interxion Holding N.V.

Information Technology 1.4%

Takeda Pharmaceutical Company Limited

Health Care 1.4%

Bolsas y Mercados Argentinos S.A.

Financials 1.3%

Landis+Gyr AG

Information Technology 1.3%

FANUC Corp.

Industrials 1.3%

Fresenius Medical Care AG & Co. KGaA

Health Care 1.3%

KEYENCE CORPORATION

Information Technology 1.3%

Domino's Pizza Enterprises Ltd.

Consumer Discretionary 1.3%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 1.2%

China Construction Bank Corporation

Financials 1.2%

Encana Corp.

Energy 1.2%

YPF S.A. - ADR

Energy 1.2%

Telesites, S.A.B. de C.V.

Telecommunication Services 1.2%

Cimpress N.V.

Industrials 1.2%

Linde AG

Materials 1.2%

Tullow Oil plc

Energy 1.1%

JM Financial

Financials 1.1%

Julius Baer Group Ltd.

Financials 1.1%

Sony Corporation

Consumer Discretionary 1.0%

Suncor Energy Inc.

Energy 1.0%

Agilent Technologies, Inc.

Health Care 1.0%

Arch Capital Group Ltd.

Financials 1.0%

Baidu, Inc.

Information Technology 1.0%

Golar LNG Ltd.

Energy 1.0%

Industria de Diseño Textil, S.A.

Consumer Discretionary 1.0%

BNP Paribas S.A.

Financials 1.0%

KB Financial Group Inc.

Financials 1.0%

Maruti Suzuki India Lmtd.

Consumer Discretionary 1.0%

Vivendi SA

Consumer Discretionary 1.0%

KBC Group NV

Financials 0.9%

NEXTDC Limited

Information Technology 0.9%

Tata Global Beverages Limited

Consumer Staples 0.9%

Smiles Fidelidade S.A.

Consumer Discretionary 0.9%

Yandex N.V.

Information Technology 0.9%

Kingdee International Software Group Co. Ltd.

Information Technology 0.9%

Softbank Group Corp.

Telecommunication Services 0.9%

TAL Education Group - ADR

Consumer Discretionary 0.8%

Komplett Bank ASA

Financials 0.8%

Worldpay, Inc.

Information Technology 0.8%

Zai Lab Limited -Adr

Health Care 0.7%

MonotaRO Co., Ltd.

Industrials 0.7%

Intertek Group plc

Industrials 0.7%

Symrise AG

Materials 0.7%

Divi's Laboratories Ltd.

Health Care 0.7%

Horizon Discovery Group plc

Health Care 0.6%

Manpasand Beverages Ltd.

Consumer Staples 0.6%

Start Today Co Ltd

Consumer Discretionary 0.6%

Haitong Securities Co., Ltd. - Cl H

Financials 0.6%

Man Wah Holdings Ltd.

Consumer Discretionary 0.6%

PT Tower Bersama Infrastructure, Tbk.

Telecommunication Services 0.5%

Experian plc

Industrials 0.5%

Copa Holdings, S.A.

Industrials 0.5%

BlackBerry Limited

Information Technology 0.5%

Titan Co. Ltd.

Consumer Discretionary 0.5%

Lekoil, Ltd.

Energy 0.2%

Bitauto Holdings Limited - ADR

Information Technology 0.1%

GICS SECTOR BREAKDOWN

As of 05/31/18

As of 05/31/18

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

As of 05/31/18

Contributors/Detractors

Quarterly as of 03/31/18

Top Contributors Average Weight Contribution
PagSeguro Digital Ltd. 1.03% 0.69%
KOSÉ Corporation 2.06% 0.64%
Kingdee International Software Group Co. Ltd. 0.97% 0.63%
Wix.com Ltd. 1.71% 0.54%
SMS CO., LTD. 1.62% 0.48%

Quarterly as of 03/31/18

Top Detractors Average Weight Contribution
RIB Software SE 3.17% -0.73%
Horizon Discovery Group plc 0.86% -0.35%
JM Financial Limited 1.55% -0.27%
Eurofins Scientific SE 2.24% -0.27%
Takeda Pharmaceutical Company Limited 1.88% -0.26%

Source: FactSet PA.

Insights & News

Documents

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.

The Fund may not achieve its objectives.

Definitions (provided by Baron Capital, Inc.): The MSCI ACWI indexes cited are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI ACWI Growth Index Net USD measures the equity market performance of large and mid cap growth securities across developed and emerging markets. The MSCI ACWI Index Net USD measures the equity market performance of large and mid cap securities across developed and emerging markets. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results.

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.