Baron Emerging Markets Fund (BEXFX)

Invest In Baron Funds Today

Fund Description

Baron Emerging Markets Fund invests primarily in growth companies in developing countries.

   

Facts & Characteristics as of March 31, 2014

Inception Date December 31, 2010
Net Assets (All share classes combined) $626.92 million
# of Equity Securities / % of Net Assets 75/88.8%
Turnover (3 Year Average) 36.71%
Median Market Cap $3.04 billion
Weighted Average Market Cap $13.19 billion
CUSIP 06828M884
Gross Expense Ratio (as of FYE 12/12) 4.01%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/12) (2.51)%
Net Expense Ratio (as of FYE 12/12) 1.50%
EPS Growth (3-5 year forecast) 18.7%
Price/Earnings Ratio (trailing 12-month) 18.5
Price/Book Ratio 3.0
Price/Sales Ratio 2.4

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Steinhoff International Holdings Ltd. (SHF.SJ) is a leading vertically integrated manufacturer and retailer of household goods in Europe. The company also has a presence in South Africa through its majority owned subsidiaries, JD Group and KAP Industries. Steinhoff is headquartered in Sandton, South Africa.
Consumer Discretionary 2.7%
Biostime International Holdings Ltd. (1112.HK) is a fast growing baby foods business in China that sells infant milk formula and competes with international firms such as Mead Johnson and Nestle. Biostime sells its products to about 14,000 specialty baby stores, 1,525 pharmacies, and 5,235 supermarkets.
Consumer Staples 2.6%
Smiles SA (SMLE3.BZ) is the second largest coalition loyalty program in Brazil with nine million members and 25% market share. It sells miles to credit card companies and GOL, its airline partner, and provides tickets on GOL flights when consumers redeem the miles.
Consumer Discretionary 2.3%
Kroton Educational SA (KROT3.BZ) is one of the largest private education companies in Brazil with post-secondary and K-12 offerings. Among the private players, Kroton has the largest exposure to FIES students with more than 40% of its students on FIES, double the exposure of its top two competitors.
Consumer Discretionary 2.1%
KIA Motors Corp. (000270 KS) is a leading Korean automobile manufacturer with a 34% domestic share and a growing international and export presence.
Consumer Discretionary 1.9%
Cetip SA - Mercados Organizados (CTIP3.BZ) administers over-the-counter (OTC) markets in Brazil for trading and registration of securities, bonds, and derivatives.
Financials 1.9%
M. Dias Branco SA (MDIA3.BZ) is a leading manufacturer and distributor of cookies, crackers, and pasta in Brazil.
Consumer Staples 1.9%
Tower Bersama Infrastructure Tbk PT (TBIG.IJ) is the second largest independent owner and operator of wireless telecommunication towers in Indonesia. Tower Bersama owns approximately 9,000 towers. 
Telecommunication Services 1.8%
Taiwan Semiconductor Manufacturing  Co. Ltd. (TSM) is the world’s largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Information Technology 1.8%
Fomento Económico Mexicano, S.A.B. de C.V. (FMX) is a Mexican holding company that controls Coca-Cola Femsa, a leading Coca-Cola bottling and distribution company in Mexico and South America. It operates the Oxxo brand of convenience stores throughout Mexico and holds a large stake in Heineken NV.
Consumer Staples 1.8%
Total 20.8%
Back to Top

Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 11.2%
Steinhoff International Holdings Ltd. Consumer Discretionary $10.293 2.7%
Smiles SA Consumer Discretionary $1.952 2.3%
Kroton Educacional SA Consumer Discretionary $5.909 2.1%
M. Dias Branco SA Consumer Staples $4.570 1.9%
Cetip SA - Mercados Organizados Financials $3.157 1.9%
Biostime International Holdings Ltd. Consumer Staples $4.131 1.9%
KIA Motors Corp. Consumer Discretionary $22.430 1.9%
Taiwan Semiconductor Manufacturing Company Ltd. Information Technology $103.817 1.8%
Fomento Económico Mexicano, S.A.B. de C.V. Consumer Staples $33.336 1.8%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.533 1.8%
Haitong Securities Co., Ltd. Financials $14.006 1.7%
China Mengniu Dairy Co. Ltd. Consumer Staples $9.196 1.7%
Universal Robina Corp. Consumer Staples $6.908 1.6%
HIWIN Technologies Corp. Industrials $2.459 1.5%
Man Wah Holdings Ltd. Consumer Discretionary $1.605 1.5%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $6.902 1.5%
Divi's Laboratories Ltd. Health Care $3.036 1.5%
Samsung Electronics Co., Ltd. Information Technology $184.600 1.5%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $20.973 1.4%
21Vianet Group, Inc. Information Technology $1.905 1.4%
Qihoo 360 Technology Co. Ltd. Information Technology $12.226 1.4%
Aspen Pharmacare Holdings Ltd. Health Care $12.193 1.4%
Amara Raja Batteries Ltd. Industrials $1.128 1.4%
MediaTek Inc. Information Technology $23.183 1.4%
Sihuan Pharmaceutical Holdings Group Ltd. Health Care $6.247 1.4%
CJ O Shopping Co. Ltd. Consumer Discretionary $2.116 1.4%
Perfect World Co., Ltd. Sponsored ADR Class B Information Technology $0.895 1.4%
TOTVS SA Information Technology $2.565 1.3%
Yandex N.V. Information Technology $9.793 1.3%
Ginko International Co. LTD Health Care $1.593 1.3%
Kingdee International Software Group Co. Ltd. Information Technology $0.975 1.2%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $4.364 1.2%
Sociedad Química y Minera de Chile SA Materials $8.447 1.2%
Metro Pacific Investments Corp. Financials $2.745 1.2%
Sina Corporation Information Technology $4.026 1.2%
WeMade Entertainment Co., Ltd. Information Technology $0.768 1.2%
WuXi PharmaTech (Cayman) Inc. Health Care $2.625 1.2%
Axis Bank Ltd. Financials $11.484 1.2%
Shandong Weigao Group Medical Polymer Co. Ltd. Health Care $5.102 1.1%
Wynn Macau Ltd. Consumer Discretionary $21.535 1.1%
Lupin Ltd. Health Care $7.006 1.1%
Bangkok Bank Public Co. Ltd. Financials $10.503 1.1%
Torrent Pharmaceuticals Ltd. Health Care $1.485 1.1%
Sun TV Network Ltd. Consumer Discretionary $2.651 1.1%
Novatek Microelectronics Corp. Information Technology $2.786 1.1%
Global Logistic Properties Ltd. Financials $10.028 1.1%
Tencent Holdings, Ltd. Information Technology $129.650 1.0%
Opera Software ASA Information Technology $1.734 1.0%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.861 1.0%
Linx SA Information Technology $0.916 1.0%
Multiplus SA Consumer Discretionary $1.786 1.0%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $2.577 1.0%
Anhanguera Educacional Participações SA Consumer Discretionary $2.697 0.9%
DEN Networks Ltd. Consumer Discretionary $0.571 0.9%
Larsen & Toubro Ltd. Industrials $19.740 0.9%
Ayala Land, Inc. Financials $9.450 0.8%
Estácio Participações SA Consumer Discretionary $2.974 0.8%
CFR Pharmaceuticals SA Health Care $1.690 0.8%
Dish TV India Ltd. Consumer Discretionary $0.929 0.8%
Melco International Development Ltd. Consumer Discretionary $5.151 0.8%
L.P.N. Development PCL Financials $0.728 0.7%
Baoxin Auto Group Ltd. Consumer Discretionary $2.173 0.7%
Qunar Cayman Islands Ltd. ADR Consumer Discretionary $3.479 0.7%
PVR Ltd. Consumer Discretionary $0.314 0.7%
Biostime International Holdings Ltd. Consumer Staples $4.131 0.7%
Crompton Greaves Ltd. Industrials $1.683 0.7%
SHUAA Capital psc Financials $0.435 0.6%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.617 0.6%
Great Wall Motor Co. Ltd. Consumer Discretionary $15.676 0.6%
Hartalega Holdings Bhd Health Care $1.567 0.6%
Africa Oil Corp. Energy $2.081 0.5%
Grupo México S.A.B de C.V. Materials $24.586 0.5%
BM&FBOVESPA SA Financials $9.421 0.4%
Hollysys Automation Technologies Ltd. Information Technology $1.240 0.4%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.547 0.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $4.364 0.1%
CFR Pharmaceuticals SA Health Care $1.690 0.0%
Agrinos AS Materials $0.065 0.0%
Total 100.0%
Back to Top

Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
11.2%
Consumer Discretionary
  • Home Furnishings 4.2%
  • Education Services 3.7%
  • Advertising 3.3%
  • Casinos & Gaming 2.9%
  • Automobile Manufacturers 2.6%
  • Broadcasting 2.3%
  • Cable & Satellite 2.2%
  • Catalog Retail 1.4%
  • Specialty Stores 1.0%
  • Internet Retail 0.8%
  • Movies & Entertainment 0.7%
  • Automotive Retail 0.7%
25.7%
Consumer Staples
  • Packaged Foods & Meats 7.8%
  • Soft Drinks 1.8%
9.5%
Energy
  • Oil & Gas Exploration & Production 0.5%
0.5%
Financials
  • Diversified Banks 3.6%
  • Investment Banking & Brokerage 2.3%
  • Asset Management & Custody Banks 1.9%
  • Multi-Sector Holdings 1.2%
  • Real Estate Operating Companies 1.1%
  • Diversified Real Estate Activities 0.8%
  • Real Estate Development 0.7%
  • Specialized Finance 0.4%
12.0%
Health Care
  • Pharmaceuticals 5.9%
  • Health Care Supplies 3.0%
  • Life Sciences Tools & Services 2.7%
11.7%
Industrials
  • Electrical Components & Equipment 2.1%
  • Industrial Machinery 1.5%
  • Construction & Engineering 0.9%
4.5%
Information Technology
  • Internet Software & Services 7.4%
  • Semiconductors 5.8%
  • Home Entertainment Software 2.5%
  • Application Software 2.2%
  • Systems Software 1.3%
  • Electronic Equipment & Instruments 0.5%
19.7%
Materials
  • Fertilizers & Agricultural Chemicals 1.2%
  • Diversified Metals & Mining 0.5%
1.8%
Telecommunication Services
  • Wireless Telecommunication Services 3.4%
3.4%
Back to Top

Country Breakdown As of March 31, 2014

Country Breakdown
Developed % of Net Assets
Canada 0.5%
Hong Kong 4.4%
Norway 1.1%
Singapore 1.1%
Country Breakdown
Developing % of Net Assets
Brazil 13.6%
Chile 2.0%
China 19.9%
India 13.2%
Indonesia 3.2%
Korea 7.0%
Malaysia 0.6%
Mexico 2.3%
Philippines 3.5%
Russia 1.4%
South Africa 4.1%
Taiwan 8.6%
Thailand 1.7%
Country Breakdown
Frontier % of Net Assets
United Arab Emirates 0.6%
Back to Top

Top Contributors & Detractors as of March 31, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Education Services 3.72% 0.67%
Diversified Banks 2.60% 0.57%
Pharmaceuticals^ 5.33% 0.46%
Home Entertainment Software 1.87% 0.40%
Home Furnishings 4.04% 0.40%
Top Detractors Average Weight Contribution
Internet Software & Services 8.74% -0.50%
Investment Banking & Brokerage 2.28% -0.40%
Cable & Satellite 3.00% -0.29%
Casinos & Gaming 2.51% -0.26%
Health Care Supplies 3.08% -0.24%
By Holdings
Top Contributors Average Weight Contribution
Kroton Educacional SA 2.01% 0.58%
Bank Rakyat Indonesia (Persero) Tbk PT 1.33% 0.48%
Sihuan Pharmaceutical Holdings Group Ltd. 1.49% 0.43%
Smiles SA 2.56% 0.41%
WeMade Entertainment Co., Ltd. 1.15% 0.40%
Top Detractors Average Weight Contribution
Sina Corporation 2.10% -0.65%
Biostime International Holdings Ltd. 2.59% -0.58%
Haitong Securities Co., Ltd. 1.91% -0.54%
Yandex N.V. 1.37% -0.45%
KT Skylife Co. Ltd. 0.87% -0.23%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 10.21% 6.44%
Internet Retail 0.66% 1.71%
Education Services 3.80% 1.61%
Casinos & Gaming 2.58% 1.50%
Pharmaceuticals^ 5.20% 1.45%
Top Detractors Average Weight Contribution
Cable & Satellite 4.85% -1.74%
Fertilizers & Agricultural Chemicals 1.38% -1.00%
Real Estate Development 1.46% -0.90%
Wireless Telecommunication Services 3.64% -0.76%
Diversified Banks 2.56% -0.42%
By Holdings
Top Contributors Average Weight Contribution
21Vianet Group, Inc. 1.50% 1.91%
Qunar Cayman Islands Ltd. ADR 0.66% 1.71%
Kingdee International Software Group Co. Ltd. 1.57% 1.47%
Sina Corporation 3.01% 1.43%
Opera Software ASA 1.53% 1.26%
Top Detractors Average Weight Contribution
Financial Technologies Ltd. 0.83% -1.89%
DEN Networks Ltd. 1.34% -0.58%
Agrinos AS 0.42% -0.55%
BM&FBOVESPA SA 1.16% -0.55%
L.P.N. Development PCL 0.85% -0.49%
Back to Top

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.  

*Top Ten Holdings, Portfolio Holdings and Sector Breakdown based on net assets. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time. 
 
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"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

^The Adviser has reclassified/classified certain securities in or out of this Sub-Industry. Such reclassifications/classifications are not supported by S&P or MSCI. 
 
Top Contributors & Detractors Source: FactSet.

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 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.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.