Baron Emerging Markets Fund (BEXIX)

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Fund Description

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

   

Facts & Characteristics as of March 31, 2016

Inception Date December 31, 2010
Net Assets (All share classes combined) $1.76 billion
# of Equity Securities / % of Net Assets 87/89.3%
Turnover (3 Year Average) 24.60%
Median Market Cap $6.09 billion
Weighted Average Market Cap $32.57 billion
CUSIP 06828M876
Gross Expense Ratio (as of FYE 12/14) 1.27%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.02)%
Net Expense Ratio (as of FYE 12/14) 1.25%
EPS Growth (3-5 year forecast) 16.0%
Price/Earnings Ratio (trailing 12-month) 18.4
Price/Book Ratio 2.3
Price/Sales Ratio 2.1

Top Ten Holdings as of May 31, 2016

Holding Sector Percentage*
Tencent Holdings Ltd. (700.HK) is a leading Internet service company, and the #1 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 2.5%
Ctrip.com International, Ltd. (CTRP) is the leading mainland China-focused online travel agency. The company is incorporated in the Cayman Islands with operational headquarters in Shanghai. 
Consumer Discretionary 2.3%
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 and display industries, providing consumer electronics in-house as well as to third parties.
Information Technology 2.3%
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) is the world’s largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Information Technology 2.3%
Alibaba Group Holding Ltd. (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 participates in the profits of Ant Financial, which owns Alipay, the largest 3rd party online payment provider in China.
Information Technology 2.2%
TAL Education Group (XRS) is a leading K-12 after school tutoring provider in China that currently operates 300+ learning centers in 25 cities.
Consumer Discretionary 2.0%
Sinopharm Group Co., Ltd. (1099.HK) is the largest wholesaler and retailer of pharmaceutical and health care products and a leading supply chain service provider in China.
Health Care 1.9%
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 subsidiary, JD Group.
Consumer Discretionary 1.8%
SKS Microfinance LTD
Financials 1.7%
Far EasTone Telecommunications Co., Ltd.
Telecommunication Services 1.7%
Total 20.7%
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Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 10.7%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR Information Technology $135.875 2.5%
Samsung Electronics Co., Ltd. Information Technology $165.290 2.5%
Tencent Holdings, Ltd. Information Technology $192.082 2.2%
Ctrip.com International, Ltd. Consumer Discretionary $19.928 2.0%
TAL Education Group - ADR Consumer Discretionary $3.979 1.9%
Alibaba Group Holding Limited - ADR Information Technology $195.671 1.9%
Sinopharm Group Co. Ltd. - Cl H Health Care $12.503 1.7%
Steinhoff International Holdings Ltd. Consumer Discretionary $25.917 1.7%
Fomento Económico Mexicano, S.A.B. de C.V. - ADS Consumer Staples $29.548 1.6%
Man Wah Holdings Ltd. Consumer Discretionary $2.452 1.6%
Shenzhou International Group Holdings Ltd. Consumer Discretionary $7.611 1.6%
Grupo Financiero Banorte, SAB de CV Class O Financials $15.642 1.6%
LG Household & Health Care Ltd. Consumer Staples $12.933 1.5%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $7.300 1.5%
Samsung Life Insurance Co. Ltd. Financials $20.549 1.5%
Lg Chem Ltd Materials $18.573 1.5%
BM&FBOVESPA SA Financials $7.764 1.4%
SKS Microfinance LTD Financials $1.049 1.4%
Divi's Laboratories Ltd. Health Care $3.958 1.4%
Bidvest Group Ltd. Industrials $8.474 1.4%
China Mobile Ltd. Telecommunication Services $228.184 1.4%
Cetip SA - Mercados Organizados Financials $2.937 1.3%
Grupo Lala Consumer Staples $6.743 1.3%
Coal India Ltd. Energy $27.847 1.3%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.612 1.2%
Haitong Securities Co., Ltd. - Cl H Financials $23.753 1.2%
PT Matahari Department Store Tbk Consumer Discretionary $4.038 1.2%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $42.775 1.2%
Makalot Industrial Co., Ltd. Consumer Discretionary $1.195 1.2%
Wal-Mart de Mexico SAB de CV Class V Consumer Staples $41.437 1.2%
Qihoo 360 Technology Co. Ltd. ADR Cl - A Information Technology $9.742 1.1%
Amara Raja Batteries Limited Industrials $2.264 1.1%
Novatek Microelectronics Corp. Information Technology $2.449 1.1%
PetroChina Co. Ltd. - Cl H Energy $205.043 1.1%
Techtronic Industries Co Ltd Consumer Discretionary $7.245 1.1%
Copa Holdings SA Industrials $2.941 1.0%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $21.255 1.0%
Ayala Land, Inc. Financials $11.250 1.0%
Aspen Pharmacare Holdings Ltd. Health Care $9.897 1.0%
Ginko International Co., Ltd. Health Care $0.925 1.0%
Global Logistic Properties Ltd. Financials $6.775 1.0%
BDO Unibank, Inc. Financials $8.099 1.0%
Eclat Textile Co., Ltd. Consumer Discretionary $3.540 1.0%
Sunny Optical Technology Group Information Technology $3.083 1.0%
Gruma S.a.B.-B Consumer Staples $6.856 1.0%
Zhaojin Mining Industry - Cl H Materials $2.262 1.0%
Torrent Pharmaceuticals Ltd. Health Care $3.425 0.9%
Metro Pacific Investments Corp. Financials $3.556 0.9%
Dish TV India Ltd. Consumer Discretionary $1.395 0.9%
Smiles SA Consumer Discretionary $1.303 0.9%
PVR Ltd. Consumer Discretionary $0.518 0.9%
Mr Price Group Ltd. Consumer Discretionary $3.210 0.9%
Exide Industries Ltd. Consumer Discretionary $1.789 0.9%
Sasol Limited Energy $19.481 0.9%
Kingdee International Software Group Co. Ltd. Information Technology $0.943 0.8%
Sociedad Química y Minera de Chile SA - ADS Materials $6.093 0.8%
Sun TV Network Ltd. Consumer Discretionary $2.246 0.8%
China Mengniu Dairy Co. Ltd. Consumer Staples $6.237 0.8%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $4.718 0.8%
China Everbright Ltd. Financials $3.537 0.8%
TOTVS SA Information Technology $1.237 0.7%
Bangkok Bank Public Co. Ltd. Financials $9.767 0.7%
Yandex N.V. Information Technology $4.891 0.7%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.107 0.7%
Multiplus SA Consumer Discretionary $1.478 0.7%
Motherson Sumi Systems Ltd Consumer Discretionary $5.322 0.7%
AngloGold Ashanti Limited - Adr Materials $5.598 0.7%
Wynn Macau Ltd. Consumer Discretionary $8.037 0.6%
Universal Robina Corp. Consumer Staples $10.272 0.6%
Sasol Limited-Sponsored - Adr Energy $19.481 0.6%
Huatai Securities Co. Ltd. - H Class Financials $18.529 0.6%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.386 0.5%
MediaTek Inc. Information Technology $12.061 0.5%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.332 0.5%
Glenmark Pharmaceuticals Ltd. Health Care $3.388 0.5%
China Life Insurance Co. Cl H Ltd. Financials $95.377 0.5%
TerraForm Global, Inc. Cl - A Utilities $0.424 0.5%
Credicorp Ltd. Financials $10.450 0.4%
Biostime International Holdings Ltd. CONB Consumer Staples $2.315 0.4%
China Unicom (Hong Kong) Ltd. Telecommunication Services $31.611 0.4%
Sberbank of Russia PJSC-ADR Financials $37.561 0.4%
Lupin Ltd. Health Care $10.065 0.3%
HIWIN Technologies Corp. Industrials $1.192 0.3%
DEN Networks Ltd. Consumer Discretionary $0.232 0.3%
Linx SA Information Technology $0.628 0.3%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $1.231 0.3%
Lekoil, Ltd. Energy $0.105 0.3%
Hathway Cable & Datacom Limited Consumer Discretionary $0.486 0.2%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.612 0.0%
Total 100.0%
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Sector Breakdown as of May 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
12.8%
Consumer Discretionary
  • Home Furnishings 3.4%
  • Internet Retail 2.3%
  • Broadcasting 2.2%
  • Apparel, Accessories & Luxury Goods 2.1%
  • Education Services 2.0%
  • Advertising 1.8%
  • Auto Parts & Equipment 1.7%
  • Household Appliances 1.2%
  • Cable & Satellite 1.2%
  • Department Stores 1.2%
  • Movies & Entertainment 1.1%
  • Apparel Retail 0.8%
  • Textiles 0.7%
  • Casinos & Gaming 0.7%
22.4%
Consumer Staples
  • Packaged Foods & Meats 4.4%
  • Soft Drinks 1.6%
  • Personal Products 1.5%
  • Hypermarkets & Super Centers 1.2%
  • Food Distributors 1.0%
9.6%
Energy
  • Integrated Oil & Gas 2.6%
  • Coal & Consumable Fuels 1.2%
  • Oil & Gas Exploration & Production 0.3%
4.1%
Financials
  • Diversified Banks 3.8%
  • Consumer Finance 1.7%
  • Specialized Finance 1.4%
  • Asset Management & Custody Banks 1.3%
  • Investment Banking & Brokerage 1.3%
  • Life & Health Insurance 1.2%
  • Multi-Sector Holdings 0.9%
  • Diversified Real Estate Activities 0.8%
  • Real Estate Operating Companies 0.8%
  • Diversified Capital Markets 0.6%
13.9%
Health Care
  • Pharmaceuticals 2.2%
  • Health Care Distributors 1.9%
  • Life Sciences Tools & Services 1.4%
  • Health Care Supplies 1.0%
  • Health Care Facilities 0.5%
7.1%
Industrials
  • Electrical Components & Equipment 1.0%
  • Airlines 0.7%
  • Industrial Conglomerates 0.4%
  • Industrial Machinery 0.2%
2.3%
Information Technology
  • Internet Software & Services 8.1%
  • Semiconductors 3.3%
  • Technology Hardware, Storage & Peripherals 2.3%
  • Electronic Components 1.2%
  • Application Software 1.1%
  • Systems Software 0.7%
16.7%
Materials
  • Gold 1.8%
  • Commodity Chemicals 1.3%
  • Fertilizers & Agricultural Chemicals 1.0%
4.0%
Telecommunication Services
  • Wireless Telecommunication Services 5.5%
  • Integrated Telecommunication Services 0.6%
6.1%
Utilities
  • Gas Utilities 0.5%
  • Renewable Electricity 0.5%
1.0%
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Country Breakdown As of May 31, 2016

Country Breakdown
Developed % of Net Assets
Australia 0.7%
Hong Kong 3.5%
Singapore 0.8%
United Kingdom 0.3%
United States 0.5%
Country Breakdown
Developing % of Net Assets
Brazil 5.4%
Chile 1.0%
China 22.1%
India 12.8%
Indonesia 2.7%
Korea 7.7%
Mexico 6.8%
Panama 0.7%
Peru 0.1%
Philippines 3.1%
Russia 1.8%
South Africa 7.7%
Taiwan 8.9%
Thailand 0.6%
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Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Specialized Finance 1.03% 0.55%
Home Furnishings 2.95% 0.53%
Gold 1.15% 0.49%
Diversified Banks 4.73% 0.47%
Packaged Foods & Meats 3.80% 0.45%
Top Detractors Average Weight Contribution
Pharmaceuticals 4.31% -0.70%
Renewable Electricity 0.58% -0.41%
Health Care Supplies 1.23% -0.39%
Application Software 1.34% -0.38%
Cable & Satellite 1.43% -0.38%
By Holdings
Top Contributors Average Weight Contribution
BM&FBOVESPA SA 1.03% 0.55%
Steinhoff International Holdings N.V. 1.47% 0.41%
Taiwan Semiconductor Manufacturing Company Ltd. 2.05% 0.36%
Copa Holdings, S.A. 0.89% 0.34%
Zhaojin Mining Industry Company Limited 0.78% 0.29%
Top Detractors Average Weight Contribution
Kingdee International Software Group Co. Ltd. 1.01% -0.44%
TerraForm Global, Inc. 0.58% -0.41%
Ginko International Co., Ltd. 1.23% -0.39%
China Life Insurance Co. Ltd. 0.81% -0.34%
SouFun Holdings Ltd. 0.33% -0.30%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Education Services 1.83% 0.95%
Home Furnishings 2.88% 0.56%
Gold 0.29% 0.49%
Specialized Finance 0.48% 0.41%
Asset Management & Custody Banks 1.06% 0.20%
Top Detractors Average Weight Contribution
Renewable Electricity 0.65% -1.45%
Pharmaceuticals 5.56% -1.14%
Wireless Telecommunication Services 4.96% -1.05%
Investment Banking & Brokerage 2.40% -0.90%
Integrated Oil & Gas 2.75% -0.75%
By Holdings
Top Contributors Average Weight Contribution
TAL Education Group 1.73% 0.79%
BM&FBOVESPA SA 0.39% 0.42%
Ctrip.com International, Ltd. 1.42% 0.41%
Taiwan Semiconductor Manufacturing Company Ltd. 1.70% 0.41%
Man Wah Holdings Ltd. 1.26% 0.39%
Top Detractors Average Weight Contribution
TerraForm Global, Inc. 0.65% -1.45%
China Life Insurance Co. Ltd. 1.05% -0.78%
Haitong Securities Co., Ltd. 1.86% -0.64%
Jumei International Holding Ltd. 0.30% -0.62%
China Mengniu Dairy Co. Ltd. 1.12% -0.56%
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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 PA.

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.