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 June 30, 2014

Inception Date December 31, 2010
Net Assets (All share classes combined) $996.27 million
# of Equity Securities / % of Net Assets 76 / 90.9%
Turnover (3 Year Average) 37.53%
Median Market Cap $3.29 billion
Weighted Average Market Cap $14.05 billion
CUSIP 06828M876
Gross Expense Ratio (as of FYE 12/13) 1.80%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.55)%
Net Expense Ratio (as of FYE 12/13) 1.25%
EPS Growth (3-5 year forecast) 19.2%
Price/Earnings Ratio (trailing 12-month) 19.9
Price/Book Ratio 3.2
Price/Sales Ratio 2.3

Top Ten Holdings as of August 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
Kroton Educational SA (KROT3.BZ) is a post-secondary education company in Brazil.
Consumer Discretionary 3.7%
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. 
Consumer Discretionary 2.1%
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 2.1%
Divi’s Laboratories Ltd. (DIVI.IN) is a leading player in pharmaceutical contract manufacturing (CRAMS) and production of Active Pharmaceutical Ingredients (APIs) for the generics industry. Divi’s focuses on high value-add projects earning high margins and returns on capital. 
Health Care 2.0%
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%
Haitong Securities Co., Ltd.(6837.HK) is a leading securities firm in China providing securities and futures brokerage, investment banking, asset management, proprietary trading, and direct investment. The company is headquartered in Shanghai and has branches across 27 provinces and 125 cities in China.
Financials 1.9%
Torrent Pharmaceuticals Ltd. (TRP.IN) manufactures bulk drugs and pharmaceutical formulations.  The company's formulations include cardio-vascular, psychotropic and antibiotic drugs while its bulk drugs include atenolol, ciprofloxacin, and norfloxacin.
Health Care 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 also operates the Oxxo brand of convenience stores throughout Mexico and holds a large stake in Heineken NV.
Consumer Staples 1.8%
Opera Software ASA
Information Technology 1.8%
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 1.7%
Total 20.8%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 9.1%
Steinhoff International Holdings Ltd. Consumer Discretionary $11.838 2.6%
Smiles SA Consumer Discretionary $2.598 2.6%
Kroton Educacional SA Consumer Discretionary $7.535 2.1%
Cetip SA - Mercados Organizados Financials $3.717 2.0%
Haitong Securities Co., Ltd. Financials $14.249 2.0%
Divi's Laboratories Ltd. Health Care $3.220 2.0%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.257 1.9%
Fomento Económico Mexicano, S.A.B. de C.V. Consumer Staples $33.536 1.8%
Torrent Pharmaceuticals Ltd. Health Care $1.998 1.7%
MediaTek Inc. Information Technology $26.571 1.7%
Taiwan Semiconductor Manufacturing Company Ltd. Information Technology $110.925 1.6%
HIWIN Technologies Corp. Industrials $3.133 1.6%
M. Dias Branco SA Consumer Staples $5.018 1.6%
Aspen Pharmacare Holdings Ltd. Health Care $12.825 1.6%
Biostime International Holdings Ltd. Consumer Staples $3.350 1.6%
Samsung Electronics Co., Ltd. Information Technology $189.838 1.6%
Amara Raja Batteries Ltd. Industrials $1.337 1.5%
Far EasTone Telecommunications Co., Ltd. Telecommunication Services $7.421 1.5%
Multiplus SA Consumer Discretionary $2.678 1.5%
Larsen & Toubro Ltd. Industrials $26.248 1.5%
Universal Robina Corp. Consumer Staples $7.712 1.4%
CJ O Shopping Co. Ltd. Consumer Discretionary $2.242 1.4%
Axis Bank Ltd. Financials $15.036 1.4%
Lupin Ltd. Health Care $7.816 1.3%
KIA Motors Corp. Consumer Discretionary $22.436 1.3%
Man Wah Holdings Ltd. Consumer Discretionary $1.519 1.3%
WeMade Entertainment Co., Ltd. Information Technology $0.643 1.3%
China Mengniu Dairy Co. Ltd. Consumer Staples $9.057 1.3%
PVR Ltd. Consumer Discretionary $0.458 1.3%
Tencent Holdings, Ltd. Information Technology $142.479 1.3%
TOTVS SA Information Technology $2.811 1.2%
Bank Rakyat Indonesia (Persero) Tbk PT Financials $21.485 1.2%
Anhanguera Educacional Participações SA Consumer Discretionary $3.640 1.2%
Sociedad Química y Minera de Chile SA Materials $7.834 1.2%
Opera Software ASA Information Technology $1.902 1.2%
Sun TV Network Ltd. Consumer Discretionary $3.007 1.2%
Metro Pacific Investments Corp. Financials $2.989 1.2%
Ginko International Co. LTD Health Care $1.604 1.2%
Novatek Microelectronics Corp. Information Technology $2.996 1.2%
Global Logistic Properties Ltd. Financials $10.475 1.2%
Grand Korea Leisure Co., Ltd. Consumer Discretionary $2.583 1.2%
PT Matahari Department Store Tbk Consumer Discretionary $3.397 1.2%
Bidvest Group Ltd. Industrials $8.801 1.2%
Wynn Macau Ltd. Consumer Discretionary $20.349 1.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $4.686 1.1%
CFR Pharmaceuticals SA Health Care $2.762 1.1%
Yandex N.V. Information Technology $11.455 1.1%
GOL Linhas Aéreas Inteligentes SA Industrials $1.554 1.1%
Kingdee International Software Group Co. Ltd. Information Technology $0.840 1.0%
Ayala Land, Inc. Financials $9.912 1.0%
Bangkok Bank Public Co. Ltd. Financials $11.351 1.0%
Dish TV India Ltd. Consumer Discretionary $1.056 1.0%
DEN Networks Ltd. Consumer Discretionary $0.708 1.0%
Perfect World Co., Ltd. Information Technology $0.972 1.0%
Crompton Greaves Ltd. Industrials $2.091 1.0%
Shandong Weigao Group Medical Polymer Co. Ltd. Health Care $4.372 0.9%
Estácio Participações SA Consumer Discretionary $3.937 0.9%
Sina Corporation Information Technology $3.317 0.9%
Melco International Development Ltd. Consumer Discretionary $4.727 0.9%
Linx SA Information Technology $1.092 0.9%
L.P.N. Development PCL Financials $0.923 0.8%
21Vianet Group, Inc. Information Technology $1.989 0.8%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.725 0.8%
TAL Education Group Consumer Discretionary $2.147 0.8%
WuXi PharmaTech (Cayman) Inc. Health Care $2.351 0.7%
Sihuan Pharmaceutical Holdings Group Ltd. Health Care $6.339 0.7%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.800 0.6%
Biostime International Holdings Ltd. Consumer Staples $3.350 0.6%
Lekoil, Ltd. Energy $0.472 0.6%
BDO Unibank, Inc. Financials $7.670 0.6%
Qihoo 360 Technology Co. Ltd. Information Technology $11.590 0.5%
SHUAA Capital psc Financials $0.296 0.4%
Africa Oil Corp. Energy $2.124 0.4%
Yashili International Holdings Ltd. Consumer Staples $1.295 0.4%
Hartalega Holdings Bhd Health Care $1.445 0.2%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.421 0.1%
CFR Pharmaceuticals SA Health Care $2.762 0.0%
Agrinos AS Materials $0.053 0.0%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $4.686 0.0%
Total 100.0%
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Sector Breakdown as of August 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
10.3%
Consumer Discretionary
  • Education Services 6.0%
  • Home Furnishings 3.3%
  • Advertising 3.2%
  • Casinos & Gaming 3.1%
  • Cable & Satellite 2.0%
  • Broadcasting 1.9%
  • Automobile Manufacturers 1.5%
  • Department Stores 1.5%
  • Catalog Retail 1.3%
  • Movies & Entertainment 1.2%
  • Specialty Stores 1.1%
  • Apparel Retail 0.7%
26.7%
Consumer Staples
  • Packaged Foods & Meats 5.4%
  • Soft Drinks 1.8%
7.2%
Energy
  • Oil & Gas Exploration & Production 0.9%
  • Integrated Oil & Gas 0.5%
1.4%
Financials
  • Diversified Banks 4.7%
  • Investment Banking & Brokerage 2.5%
  • Asset Management & Custody Banks 1.9%
  • Diversified Real Estate Activities 1.3%
  • Real Estate Operating Companies 1.2%
  • Multi-Sector Holdings 1.1%
  • Real Estate Development 0.7%
13.5%
Health Care
  • Pharmaceuticals 6.5%
  • Life Sciences Tools & Services 2.6%
  • Health Care Supplies 2.2%
  • Health Care Distributors 0.5%
11.8%
Industrials
  • Electrical Components & Equipment 2.4%
  • Airlines 1.6%
  • Industrial Machinery 1.3%
  • Construction & Engineering 1.2%
  • Industrial Conglomerates 1.1%
7.6%
Information Technology
  • Semiconductors 5.7%
  • Internet Software & Services 4.1%
  • Home Entertainment Software 2.6%
  • Application Software 1.8%
  • Systems Software 1.4%
15.6%
Materials
  • Fertilizers & Agricultural Chemicals 1.1%
1.1%
Telecommunication Services
  • Wireless Telecommunication Services 3.7%
3.7%
Utilities
  • Gas Utilities 1.1%
1.1%
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Country Breakdown As of August 31, 2014

Country Breakdown
Developed % of Net Assets
Canada 0.4%
Hong Kong 5.0%
Norway 1.8%
Singapore 1.2%
United Kingdom 0.5%
Country Breakdown
Developing % of Net Assets
Brazil 15.0%
Chile 2.1%
China 12.1%
India 15.2%
Indonesia 5.6%
Korea 7.0%
Malaysia 0.1%
Mexico 2.9%
Philippines 4.5%
Russia 0.5%
South Africa 5.3%
Taiwan 8.0%
Thailand 1.9%
United Arab Emirates 0.6%
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Top Contributors & Detractors as of June 30, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Advertising 3.76% 1.33%
Pharmaceuticals^ 6.34% 1.25%
Education Services 4.03% 1.17%
Wireless Telecommunication Services 3.41% 0.59%
Diversified Banks 3.78% 0.56%
Top Detractors Average Weight Contribution
Home Entertainment Software 2.24% -0.31%
Packaged Foods & Meats 7.86% -0.27%
Health Care Supplies 2.61% -0.19%
Internet Retail 0.27% -0.16%
Department Stores 0.95% -0.14%
By Holdings
Top Contributors Average Weight Contribution
Smiles SA 2.47% 0.79%
CFR Pharmaceuticals SA 1.14% 0.63%
Multiplus SA 1.30% 0.54%
Kroton Educacional SA 2.04% 0.53%
Tower Bersama Infrastructure Tbk PT 1.81% 0.48%
Top Detractors Average Weight Contribution
Biostime International Holdings Ltd. 2.71% -0.38%
Sina Corporation 1.07% -0.27%
WeMade Entertainment Co., Ltd. 1.15% -0.24%
SHUAA Capital psc 0.65% -0.21%
Kingdee International Software Group Co. Ltd. 0.99% -0.19%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 9.33% 5.55%
Pharmaceuticals^ 5.56% 2.49%
Education Services 3.72% 2.45%
Advertising 2.46% 1.86%
Internet Retail 0.73% 1.66%
Top Detractors Average Weight Contribution
Cable & Satellite 3.57% -1.08%
Real Estate Development 1.01% -0.77%
Fertilizers & Agricultural Chemicals 1.27% -0.60%
Home Entertainment Software 1.62% -0.39%
Airlines 1.29% -0.35%
By Holdings
Top Contributors Average Weight Contribution
21Vianet Group, Inc. 1.47% 1.71%
Qunar Cayman Islands Ltd. 0.73% 1.66%
Kroton Educacional SA 2.04% 1.57%
NQ Mobile, Inc. 1.08% 1.43%
Smiles SA 1.88% 1.42%
Top Detractors Average Weight Contribution
Financial Technologies Ltd. 0.19% -1.97%
KT Skylife Co. Ltd. 1.04% -0.76%
Lippo Karawaci Tbk PT 0.27% -0.59%
Agrinos AS 0.27% -0.40%
Cebu Air, Inc. 0.39% -0.32%
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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.