Baron International Growth Fund (BIGFX)

Portfolio Management

MichaelKass
Michael Kass

Fund Manager since 2008

Objective & Strategy

The investment goal of Baron International Growth Fund is capital appreciation.

The Fund invests in non-U.S. companies with significant growth potential. While investments may be made across all market capitalizations, the Fund’s focus is on small and mid-sized companies. The Fund invests principally in companies in developed countries and may invest up to 30% in companies of developing countries. We identify global trends and themes we believe will create growth opportunities, and stock selection is based on these themes and bottom-up research. Diversified.

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Fund Description

Baron International Growth Fund invests primarily in non-U.S. growth companies.

   

   

Performance Summary as of November 30, 2014

  Annualized Returns Since Inception
12/31/08
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
-0.09% 3.46% 11.01% 8.90% N/A 13.83% 115.18%
Growth of $10,000 Chart

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Top Ten Holdings as of November 30, 2014

Holding Sector Percentage
Kroton Educacional SA Consumer Discretionary 2.7%
Check Point Software Technologies Ltd. Information Technology 2.6%
Constellation Software, Inc. Information Technology 2.6%
Ingenico SA Information Technology 2.2%
RIB Software AG Information Technology 2.1%
Mellanox Technologies Ltd. Information Technology 2.1%
SoftBank Corp. Telecommunication Services 2.1%
Symrise AG Materials 2.1%
Opera Software ASA Information Technology 1.9%
Domino's Pizza Group plc Consumer Discretionary 1.9%
Total 22.3%
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Performance Based Characteristics as of September 30, 2014

Characteristics 3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 14.80 16.94 17.44
Sharpe Ratio 0.89 0.56 0.80
Alpha (%) 1.42 2.52 3.25
Beta 0.99 0.99 0.90
R-Squared (%) 85.15 89.45 87.16
Tracking Error (%) 5.63 5.46 6.45
Information Ratio 0.23 0.45 0.36
Upside Capture (%) 98.74 103.68 98.78
Downside Capture (%) 88.79 92.12 86.97

Daily Price (NAV)

Prices for Dec 19 , 2014
(BIGFX)
NAV $18.01
Daily Change ($) $0.07
Daily Change (%) 0.39%
MTD -1.85%
YTD -1.94%
52-Week High $20.05
52-Week Low $17.42

Fund Facts

Inception Date December 31, 2008
Net Assets^ $65.48 million
CUSIP 06828M306
Expense Ratio* 1.74% / 1.50%
Risk/Return Comparison
Risk Return Graph

Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. This may result in greater share price volatility. Securities of small and medium-sized companies may be thinly traded and more difficult to sell. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.

Ratings/Rankings

Morningstar Ratings
Ratings based on risk-adjusted returns as of 9/30/2014
Category: US OE Foreign Small/Mid Growth
Overall 2 Stars out of 128 funds
3 Year 2 Stars out of 128 funds
5 Year 2 Stars out of 92 funds

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Lipper Rankings
Rankings based on total returns as of 9/30/2014
Category: International Multi-Cap Growth
1 Year 270 out of 378 funds
3 Year 172 out of 329 funds
5 Year 38 out of 303 funds

Stylebox

Baron Category: All-Cap Growth
Large Value Large Core Large Growth Large
Mid Value Mid Core Mid Growth Mid
Small Value Small Core Small Growth Small
Value Core Growth  
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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 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 above. For performance information current to the most recent month end, click here.

The Fund may not achieve its objectives.

^All share classes combined. As of most recent month end.

*As of fiscal year ended 12/31/2013 the gross expense ratio of the Fund’s Retail Shares was 1.74%, but the estimated net expense ratio was 1.50% (net of the Adviser's fee waivers).

The Risk/Return Comparison plots the since inception return of the Fund against the Fund's Standard Deviation for the same time period. Source FactSet SPAR.

Top Ten Fund Holdings based on net assets. 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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately.) © 2014 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Lipper Analytical Services, Inc. rankings and fund performance do not reflect sales charges and are based on total return, including reinvestment of dividends and capital gains for the stated periods.

Performance Based Characteristics- based on trailing five-year and since-inception periods. Performance statistics for additional periods will be provided on request. Source: FactSet SPAR.

Definitions (provided by BAMCO, Inc.): The MSCI AC World ex USA indexes cited are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI ACWI ex USA IMI Growth Index Net USD measures the performance of large, mid and small cap growth securities across developed and emerging markets, excluding the United States. The MSCI ACWI ex USA Index Net USD measures the equity market performance of large and mid cap securities across developed and emerging markets, excluding the United States. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. The Morningstar Foreign Small/Mid Growth Average is not weighted and represents the straight average of annualized returns of each of the funds in the Foreign Small/Mid Growth category. The Fund has been included in the category since inception. © 2014 Morningstar, Inc.  All Rights Reserved.  The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  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 (MSCI AC World ex USA IMI Growth Index Net) is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index (MSCI AC World ex USA IMI Growth Index Net), 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 (MSCI AC World ex USA IMI Growth Index Net). 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 (MSCI AC World ex USA IMI Growth Index Net). 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  (MSCI AC World ex USA IMI Growth Index Net) are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns (MSCI AC World ex USA IMI Growth Index Net) are less than zero. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.