Baron International Growth Fund (BIGFX)

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Fund Description

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

   

   

Facts & Characteristics as of March 31, 2015

Inception Date December 31, 2008
Net Assets (All share classes combined) $105.89 million
# of Equity Securities / % of Net Assets 75/94.6%
Turnover (3 Year Average) 41.73%
Median Market Cap $7.32 billion
Weighted Average Market Cap $18.84 billion
CUSIP 06828M306
Gross Expense Ratio (as of FYE 12/13)* 1.74%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.24)%
Net Expense Ratio (as of FYE 12/13) 1.50%
EPS Growth (3-5 year forecast) 15.7%
Price/Earnings Ratio (trailing 12-month) 23.1
Price/Book Ratio 3.0
Price/Sales Ratio 2.2

Top Ten Holdings as of May 31, 2015

Holding Sector Percentage*
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates over 150 small and medium-sized software businesses. These software businesses allow customers across a wide range of verticals to automate mission-critical activities, with the goal of saving labor costs.
Information Technology 3.5%
Check Point Software Technologies Ltd. (CHKP) provides security software for Internet communications and transactions. Check Point’s software verifies remote users, controls access, and blocks viruses and malicious software.
Information Technology 2.7%
Aena SA
Industrials 2.6%
Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfinBand and Ethernet networking technologies.
Information Technology 2.5%
Ingenico S.A. (ING.FP) manufactures point-of-sale (POS) payment terminals and provides secure electronic payment services.
Information Technology 2.5%
Kingdee International Software Group Co. Ltd.
Information Technology 2.4%
RIB Software AG (RSTA.GR) has a unique software product with 5D modeling capabilities (3D modeling plus time and cost estimation elements). It services the construction sector.
Information Technology 2.0%
Eurofins Scientific SE (ERF.PAR) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 2.0%
Symrise AG (SY1.GR) is one of the largest manufacturers in the global flavor & fragrance industry. It provides flavor and scent inputs for the consumer staples industry, including packaged food, beverage, and household and personal care.
Materials 2.0%
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 and is the largest franchisee of Domino’s outside of the U.S.
Consumer Discretionary 2.0%
Total 24.2%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.4%
Constellation Software, Inc. Information Technology $7.325 3.1%
Check Point Software Technologies Ltd. Information Technology $15.066 2.8%
Mellanox Technologies Ltd. Information Technology $2.072 2.7%
Ingenico SA Information Technology $6.630 2.3%
Rakuten, Inc. Consumer Discretionary $22.866 2.3%
Symrise AG Materials $8.194 2.2%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $2.443 2.0%
RIB Software AG Information Technology $0.610 2.0%
Domino's Pizza Group plc Consumer Discretionary $1.904 2.0%
ProSiebenSat.1 Media AG Consumer Discretionary $10.692 2.0%
Just Eat plc Information Technology $3.677 2.0%
Julius Baer Group Ltd. Financials $11.230 1.9%
Eurofins Scientific SE Health Care $4.107 1.9%
easyJet plc Industrials $11.089 1.9%
Brenntag AG Industrials $9.291 1.8%
Deutsche Post AG Industrials $37.778 1.8%
Ryanair Holdings plc - ADR Industrials $18.374 1.7%
Arch Capital Group Ltd. Financials $7.710 1.7%
Sumitomo Mitsui Trust Holdings, Inc. Financials $16.159 1.7%
FANUC Corp. Industrials $52.171 1.6%
Steinhoff International Holdings Ltd. Consumer Discretionary $21.625 1.6%
Panasonic Corporation Consumer Discretionary $32.112 1.6%
Aena SA Industrials $15.082 1.6%
Azimut Holding S.p.A. Financials $4.093 1.5%
Bridgestone Corp. Consumer Discretionary $32.369 1.5%
MonotaRO Co.,Ltd. Industrials $2.182 1.5%
Kingdee International Software Group Co. Ltd. Information Technology $1.080 1.4%
SoftBank Corp. Telecommunication Services $69.356 1.4%
Mitsui Fudosan Co. Ltd. Financials $29.437 1.4%
Sanrio Co. Ltd. Consumer Discretionary $2.384 1.4%
William Hill PLC Consumer Discretionary $4.825 1.4%
Abcam Plc. Health Care $1.447 1.4%
Agilent Technologies, Inc. Health Care $13.953 1.3%
Suncor Energy Inc. Energy $42.273 1.3%
Golar LNG Ltd. Energy $3.104 1.3%
Inchcape plc Consumer Discretionary $5.242 1.3%
Daiwa Securities Group, Inc. Financials $13.669 1.3%
Axis Bank Ltd. Financials $21.213 1.3%
Tencent Holdings, Ltd. Information Technology $177.970 1.3%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.476 1.2%
PT Matahari Department Store Tbk Consumer Discretionary $4.396 1.2%
Haitong Securities Co., Ltd. - Cl H Financials $34.206 1.1%
Larsen & Toubro Ltd. Industrials $25.543 1.1%
Inditex SA Consumer Discretionary $100.133 1.1%
TAL Education Group - ADR Consumer Discretionary $2.620 1.1%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $51.883 1.1%
Fresenius Medical Care Ag & Health Care $25.906 1.1%
Experian plc Industrials $17.114 1.0%
TOTVS SA Information Technology $1.870 1.0%
Grifols SA - ADR Health Care $13.540 1.0%
Dish TV India Ltd. Consumer Discretionary $1.395 1.0%
Alibaba Group Holding Ltd. - ADR Information Technology $205.187 1.0%
Burberry Group Plc Consumer Discretionary $11.433 1.0%
PATRIZIA Immobilien AG Financials $1.237 0.9%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.641 0.9%
Nomad Holdings Ltd. Unclassified $0.546 0.8%
Intertek Group plc Industrials $5.979 0.7%
Syngenta AG - ADS Materials $31.513 0.7%
Crescent Point Energy Corp. Energy $10.037 0.7%
AO World plc Consumer Discretionary $1.144 0.7%
Lancashire Holdings Limited Financials $1.857 0.7%
Brambles Ltd. Industrials $13.754 0.6%
Smiles SA Consumer Discretionary $1.942 0.6%
Wynn Macau Ltd. Consumer Discretionary $11.245 0.5%
Perfect World Co., Ltd. - ADR Information Technology $0.920 0.5%
Compagnie Financière Richemont SA Consumer Discretionary $46.265 0.4%
Premier Oil plc Energy $0.997 0.4%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.245 0.4%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.137 0.4%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.650 0.3%
Cetip SA - Mercados Organizados Financials $2.623 0.3%
GAEC Educação S.A. Consumer Discretionary $0.395 0.3%
DEN Networks Ltd. Consumer Discretionary $0.343 0.2%
Kroton Educacional SA Consumer Discretionary $5.238 0.2%
GOL Linhas Aéreas Inteligentes SA - ADR Industrials $0.688 0.2%
Nomad Holdings Ltd. Unclassified $0.546 0.0%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.8%
Consumer Discretionary
  • Restaurants 3.6%
  • Internet Retail 2.6%
  • Broadcasting 2.3%
  • Specialty Stores 2.3%
  • Consumer Electronics 1.6%
  • Casinos & Gaming 1.6%
  • Cable & Satellite 1.6%
  • Tires & Rubber 1.5%
  • Home Furnishings 1.5%
  • Distributors 1.3%
  • Education Services 1.2%
  • Apparel, Accessories & Luxury Goods 1.1%
  • Apparel Retail 1.1%
  • Department Stores 1.0%
  • Advertising 0.6%
25.0%
Energy
  • Oil & Gas Storage & Transportation 1.5%
  • Integrated Oil & Gas 1.2%
  • Oil & Gas Exploration & Production 1.1%
3.8%
Financials
  • Asset Management & Custody Banks 3.6%
  • Investment Banking & Brokerage 2.9%
  • Diversified Banks 2.8%
  • Property & Casualty Insurance 2.6%
  • Diversified Real Estate Activities 1.6%
  • Specialized Finance 0.3%
13.7%
Health Care
  • Life Sciences Tools & Services 3.2%
  • Biotechnology 2.4%
  • Health Care Services 1.5%
  • Health Care Technology 0.8%
8.0%
Industrials
  • Airlines 3.3%
  • Trading Companies & Distributors 3.1%
  • Airport Services 2.6%
  • Research & Consulting Services 1.8%
  • Industrial Machinery 1.5%
  • Construction & Engineering 0.6%
  • Air Freight & Logistics 0.5%
13.3%
Information Technology
  • Application Software 8.6%
  • Internet Software & Services 4.3%
  • Systems Software 3.8%
  • Electronic Equipment & Instruments 2.5%
  • Semiconductors 2.5%
21.7%
Materials
  • Specialty Chemicals 2.0%
  • Gold 0.8%
  • Fertilizers & Agricultural Chemicals 0.6%
3.4%
Telecommunication Services
  • Wireless Telecommunication Services 2.8%
  • Integrated Telecommunication Services 1.9%
4.7%
Unclassified
  • Unclassified 1.6%
1.6%
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Country Breakdown As of May 31, 2015

Country Breakdown
Developed % of Net Assets
Australia 2.7%
Canada 5.3%
France 4.5%
Germany 9.9%
Greece 0.3%
Hong Kong 1.0%
Ireland 1.6%
Israel 6.0%
Italy 1.3%
Japan 15.3%
Norway 1.5%
Spain 4.6%
Switzerland 2.6%
United Kingdom 14.7%
United States 4.5%
Country Breakdown
Developing % of Net Assets
Brazil 2.1%
China 9.7%
India 3.7%
Indonesia 2.4%
South Africa 1.5%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 6.16% 0.98%
Trading Companies & Distributors 2.98% 0.91%
Restaurants 3.61% 0.72%
Industrial Machinery 1.68% 0.56%
Home Furnishings 1.44% 0.30%
Top Detractors Average Weight Contribution
Education Services 1.93% -1.55%
Airlines 3.98% -0.56%
Specialty Stores 2.52% -0.20%
Wireless Telecommunication Services 3.26% -0.19%
Investment Banking & Brokerage 1.59% -0.18%
By Holdings
Top Contributors Average Weight Contribution
MonotaRO Co.,Ltd. 1.30% 0.77%
Domino's Pizza Enterprises Ltd. 1.72% 0.59%
FANUC Corp. 1.68% 0.56%
Just Eat plc 1.68% 0.52%
Rakuten, Inc. 1.77% 0.46%
Top Detractors Average Weight Contribution
GAEC Educação S.A 0.71% -0.90%
Kroton Educacional SA 0.80% -0.72%
GOL Linhas Aéreas Inteligentes SA 0.81% -0.68%
AO World plc 1.17% -0.54%
Opera Software ASA 0.97% -0.49%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Restaurants 2.95% 1.21%
Real Estate Development 1.32% 0.77%
Application Software 6.24% 0.73%
Trading Companies & Distributors 1.73% 0.67%
Investment Banking & Brokerage 1.87% 0.54%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 2.61% -1.42%
Education Services 2.97% -1.08%
Casinos & Gaming 1.72% -0.51%
Oil & Gas Drilling 0.87% -0.44%
Home Entertainment Software 1.23% -0.40%
By Holdings
Top Contributors Average Weight Contribution
Constellation Software, Inc. 2.49% 1.00%
Axis Bank Ltd. 1.40% 0.86%
PATRIZIA Immobilien AG 1.38% 0.80%
Haitong Securities Co., Ltd. 1.27% 0.75%
Domino's Pizza Enterprises Ltd. 1.60% 0.74%
Top Detractors Average Weight Contribution
AO World plc 1.18% -0.85%
Kroton Educacional SA 2.14% -0.74%
GAEC Educação S.A 0.44% -0.73%
Premier Oil plc 0.90% -0.68%
GOL Linhas Aéreas Inteligentes SA 1.02% -0.65%
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Facts & Characteristics-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 Hodings and Sector breakdown based on net assets. Portfolio holdings may change over time. Positions smaller than 0.05% round to 0.0%.

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 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.