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 December 31, 2016

Inception Date December 31, 2008
Net Assets (All share classes combined) $87.62 million
# of Equity Securities / % of Net Assets 74 / 90.2%
Turnover (3 Year Average) 38.81%
Median Market Cap $7.91 billion
Weighted Average Market Cap $25.15 billion
CUSIP 06828M306
Gross Expense Ratio (as of FYE 12/15)* 1.59%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/15) (0.09)%
Net Expense Ratio (as of FYE 12/15) 1.50%
EPS Growth (3-5 year forecast) 15.6%
Price/Earnings Ratio (trailing 12-month) 24.1
Price/Book Ratio 3.0
Price/Sales Ratio 2.8

Top Ten Holdings as of December 31, 2016

Holding Sector Percentage*
Eurofins Scientific SE (erf.fp) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 3.4%
Softbank Corp. (9984.JP) is a leading mobile communications and broadband internet access provider in Japan and the U.S., with additional investments in internet-related businesses. The company, led by founder Masayoshi Son, is one of the premier entrepreneurial and visionary companies in Japan.
Telecommunication Services 2.9%
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates approximately 200 small and medium-sized software businesses. These software businesses allow customers across a wide range of verticals to automate key activities, with the goal of saving on labor costs.
Information Technology 2.7%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.7%
Domino’s Pizza Enterprises (DMP.AU) is the master franchisee of the Domino’s Pizza brand in Australia, New Zealand, select European countries, and Japan. It is the largest franchisee of Domino’s outside the U.S. It is the leader in technological innovation among all of Domino’s master franchisees globally.
Consumer Discretionary 2.6%
RIB Software AG (RIB.GR) is a software company with a flagship application called iTWO with 5D modeling capability, 3D modeling with cost and time management, which allows construction clients to manage the project from start to finish using one software platform. 
Information Technology 2.5%
Reckitt Benckiser Group Plc
Consumer Staples 2.2%
Abcam plc (abc.ln) sells research grade antibodies to scientists who use its products in their search for treatments for human disease. The company sources products from more than 400 suppliers and also manufactures products in-house.
Health Care 2.2%
Julius Baer Group Ltd. (BAER.VX) is a large independent private bank. Headquartered in Zurich, Switzerland, it offers private banking, estate planning, and asset management services to clients around the world. The company has over 5,00 employees and total assets under management of close to CHF300bn.
Financials 2.1%
Tencent Holdings Ltd. (700.HK) is a leading internet service company, and the top 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 2.1%
Total 25.4%
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Portfolio Holdings as of December 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 9.8%
Eurofins Scientific SE Health Care $7.208 3.4%
Softbank Group Corp. Telecommunication Services $73.126 2.9%
Arch Capital Group Ltd. Financials $10.587 2.7%
Constellation Software, Inc. Information Technology $9.630 2.7%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $4.166 2.6%
RIB Software AG Information Technology $0.614 2.5%
Abcam plc Health Care $1.924 2.2%
Reckitt Benckiser Group Plc Consumer Staples $59.404 2.2%
Julius Baer Group Ltd. Financials $9.941 2.1%
Tencent Holdings, Ltd. Information Technology $231.835 2.1%
Fresenius Medical Care AG & Co. KGaA Health Care $26.017 2.1%
Alibaba Group Holding Limited - ADR Information Technology $219.110 2.0%
Aena SA Industrials $20.471 1.9%
Experian plc Industrials $18.325 1.6%
Ryanair Holdings plc - ADR Industrials $20.560 1.5%
Agilent Technologies, Inc. Health Care $14.659 1.5%
Check Point Software Technologies Ltd. Information Technology $14.772 1.5%
Intertek Group plc Industrials $6.924 1.5%
Rakuten, Inc. Consumer Discretionary $14.039 1.5%
Encana Corp. Energy $11.421 1.5%
BM&FBOVESPA SA Financials $9.201 1.4%
Daiwa Securities Group, Inc. Financials $10.781 1.4%
FANUC Corp. Industrials $34.599 1.3%
Mellanox Technologies Ltd. Information Technology $1.994 1.3%
Sony Corporation Consumer Discretionary $35.410 1.3%
Suncor Energy Inc. Energy $54.483 1.3%
Golar LNG Ltd. Energy $2.296 1.3%
Industria de Diseño Textil, S.A. Consumer Discretionary $106.395 1.3%
Copa Holdings, S.A. Industrials $3.811 1.2%
Mitsui Fudosan Co. Ltd. Real Estate $22.946 1.2%
Multi Commodity Exchange of India Ltd. Financials $0.952 1.2%
China Distance Education Holdings Limited - ADR Consumer Discretionary $0.385 1.1%
Yandex N.V. Information Technology $6.478 1.1%
Domino's Pizza Group plc Consumer Discretionary $2.297 1.1%
Worldpay Group plc Information Technology $6.653 1.1%
Grupo Financiero Banorte, S.A.B. de C.V. - Cl O Financials $13.688 1.1%
Nets A/S Information Technology $3.507 1.1%
Sms Co Ltd Information Technology $0.962 1.1%
Symrise AG Materials $7.902 1.0%
Ctrip.com International, Ltd. Consumer Discretionary $19.905 1.0%
Bridgestone Corp. Consumer Discretionary $29.317 1.0%
Sociedad Química y Minera de Chile SA - ADS Materials $7.921 1.0%
ProSiebenSat.1 Media AG Consumer Discretionary $8.979 1.0%
PT Matahari Department Store Tbk Consumer Discretionary $3.276 1.0%
MYOB Group Limited Information Technology $1.583 1.0%
Kingdee International Software Group Co. Ltd. Information Technology $1.110 0.9%
Smiles SA Consumer Discretionary $1.699 0.9%
MonotaRO Co., Ltd. Industrials $2.554 0.9%
Newcrest Mining Ltd. Materials $11.205 0.9%
Interxion Holding N.V. Information Technology $2.473 0.9%
Steinhoff International Holdings N.V. Consumer Discretionary $21.958 0.9%
Man Wah Holdings Ltd. Consumer Discretionary $2.577 0.8%
Mobileye N.V. Information Technology $8.357 0.8%
Baidu, Inc. Information Technology $57.036 0.7%
TOTVS SA Information Technology $1.207 0.7%
Agnico Eagle Mines Limited Materials $9.462 0.7%
Grifols SA - ADR Health Care $13.075 0.7%
Maruti Suzuki India Ltd. Consumer Discretionary $23.677 0.7%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $6.411 0.6%
PT Tower Bersama Infrastructure, Tbk. Telecommunication Services $1.675 0.6%
Haitong Securities Co., Ltd. - Cl H Financials $24.189 0.6%
AO World plc Consumer Discretionary $0.941 0.6%
TAL Education Group - ADR Consumer Discretionary $5.674 0.6%
JUST EAT plc Information Technology $4.879 0.6%
Lekoil, Ltd. Energy $0.174 0.6%
Horizon Discovery Group plc Health Care $0.169 0.6%
L'Occitane International S.A. Consumer Discretionary $2.796 0.6%
Howden Joinery Group Plc Industrials $2.973 0.6%
BYD Company Ltd. Consumer Discretionary $17.783 0.5%
TerraForm Global, Inc. Cl - A Utilities $0.690 0.5%
Cimpress N.V. Information Technology $2.900 0.5%
Wix.com Ltd. Information Technology $1.892 0.5%
Wynn Macau Ltd. Consumer Discretionary $8.268 0.4%
PT Sarana Menara Nusantara Tbk. Telecommunication Services $2.711 0.4%
Total 100.0%
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Sector Breakdown as of December 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
9.8%
Consumer Discretionary
  • Restaurants 3.7%
  • Internet & Direct Marketing Retail 3.0%
  • Education Services 1.8%
  • Home Furnishings 1.7%
  • Broadcasting 1.6%
  • Consumer Electronics 1.3%
  • Apparel Retail 1.3%
  • Automobile Manufacturers 1.2%
  • Tires & Rubber 1.0%
  • Department Stores 1.0%
  • Advertising 0.9%
  • Specialty Stores 0.6%
  • Casinos & Gaming 0.4%
19.6%
Consumer Staples
  • Household Products 2.2%
2.2%
Energy
  • Oil & Gas Exploration & Production 2.0%
  • Integrated Oil & Gas 1.3%
  • Oil & Gas Storage & Transportation 1.3%
4.6%
Financials
  • Property & Casualty Insurance 2.7%
  • Financial Exchanges & Data 2.6%
  • Asset Management & Custody Banks 2.1%
  • Investment Banking & Brokerage 2.0%
  • Diversified Banks 1.1%
10.6%
Health Care
  • Life Sciences Tools & Services 5.5%
  • Biotechnology 2.9%
  • Health Care Services 2.1%
10.4%
Industrials
  • Research & Consulting Services 3.1%
  • Airlines 2.8%
  • Airport Services 1.9%
  • Trading Companies & Distributors 1.5%
  • Industrial Machinery 1.3%
10.5%
Information Technology
  • Internet Software & Services 8.6%
  • Application Software 7.9%
  • Systems Software 2.3%
  • Data Processing and Outsourced Services 2.2%
  • Semiconductors 1.3%
  • IT Consulting & Other Services 0.9%
23.1%
Materials
  • Gold 1.6%
  • Fertilizers & Agricultural Chemicals 1.0%
  • Specialty Chemicals 1.0%
3.7%
Real Estate
  • Diversified Real Estate Activities 1.2%
1.2%
Telecommunication Services
  • Wireless Telecommunication Services^ 3.8%
3.8%
Utilities
  • Renewable Electricity 0.5%
0.5%
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Country Breakdown As of December 31, 2016

Country Breakdown
Developed % of Net Assets
Australia 4.5%
Canada 6.2%
Denmark 1.1%
France 3.4%
Germany 6.6%
Hong Kong 1.8%
Ireland 1.5%
Israel 4.1%
Japan 12.5%
Netherlands 1.4%
Norway 1.3%
Spain 3.9%
Switzerland 2.1%
United Kingdom 12.6%
United States 4.6%
Country Breakdown
Developing % of Net Assets
Brazil 3.1%
Chile 1.1%
China 9.4%
India 2.5%
Indonesia 2.0%
Mexico 1.1%
Panama 1.2%
Russia 1.2%
South Africa 1.0%
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Top Contributors & Detractors as of December 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 1.94% 0.26%
Property & Casualty Insurance 2.60% 0.23%
Integrated Oil & Gas 1.27% 0.21%
Airlines 2.82% 0.18%
Oil & Gas Storage & Transportation 1.57% 0.18%
Top Detractors Average Weight Contribution
Internet Software & Services 8.40% -0.99%
Internet & Direct Marketing Retail 3.36% -0.59%
Packaged Foods & Meats 0.69% -0.58%
Consumer Finance 1.25% -0.48%
Restaurants 4.01% -0.48%
By Holdings
Top Contributors Average Weight Contribution
Arch Capital Group Ltd. 2.60% 0.23%
Suncor Energy Inc. 1.27% 0.21%
Encana Corp. 1.44% 0.18%
Golar LNG Ltd. 1.57% 0.18%
Julius Baer Group Ltd. 1.92% 0.16%
Top Detractors Average Weight Contribution
Bellamy’s Australia Limited 0.69% -0.58%
Bharat Financial Inclusion Limited 1.25% -0.48%
Alibaba Group Holding Limited 2.50% -0.45%
Rakuten, Inc. 1.64% -0.44%
Domino's Pizza Enterprises Ltd. 2.87% -0.39%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Gold 2.47% 1.35%
Financial Exchanges & Data 2.38% 1.31%
Airport Services 3.00% 0.80%
Life Sciences Tools & Services 4.98% 0.75%
Oil & Gas Storage & Transportation 1.33% 0.60%
Top Detractors Average Weight Contribution
Diversified Banks 2.13% -0.98%
Airlines 3.29% -0.83%
Data Processing and Outsourced Services 1.82% -0.79%
Packaged Foods & Meats 0.99% -0.68%
Internet & Direct Marketing Retail 3.73% -0.61%
By Holdings
Top Contributors Average Weight Contribution
Newcrest Mining Ltd. 1.63% 1.04%
BM&FBOVESPA SA 1.51% 0.92%
Aena SA 3.00% 0.80%
Eurofins Scientific SE 3.38% 0.69%
Golar LNG Ltd. 1.33% 0.60%
Top Detractors Average Weight Contribution
easyJet plc 0.81% -0.71%
Worldpay Group plc 1.52% -0.50%
Intesa Sanpaolo S.p.A. 0.55% -0.45%
Sumitomo Mitsui Trust Holdings, Inc. 0.42% -0.44%
Nomad Foods Limited 0.16% -0.42%
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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.