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, 2014

Inception Date December 31, 2008
Net Assets (All share classes combined) $105.26 million
# of Equity Securities / % of Net Assets 72/94.8%
Turnover (3 Year Average) 38.10%
Median Market Cap $6.97 billion
Weighted Average Market Cap $18.44 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) 18.3%
Price/Earnings Ratio (trailing 12-month) 20.4
Price/Book Ratio 2.8
Price/Sales Ratio 1.9

Top Ten Holdings as of December 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Constellation Software, Inc. (CSU.CN) owns an amalgamation of small mission-critical software businesses. With a vast pipeline of acquisition opportunities, highly disciplined return criteria, and sharing of best practices, Constellation has compounded capital at attractive rates of return for over a decade.
Information Technology 2.7%
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. 
Information Technology 2.7%
Kroton Educational SA (KROT3.BZ) is a post-secondary education company in Brazil.
Consumer Discretionary 2.4%
Ingenico SA
Information Technology 2.2%
Mellanox Technologies Ltd.
Information Technology 2.2%
RIB Software AG (RSTA.GR) is a German company with a unique software product with 5D modeling capabilities (3D modeling plus time and cost estimation elements). It services the construction sector.
Information Technology 2.2%
Symrise AG
Materials 2.1%
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 2.1%
Opera Software ASA
Information Technology 1.9%
Domino's Pizza Group plc
Consumer Discretionary 1.9%
Total 22.4%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.2%
Check Point Software Technologies Ltd. Information Technology $14.990 2.7%
Constellation Software, Inc. Information Technology $6.301 2.7%
Kroton Educacional SA Consumer Discretionary $9.468 2.4%
Mellanox Technologies Ltd. Information Technology $1.933 2.2%
Ingenico SA Information Technology $6.066 2.2%
RIB Software AG Information Technology $0.570 2.2%
Symrise AG Materials $7.821 2.1%
Haitong Securities Co., Ltd. - Cl H Financials $35.133 2.1%
Opera Software ASA Information Technology $1.811 1.9%
Domino's Pizza Group plc Consumer Discretionary $1.812 1.9%
Eurofins Scientific SE Health Care $3.868 1.8%
Deutsche Post AG Industrials $39.317 1.8%
Axis Bank Ltd. Financials $18.809 1.7%
Ryanair Holdings plc - ADR Industrials $19.763 1.6%
FANUC Corp. Industrials $39.490 1.6%
Julius Baer Group Ltd. Financials $10.219 1.6%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.751 1.6%
easyJet plc Industrials $10.345 1.6%
Just Eat plc Information Technology $2.742 1.6%
GOL Linhas Aéreas Inteligentes SA - ADR Industrials $1.628 1.6%
SoftBank Corp. Telecommunication Services $71.467 1.5%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $1.773 1.5%
Brenntag AG 144A Industrials $8.638 1.5%
Mitsui Fudosan Co. Ltd. Financials $26.586 1.5%
Smiles SA Consumer Discretionary $2.122 1.5%
Arch Capital Group Ltd. Financials $7.630 1.4%
Suncor Energy Inc. Energy $46.020 1.4%
Rakuten, Inc. Consumer Discretionary $18.474 1.4%
Steinhoff International Holdings Ltd. Consumer Discretionary $12.984 1.4%
ProSiebenSat.1 Media AG Consumer Discretionary $9.142 1.4%
AO World plc Consumer Discretionary $1.839 1.4%
Larsen & Toubro Ltd. Industrials $21.994 1.4%
Alibaba Group Holding Ltd. - ADR Information Technology $256.213 1.4%
GAEC Educação S.A. Consumer Discretionary $1.102 1.4%
Agilent Technologies, Inc. Health Care $13.728 1.3%
Bridgestone Corp. Consumer Discretionary $28.200 1.3%
Sanrio Co. Ltd. Consumer Discretionary $2.201 1.3%
William Hill PLC Consumer Discretionary $4.954 1.3%
TOTVS SA Information Technology $2.152 1.2%
PATRIZIA Immobilien AG Financials $1.019 1.2%
Brambles Ltd. Industrials $13.591 1.2%
Inchcape plc Consumer Discretionary $5.071 1.2%
Tencent Holdings, Ltd. Information Technology $135.910 1.2%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.793 1.1%
Crescent Point Energy Corp. Energy $10.312 1.1%
Golar LNG Ltd. Energy $3.402 1.1%
Grifols SA - ADR Health Care $12.976 1.1%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $2.215 1.1%
PT Matahari Department Store Tbk Consumer Discretionary $3.516 1.1%
Experian plc Industrials $16.790 1.0%
Kingdee International Software Group Co. Ltd. Information Technology $0.759 1.0%
Dish TV India Ltd. Consumer Discretionary $1.139 1.0%
Sumitomo Mitsui Trust Holdings, Inc. Financials $14.952 1.0%
Inditex SA Consumer Discretionary $89.399 1.0%
Panasonic Corporation Consumer Discretionary $28.893 1.0%
MonotaRO Co.,Ltd. Industrials $1.248 1.0%
Intertek Group plc Industrials $5.870 0.9%
WeMade Entertainment Co., Ltd. Information Technology $0.573 0.9%
Compagnie Financière Richemont SA Consumer Discretionary $50.908 0.8%
Wynn Macau Ltd. Consumer Discretionary $14.639 0.8%
DNB ASA Financials $24.026 0.8%
Nomad Holdings Ltd. Unclassified $0.530 0.8%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $47.382 0.8%
Syngenta AG - ADS Materials $29.854 0.7%
Perfect World Co., Ltd. - ADR Information Technology $0.781 0.7%
Premier Oil plc Energy $1.331 0.6%
Cetip SA - Mercados Organizados Financials $3.178 0.6%
DEN Networks Ltd. Consumer Discretionary $0.378 0.6%
China Unicom (Hong Kong) Ltd. Telecommunication Services $32.098 0.6%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.921 0.5%
Seadrill Partners, LLC Energy $1.490 0.5%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.419 0.4%
Nomad Holdings Ltd. Unclassified $0.530 0.0%
Total 100.0%
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Sector Breakdown as of December 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.2%
Consumer Discretionary
  • Education Services 3.7%
  • Restaurants 3.4%
  • Internet Retail 2.8%
  • Broadcasting 2.5%
  • Specialty Stores 2.5%
  • Cable & Satellite 2.2%
  • Casinos & Gaming 2.1%
  • Advertising 1.5%
  • Tires & Rubber 1.3%
  • Home Furnishings 1.3%
  • Distributors 1.2%
  • Department Stores 1.1%
  • Consumer Electronics 1.0%
  • Apparel Retail 1.0%
  • Apparel, Accessories & Luxury Goods 0.8%
28.4%
Energy
  • Oil & Gas Exploration & Production 1.7%
  • Integrated Oil & Gas 1.4%
  • Oil & Gas Storage & Transportation 1.1%
  • Oil & Gas Drilling 0.5%
4.7%
Financials
  • Diversified Banks 3.5%
  • Asset Management & Custody Banks 2.1%
  • Investment Banking & Brokerage 2.1%
  • Diversified Real Estate Activities 1.5%
  • Property & Casualty Insurance 1.4%
  • Real Estate Development 1.2%
11.8%
Health Care
  • Life Sciences Tools & Services 3.1%
  • Biotechnology 1.1%
4.2%
Industrials
  • Airlines 4.8%
  • Trading Companies & Distributors 2.4%
  • Research & Consulting Services 2.0%
  • Air Freight & Logistics 1.8%
  • Industrial Machinery 1.6%
  • Construction & Engineering 1.4%
  • Diversified Support Services 1.2%
15.2%
Information Technology
  • Internet Software & Services 6.1%
  • Application Software 5.8%
  • Systems Software 3.9%
  • Electronic Equipment & Instruments 2.2%
  • Semiconductors 2.2%
  • Home Entertainment Software 1.6%
21.9%
Materials
  • Specialty Chemicals 2.1%
  • Fertilizers & Agricultural Chemicals 0.7%
2.8%
Telecommunication Services
  • Wireless Telecommunication Services 3.6%
  • Integrated Telecommunication Services 1.5%
5.0%
Unclassified
  • Unclassified 0.8%
0.8%
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Country Breakdown As of December 31, 2014

Country Breakdown
Developed % of Net Assets
Australia 2.7%
Canada 5.2%
France 4.1%
Germany 10.1%
Hong Kong 1.9%
Ireland 1.6%
Israel 4.9%
Japan 11.6%
Norway 4.3%
Spain 2.0%
Switzerland 3.1%
United Kingdom 11.6%
United States 3.5%
Country Breakdown
Developing % of Net Assets
Brazil 8.6%
China 7.8%
India 6.4%
Indonesia 3.1%
Korea 0.9%
South Africa 1.4%
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Top Contributors & Detractors as of December 31, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Airlines 4.18% 0.73%
Investment Banking & Brokerage 1.81% 0.66%
Internet Retail 2.25% 0.58%
Specialty Chemicals 2.15% 0.28%
Application Software 5.90% 0.26%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 2.32% -1.23%
Oil & Gas Drilling 0.71% -0.44%
Home Entertainment Software 1.72% -0.42%
Diversified Real Estate Activities 1.45% -0.24%
Oil & Gas Storage & Transportation 0.59% -0.23%
By Holdings
Top Contributors Average Weight Contribution
Haitong Securities Co., Ltd. 1.50% 0.71%
Constellation Software, Inc. 2.54% 0.41%
AO World plc 1.01% 0.37%
Axis Bank Ltd. 1.55% 0.37%
Ryanair Holdings plc 1.41% 0.32%
Top Detractors Average Weight Contribution
Premier Oil plc 0.86% -0.65%
Seadrill Partners, LLC 0.71% -0.44%
Crescent Point Energy Corp. 1.21% -0.42%
SoftBank Corp. 2.04% -0.33%
Mitsui Fudosan Co. Ltd. 1.45% -0.24%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Application Software 6.18% 1.42%
Education Services 3.13% 0.94%
Restaurants 2.46% 0.91%
Airlines 3.53% 0.84%
Advertising 1.75% 0.81%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 2.94% -1.34%
Internet Software & Services 7.73% -0.67%
Diversified Real Estate Activities 1.56% -0.56%
Home Entertainment Software 0.84% -0.53%
Fertilizers & Agricultural Chemicals 1.22% -0.51%
By Holdings
Top Contributors Average Weight Contribution
Smiles SA 1.75% 0.81%
Constellation Software, Inc. 2.25% 0.80%
Axis Bank Ltd. 1.00% 0.64%
Ryanair Holdings plc 1.45% 0.64%
PATRIZIA Immobilien AG 1.44% 0.62%
Top Detractors Average Weight Contribution
SoftBank Corp. 2.64% -1.09%
Sina Corporation 0.97% -1.03%
Premier Oil plc 1.05% -0.59%
Mitsui Fudosan Co. Ltd. 1.56% -0.56%
Sanrio Co. Ltd. 1.03% -0.53%
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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.