Baron International Growth Fund (BINIX)

Portfolio Management

Michael Kass

Fund Manager since 2008

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Fund Description

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



Fund Resources

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Michael Kass sees growth opportunities overseas.

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Portfolio Commentary

Institutional Performance

Review and Outlook (for quarter ended 3/31/2014)

The Review and Outlook for period ending March 31, 2014 is not yet available

Top Contributors/Detractors to Performance

Contributors (for quarter ended 3/31/2014)
  • Shares of RIB Software AG, which provides software to the construction industry, returned over 50% in Q1. RIB was able to dramatically shorten its sales process during 2013, from more than one year to just 100 days, resulting in strong contract wins. We expect this momentum to continue into 2014.

  • Kroton Educacional SA, the largest for-profit college in Brazil, posted excellent operating results in 2013. During Q1, Kroton released yet another strong set of financial results and provided preliminary 2014 student enrollment figures that topped expectations, suggesting another strong year ahead. Not surprisingly, shares reacted positively by rising sharply during the quarter.

  • Domino’s Pizza Enterprises Ltd. is the largest international master franchiser of the Domino’s Pizza brand. The company added to its significant presence in Australia, New Zealand, and select European countries with the recent acquisition of the master franchise agreement of Domino’s Pizza Japan. During Q1, shares responded favorably to the release of solid earnings results and an upgrade on guidance for its Japanese business.

Detractors (for quarter ended 3/31/2014)
  • Sina Corporation is a leading Chinese Internet portal and the majority owner of SINA Weibo, the largest Twitter-like microblogging service in China. Sina was a detractor in Q1 due to concerns over slowing user growth, as well as the dilutive impact of the pending IPO of Weibo, where Alibaba exercised its option to increase its stake in Weibo from 18% to 30%. We continue to own shares in Sina as we believe Weibo is worth more than its current embedded valuation.

  • Softbank Corp. is a leading wireless communications and mobile Internet provider in Japan with significant investments in Internet businesses such as Yahoo Japan and Alibaba Group of China. Shares retreated during Q1, consolidating a solid gain in 2013, as investors began to question the staying power of "Abenomics" to drive economic growth. We consider Softbank one of the most innovative and entrepreneurial companies in Japan and remain comfortable with our investment.

  • Yandex N.V. is the leading search engine provider in Russia. The stock was a detractor in Q1 due to a decline in the Russian ruble and rising geopolitical tension over Crimea. Although we expect the conflict to negatively impact the company's growth rate going forward, we continue to hold shares in Yandex due to its strong competitive positioning and positive long-term growth prospects relative to its current valuation.

Quarterly Attribution Analysis (for quarter ended 3/31/2014)

The Quarterly Attribution Analysis for period ending March 31, 2014 is not yet available

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The prospective performance of the companies discussed herein is based on our internal analysis and reflect our opinions only. We cannot promise future returns and our opinions are a reflection of our best judgement at the time of publication. Our views are not intended as recommendations or investment advice to any person and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investing in the stock market is always risky. Current and future portfolio holdings in the Fund are subject to risk.

Source: FactSet PA