Baron International Growth Fund (BINIX)

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Fund Description

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

   

   

Facts & Characteristics as of September 30, 2014

Inception Date December 31, 2008
Net Assets (All share classes combined) $65.48 million
# of Equity Securities / % of Net Assets 73/97.0%
Turnover (3 Year Average) 39.31%
Median Market Cap $6.90 billion
Weighted Average Market Cap $17.25 billion
CUSIP 06828M603
Gross Expense Ratio (as of FYE 12/13)* 1.37%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.12)%
Net Expense Ratio (as of FYE 12/13) 1.25%
EPS Growth (3-5 year forecast) 17.7%
Price/Earnings Ratio (trailing 12-month) 20.9
Price/Book Ratio 2.9
Price/Sales Ratio 2.0

Top Ten Holdings as of September 30, 2014

Download Attribution Analysis
Holding Sector Percentage*
Kroton Educational SA (KROT3.BZ) is a post-secondary education company in Brazil.
Consumer Discretionary 3.1%
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 3.0%
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 2.5%
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 2.5%
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. 
Information Technology 2.4%
Agilent Technologies, Inc. (A) is the world’s largest supplier of test and measurement hardware and software products to the electronics, life sciences, chemical analysis, and diagnostics industries. The company plans to separate into two publicly traded companies in November 2014.
Health Care 2.3%
Ingenico SA
Information Technology 2.2%
Eurofins Scientific SE (ERF.PAR) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 2.2%
FANUC Corp. (6954.JP) is a leading developer and manufacturer of factory robots and automation equipment.
Industrials 2.2%
Grifols SA (GRFS) manufactures and sells plasma derivative healthcare products to hospitals and physicians globally.
Health Care 2.0%
Total 24.4%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Kroton Educacional SA Consumer Discretionary $10.156 3.1%
Cash & Cash Equivalents Cash & Cash Equivalents - 3.0%
RIB Software AG Information Technology $0.592 3.0%
SoftBank Corp. Telecommunication Services $84.558 2.5%
Constellation Software, Inc. Information Technology $5.326 2.5%
Check Point Software Technologies Ltd. Information Technology $13.210 2.4%
Agilent Technologies, Inc. Health Care $19.004 2.3%
FANUC Corp. Industrials $43.272 2.2%
Ingenico SA Information Technology $5.724 2.2%
Eurofins Scientific SE Health Care $3.919 2.2%
Symrise AG Materials $6.895 2.0%
Grifols SA Health Care $13.386 2.0%
Mellanox Technologies Ltd. Information Technology $2.017 1.9%
Opera Software ASA Information Technology $2.005 1.9%
PATRIZIA Immobilien AG Financials $0.928 1.8%
Deutsche Post AG Industrials $38.701 1.7%
Smiles SA Consumer Discretionary $1.940 1.7%
Just Eat plc Information Technology $2.715 1.7%
Suncor Energy Inc. Energy $52.968 1.6%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $1.973 1.6%
Ryanair Holdings plc Industrials $15.625 1.5%
Domino's Pizza Group plc Consumer Discretionary $1.523 1.5%
Mitsui Fudosan Co. Ltd. Financials $30.301 1.5%
Crescent Point Energy Corp. Energy $15.971 1.4%
Rakuten, Inc. Consumer Discretionary $14.912 1.4%
Steinhoff International Holdings Ltd. Consumer Discretionary $11.791 1.4%
Arch Capital Group Ltd. Financials $7.393 1.3%
Bridgestone Corp. Consumer Discretionary $26.838 1.3%
Sanrio Co. Ltd. Consumer Discretionary $2.582 1.3%
Seadrill Partners, LLC Energy $2.864 1.3%
Brambles Ltd. Industrials $13.067 1.3%
easyJet plc Industrials $9.155 1.3%
Nomad Holdings Ltd. Unclassified $0.552 1.3%
Tencent Holdings, Ltd. Information Technology $139.285 1.3%
TOTVS SA Information Technology $2.486 1.2%
Premier Oil plc Energy $2.795 1.2%
Julius Baer Group Ltd. Financials $10.045 1.2%
Cetip SA - Mercados Organizados Financials $3.240 1.2%
Inchcape plc Consumer Discretionary $4.732 1.2%
ProSiebenSat.1 Media AG Consumer Discretionary $8.703 1.2%
Axis Bank Ltd. Financials $14.428 1.2%
GOL Linhas Aéreas Inteligentes SA Industrials $1.362 1.2%
Compagnie Financière Richemont SA Consumer Discretionary $47.123 1.1%
Kingdee International Software Group Co. Ltd. Information Technology $0.760 1.1%
Wynn Macau Ltd. Consumer Discretionary $16.527 1.1%
Brenntag AG Industrials $7.557 1.1%
Haitong Securities Co., Ltd. Financials $15.908 1.1%
AO World plc Consumer Discretionary $1.283 1.1%
Larsen & Toubro Ltd. Industrials $21.917 1.1%
PT Matahari Department Store Tbk Consumer Discretionary $3.885 1.1%
Alibaba Group Holding Ltd. Information Technology $219.016 1.1%
Experian plc Industrials $15.785 1.0%
Intertek Group plc Industrials $6.856 1.0%
Lundin Petroleum AB Energy $5.264 1.0%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.149 1.0%
Luk Fook Holdings (International) Ltd. Consumer Discretionary $1.711 1.0%
Sumitomo Mitsui Trust Holdings, Inc. Financials $16.123 1.0%
Sony Financial Holdings, Inc. Financials $6.929 0.9%
Syngenta AG Materials $29.450 0.9%
DNB ASA Financials $30.498 0.9%
WeMade Entertainment Co., Ltd. Information Technology $0.717 0.9%
Mobileye N.V. Information Technology $11.377 0.9%
DEN Networks Ltd. Consumer Discretionary $0.425 0.8%
Daiwa Securities Group, Inc. Financials $13.767 0.8%
Fuchs Petrolub SE Materials $5.217 0.8%
Perfect World Co., Ltd. Information Technology $0.975 0.8%
Core Laboratories N.V. Energy $6.501 0.7%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.517 0.7%
Croda International PLC Materials $4.519 0.7%
Inditex SA Consumer Discretionary $86.111 0.6%
Hathway Cable & Datacom Ltd Consumer Discretionary $0.761 0.5%
Yandex N.V. Information Technology $8.933 0.5%
Sun TV Network Ltd. Consumer Discretionary $2.158 0.4%
Biostime International Holdings Ltd. Consumer Staples $1.884 0.2%
Nomad Holdings Ltd. Unclassified $0.552 0.1%
Total 100.0%
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Sector Breakdown as of September 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.0%
Consumer Discretionary
  • Restaurants 3.2%
  • Education Services 3.1%
  • Internet Retail 2.5%
  • Specialty Stores 2.3%
  • Advertising 1.7%
  • Broadcasting 1.6%
  • Home Furnishings 1.4%
  • Tires & Rubber 1.3%
  • Cable & Satellite 1.3%
  • Distributors 1.2%
  • Apparel, Accessories & Luxury Goods 1.1%
  • Casinos & Gaming 1.1%
  • Department Stores 1.1%
  • Apparel Retail 0.6%
23.5%
Consumer Staples
  • Packaged Foods & Meats 0.2%
0.3%
Energy
  • Oil & Gas Exploration & Production 3.6%
  • Integrated Oil & Gas 1.6%
  • Oil & Gas Drilling 1.3%
  • Oil & Gas Equipment & Services 0.7%
7.2%
Financials
  • Diversified Banks 3.0%
  • Asset Management & Custody Banks 2.4%
  • Investment Banking & Brokerage 2.0%
  • Real Estate Development 1.8%
  • Diversified Real Estate Activities 1.5%
  • Property & Casualty Insurance 1.3%
  • Life & Health Insurance 0.9%
12.8%
Health Care
  • Life Sciences Tools & Services 4.4%
  • Biotechnology 2.0%
6.5%
Industrials
  • Airlines 4.0%
  • Industrial Machinery 2.2%
  • Research & Consulting Services 2.0%
  • Air Freight & Logistics 1.7%
  • Diversified Support Services 1.3%
  • Construction & Engineering 1.1%
  • Trading Companies & Distributors 1.1%
13.4%
Information Technology
  • Application Software 7.6%
  • Internet Software & Services 6.4%
  • Systems Software 3.6%
  • Electronic Equipment & Instruments 2.2%
  • Semiconductors 1.9%
  • Home Entertainment Software 1.7%
23.3%
Materials
  • Specialty Chemicals 2.7%
  • Fertilizers & Agricultural Chemicals 0.9%
  • Commodity Chemicals 0.8%
4.4%
Telecommunication Services
  • Wireless Telecommunication Services 4.2%
4.2%
Unclassified
  • Unclassified 1.4%
1.4%
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Country Breakdown As of September 30, 2014

Country Breakdown
Developed % of Net Assets
Australia 2.9%
Canada 5.5%
France 4.4%
Germany 11.6%
Hong Kong 2.1%
Ireland 1.5%
Israel 5.2%
Japan 12.9%
Norway 4.1%
Spain 2.7%
Sweden 1.0%
Switzerland 3.2%
United Kingdom 10.9%
United States 5.5%
Country Breakdown
Developing % of Net Assets
Brazil 8.4%
China 5.6%
India 3.9%
Indonesia 2.8%
Korea 0.9%
Russia 0.5%
South Africa 1.4%
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Top Contributors & Detractors as of September 30, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Auto Parts & Equipment 0.41% 0.38%
Semiconductors 1.48% 0.34%
Electronic Equipment & Instruments 2.00% 0.29%
Restaurants 2.88% 0.23%
Real Estate Development 1.54% 0.16%
Top Detractors Average Weight Contribution
Application Software 6.68% -0.84%
Cable & Satellite 1.45% -0.53%
Biotechnology 2.15% -0.48%
Oil & Gas Exploration & Production 3.41% -0.48%
Internet Retail 2.71% -0.42%
By Holdings
Top Contributors Average Weight Contribution
Mobileye N.V. 0.45% 0.43%
Mellanox Technologies Ltd. 1.48% 0.34%
Ingenico SA 2.00% 0.29%
Domino's Pizza Enterprises Ltd. 1.51% 0.18%
PATRIZIA Immobilien AG 1.54% 0.16%
Top Detractors Average Weight Contribution
RIB Software AG 3.03% -0.75%
DEN Networks Ltd. 0.94% -0.48%
Grifols SA 2.15% -0.48%
AO World plc 1.21% -0.40%
Eurofins Scientific SE 2.44% -0.38%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Education Services 2.86% 1.29%
Restaurants 1.97% 0.95%
Advertising 1.70% 0.81%
Electronic Equipment & Instruments 1.90% 0.66%
Real Estate Development 1.40% 0.55%
Top Detractors Average Weight Contribution
Specialty Stores 1.22% -0.85%
Internet Retail 2.51% -0.82%
Fertilizers & Agricultural Chemicals 1.53% -0.77%
Household Appliances 0.80% -0.59%
Research & Consulting Services 2.47% -0.44%
By Holdings
Top Contributors Average Weight Contribution
RIB Software AG 2.50% 1.01%
Kroton Educacional SA 2.12% 0.95%
Domino's Pizza Enterprises Ltd. 1.53% 0.90%
21Vianet Group, Inc. 1.17% 0.87%
Smiles SA 1.70% 0.81%
Top Detractors Average Weight Contribution
NQ Mobile, Inc. 0.23% -1.73%
Sina Corporation 1.78% -0.91%
Sanrio Co. Ltd. 1.02% -0.82%
Kakaku.com, Inc. 1.13% -0.73%
SodaStream International Ltd. 0.80% -0.59%
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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 Holdings 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.