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 March 31, 2016

Inception Date December 31, 2008
Net Assets (All share classes combined as of 6/30/2016) $83.73 million
# of Equity Securities / % of Net Assets 70/94.8%
Turnover (3 Year Average) 40.61%
Median Market Cap $8.01 billion
Weighted Average Market Cap $20.14 billion
CUSIP 06828M603
Gross Expense Ratio (as of FYE 12/14)* 1.34%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.09)%
Net Expense Ratio (as of FYE 12/14) 1.25%
EPS Growth (3-5 year forecast) 15.5%
Price/Earnings Ratio (trailing 12-month) 21.9
Price/Book Ratio 2.2
Price/Sales Ratio 2.5

Top Ten Holdings as of July 31, 2016

Holding Sector Percentage*
Aena SA (AENA.SM) is the world's largest operator of airports. The company manages 46 airports in Spain, handling over 200 million passengers annually. Aena also has majority and minority ownership in certain international (ex-Spain) airports.
Industrials 3.7%
Eurofins Scientific SE (erf.fp) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 3.3%
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 terms of technology innovation among all Domino’s master franchisees globally.
Consumer Discretionary 3.2%
Fresenius Medical Care Ag & CO (FME.GR) is the world's leading provider of dialysis services and products. The German company is the number one player in the U.S., with about 35% market share. It operates in excess of 3,400 clinics worldwide and manages about 290,000 patients.
Health Care 2.8%
Bharat Financial Inclusion Limited
Financials 2.6%
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates over 200 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 2.5%
Abcam plc (abc.ln) sells research grade antibodies to scientists who use Abcam’s products in their search for treatments for human disease.  The company sources products from more than 400 OEM suppliers and also manufactures products in-house.
Health Care 2.4%
Intertek Group plc
Industrials 2.3%
Arch Capital Group Ltd. (ACGL) is a specialty insurance and reinsurance company with operations in Bermuda, the U.S., Europe, and Canada.
Financials 2.3%
Reckitt Benckiser Group Plc
Consumer Staples 2.3%
Total 27.4%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.6%
Aena SA Industrials $19.684 3.5%
Eurofins Scientific SE Health Care $5.698 3.3%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $4.515 3.3%
Abcam plc Health Care $2.077 2.5%
Fresenius Medical Care Ag & Co Health Care $26.685 2.5%
Check Point Software Technologies Ltd. Information Technology $13.936 2.4%
Constellation Software, Inc. Information Technology $8.202 2.4%
Newcrest Mining Ltd. Materials $13.417 2.4%
Arch Capital Group Ltd. Financials $8.791 2.3%
Mellanox Technologies Ltd. Information Technology $2.285 2.3%
Intertek Group plc Industrials $7.475 2.3%
Reckitt Benckiser Group Plc Consumer Staples $70.297 2.3%
SKS Microfinance Limited Financials $1.399 2.1%
Tencent Holdings, Ltd. Information Technology $213.544 2.1%
Ryanair Holdings plc - ADR Industrials $17.444 1.9%
ProSiebenSat.1 Media SE Consumer Discretionary $9.582 1.9%
Alibaba Group Holding Limited - ADR Information Technology $198.449 1.9%
BM&FBOVESPA SA Financials $10.170 1.8%
Julius Baer Group Ltd. Financials $8.895 1.8%
Softbank Group Corp. Telecommunication Services $66.460 1.7%
Experian plc Industrials $18.004 1.6%
Agilent Technologies, Inc. Health Care $14.440 1.5%
Grifols SA - ADR Health Care $13.784 1.5%
PT Matahari Department Store Tbk Consumer Discretionary $4.417 1.5%
Steinhoff International Holdings Ltd. Consumer Discretionary $21.782 1.5%
Suncor Energy Inc. Energy $46.152 1.4%
Yandex N.V. Information Technology $6.976 1.4%
RIB Software AG Information Technology $0.453 1.4%
Worldpay Group PLC Information Technology $7.234 1.4%
Agnico Eagle Mines Limited Materials $11.936 1.3%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $6.496 1.3%
Multi Commodity Exchange of India Ltd. Financials $0.756 1.3%
Rakuten, Inc. Consumer Discretionary $15.396 1.3%
Industria de Diseño Textil, S.A. Consumer Discretionary $103.450 1.3%
MonotaRO Co.,Ltd. Industrials $4.130 1.3%
Grupo Financiero Banorte, SAB de CV Class O Financials $15.554 1.3%
Symrise AG Materials $8.884 1.2%
Sociedad Química y Minera de Chile SA - ADS Materials $6.968 1.2%
Brenntag AG Industrials $7.509 1.2%
Domino's Pizza Group plc Consumer Discretionary $2.201 1.2%
EMIS Group Plc Health Care $0.778 1.2%
Bellamy's Australia Ltd. Consumer Staples $0.734 1.2%
Bridgestone Corp. Consumer Discretionary $25.858 1.1%
Golar LNG Ltd. Energy $1.442 1.1%
Man Wah Holdings Ltd. Consumer Discretionary $2.771 1.1%
Smiles SA Consumer Discretionary $1.841 1.1%
TAL Education Group - ADR Consumer Discretionary $5.020 1.1%
FANUC Corp. Industrials $32.894 1.0%
TOTVS SA Information Technology $1.554 1.0%
Ctrip.com International, Ltd. Consumer Discretionary $18.550 1.0%
Mitsui Fudosan Co. Ltd. Financials $22.183 1.0%
AO World plc Consumer Discretionary $0.785 0.9%
Kingdee International Software Group Co. Ltd. Information Technology $0.905 0.8%
easyJet plc Industrials $5.743 0.8%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.396 0.7%
Intesa Sanpaolo Financials $31.610 0.7%
TerraForm Global, Inc. Cl - A Utilities $0.581 0.7%
Wynn Macau Ltd. Consumer Discretionary $7.460 0.6%
Haitong Securities Co., Ltd. - Cl H Financials $24.500 0.6%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.282 0.5%
Daiwa Securities Group, Inc. Financials $9.126 0.5%
JUST EAT plc Information Technology $3.836 0.5%
Ingenico Group Information Technology $7.114 0.4%
Dish TV India Ltd. Consumer Discretionary $1.543 0.4%
Lekoil, Ltd. Energy $0.117 0.4%
Azimut Holding S.p.A. Financials $2.320 0.2%
Total 100.0%
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Sector Breakdown as of July 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.1%
Consumer Discretionary
  • Restaurants 4.6%
  • Internet Retail 3.5%
  • Broadcasting 3.1%
  • Home Furnishings 2.7%
  • Education Services 1.7%
  • Department Stores 1.5%
  • Apparel Retail 1.3%
  • Tires & Rubber 1.2%
  • Advertising 1.1%
  • Casinos & Gaming 0.9%
  • Automobile Manufacturers 0.7%
  • Cable & Satellite 0.5%
22.8%
Consumer Staples
  • Household Products 2.3%
  • Packaged Foods & Meats 1.6%
3.9%
Energy
  • Integrated Oil & Gas 1.5%
  • Oil & Gas Storage & Transportation 1.4%
  • Oil & Gas Exploration & Production 0.4%
3.3%
Financials
  • Specialized Finance 3.2%
  • Consumer Finance 2.5%
  • Property & Casualty Insurance 2.3%
  • Asset Management & Custody Banks 2.0%
  • Diversified Banks 1.9%
  • Investment Banking & Brokerage 1.0%
  • Diversified Real Estate Activities 1.0%
13.9%
Health Care
  • Life Sciences Tools & Services 5.5%
  • Biotechnology 3.9%
  • Health Care Services 2.8%
  • Health Care Technology 0.6%
12.8%
Industrials
  • Research & Consulting Services 4.0%
  • Airport Services 3.7%
  • Trading Companies & Distributors 2.3%
  • Airlines 2.2%
  • Industrial Machinery 1.0%
13.3%
Information Technology
  • Internet Software & Services 6.0%
  • Application Software 5.2%
  • Systems Software 3.0%
  • Semiconductors 2.1%
  • Data Processing and Outsourced Services 1.4%
17.6%
Materials
  • Gold 3.3%
  • Fertilizers & Agricultural Chemicals 1.2%
  • Specialty Chemicals 1.2%
5.7%
Telecommunication Services
  • Wireless Telecommunication Services 2.9%
2.9%
Utilities
  • Renewable Electricity 0.7%
0.7%
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Country Breakdown As of July 31, 2016

Country Breakdown
Developed % of Net Assets
Australia 6.9%
Canada 5.2%
France 3.3%
Germany 8.7%
Hong Kong 2.0%
Ireland 1.7%
Israel 4.0%
Italy 0.7%
Japan 8.3%
Norway 1.4%
Spain 6.5%
Switzerland 1.8%
United Kingdom 15.0%
United States 4.6%
Country Breakdown
Developing % of Net Assets
Brazil 4.0%
Chile 1.2%
China 9.0%
India 5.7%
Indonesia 2.6%
Mexico 1.3%
Russia 1.4%
South Africa 1.6%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Gold 3.17% 1.01%
Internet Software & Services 5.28% 0.68%
Biotechnology 3.50% 0.58%
Consumer Finance 1.67% 0.51%
Specialized Finance 2.16% 0.50%
Top Detractors Average Weight Contribution
Airlines 3.60% -0.93%
Internet Retail 4.05% -0.31%
Semiconductors 2.25% -0.30%
Diversified Banks 2.09% -0.28%
Application Software 4.84% -0.23%
By Holdings
Top Contributors Average Weight Contribution
Newcrest Mining Ltd. 2.04% 0.58%
SKS Microfinance Limited 1.67% 0.51%
Abcam plc 2.11% 0.47%
Domino's Pizza Enterprises Ltd. 3.04% 0.46%
BM&FBOVESPA SA 1.66% 0.45%
Top Detractors Average Weight Contribution
Ryanair Holdings plc 2.34% -0.50%
easyJet plc 1.26% -0.43%
AO World plc 1.13% -0.34%
ProSiebenSat.1 Media AG 2.25% -0.33%
Mellanox Technologies Ltd. 2.25% -0.30%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Restaurants 4.29% 1.96%
Gold 1.67% 1.63%
Specialized Finance 0.95% 0.95%
Airport Services 3.14% 0.83%
Education Services 1.29% 0.76%
Top Detractors Average Weight Contribution
Application Software 6.73% -1.88%
Diversified Banks 3.10% -1.53%
Packaged Foods & Meats^ 1.19% -1.39%
Renewable Electricity 0.77% -1.31%
Asset Management & Custody Banks 2.59% -1.07%
By Holdings
Top Contributors Average Weight Contribution
Domino's Pizza Enterprises Ltd. 2.73% 1.74%
Newcrest Mining Ltd. 1.29% 1.16%
BM&FBOVESPA SA 0.79% 0.86%
Aena SA 3.14% 0.83%
TAL Education Group 1.29% 0.76%
Top Detractors Average Weight Contribution
Nomad Foods Limited 0.93% -1.34%
TerraForm Global, Inc. 0.77% -1.31%
Golar LNG Ltd. 0.97% -0.81%
Kingdee International Software Group Co. Ltd. 1.13% -0.80%
Sumitomo Mitsui Trust Holdings, Inc. 1.34% -0.78%
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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.