Baron International Growth Fund (BINIX)

Invest In Baron Funds Today

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) $84.89 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 May 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 3.5%
Eurofins Scientific SE (erf.fp) provides analytical testing services to clients in the food, pharmaceutical, and environmental sectors.
Health Care 3.4%
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 3.1%
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 and malicious software.
Information Technology 2.5%
Ryanair Holdings plc (RYAA.Y) is an ultra low-cost airline that operates 360 aircraft and flies over 100 million passengers per year in continental Europe and Morocco.
Industrials 2.5%
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%
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 ~35% market share. FME operates in excess of 3,400 clinics worldwide and manages ~290,000 patients.
Health Care 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%
Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.
Information Technology 2.2%
ProSiebenSat.1 Media AG (PSM GY) is Germany's leading TV broadcaster with about 29% viewership share. The company also has a fast growing digital media business which includes online video/music, streaming services (similar to Netflix/Spotify), and e-commerce ventures.
Consumer Discretionary 2.2%
Total 26.5%
Back to Top

Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.2%
Aena SA Industrials $19.364 3.3%
Eurofins Scientific SE Health Care $5.647 3.2%
Domino's Pizza Enterprises Ltd. Consumer Discretionary $3.828 2.8%
Check Point Software Technologies Ltd. Information Technology $15.819 2.6%
Mellanox Technologies Ltd. Information Technology $2.587 2.6%
Ryanair Holdings plc - ADR Industrials $22.134 2.5%
Constellation Software, Inc. Information Technology $8.677 2.5%
ProSiebenSat.1 Media AG Consumer Discretionary $11.215 2.5%
Fresenius Medical Care Ag & Co Health Care $27.058 2.4%
Arch Capital Group Ltd. Financials $8.680 2.3%
Intertek Group plc Industrials $7.341 2.2%
Abcam plc Health Care $1.715 2.0%
Julius Baer Group Ltd. Financials $9.613 1.9%
Brenntag AG Industrials $8.814 1.8%
Tencent Holdings, Ltd. Information Technology $192.082 1.8%
Newcrest Mining Ltd. Materials $10.059 1.8%
Symrise AG Materials $8.708 1.7%
Ctrip.com International, Ltd. Consumer Discretionary $19.928 1.7%
Steinhoff International Holdings Ltd. Consumer Discretionary $25.917 1.7%
Worldpay Group PLC Information Technology $7.902 1.6%
BM&FBOVESPA SA Financials $7.764 1.5%
Alibaba Group Holding Limited - ADR Information Technology $195.671 1.5%
MonotaRO Co.,Ltd. Industrials $3.639 1.5%
Ingenico Group Information Technology $7.006 1.4%
Suncor Energy Inc. Energy $43.993 1.4%
SKS Microfinance LTD Financials $1.049 1.4%
Grifols SA - ADR Health Care $14.134 1.4%
PT Matahari Department Store Tbk Consumer Discretionary $4.038 1.4%
Experian plc Industrials $17.163 1.3%
Bridgestone Corp. Consumer Discretionary $29.628 1.3%
Golar LNG Ltd. Energy $1.676 1.3%
Domino's Pizza Group plc Consumer Discretionary $2.399 1.3%
easyJet plc Industrials $8.666 1.3%
Industria de Diseño Textil, S.A. Consumer Discretionary $104.850 1.3%
EMIS Group Plc Health Care $0.922 1.3%
Grupo Financiero Banorte, SAB de CV Class O Financials $15.642 1.3%
Softbank Group Corp. Telecommunication Services $58.035 1.2%
RIB Software AG Information Technology $0.487 1.2%
Mitsui Fudosan Co. Ltd. Financials $24.199 1.2%
Sumitomo Mitsui Trust Holdings, Inc. Financials $11.151 1.2%
Rakuten, Inc. Consumer Discretionary $13.361 1.2%
Daiwa Securities Group, Inc. Financials $10.536 1.2%
AO World plc Consumer Discretionary $1.083 1.2%
Agilent Technologies, Inc. Health Care $13.062 1.1%
TAL Education Group - ADR Consumer Discretionary $3.979 1.1%
Reckitt Benckiser Group Plc Consumer Staples $68.213 1.1%
Zee Entertainment Enterprises Ltd. Consumer Discretionary $5.612 1.0%
Inchcape plc Consumer Discretionary $4.489 1.0%
Man Wah Holdings Ltd. Consumer Discretionary $2.452 1.0%
Kingdee International Software Group Co. Ltd. Information Technology $0.943 0.9%
FANUC Corp. Industrials $31.510 0.9%
TOTVS SA Information Technology $1.237 0.8%
Agnico Eagle Mines Limited Materials $7.988 0.8%
Yandex N.V. Information Technology $4.891 0.8%
Haitong Securities Co., Ltd. - Cl H Financials $23.753 0.8%
Intesa Sanpaolo Financials $46.351 0.8%
Sociedad Química y Minera de Chile SA - ADS Materials $6.093 0.7%
Bellamy's Australia Ltd Consumer Staples $0.753 0.7%
Dish TV India Ltd. Consumer Discretionary $1.395 0.6%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.107 0.6%
Mobileye N.V. Information Technology $8.081 0.6%
William Hill PLC Consumer Discretionary $4.137 0.6%
China Telecom Corp. Ltd. - Cl H Telecommunication Services $42.775 0.6%
Wynn Macau Ltd. Consumer Discretionary $8.037 0.5%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.386 0.5%
JUST EAT plc Information Technology $3.661 0.5%
TerraForm Global, Inc. Cl - A Utilities $0.424 0.5%
Azimut Holding S.p.A. Financials $3.301 0.4%
Smiles SA Consumer Discretionary $1.303 0.4%
Lekoil, Ltd. Energy $0.105 0.3%
Total 100.0%
Back to Top

Sector Breakdown as of May 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.5%
Consumer Discretionary
  • Restaurants 4.4%
  • Internet Retail 4.1%
  • Broadcasting 3.4%
  • Home Furnishings 2.6%
  • Department Stores 1.4%
  • Apparel Retail 1.4%
  • Tires & Rubber 1.2%
  • Education Services 1.2%
  • Advertising 0.8%
  • Casinos & Gaming 0.6%
  • Cable & Satellite 0.4%
21.4%
Consumer Staples
  • Household Products 2.0%
  • Packaged Foods & Meats 1.2%
3.2%
Energy
  • Integrated Oil & Gas 1.4%
  • Oil & Gas Storage & Transportation 1.2%
  • Oil & Gas Exploration & Production 0.4%
3.0%
Financials
  • Specialized Finance 2.8%
  • Property & Casualty Insurance 2.3%
  • Asset Management & Custody Banks 2.2%
  • Diversified Banks 2.1%
  • Consumer Finance 1.8%
  • Investment Banking & Brokerage 1.6%
  • Diversified Real Estate Activities 1.0%
13.8%
Health Care
  • Life Sciences Tools & Services 4.9%
  • Biotechnology 3.6%
  • Health Care Services 2.3%
  • Health Care Technology 1.4%
12.3%
Industrials
  • Airlines 3.9%
  • Research & Consulting Services 3.8%
  • Airport Services 3.5%
  • Trading Companies & Distributors 3.1%
  • Industrial Machinery 0.9%
15.1%
Information Technology
  • Internet Software & Services 5.7%
  • Application Software 4.9%
  • Systems Software 3.4%
  • Semiconductors 2.2%
  • Data Processing and Outsourced Services 1.6%
  • Electronic Equipment & Instruments 1.4%
19.3%
Materials
  • Gold 3.0%
  • Specialty Chemicals 1.1%
  • Fertilizers & Agricultural Chemicals 1.0%
5.1%
Telecommunication Services
  • Wireless Telecommunication Services 2.8%
2.8%
Utilities
  • Renewable Electricity 0.5%
0.5%
Back to Top

Country Breakdown As of May 31, 2016

Country Breakdown
Developed % of Net Assets
Australia 6.2%
Canada 5.0%
France 4.8%
Germany 8.7%
Hong Kong 1.7%
Ireland 2.5%
Israel 4.8%
Italy 1.2%
Japan 8.6%
Norway 1.2%
Spain 6.3%
Switzerland 1.9%
United Kingdom 15.9%
United States 4.3%
Country Breakdown
Developing % of Net Assets
Brazil 3.2%
Chile 1.0%
China 8.1%
India 4.6%
Indonesia 2.5%
Mexico 1.2%
Russia 1.3%
South Africa 1.5%
Back to Top

Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Semiconductors 2.14% 0.61%
Specialized Finance 1.11% 0.58%
Gold 1.89% 0.57%
Home Furnishings 1.58% 0.44%
Airport Services 2.92% 0.39%
Top Detractors Average Weight Contribution
Application Software 6.06% -0.76%
Diversified Banks 3.49% -0.65%
Internet Software & Services 5.09% -0.52%
Renewable Electricity 0.63% -0.46%
Packaged Foods & Meats 0.71% -0.44%
By Holdings
Top Contributors Average Weight Contribution
Mellanox Technologies Ltd. 2.14% 0.61%
BM&FBOVESPA SA 1.11% 0.58%
Newcrest Mining Ltd. 1.51% 0.53%
Aena SA 2.92% 0.39%
Steinhoff International Holdings N.V. 1.32% 0.37%
Top Detractors Average Weight Contribution
TerraForm Global, Inc. 0.63% -0.46%
Sumitomo Mitsui Trust Holdings, Inc. 1.58% -0.44%
Kingdee International Software Group Co. Ltd. 1.01% -0.43%
JUST EAT plc 0.94% -0.42%
Nomad Foods Limited 0.64% -0.41%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Restaurants 4.14% 1.67%
Unclassified^ 0.37% 0.83%
Airport Services 2.82% 0.73%
Education Services 1.35% 0.71%
Life Sciences Tools & Services 3.44% 0.65%
Top Detractors Average Weight Contribution
Renewable Electricity 0.71% -1.56%
Packaged Foods & Meats^ 0.93% -1.32%
Diversified Banks 3.28% -1.09%
Internet Retail 3.35% -0.76%
Wireless Telecommunication Services 2.50% -0.72%
By Holdings
Top Contributors Average Weight Contribution
Domino's Pizza Enterprises Ltd. 2.46% 1.22%
Aena SA 2.82% 0.73%
Eurofins Scientific SE 2.44% 0.68%
MonotaRO Co.,Ltd. 1.54% 0.63%
Constellation Software, Inc. 3.40% 0.58%
Top Detractors Average Weight Contribution
TerraForm Global, Inc. 0.71% -1.56%
Rakuten, Inc. 1.79% -1.07%
Sumitomo Mitsui Trust Holdings, Inc. 1.75% -0.61%
Tower Bersama Infrastructure Tbk PT 0.87% -0.47%
Nomad Foods Limited 1.28% -0.45%
Back to Top

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.