Baron International Growth Fund
Symbol BIGFXCUSIP: 06828M306
Symbol BIGFXCUSIP: 06828M306
non
US
Non-U.S./GlobalUS
Nav
$27.14
Daily Change -$0.17 (-0.62%)
As of 12/12/2024
As of 12/12/2024
Net Assets
$346.42 M
As of 09/30/2024
Morningstar Rating™
As of 09/30/2024
Morningstar Medalist Rating™
SILVER
Inception date
12/31/2008
Prices & Performance
PricesAs of 12/12/2024
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$27.14 | -$0.17 | -0.62% | 0.67% | -3.55% | 6.76% |
NAV | $27.14 |
---|---|
Daily Change ($) | -$0.17 |
Daily Change (%) | -0.62% |
MTD | 0.67% |
QTD | -3.55% |
YTD | 6.76% |
PerformanceAs of 09/30/2024
Portfolio or Index | QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception 12/31/2008 |
---|---|---|---|---|---|---|---|
BIGFX - Baron International Growth Fund | 8.02% | 10.69% | 19.20% | -4.87% | 6.09% | 6.19% | 8.94% |
MSCI ACWI ex USA Index | 8.06% | 14.21% | 25.35% | 4.14% | 7.59% | 5.22% | 7.31% |
MSCI ACWI ex USA IMI Growth Index | 7.13% | 13.67% | 26.16% | 0.43% | 7.15% | 5.98% | 7.99% |
Performance InformationAs of 09/30/2024
Performance statistics | 3 Years | 5 Years | 10 Years |
---|---|---|---|
Standard Deviation (%) | 18.70 | 19.36 | 16.14 |
Sharpe Ratio | -0.45 | 0.19 | 0.28 |
Alpha (%) | -8.86 | -1.62 | 1.07 |
Beta | 1.11 | 1.07 | 1.01 |
R-Squared (%) | 94.44 | 90.19 | 87.33 |
Tracking Error (%) | 4.78 | 6.18 | 5.74 |
Information Ratio | -1.89 | -0.24 | 0.17 |
Upside Capture (%) | 93.44 | 105.34 | 100.47 |
Downside Capture (%) | 134.70 | 113.86 | 95.53 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron International Growth Fund's(BIGFX) benchmark (MSCI ACWI ex USA Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
Risk & Return109/30/2014 - 09/30/2024
1 Source: FactSet SPAR.
Portfolio Holdings & Characteristics
HoldingsAs of 11/30/2024
Holding | Sector | % of Net Assets | |
---|---|---|---|
Taiwan Semiconductor Manufacturing Company Limited Taiwan Semiconductor Manufacturing Company Limited (TSM) is the world's largest independent semiconductor foundry, manufacturing chips on behalf of other companies. TSMC is the dominant force in leading edge semiconductor foundry manufacturing, as it benefits from economies of scale and a superior cost structure. Its successful track record of deploying new technology faster than competitors enables it to maintain its market share and pricing power. We believe TSMC’s investments in advanced nodes will solidify its superior market positioning and profitability in the long run. | Information Technology | 3.2% | |
argenx SE Argenx SE (ARGX) is a biotechnology company developing antibodies for the treatment of autoimmune disorders. The company is in the early years of the commercial launch of its drug Vyvgart, which promises to change the treatment paradigm for a host of autoantibody immune disorders. Argenx's main product, efgartigimod, which treats a rare muscle weakness disorder, has potentially broad applicability in ameliorating overactive antibody-based diseases. Efgartigimod is a true "pipeline in a product," where the product itself is the platform, as it has the potential to be used against a diverse range of diseases – something that is rarely achieved in the biotechnology space. We expect the share price to increase as argenx proves its product’s effectiveness in multiple autoantibody disorders. | Health Care | 3.1% | |
Linde plc Linde plc (LIN.GY) is the largest global independent industrial gas operator. Industrial gas producers have strong pricing power due to the consolidated industry structure and high barriers to entry. We believe Linde is making a major contribution toward lowering greenhouse gas emissions and will benefit from a wave of hydrogen projects as well as carbon capture and sequestration projects, which should supplement double-digit earnings growth for the company’s base industrial gas business. | Materials | 3.1% | |
Constellation Software Inc. Constellation Software Inc. (CSU.CN) is a holding company that owns and operates a large number of small- and medium-sized software businesses. These businesses allow customers across a wide range of verticals to automate key activities with the goal of saving on labor costs. Constellation has valuable experience to offer acquisition targets, primarily around building high-touch, low-cost modules and contract pricing. We view this experience as a durable competitive advantage while the company continues to acquire targets. With over 20,000 small owner-operated vertical market software businesses in the U.S. and Europe, Constellation's successful acquisition program and moat should remain intact, in our opinion. We believe management can meet its goal of compounding free cash flow per share at greater than 12% over time. | Information Technology | 2.9% | |
Arch Capital Group Ltd. Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company providing property & casualty insurance, reinsurance, and mortgage insurance. Arch is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines as market conditions change. It operates in a large global market and is currently benefiting from favorable pricing trends across many of its product lines. In our view, management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility. | Financials | 2.5% | |
InPost S.A. InPost S.A. (INPST.NA) is a logistics company operating a dominant network of automated parcel lockers in Poland, with 45% market share in e-commerce delivery. It has a nascent position in the UK and a leading position in France through a 2021 acquisition. It also operates in several satellite countries. InPost is driving innovation in B2C last-mile delivery. The company benefits from shared infrastructure, accelerating returns to scale and density, secular e-commerce growth, and channel shift to lockers versus to-door delivery. It holds over 90% market share in automated parcel lockers in Poland, reaching 87% of urban area residents within a 7-minute walk. It is also well positioned for international expansion, leveraging cross-border opportunities and ESG advantages for merchants, customers, and regulators. | Industrials | 2.4% | |
eDreams ODIGEO SA eDreams ODIGEO SA (EDR.SM) is one of the largest online travel companies in the world and e-commerce businesses in Europe. The company serves customers across 44 markets under four leading brands – eDreams, GO Voyages, Opodo, and Travellink – as well as the metasearch engine Liligo. eDreams is transforming from a transactional to a subscription-based business and has already reached 5.8 million subscribers, ahead of its original schedule. It is on pace to reach its target of 7.25 million Prime members by fiscal 2025, double our original forecast. eDreams should continue to grow through new customer acquisition and product offerings that could increase its value proposition to consumers, including through entering the fragmented European hotel market and offering more personalized and effective customer experiences with its use of AI. | Consumer Discretionary | 2.3% | |
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (009540.KS) is the holding company of Hyundai Heavy, the largest shipbuilder in the world, based on orderbook size, and the global leader in high-end vessels including liquified natural gas (LNG)-powered ships. Korean shipbuilders have an oligopoly in LNG carrier shipbuilding, LNG dual-fueled containerships, and tankers. The tightening regulation on carbon emission, which will be fully adopted by the International Maritime Organization (IMO) by 2030, should drive higher demand for LNG dual-fueled ships as well as carbon-free ammonia-fueled ships. We expect a structural shortage of compliant ships to emerge as the IMO deadline nears, which should benefit Korea Shipbuilding given its leading position. | Industrials | 2.2% | |
Industria de Diseno Textil, S.A. Industria de Diseño Textil, S.A. (ITX.SM) (Inditex) is a leading Spain-headquartered specialty apparel company with over 5,000 stores in more than 80 countries. The company's flagship Zara brand represents around 70% of revenue. Inditex operates a unique retail business model by prioritizing speed and flexibility. Its strategy translates to high traffic, fast turns, negative working capital, and high full-price sell-through, which coalesce to generate industry-leading margins and returns on capital. Inditex's relatively low market share outside core Iberian markets suggests a large growth opportunity for the company in the years ahead. | Consumer Discretionary | 2.0% | |
Experian plc Experian plc (EXPN LN) provides data and analytical tools to manage credit risk, prevent fraud, target marketing offers, and automate decision-making. The company is one of three credit bureaus in the U.S. and is the largest credit bureau in the U.K. Experian is growing by introducing new products, entering new customer verticals, and expanding internationally. The company has aggressively expanded in developing countries by launching new credit bureaus and acquiring existing bureaus. Experian has visible revenue growth, expanding margins, and strong cash flow to fund dividends and share repurchases. | Industrials | 2.0% | |
Total Total | 25.8% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
Contributors / DetractorsQuarterly as of 09/30/2024
Top Contributors | Average Weight | Contribution |
---|---|---|
Trent Limited | 1.76% | 0.62% |
argenx SE | 2.46% | 0.58% |
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 2.13% | 0.49% |
DSM-Firmenich AG | 2.12% | 0.44% |
Bharti Airtel Limited | 1.69% | 0.39% |
Source: FactSet PA.
GICS Sector BreakdownAs of 11/30/2024
Sector
Industrials
16.9%
Information Technology
16.4%
Consumer Discretionary
12.6%
Financials
12.3%
Health Care
11.7%
Materials
10.5%
Consumer Staples
7.0%
Communication Services
5.4%
Cash & Cash Equivalents
3.7%
Energy
3.1%
Real Estate
0.4%
11/30/2024
Diversified Banks7.00%
Construction Machinery & Heavy Transportation Equipment 4.70%
Application Software4.30%
Biotechnology4.10%
Apparel Retail4.00%
Semiconductors4.00%
Life Sciences Tools & Services3.80%
Specialty Chemicals3.80%
Packaged Foods & Meats3.10%
Broadline Retail 3.10%
Industrial Gases3.10%
Pharmaceuticals2.90%
Oil & Gas Refining & Marketing2.60%
Property & Casualty Insurance2.50%
Air Freight & Logistics2.40%
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Diversified Banks7.00%
Construction Machinery & Heavy Transportation Equipment 4.70%
Application Software4.30%
Biotechnology4.10%
Apparel Retail4.00%
Semiconductors4.00%
Life Sciences Tools & Services3.80%
Specialty Chemicals3.80%
Packaged Foods & Meats3.10%
Broadline Retail 3.10%
Industrial Gases3.10%
Pharmaceuticals2.90%
Oil & Gas Refining & Marketing2.60%
Property & Casualty Insurance2.50%
Air Freight & Logistics2.40%
01234567
Japan10.70%
India9.70%
China8.50%
United Kingdom8.10%
Netherlands7.70%
France6.10%
Korea6.00%
Israel5.20%
Canada4.90%
Spain4.40%
United States4.30%
Taiwan3.80%
Poland3.20%
Germany2.10%
Sweden2.00%
Brazil1.80%
Australia1.50%
Denmark1.30%
Ireland1.20%
Switzerland1.20%
Peru1.00%
Hong Kong0.90%
Italy0.80%
024681012
Japan10.70%
India9.70%
China8.50%
United Kingdom8.10%
Netherlands7.70%
France6.10%
Korea6.00%
Israel5.20%
Canada4.90%
Spain4.40%
United States4.30%
Taiwan3.80%
Poland3.20%
Germany2.10%
Sweden2.00%
Brazil1.80%
Australia1.50%
Denmark1.30%
Ireland1.20%
Switzerland1.20%
Peru1.00%
Hong Kong0.90%
Italy0.80%
024681012
Portfolio CharacteristicsAs of 09/30/2024
Description | Baron International Growth Fund | MSCI ACWI ex USA Index |
---|---|---|
Inception Date | December 31, 2008 | |
Net Assets | $346.42 million | |
# of Issuers / % of Net Assets | 89 / 97.3% | |
Turnover (3 Year Average) | 38.43% | |
Active Share | 85.9% | |
Median Market Cap | $20.70 billion | $10.95 billion |
Weighted Average Market Cap | $99.38 billion | $114.70 billion |
Gross Expense Ratio | 1.26% | |
Net Expense Ratio | 1.20% | |
Current Expense Ratio Date | 12/31/2023 | |
EPS Growth (3-5 year forecast) | 20.4% | 12.5% |
Price/Earnings Ratio (trailing 12-month) | 22.9 | 16.0 |
Price/Book Ratio | 2.7 | 1.8 |
Price/Sales Ratio | 2.2 | 1.4 |
The Net Assets include all share classes combined.
Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.
Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.
Distributions
Record Date | Ex Date | Payable Date | Income | Return of Capital | Short-Term Capital Gain | Long-Term Capital Gain | Total | Re-Invest NAV | Calendar-Year Return |
---|---|---|---|---|---|---|---|---|---|
09/23/2024 | 09/24/2024 | 09/25/2024 | $0.0307 | $0.0000 | $0.0000 | $0.0000 | $0.0307 | $27.68 | |
12/06/2023 | 12/07/2023 | 12/08/2023 | $0.0897 | $0.0000 | $0.0000 | $0.0000 | $0.0897 | $24.34 | 7.33% |
09/26/2022 | 09/27/2022 | 09/28/2022 | $0.0000 | $0.0000 | $0.0032 | $0.2951 | $0.2983 | $20.62 | -27.47% |
11/22/2021 | 11/23/2021 | 11/24/2021 | $0.5968 | $0.0000 | $0.0000 | $1.1180 | $1.7148 | $32.97 | 9.64% |
09/22/2021 | 09/23/2021 | 09/24/2021 | $0.0303 | $0.0000 | $0.0000 | $0.0000 | $0.0303 | $36.26 | 9.64% |
For estimated distributions, visit the Tax Center
Investor Series
Baron International Growth Fund: Investing in the International Equity Markets
Learn more about the investment approach for Baron International Growth Fund.