
Baron India Fund
US
Nav
$9.09
As of 05/08/2025
Net Assets
$9.31 M
Inception date
07/30/2021
Overview
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
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Prices & Performance
PricesAs of 05/08/2025
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$9.09 | -$0.20 | -2.15% | -2.05% | 2.25% | -0.87% |
NAV | $9.09 |
---|---|
Daily Change ($) | -$0.20 |
Daily Change (%) | -2.15% |
MTD | -2.05% |
QTD | 2.25% |
YTD | -0.87% |
PerformanceAs of 03/31/2025
Portfolio or Index | QTD1 | YTD1 | 1 Year | 3 Years | Since Inception 07/30/2021 |
---|---|---|---|---|---|
BINRX - Baron India Fund | -3.05% | -3.05% | 7.11% | 1.11% | -3.13% |
MSCI AC Asia ex Japan/India Linked Index | -2.95% | -2.95% | -4.09% | -3.15% | -5.61% |
MSCI AC Asia ex Japan Index | 1.81% | 1.81% | 11.34% | 1.79% | -1.69% |
MSCI India Index | -2.95% | -2.95% | 1.75% | 6.94% | 8.23% |
MSCI Emerging Markets Index | 2.93% | 2.93% | 8.09% | 1.44% | -1.55% |
1 Not annualized.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2035, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit BaronCapitalGroup.com or call 1-800-99-BARON.
Performance InformationAs of 03/31/2025
Performance statistics | 3 Years | Since Inception |
---|---|---|
Standard Deviation (%) | 18.33 | 17.42 |
Sharpe Ratio | -0.18 | -0.39 |
Alpha (%) | 3.77 | 1.76 |
Beta | 0.85 | 0.86 |
R-Squared (%) | 92.52 | 88.55 |
Tracking Error (%) | 5.86 | 6.48 |
Information Ratio | 0.73 | 0.38 |
Upside Capture (%) | 94.07 | 92.90 |
Downside Capture (%) | 80.06 | 85.39 |
Risk & Return03/31/2022 - 03/31/2025
Chart
Portfolio Holdings & Characteristics
HoldingsAs of 04/30/2025
Holding | Sector | % of Net Assets | |
---|---|---|---|
Bharti Airtel Limited Bharti Airtel Limited (BHARTI.IN) is a leading telecommunications company, with operations in 18 countries across Asia and Africa. The company's offerings include wireless, mobile commerce, and fixed line. Bharti is a top three player in the Indian telecommunications industry. With more than 30% market share, it is well positioned to benefit from rising smartphone penetration and 4G services in India. The company should continue to gain market share from Vodafone India, which is on the brink of bankruptcy and will likely need to raise mobile tariffs by more than 50% to remain a viable entity. We expect earnings to generate mid-teens growth over the next three to five years, with further upside from its broadband and enterprise businesses. | Communication Services | 9.6% | |
ICICI Bank Limited ICICI Bank Limited (ICICIBC.IN) is India’s second-largest private sector bank, with a strong capital base and attractive liability franchise. The bank is focused on the retail segment, which is under-penetrated and provides a long runway for growth. ICICI Bank’s profitability is improving due to favorable trends in asset quality, margins, and costs. We are encouraged by management's focus to improve the customer journey, partner with other fintechs via an open architecture, use data analytics to better tailor product offerings, and modernize its mobile banking app into a superapp that serves various customer needs. We believe these initiatives will allow ICICI to gain share, improve efficiency, and narrow the valuation gap versus other high-quality, private-sector banks in India. | Financials | 6.5% | |
Bajaj Finance Limited Bajaj Finance Limited (BAF.IN) is a leading non-banking financial corporation in India. It offers various financial products and services including housing loans, consumer durables financing, small- and medium-sized enterprise credit, and rural loans. We believe Bajaj is well positioned to benefit from growing demand for consumer financial services in India. The company's data analytics platform is a key competitive advantage that enables it to earn high risk-adjusted returns (return on equities can sustain 20% to 22%, in our view). Bajaj is quickly becoming India's largest fintech player by creating an ecosystem of apps offering insurance, brokerage, and wealth management, among many other new products and services. We expect Bajaj to grow earnings by roughly 25% over the next five years. | Financials | 6.0% | |
Reliance Industries Limited Reliance Industries Limited (RELIANCE.IN) is India's leading conglomerate, with business interests that include oil refining, petrochemicals, media, telecommunications, and retail. We believe Reliance is positioned to leverage its telecommunications network to transform into a digital services company, offering products such as video streaming, broadband, and e-commerce services. The company is also laying the groundwork to create an online marketplace that will connect over 12 million mom-and-pop retailers to over 400 million mobile and internet subscribers. We believe earnings will sustain high double-digit growth over the next three to five years. | Energy | 4.8% | |
HDFC Bank Limited HDFC Bank Limited (HDB) is one of India's largest and most recognized private sector banks, offering a broad range of financial services to retail and commercial clients. It merged with parent company HDFC Ltd. in July 2023. We see HDFC Bank as the best quality play in Indian financials, given its history of consistent returns and best-in-class management. The bank has a solid deposit franchise and healthy asset quality, which gives it a competitive advantage in funding. HDFC Bank’s significant investments in technology place it as a leader in digital banking, which should drive continued market share expansion and efficiency improvements. | Financials | 4.7% | |
InterGlobe Aviation Limited InterGlobe Aviation Limited (INDIGO.IN), which goes by IndiGo, is India’s largest airline operator, with over 60% market share in the duopolistic domestic aviation market. With a fleet of over 430 aircraft, IndiGo provides low-cost connections to more than 85 domestic and 35 international destinations. IndiGo has been a key beneficiary of industry consolidation in the aftermath of the pandemic and ongoing supply-chain challenges that have disproportionately impacted smaller competitors. We are excited about the growing demand for air travel in India, the improving pricing discipline in the market, and IndiGo’s vision to expand its international destination network. We expect IndiGo to deliver 15% to 20% compounded EBITDA growth over the next three to five years. | Industrials | 4.6% | |
Max Healthcare Institute Limited Max Healthcare Institute Limited (MAXHEALT.IN) is the second-largest hospital chain in India. It operates more than 5,000 beds across its network of 22 health care facilities. Max Healthcare has best-in-class operational metrics among Indian hospitals, driven by its status as a high-end specialty care provider and focus on cost management and return metrics. Over the past four years, management has focused on cost cutting. The company has now entered an expansion phase, planning to double its bed count from fiscal 2023 to fiscal 2027. Improving payor mix, entry into new geographies, growth in medical tourism, and an asset-light operations and management model could further boost average revenue per occupied bed and return on capital employed. | Health Care | 4.3% | |
Kotak Mahindra Bank Limited Kotak Mahindra Bank Ltd. (KMB.IN) is a leading financial services group in India. It offers products across many verticals, including banking, securities, asset management, and life insurance. It has a diversified loan portfolio with a focus on retail, agribusiness, and small-to-medium enterprise. With improving financial literacy in India, we are now seeing a structural shift of household savings traditionally kept as physical assets into financial products and services, including equities, mutual funds, and life insurance and related savings products. We believe Kotak is well positioned to participate in India’s next credit cycle given its well-capitalized position, stable asset quality, scalable business model, and excellent execution track record. | Financials | 3.9% | |
Cholamandalam Investment and Finance Company Limited Cholamandalam Investment and Finance Company Limited (CIFC.IN), known as Chola, is a leading non-banking financial company in India, with well-diversified businesses spanning vehicle loans, loans against property, and home loans. It runs a loan book of $14 billion, with 1,204 branches across 29 states. We believe Chola is well positioned to benefit from growing demand for consumer financial services in India, and we are excited about several opportunities that lie ahead for the company, including its newly launched unsecured consumer and small to medium enterprise loans and further rollout of its home loans. We expect Chola to sustain loan growth of 20% to 25% and double its loan book in the next three to five years. | Financials | 3.6% | |
SBI Life Insurance Company Limited SBI Life Insurance Company Limited (SBILIFE.IN) is one of the largest life insurance companies in India. Key offerings include term life insurance and other savings products. We believe SBI Life is well positioned to benefit from growing demand for insurance services and the financialization of household savings in India. In our view, the company's ability to leverage India's largest bank branch network through its parent entity is a critical competitive advantage, and we expect SBI Life to sustain mid-teens growth in embedded value over the next three to five years. | Financials | 3.0% | |
Total | 50.9% |
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
Contributors / DetractorsQuarterly as of 03/31/2025
Top Contributors | Average Weight | Contribution |
---|---|---|
Bajaj Finance Limited | 5.88% | 1.54% |
Bharti Airtel Limited | 9.19% | 0.87% |
Cholamandalam Investment and Finance Company Limited | 3.07% | 0.77% |
InterGlobe Aviation Limited | 3.78% | 0.70% |
Kotak Mahindra Bank Limited | 2.71% | 0.53% |
GICS Sector BreakdownAs of 04/30/2025
Chart
Sector
Financials
32.2%
Communication Services
14.4%
Industrials
10.2%
Consumer Discretionary
8.7%
Health Care
8.2%
Cash & Cash Equivalents
6.5%
Information Technology
5.5%
Consumer Staples
4.9%
Energy
4.8%
Utilities
2.9%
Materials
0.9%
Real Estate
0.8%
Portfolio CharacteristicsAs of 03/31/2025
Description | Baron India Fund | MSCI AC Asia ex Japan/India Linked Index |
---|---|---|
Inception Date | July 30, 2021 | |
Net Assets | $9.31 million | |
# of Issuers / % of Net Assets | 42/91.8% | |
Turnover (3 Year Average) | 63.49% | |
Active Share | 61.5% | |
Median Market Cap | $12.85 billion | $11.80 billion |
Weighted Average Market Cap | $61.48 billion | $62.34 billion |
Gross Expense Ratio | 7.26% | |
Net Expense Ratio | 1.45% | |
As of FYE Current Expense Ratio Date | 9/1/2024 | |
EPS Growth (3-5 year forecast) | 20.7% | 16.7% |
Price/Earnings Ratio (trailing 12-month) | 25.0x | 23.5x |
Price/Book Ratio | 5.1x | 3.7x |
Price/Sales Ratio | 3.7x | 2.4x |
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 | $0.0119 | $0.0000 | $0.0000 | $0.0000 | $0.0119 | $9.89 |
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