Baron International Growth Fund (BINIX)
Fund Manager since 2008
Objective & Strategy
The investment goal of Baron International Growth Fund is capital appreciation.
The Fund invests in non-U.S. companies with significant growth potential. While investments may be made across all market capitalizations, the Fund’s focus is on small and mid-sized companies. The Fund invests principally in companies in developed countries and may invest up to 30% in companies of developing countries. We identify global trends and themes we believe will create growth opportunities, and stock selection is based on these themes and bottom-up research. Diversified.Read Latest Fund Commentary
Baron International Growth Fund invests primarily in non-U.S. growth companies.
Daily Price (NAV)Prices for May 23 , 2013
|Daily Change ($)||-$0.34|
|Daily Change (%)||-2.03%|
|Inception Date||December 31, 2008|
|Net Assets^||$55.01 million|
|Expense Ratio*||1.40% / 1.25%|
Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. This may result in greater share price volatility. Securities of small and medium-sized companies may be thinly traded and more difficult to sell. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.
This information is not currently available.
Lipper RankingsRankings based on total returns as of 3/31/2013
Category: International Multi-Cap Growth
|1 Year||270 out of 303 funds|
|3 Year||92 out of 270 funds|
Baron Category: All-Cap Growth
|Large Value||Large Core||Large Growth||Large|
|Mid Value||Mid Core||Mid Growth||Mid|
|Small Value||Small Core||Small Growth||Small|
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 has reimbursed certain Fund expenses 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 above. For performance information current to the most recent month end, click here.
The Fund may not achieve its objectives.
Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to 5/29/2009 did not reflect this fee, the returns would be higher.
^All share classes combined. As of most recent month end.
*As of fiscal year ended 12/31/2011 the gross expense ratio of the Fund’s Institutional Shares was 1.38%, but the net expense ratio was 1.25% (net of the Adviser's fee waivers).
Top Ten Fund Holdings based on net assets. Portfolio holding may change over time.
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.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately.) © 2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Lipper Analytical Services, Inc. rankings and fund performance do not reflect sales charges and are based on total return, including reinvestment of dividends and capital gains for the stated periods.
Performance Based Characteristics are based on trailing five-year and since-inception periods. Performance statistics for additional periods will be provided on request. Source: FactSet SPAR.
Definitions (provided by BAMCO, Inc.): The MSCI ACWI ex USA indexes cited are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI ACWI ex USA IMI Growth Index Net USD measures the performance of large, mid and small cap growth securities across developed and emerging markets, excluding the United States. The MSCI ACWI ex USA Index Net USD measures the equity market performance of large and midcap securities across developed and emerging markets, excluding the United States. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. The Morningstar Foreign Small/Mid Growth Average is not weighted and represents the straight average of annualized returns of each of the funds in the Foreign Small/Mid Growth category. The Fund's Institutional Shares have been included in the category since May 29, 2009 and the Fund's Retail Shares since inception. As of 9/30/12, the category consisted of 145, 142, 136, and 99 funds for the 3-month, year-to-date, 1-, and 3-year periods. © 2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market (MSCI ACWI ex USA IMI Growth Index Net USD) is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index (MSCI ACWI ex USA IMI Growth Index Net USD), and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns (MSCI ACWI ex USA IMI Growth Index Net USD). It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index (MSCI ACWI ex USA IMI Growth Index Net USD). The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns (MSCI ACWI ex USA IMI Growth Index Net USD) are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns (MSCI ACWI ex USA IMI Growth Index Net USD) are less than zero. EPS Growth Rate (3-5 year forecast): 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 observations on the aggregate calculation by weighting them based on their size in the fund. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.