ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Let's talk about some of your top holdings, Eurofins Scientific. Yes. What is it about that company that caught your eye?

MICHAEL KASS, PORTFOLIO MANAGER, BARON INTERNATIONAL GROWTH FUND (ENGLISH) SAYING:

It's a great niche company. They participate in an area of real secular growth, so they do food testing, certification and testing. There's all kinds of food scandals breaking out around the world all the time. Shifts around the emerging markets where you're moving towards a more packaged food or more kind of modernized food consumption which creates all kinds of safety issues when you get into manufacturing of food. So great opportunities for this company. They're the world leader in this area, run by a fabulous entrepreneur who started this company 25 years ago and has grown it at really double-digit for most of those years.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Can that continue though, that kind of growth going forward?

MICHAEL KASS, PORTFOLIO MANAGER, BARON INTERNATIONAL GROWTH FUND (ENGLISH) SAYING:

There's really nothing in its way right now. You know, if you look, there's been, if anything, you've had these recent scares in Europe and China, across the, you know, different types of categories whether it's milk or beef, etcetera. And we think these- they also do environmental and healthcare testing, but really the food is what's driving. We think that, you know, particularly driven by emerging markets' trends and consumption, that there's a long runway for this company.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

You also like Ryanair. It just had record profits. Right. You know, a lot of investors have learned over the years that airlines are not good long-term investments. Right. So is it more of a short-term holding or this the exception to the rule?

MICHAEL KASS, PORTFOLIO MANAGER, BARON INTERNATIONAL GROWTH FUND (ENGLISH) SAYING:

No. I've actually owned Ryanair a long time but this is not your typical airline. This is actually, you know, of course it's an airline but they have a fundamental long-term cost advantage and they're competing against really, I would say, airlines that are run for different purposes to maximize employments. They really run in countries that are responding to unions and so they're trying to protect union jobs and union wages. So Ryanair can fit underneath that and sort of compete and arbitrage away opportunities from all these other airlines that are shutting down capacity, that are closing down airports. And so, they can step in with their, I would say their cost structure is about a third of that at the flag carriers, actually the other low-cost carriers, maybe one-fifth to one-tenth of some of the flag carriers. So they can offer seats at EUR10 and make money which is a pretty good business.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Yeah, yeah. Let's move away from Europe for a moment. I've got to ask you about Japan because it's one of the big stories obviously this year. Sure. Sure. In terms of what's happened with the stock market there and opportunities for companies, are you all in in the Japan story, a firm believer in what's happening?

MICHAEL KASS, PORTFOLIO MANAGER, BARON INTERNATIONAL GROWTH FUND (ENGLISH) SAYING:

I've been a firm believer. You know, I think you're witnessing one of the most remarkable shifts in sort of politics and policy of a major developed country that I've ever seen, you know. What happened really last fall was a massive shift in political consensus. And so, they've kind of handed over the reins to a new leadership that is bringing Japan into kind of the modern economic realm these days, certainly with quantitative easing and monetary policy. But there are many other legs to what they're doing in terms of other forms of political reform, economic reform they're going to take off. So, yeah, I think long-term, when you marry the short-term benefits of their quantitative easing with the long-term reforms, this could be, you know, continue to be the most attractive equity market in the world for many years.