Baron Global Advantage Fund (BGAFX)

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Fund Description

Baron Global Advantage Fund invests in growth companies of all sizes anywhere.

  

Facts & Characteristics as of March 31, 2015

Inception Date April 30, 2012
Net Assets (All share classes combined) $8.34 million
# of Equity Securities / % of Net Assets 45/99.7%
Turnover (2 Year Average) 76.69%
Median Market Cap $5.26 billion
Weighted Average Market Cap $56.49 billion
CUSIP 06828M843
Gross Expense Ratio (as of FYE 12/13) 5.51%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (4.01)%
Net Expense Ratio (as of FYE 12/13) 1.50%
EPS Growth (3-5 year forecast) 27.1%
Price/Earnings Ratio (trailing 12- month) 30.7
Price/Book Ratio 4.1
Price/Sales Ratio 2.7

Top Ten Holdings as of May 31, 2015

Holding Sector Percentage*
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing customers value and convenience. It is the world's largest online retail merchant.
Consumer Discretionary 7.3%
SunEdison, Inc. (SUNE) is the world's largest renewable energy development company.
Information Technology 5.5%
Just Eat plc (je.ln) is the leading online/mobile restaurant delivery aggregator/platform in the U.K., Denmark, Ireland, France, Spain, Switzerland, Norway, and Canada, with a nascent position in Italy. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps.
Information Technology 4.8%
Alibaba Group Holding Ltd. (BABA) is the largest e-commerce company in China, as well as the world, generating $370 billion in annual gross merchandise value on a trailing twelve month basis. Its two primary online marketplaces in China are Taobao and TMall, which together comprise 82% of Alibaba's revenue.
Information Technology 4.3%
Facebook Inc. (FB) is the world's largest social networking with over 1 billion active monthly users.
Information Technology 4.1%
Illumina, Inc. (ILMN) develops and commercializes tools and services for genetic analysis. The company is the recognized leader in next generation DNA sequencing platforms. 
Health Care 3.8%
Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfinBand and Ethernet networking technologies.
Information Technology 3.8%
Google, Inc. (GOOG) is a global technology company that provides Internet search, software, and advertising technologies. Google generates revenue by providing advertisers with the opportunity to deliver online advertising relevant to a user’s search or preferences.
Information Technology 3.7%
Sarana Menara Nusantara Tbk PT (TOWR.IJ) is the largest independent owner of wireless telecommunication towers in Indonesia. Wireless operators sublease space on towers for their network equipment. Sarana Menara owns 11,600 towers, making it one of the largest tower operators in Southeast Asia.
Telecommunication Services 3.7%
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 3.5%
Total 44.5%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $172.797 6.3%
SunEdison, Inc. Information Technology $6.537 4.8%
Just Eat plc Information Technology $3.677 4.7%
Facebook Inc. Information Technology $230.938 4.6%
Google, Inc. - Cl C Information Technology $375.081 4.2%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.137 4.1%
Illumina, Inc. Health Care $26.695 3.8%
Mellanox Technologies Ltd. Information Technology $2.072 3.7%
Alibaba Group Holding Ltd. - ADR Information Technology $205.187 3.4%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.476 3.0%
TerraForm Power, Inc. Utilities $4.549 2.8%
The Priceline Group, Inc. Consumer Discretionary $60.465 2.7%
Baidu, Inc. Information Technology $73.093 2.6%
Constellation Software, Inc. Information Technology $7.325 2.5%
Smiles SA Consumer Discretionary $1.942 2.4%
Qunar Cayman Islands Ltd. - ADR Consumer Discretionary $4.905 2.4%
Medidata Solutions, Inc. Health Care $2.707 2.3%
Tallgrass Energy Partners, LP Energy $3.046 2.3%
Cetip SA - Mercados Organizados Financials $2.623 2.2%
Naspers Limited Consumer Discretionary $64.740 2.2%
TAL Education Group - ADR Consumer Discretionary $2.620 2.1%
Westlake Chemical Partners LP Materials $0.726 2.0%
SoftBank Corp. Telecommunication Services $69.356 1.9%
Grifols SA - ADR Health Care $13.540 1.9%
Benefitfocus, Inc. Information Technology $1.047 1.9%
Brookfield Infrastructure Partners L.P. Utilities $6.845 1.8%
Targa Resources Corp. Energy $5.365 1.7%
ICICI Bank Limited - ADR Financials $30.029 1.7%
Pacira Pharmaceuticals, Inc. Health Care $3.220 1.7%
ASML Holding N.V. Information Technology $44.274 1.6%
Acxiom Corp. Information Technology $1.429 1.5%
Check Point Software Technologies Ltd. Information Technology $15.066 1.4%
ARM Holdings plc Information Technology $23.136 1.4%
Brookfield Asset Management, Inc. Financials $33.811 1.3%
Shell Midstream Partners, L.P. Energy $5.262 1.3%
Ctrip.com International, Ltd. Consumer Discretionary $7.932 1.1%
Axis Bank Ltd. Financials $21.213 1.0%
Columbia Pipeline Partners LP Energy $2.787 1.0%
Mobileye N.V. Information Technology $9.108 0.9%
MakeMyTrip Limited Consumer Discretionary $0.915 0.8%
Just Dial Ltd. Information Technology $1.491 0.8%
Seadrill Partners, LLC Energy $1.079 0.7%
Aerie Pharmaceuticals, Inc. Health Care $0.754 0.5%
Unilife Corporation Health Care $0.517 0.4%
PRINCIPAL CASH Cash & Cash Equivalents - 0.3%
Atlas Energy Group, LLC Energy $0.156 0.3%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.2%
Consumer Discretionary
  • Internet Retail 14.0%
  • Advertising 2.2%
  • Education Services 2.1%
  • Cable & Satellite 1.9%
20.2%
Energy
  • Oil & Gas Storage & Transportation 5.5%
  • Oil & Gas Exploration & Production 0.9%
  • Oil & Gas Drilling 0.7%
7.2%
Financials
  • Diversified Banks 2.5%
  • Asset Management & Custody Banks 2.1%
  • Diversified Real Estate Activities 1.2%
5.8%
Health Care
  • Life Sciences Tools & Services 3.8%
  • Health Care Technology 2.4%
  • Health Care Supplies 0.2%
  • Pharmaceuticals 0.2%
6.6%
Information Technology
  • Internet Software & Services 21.4%
  • Semiconductor Equipment 7.1%
  • Semiconductors 5.1%
  • Application Software 4.2%
  • Systems Software 3.5%
  • IT Consulting & Other Services 1.2%
42.4%
Materials
  • Commodity Chemicals 1.5%
1.5%
Telecommunication Services
  • Wireless Telecommunication Services 8.1%
8.1%
Utilities
  • Renewable Electricity 2.8%
  • Electric Utilities 2.2%
5.0%
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Country Breakdown As of May 31, 2015

Country Breakdown
Developed % of Net Assets
Canada 3.9%
Israel 8.7%
Japan 1.7%
Netherlands 1.6%
Norway 0.7%
United Kingdom 6.1%
United States 45.5%
Country Breakdown
Developing % of Net Assets
Brazil 4.3%
China 12.3%
India 3.8%
Indonesia 6.3%
South Africa 1.9%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 11.91% 1.63%
Semiconductor Equipment 6.13% 0.84%
Renewable Electricity 2.63% 0.47%
Application Software 2.93% 0.39%
Semiconductors 5.27% 0.35%
Top Detractors Average Weight Contribution
Wireless Telecommunication Services 9.32% -0.71%
Asset Management & Custody Banks 2.65% -0.46%
Advertising 2.56% -0.25%
Oil & Gas Drilling 0.87% -0.25%
Diversified Banks 2.74% -0.21%
By Holdings
Top Contributors Average Weight Contribution
Just Eat plc 4.04% 1.24%
Amazon.com, Inc. 5.63% 1.04%
SunEdison, Inc. 4.42% 0.94%
Qunar Cayman Islands Ltd. 1.77% 0.76%
TerraForm Power, Inc. 2.63% 0.47%
Top Detractors Average Weight Contribution
Alibaba Group Holding Ltd. 3.81% -0.89%
Coupons.com Incorporated 0.52% -0.55%
Cetip SA - Mercados Organizados 2.65% -0.46%
Sarana Menara Nusantara Tbk PT 4.28% -0.41%
Tower Bersama Infrastructure Tbk PT 3.10% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 22.88% 2.02%
Semiconductor Equipment 3.57% 1.60%
Education Services 2.70% 1.33%
Oil & Gas Storage & Transportation 7.60% 1.13%
Life Sciences Tools & Services 4.03% 1.06%
Top Detractors Average Weight Contribution
IT Consulting & Other Services 1.81% -1.56%
Oil & Gas Drilling 1.20% -0.76%
Biotechnology 2.44% -0.47%
Wireless Telecommunication Services 10.53% -0.45%
Asset Management & Custody Banks 3.02% -0.30%
By Holdings
Top Contributors Average Weight Contribution
Facebook Inc. 4.53% 1.47%
Just Eat plc 3.71% 1.45%
SunEdison, Inc. 1.90% 1.43%
TAL Education Group 2.70% 1.33%
Illumina, Inc. 4.03% 1.06%
Top Detractors Average Weight Contribution
Acxiom Corp. 1.81% -1.56%
AO World plc 0.86% -1.14%
Coupons.com Incorporated 0.99% -1.10%
Atlas Energy, L.P. 2.74% -0.76%
Seadrill Partners, LLC 1.20% -0.76%
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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. Positions smaller than 0.05% round to 0.0%. Portfolio holdings 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.

^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.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.