Baron Global Advantage Fund (BGAIX)

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Fund Description

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

  

Facts & Characteristics as of September 30, 2014

Inception Date April 30, 2012
Net Assets (All share classes combined) $7.50 million
# of Equity Securities / % of Net Assets 40/93.1%
Turnover (2 Year Average) 83.15%
Median Market Cap $3.26 billion
Weighted Average Market Cap $59.66 billion
CUSIP 06828M835
Gross Expense Ratio (as of FYE 12/13) 4.91%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (3.66)%
Net Expense Ratio (as of FYE 12/13) 1.25%
EPS Growth (3-5 year forecast) 25.1%
Price/Earnings Ratio (trailing 12- month) 24.5
Price/Book Ratio 4.7
Price/Sales Ratio 3.0

Top Ten Holdings as of October 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
Sarana Menara Nusantara Tbk PT (TOWR.IJ) is the largest independent owner of wireless telecommunication towers in Indonesia.  Led by US tower industry-veteran Michael Gearon, Sarana Menara owns approximately 11,000 towers as of June 2014, making it one of the largest tower operators in Southeast Asia. 
Telecommunication Services 4.9%
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 4.6%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly users.
Information Technology 4.6%
Alibaba Group Holding Ltd.
Information Technology 4.3%
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 4.3%
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 4.3%
Just Eat plc (je.ln) is the #1 online/mobile restaurant delivery aggregator/platform in the UK, 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 3.9%
Mellanox Technologies Ltd.
Information Technology 3.8%
Atlas Energy, L.P. (ATLS) is the General Partner of Atlas Resource Partners (ARP), which is an exploration and production MLP, and Atlas Pipeline Partners L.P. (APL), which is a midstream MLP. Through this ownership structure, ATLS is eligible for incentive distribution rights from both MLPs.
Energy 3.7%
Tower Bersama Infrastructure Tbk PT (TBIG.IJ) is the second largest independent owner and operator of wireless telecommunication towers in Indonesia. Tower Bersama owns approximately 9,000 towers. 
Telecommunication Services 3.3%
Total 41.7%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 6.9%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.517 5.1%
Facebook Inc. Information Technology $204.529 5.0%
Google, Inc. Information Technology $393.956 4.9%
Amazon.com, Inc. Consumer Discretionary $148.979 4.5%
TAL Education Group Consumer Discretionary $2.756 4.4%
SoftBank Corp. Telecommunication Services $84.558 3.9%
Just Eat plc Information Technology $2.715 3.9%
Illumina, Inc. Health Care $22.851 3.7%
Mellanox Technologies Ltd. Information Technology $2.017 3.3%
Alibaba Group Holding Ltd. Information Technology $219.016 3.2%
Atlas Energy, L.P. Energy $2.284 3.1%
Baidu, Inc. Information Technology $76.514 3.0%
The Priceline Group, Inc. Consumer Discretionary $60.765 3.0%
Cetip SA - Mercados Organizados Financials $3.240 3.0%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.149 3.0%
Smiles SA Consumer Discretionary $1.940 2.7%
Tallgrass Energy Partners, LP Energy $2.217 2.4%
Grifols SA Health Care $13.386 2.2%
Medidata Solutions, Inc. Health Care $2.393 2.0%
Constellation Software, Inc. Information Technology $5.326 2.0%
ICICI Bank Limited Financials $28.408 1.8%
Xoom Corporation Information Technology $0.838 1.8%
ASML Holding N.V. Information Technology $44.155 1.7%
PBF Logistics LP Energy $0.805 1.7%
Acxiom Corp. Information Technology $1.277 1.5%
Pacira Pharmaceuticals, Inc. Health Care $3.479 1.5%
Qunar Cayman Islands Ltd. Consumer Discretionary $3.278 1.5%
ARM Holdings plc Information Technology $20.648 1.4%
AO World plc Consumer Discretionary $1.283 1.4%
Brookfield Asset Management, Inc. Financials $28.162 1.2%
Just Dial Ltd. Information Technology $1.853 1.2%
Benefitfocus, Inc. Information Technology $0.686 1.1%
Monsanto Co. Materials $59.022 1.0%
MakeMyTrip Limited Consumer Discretionary $1.160 1.0%
Seadrill Partners, LLC Energy $2.864 1.0%
Youku Tudou, Inc. Information Technology $3.732 0.8%
Coupons.com Incorporated Consumer Discretionary $0.928 0.8%
TerraForm Power, Inc. Utilities $2.915 0.8%
Mobileye N.V. Information Technology $11.377 0.8%
Westlake Chemical Partners LP Materials $0.785 0.8%
Total 100.0%
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Sector Breakdown as of October 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.6%
Consumer Discretionary
  • Internet Retail 10.8%
  • Advertising 2.8%
  • Education Services 2.2%
15.8%
Energy
  • Oil & Gas Storage & Transportation 10.0%
  • Oil & Gas Drilling 0.8%
10.7%
Financials
  • Asset Management & Custody Banks 3.0%
  • Diversified Banks 2.0%
  • Diversified Real Estate Activities 1.3%
6.3%
Health Care
  • Life Sciences Tools & Services 4.3%
  • Biotechnology 2.2%
  • Health Care Technology 2.1%
  • Pharmaceuticals 1.5%
10.0%
Information Technology
  • Internet Software & Services 22.4%
  • Semiconductors 5.1%
  • Semiconductor Equipment 4.9%
  • Application Software 2.9%
  • IT Consulting & Other Services 1.7%
  • Systems Software 1.2%
38.3%
Materials
  • Fertilizers & Agricultural Chemicals 1.0%
  • Commodity Chemicals 0.8%
1.9%
Telecommunication Services
  • Wireless Telecommunication Services 10.7%
10.7%
Utilities
  • Renewable Electricity 0.7%
0.7%
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Country Breakdown As of October 31, 2014

Country Breakdown
Developed % of Net Assets
Canada 3.5%
Israel 5.8%
Japan 2.5%
Netherlands 1.7%
Norway 0.8%
Spain 2.2%
United Kingdom 5.2%
United States 42.8%
Country Breakdown
Developing % of Net Assets
Brazil 5.8%
China 11.9%
India 4.0%
Indonesia 8.2%
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Top Contributors & Detractors as of September 30, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Education Services 4.17% 0.99%
Semiconductors 4.53% 0.74%
Auto Parts & Equipment 0.39% 0.38%
Pharmaceuticals 2.65% 0.23%
Oil & Gas Storage & Transportation 7.16% 0.19%
Top Detractors Average Weight Contribution
Internet Retail 13.41% -1.82%
Biotechnology 2.60% -0.59%
IT Consulting & Other Services 1.67% -0.46%
Asset Management & Custody Banks 3.56% -0.40%
Life Sciences Tools & Services 4.08% -0.31%
By Holdings
Top Contributors Average Weight Contribution
TAL Education Group 4.17% 0.99%
Facebook Inc. 4.77% 0.77%
Mellanox Technologies Ltd. 3.08% 0.76%
Baidu, Inc. 3.03% 0.46%
Mobileye N.V. 0.42% 0.42%
Top Detractors Average Weight Contribution
Coupons.com Incorporated 1.25% -1.01%
Benefitfocus, Inc. 1.52% -0.78%
AO World plc 1.77% -0.66%
Grifols SA 2.60% -0.59%
Acxiom Corp. 1.67% -0.46%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 21.28% 4.23%
Internet Retail 12.12% 3.78%
Life Sciences Tools & Services 3.95% 3.07%
Education Services 2.43% 1.79%
Oil & Gas Storage & Transportation 5.69% 1.50%
Top Detractors Average Weight Contribution
Movies & Entertainment 1.70% -0.78%
Application Software 1.10% -0.45%
IT Consulting & Other Services 3.22% -0.43%
Specialized Finance 1.18% -0.35%
Biotechnology 1.68% -0.31%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 3.95% 3.07%
Facebook Inc. 5.03% 2.75%
Qunar Cayman Islands Ltd. 1.69% 2.27%
TAL Education Group 1.59% 1.44%
Google, Inc. 4.65% 1.41%
Top Detractors Average Weight Contribution
Sina Corporation 0.99% -1.23%
Benefitfocus, Inc. 0.78% -0.72%
SoftBank Corp. 3.27% -0.68%
AO World plc 0.89% -0.64%
SFX Entertainment, Inc. 0.44% -0.64%
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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.