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, 2016

Inception Date April 30, 2012
Net Assets (All share classes combined) $10.76 million
# of Equity Securities / % of Net Assets 34/99.2%
Turnover (3 Year Average) 60.77%
Median Market Cap $5.22 billion
Weighted Average Market Cap $126.06 billion
CUSIP 06828M835
Gross Expense Ratio (as of FYE 12/15) 2.89%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/15) (1.64)%
Net Expense Ratio (as of FYE 12/15) 1.25%
EPS Growth (3-5 year forecast) 28.1%
Price/Earnings Ratio (trailing 12- month) 34.2
Price/Book Ratio 4.2
Price/Sales Ratio 5.3

Top Ten Holdings as of November 30, 2016

Holding Sector Percentage*
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing value and convenience to its customers. It also operates the industry-leading cloud infrastructure business Amazon Web Services.
Consumer Discretionary 11.6%
Alibaba Group Holding Limited (BABA) is the largest e-commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao and Tmall. It also participates in the profits of Ant Financial, which owns Alipay, the largest third party online payment provider in China.
Information Technology 6.0%
Facebook, Inc. (FB) is the world's largest social network with over 1.25 billion active monthly users, 950 million mobile users, and 750 million daily active users.
Information Technology 5.4%
TAL Education Group (XRS) is a leading K-12 after school tutoring provider in China that currently operates 300+ learning centers in 25 cities.
Consumer Discretionary 5.2%
Alphabet, Inc. (GOOG) (formerly Google Inc.) is the world’s most recognized and dominant online search provider. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Information Technology 5.2%
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates approximately 200 small and medium-sized software businesses. These software businesses allow customers across a wide range of verticals to automate key activities, with the goal of saving on labor costs.
Information Technology 5.1%
Naspers Limited (NPN.SJ)  is a South Africa-based internet and media platform operator, offering services in more than 120 countries. Its main operations are in e-commerce (classifieds, marketplaces, and online retail, services, and payments), pay-TV, and print media.
Consumer Discretionary 4.6%
JUST EAT plc (je.ln) is the leading online restaurant delivery aggregator in the U.K., Denmark, Ireland, France, Spain, Switzerland, Norway, Mexico, Italy, Brazil and Canada. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps.
Information Technology 4.4%
Ctrip.com International, Ltd. (CTRP) is the leading mainland China-focused online travel agency. The company is incorporated in the Cayman Islands with operational headquarters in Shanghai.
Consumer Discretionary 4.3%
Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.
Information Technology 3.9%
Total 55.7%
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Portfolio Holdings as of September 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $396.947 12.1%
Alibaba Group Holding Limited - ADR Information Technology $263.975 6.4%
Facebook, Inc. Information Technology $368.305 5.5%
Naspers Limited Consumer Discretionary $75.977 5.1%
Alphabet Inc. - Cl C Information Technology $542.758 5.0%
Constellation Software, Inc. Information Technology $9.553 4.6%
TAL Education Group - ADR Consumer Discretionary $5.730 4.6%
Ctrip.com International, Ltd. Consumer Discretionary $23.175 4.1%
JUST EAT plc Information Technology $4.704 3.9%
Mellanox Technologies Ltd. Information Technology $2.081 3.8%
Illumina, Inc. Health Care $26.631 3.2%
PT Sarana Menara Nusantara Tbk. Telecommunication Services $3.049 3.1%
EPAM Systems, Inc. Information Technology $3.527 3.1%
Cetip S.A. – Mercados Organizados Financials $3.467 2.9%
Worldpay Group plc Information Technology $7.678 2.9%
Mobileye N.V. Information Technology $9.333 2.6%
FireEye, Inc. Information Technology $2.499 2.5%
Glaukos Corporation Health Care $1.246 2.4%
Acxiom Corporation Information Technology $2.063 2.3%
Allergan plc Health Care $91.192 2.0%
The Priceline Group, Inc. Consumer Discretionary $72.731 2.0%
Pacira Pharmaceuticals, Inc. Health Care $1.276 1.7%
First Republic Bank Financials $11.491 1.6%
ASML Holding N.V. Information Technology $47.485 1.6%
Benefitfocus, Inc. Information Technology $1.184 1.6%
Globant, S.A. Information Technology $1.449 1.5%
Aerie Pharmaceuticals, Inc. Health Care $1.102 1.3%
Baidu, Inc. Information Technology $63.042 1.1%
Noble Midstream Partners LP Energy $0.887 1.1%
Check Point Software Technologies Ltd. Information Technology $13.574 1.0%
Westlake Chemical Partners LP Materials $0.618 1.0%
PRINCIPAL CASH Cash & Cash Equivalents - 0.8%
TerraForm Global, Inc. Cl - A Utilities $0.732 0.8%
Luxoft Holding, Inc. Information Technology $1.755 0.7%
Bats Global Markets, Inc. Financials $2.904 0.1%
Total 100.0%
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Sector Breakdown as of November 30, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.3%
Consumer Discretionary
  • Internet & Direct Marketing Retail 18.1%
  • Education Services 5.2%
  • Cable & Satellite 4.6%
28.0%
Energy
  • Oil & Gas Storage & Transportation 1.3%
1.3%
Financials
  • Asset Management & Custody Banks 3.1%
  • Regional Banks 2.0%
  • Reinsurance 1.0%
  • Financial Exchanges & Data 0.1%
6.2%
Health Care
  • Pharmaceuticals 4.8%
  • Life Sciences Tools & Services 2.5%
  • Health Care Equipment 2.1%
9.4%
Information Technology
  • Internet Software & Services 23.4%
  • Application Software 11.5%
  • IT Consulting & Other Services 6.4%
  • Semiconductors 3.9%
  • Systems Software 3.3%
  • Semiconductor Equipment 1.6%
50.0%
Utilities
  • Renewable Electricity 0.8%
0.8%
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Country Breakdown As of November 30, 2016

Country Breakdown
Developed % of Net Assets
Canada 5.1%
Israel 7.3%
Netherlands 1.6%
United Kingdom 4.4%
United States 51.6%
Country Breakdown
Developing % of Net Assets
Brazil 3.1%
China 16.7%
South Africa 4.6%
Country Breakdown
Frontier % of Net Assets
Argentina 1.3%
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Top Contributors & Detractors as of September 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 23.30% 3.81%
Internet & Direct Marketing Retail 16.72% 2.63%
Life Sciences Tools & Services 2.92% 0.78%
Pharmaceuticals 4.74% 0.76%
IT Consulting & Other Services 5.85% 0.65%
Top Detractors Average Weight Contribution
Systems Software 4.59% -0.37%
Wireless Telecommunication Services 4.58% -0.37%
Health Care Technology 0.85% -0.13%
Asset Management & Custody Banks 2.94% -0.08%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 11.02% 1.84%
Alibaba Group Holding Limited 5.56% 1.65%
Illumina, Inc. 2.92% 0.78%
JUST EAT plc 3.85% 0.75%
Aerie Pharmaceuticals, Inc. 0.81% 0.74%
Top Detractors Average Weight Contribution
Mellanox Technologies Ltd. 3.70% -0.38%
FireEye, Inc. 2.59% -0.32%
PT Sarana Menara Nusantara Tbk. 3.15% -0.26%
Mobileye N.V. 3.27% -0.20%
athenahealth, Inc. 0.85% -0.13%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet & Direct Marketing Retail 15.22% 8.06%
Internet Software & Services 26.11% 8.01%
Education Services 5.29% 4.46%
Cable & Satellite 4.26% 1.72%
Semiconductors 4.56% 1.52%
Top Detractors Average Weight Contribution
Systems Software 5.14% -1.72%
Pharmaceuticals 3.69% -1.62%
Renewable Electricity 1.06% -0.73%
Health Care Technology 1.32% -0.50%
Diversified Banks 0.46% -0.29%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 9.59% 5.12%
TAL Education Group 5.29% 4.46%
Alibaba Group Holding Limited 4.42% 2.89%
Facebook, Inc. 6.21% 2.45%
Alphabet Inc. 7.71% 1.78%
Top Detractors Average Weight Contribution
Pacira Pharmaceuticals, Inc. 1.59% -1.78%
FireEye, Inc. 2.34% -1.75%
SunEdison, Inc. 0.23% -0.69%
TerraForm Global, Inc. 0.91% -0.66%
Allergan plc 1.52% -0.65%
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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.