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 December 31, 2014

Inception Date April 30, 2012
Net Assets (All share classes combined) $7.97 million
# of Equity Securities / % of Net Assets 43/97.4%
Turnover (2 Year Average) 78.15%
Median Market Cap $3.71 billion
Weighted Average Market Cap $56.66 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) 22.4%
Price/Earnings Ratio (trailing 12- month) 23.0
Price/Book Ratio 5.1
Price/Sales Ratio 2.6

Top Ten Holdings as of December 31, 2014

Download Attribution Analysis
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 5.1%
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 4.7%
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 4.4%
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 4.2%
SunEdison, Inc.
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 4.0%
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 3.7%
Mellanox Technologies Ltd.
Information Technology 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 3.4%
Total 41.9%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $143.694 5.1%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.419 4.7%
Facebook Inc. Information Technology $218.187 4.6%
Alibaba Group Holding Ltd. - ADR Information Technology $256.213 4.4%
Google, Inc. - Cl C Information Technology $358.421 4.2%
SunEdison, Inc. Information Technology $5.287 4.1%
Illumina, Inc. Health Care $26.210 4.0%
Mellanox Technologies Ltd. Information Technology $1.933 3.7%
Just Eat plc Information Technology $2.742 3.7%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.751 3.4%
Atlas Energy, L.P. Energy $1.618 3.2%
Baidu, Inc. Information Technology $79.929 3.0%
The Priceline Group, Inc. Consumer Discretionary $59.697 2.8%
Cetip SA - Mercados Organizados Financials $3.178 2.8%
Smiles SA Consumer Discretionary $2.122 2.7%
PRINCIPAL CASH Cash & Cash Equivalents - 2.6%
TerraForm Power, Inc. Utilities $3.120 2.5%
Medidata Solutions, Inc. Health Care $2.591 2.3%
Constellation Software, Inc. Information Technology $6.301 2.2%
Tallgrass Energy Partners, LP Energy $2.191 2.2%
SoftBank Corp. Telecommunication Services $71.467 2.0%
Grifols SA - ADR Health Care $12.976 2.0%
ICICI Bank Limited - ADR Financials $33.443 2.0%
ASML Holding N.V. Information Technology $48.181 1.8%
Benefitfocus, Inc. Information Technology $0.839 1.8%
TAL Education Group - ADR Consumer Discretionary $2.215 1.8%
Acxiom Corp. Information Technology $1.561 1.7%
Pacira Pharmaceuticals, Inc. Health Care $3.197 1.7%
Qunar Cayman Islands Ltd. - ADR Consumer Discretionary $3.475 1.5%
Dominion Midstream Partners, L.P. Energy $2.507 1.5%
Shell Midstream Partners, L.P. Energy $5.530 1.5%
PBF Logistics LP Energy $0.691 1.4%
Brookfield Asset Management, Inc. Financials $31.545 1.3%
Check Point Software Technologies Ltd. Information Technology $14.990 1.3%
ARM Holdings plc Information Technology $21.777 1.3%
Coupons.com Incorporated Consumer Discretionary $1.419 1.1%
Monsanto Co. Materials $57.832 1.0%
Seadrill Partners, LLC Energy $1.490 1.0%
Westlake Chemical Partners LP Materials $0.785 1.0%
MakeMyTrip Limited Consumer Discretionary $1.083 0.9%
Just Dial Ltd. Information Technology $1.509 0.9%
Youku Tudou, Inc. Information Technology $3.710 0.7%
Mobileye N.V. Information Technology $8.611 0.6%
Juno Therapeutics, Inc. Health Care $4.722 0.0%
Total 100.0%
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Sector Breakdown as of December 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
2.6%
Consumer Discretionary
  • Internet Retail 11.3%
  • Advertising 2.7%
  • Education Services 1.8%
16.0%
Energy
  • Oil & Gas Storage & Transportation 9.8%
  • Oil & Gas Drilling 1.0%
10.8%
Financials
  • Asset Management & Custody Banks 2.8%
  • Diversified Banks 2.0%
  • Diversified Real Estate Activities 1.3%
6.0%
Health Care
  • Life Sciences Tools & Services 4.0%
  • Health Care Technology 2.3%
  • Biotechnology 2.1%
  • Pharmaceuticals 1.7%
10.0%
Information Technology
  • Internet Software & Services 23.3%
  • Semiconductor Equipment 5.9%
  • Semiconductors 5.0%
  • Application Software 2.8%
  • IT Consulting & Other Services 1.7%
  • Systems Software 1.3%
40.0%
Materials
  • Commodity Chemicals 1.0%
  • Fertilizers & Agricultural Chemicals 1.0%
2.0%
Telecommunication Services
  • Wireless Telecommunication Services 10.1%
10.1%
Utilities
  • Renewable Electricity 2.5%
2.5%
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Country Breakdown As of December 31, 2014

Country Breakdown
Developed % of Net Assets
Canada 3.5%
Israel 5.5%
Japan 2.0%
Netherlands 1.8%
Norway 1.0%
Spain 2.1%
United Kingdom 5.0%
United States 47.8%
Country Breakdown
Developing % of Net Assets
Brazil 5.5%
China 11.4%
India 3.7%
Indonesia 8.1%
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Top Contributors & Detractors as of December 31, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Semiconductor Equipment 4.93% 0.61%
Life Sciences Tools & Services 4.02% 0.50%
IT Consulting & Other Services 1.64% 0.34%
Diversified Banks 1.97% 0.32%
Renewable Electricity 1.72% 0.25%
Top Detractors Average Weight Contribution
Oil & Gas Drilling 1.06% -0.67%
Education Services 2.51% -0.50%
Internet Software & Services 23.63% -0.25%
Pharmaceuticals 1.62% -0.11%
Internet Retail 11.33% -0.08%
By Holdings
Top Contributors Average Weight Contribution
Alibaba Group Holding Ltd. 4.43% 0.74%
Shell Midstream Partners, L.P. 0.89% 0.68%
Dominion Midstream Partners, L.P. 1.04% 0.63%
Tower Bersama Infrastructure Tbk PT 3.29% 0.59%
Illumina, Inc. 4.02% 0.50%
Top Detractors Average Weight Contribution
Atlas Energy, L.P. 3.42% -0.96%
Seadrill Partners, LLC 1.06% -0.67%
Xoom Corporation 0.55% -0.58%
TAL Education Group 2.51% -0.50%
Google, Inc. 4.46% -0.48%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Life Sciences Tools & Services 4.11% 2.43%
Oil & Gas Storage & Transportation 6.49% 1.65%
Wireless Telecommunication Services 10.08% 0.90%
Education Services 2.60% 0.83%
Diversified Banks 1.63% 0.70%
Top Detractors Average Weight Contribution
IT Consulting & Other Services 2.43% -1.53%
Movies & Entertainment 0.97% -0.98%
Oil & Gas Drilling 1.26% -0.49%
Casinos & Gaming 1.17% -0.45%
Biotechnology 2.22% -0.33%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.11% 2.43%
Facebook Inc. 4.78% 2.17%
Tower Bersama Infrastructure Tbk PT 2.43% 1.06%
Tallgrass Energy Partners, LP 1.84% 1.05%
Sarana Menara Nusantara Tbk PT 3.88% 1.00%
Top Detractors Average Weight Contribution
Acxiom Corp. 2.43% -1.53%
Sina Corporation 0.79% -1.30%
Amazon.com, Inc. 4.60% -1.17%
SoftBank Corp. 3.77% -1.15%
Xoom Corporation 1.56% -0.87%
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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.