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 June 30, 2014

Inception Date April 30, 2012
Net Assets (All share classes combined) $7.11 million
# of Equity Securities / % of Net Assets 39 / 99.1%
Turnover (2 Year Average) 91.36%
Median Market Cap $3.28 billion
Weighted Average Market Cap $47.72 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) 34.0%
Price/Earnings Ratio (trailing 12- month) 25.5
Price/Book Ratio 4.8
Price/Sales Ratio 3.5

Top Ten Holdings as of June 30, 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 5.3%
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 5.1%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly users.
Information Technology 4.4%
Softbank Corp. (9984.JP) is a leading mobile communications and broadband Internet access provider in Japan and the U.S., with additional investments in Internet-related businesses. The company, led by founder Masayoshi Son, is one of the premier entrepreneurial and visionary companies in Japan.
Telecommunication Services 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%
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 3.9%
Smiles SA (SMLE3.BZ) is the second largest coalition loyalty program in Brazil with nine million members and 25% market share. It sells miles to credit card companies and GOL, its airline partner, and provides tickets on GOL flights when consumers redeem the miles.
Consumer Discretionary 3.8%
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%
Cetip SA - Mercados Organizados (CTIP3.BZ) administers over-the-counter (OTC) markets in Brazil for trading and registration of securities, bonds, and derivatives.
Financials 3.7%
TAL Education Group (XRS) is a leading K-12 after school tutoring provider in China.
Consumer Discretionary 3.7%
Total 42.2%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.421 5.3%
Google, Inc. Information Technology $390.929 5.1%
Facebook Inc. Information Technology $172.690 4.4%
Illumina, Inc. Health Care $22.925 4.3%
SoftBank Corp. Telecommunication Services $90.241 4.3%
Amazon.com, Inc. Consumer Discretionary $149.453 3.9%
Smiles SA Consumer Discretionary $2.598 3.8%
Cetip SA - Mercados Organizados Financials $3.717 3.7%
TAL Education Group Consumer Discretionary $2.147 3.7%
Just Eat plc Information Technology $2.464 3.7%
The Priceline Group, Inc. Consumer Discretionary $63.076 3.3%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.257 3.3%
Atlas Energy, L.P. Energy $2.328 3.0%
Grifols SA Health Care $17.346 3.0%
Baidu, Inc. Information Technology $65.460 2.7%
Mellanox Technologies Ltd. Information Technology $1.553 2.7%
Pacira Pharmaceuticals, Inc. Health Care $3.275 2.6%
Xoom Corporation Information Technology $1.001 2.3%
Constellation Software, Inc. Information Technology $5.401 2.2%
Tallgrass Energy Partners, LP Energy $1.586 2.2%
AO World plc Consumer Discretionary $1.856 2.2%
Medidata Solutions, Inc. Health Care $2.316 2.0%
PBF Logistics LP Energy $0.874 2.0%
Acxiom Corp. Information Technology $1.671 1.9%
ICICI Bank Limited Financials $28.843 1.9%
Benefitfocus, Inc. Information Technology $1.160 1.9%
Coupons.com Incorporated Consumer Discretionary $2.040 1.8%
ASML Holding N.V. Information Technology $41.675 1.7%
Qunar Cayman Islands Ltd. Consumer Discretionary $3.256 1.7%
Yandex N.V. Information Technology $11.455 1.5%
ARM Holdings plc Information Technology $21.232 1.5%
Qiwi Plc Information Technology $2.186 1.4%
Brookfield Asset Management, Inc. Financials $27.622 1.3%
MakeMyTrip Limited Consumer Discretionary $1.452 1.3%
Youku Tudou, Inc. Information Technology $4.029 1.3%
Monsanto Co. Materials $65.438 1.2%
Seadrill Partners, LLC Energy $2.780 1.1%
Just Dial Ltd. Information Technology $1.705 1.1%
Cash & Cash Equivalents Cash & Cash Equivalents - 0.9%
Arista Networks, Inc. Information Technology $4.016 0.8%
Total 100.0%
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Sector Breakdown as of June 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.9%
Consumer Discretionary
  • Internet Retail 14.2%
  • Advertising 3.8%
  • Education Services 3.7%
21.7%
Energy
  • Oil & Gas Storage & Transportation 7.1%
  • Oil & Gas Drilling 1.1%
8.3%
Financials
  • Asset Management & Custody Banks 3.7%
  • Diversified Banks 1.9%
  • Diversified Real Estate Activities 1.3%
6.8%
Health Care
  • Life Sciences Tools & Services 4.3%
  • Biotechnology 3.0%
  • Pharmaceuticals 2.6%
  • Health Care Technology 2.0%
11.9%
Information Technology
  • Internet Software & Services 24.2%
  • Semiconductors 4.2%
  • Application Software 2.1%
  • IT Consulting & Other Services 1.9%
  • Semiconductor Equipment 1.7%
  • Data Processing and Outsourced Services 1.4%
  • Communications Equipment 0.8%
36.3%
Materials
  • Fertilizers & Agricultural Chemicals 1.2%
1.2%
Telecommunication Services
  • Wireless Telecommunication Services 12.9%
12.9%
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Country Breakdown As of June 30, 2014

Country Breakdown
Developed % of Net Assets
Canada 3.4%
Israel 2.7%
Japan 4.4%
Netherlands 1.7%
Norway 1.1%
Spain 3.0%
United Kingdom 7.4%
United States 42.9%
Country Breakdown
Developing % of Net Assets
Brazil 7.5%
China 9.4%
India 4.3%
Indonesia 8.5%
Russia 2.8%
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Top Contributors & Detractors as of June 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
Internet Software & Services 22.21% 2.07%
Life Sciences Tools & Services 3.91% 0.81%
Advertising 2.32% 0.79%
Asset Management & Custody Banks 2.88% 0.64%
Oil & Gas Storage & Transportation 5.30% 0.50%
Top Detractors Average Weight Contribution
IT Consulting & Other Services 2.33% -1.25%
Semiconductors 3.03% -0.37%
Health Care Technology 1.67% -0.33%
Casinos & Gaming 1.72% -0.24%
Broadcasting 1.00% -0.21%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 3.91% 0.81%
Smiles SA 2.32% 0.79%
Xoom Corporation 1.92% 0.66%
Cetip SA - Mercados Organizados 2.88% 0.64%
Facebook Inc. 4.11% 0.51%
Top Detractors Average Weight Contribution
Acxiom Corp. 2.33% -1.25%
Sina Corporation 0.89% -0.50%
Medidata Solutions, Inc. 1.63% -0.31%
AO World plc 1.24% -0.26%
Wynn Macau Ltd. 1.72% -0.24%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services^ 19.48% 11.79%
Internet Retail 10.94% 7.00%
Life Sciences Tools & Services 3.86% 3.84%
Oil & Gas Storage & Transportation 5.88% 2.14%
Data Processing and Outsourced Services 5.06% 1.53%
Top Detractors Average Weight Contribution
Movies & Entertainment 1.74% -0.84%
Broadcasting 1.37% -0.62%
Semiconductors 2.79% -0.50%
Application Software 0.56% -0.48%
Cable & Satellite 0.42% -0.47%
By Holdings
Top Contributors Average Weight Contribution
Facebook Inc. 5.16% 6.64%
Illumina, Inc. 3.86% 3.84%
Qunar Cayman Islands Ltd. 1.27% 2.36%
The Priceline Group, Inc. 3.06% 1.65%
Baidu, Inc. 1.90% 1.56%
Top Detractors Average Weight Contribution
Sina Corporation 0.99% -1.25%
SFX Entertainment, Inc. 0.44% -0.65%
Global Mediacom Tbk PT 1.37% -0.62%
NQ Mobile, Inc. 0.06% -0.60%
MNC Sky Vision Tbk PT 0.42% -0.47%
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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.