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Past performance is not a guarantee of future performance. Investment results and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Investors should be aware of the additional risks associated with investments in non-diversification, undervalued or overlooked companies and investments in specific industries. Additional risks may include those associated with investing in foreign securities, emerging markets, and companies with relatively small market capitalizations.
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as of 06/30/19
Gains in global equities moderated from the first quarter pace, albeit with a return to significant volatility. Slowing global growth and inflation, as well as trade uncertainties, allowed the U.S. Federal Reserve to complete its pivot to an easing cycle, which is now being discounted as certain in the forward interest rate markets. This generally provides cover for coincident easing measures by central bankers worldwide, a clear support for global equities, and suggests an improvement in risk conditions for international economies and currencies. On the other hand, leading indicators suggest slowing growth in U.S. and global economies may continue into early 2020, while geopolitical risks remain heightened. In our view, these factors may offset and could possibly overwhelm central bank accommodation as the year progresses. We believe whether and how the U.S./China trade and strategic confrontation progresses is likely the most important variable in the near term.
Conditions in the developed international markets continue to reward stock selection, as the macroeconomic and political environment remains challenged; most of Europe and Japan remain quite weak, and negative bond yields suggest that markets expect such conditions to sustain for some time. In the U.K., the Brexit drama took a turn for the worse, with Theresa May’s plan finally invalidated and with it her tenure as Prime Minister. We believe the most likely outcome is a somewhat more abrupt version of Brexit; yet with the British pound near all-time lows and businesses in the U.K. and Europe taking precautions, we suspect a near-worst case outcome is likely already priced-in. Many domestic-facing U.K. businesses carry discounted valuations, and we have increased our exposure though most of our holdings here are high quality, international-facing businesses. We have reduced our exposure to Japan, as we suspect this market is most challenged by a return to subpar growth and inflation expectations. We have generally reduced our holdings of domestic businesses that have delivered on expectations, but where tailwinds appear to have peaked, such as our Japan wage inflation theme.
Brazil made progress towards a wholesale reform of its Social Security program, which we have viewed as a necessary precondition for sustained investor confidence in the country's longer-term prospects. We expect to add to our exposure in this dynamic market. Narendra Modi secured a second five-year term in a landslide victory, suggesting ongoing reforms are likely in India. While liquidity conditions remain challenged in the near term, we anticipate an improving economic and investment cycle is likely to take root in coming quarters. We also are encouraged by evidence of stabilization in China, particularly in the consumer and value-added sectors which comprise the bulk of our exposure, after many months of stimulus, regulatory easing and tax relief. We believe we are nearing the end of a protracted period of international underperformance and are confident we own a portfolio of quality growth companies poised to benefit from competitive advantages and long-term tailwinds.
as of 06/30/19
Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.
The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.
Risks:All investments are subject to risk and may lose value.
The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed on this page reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
The index performance is not fund performance; one cannot invest directly into an index.