The Fund invests mainly in growth companies of all sizes located throughout the world. Diversified.
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IN
The Fund invests mainly in growth companies of all sizes located throughout the world. Diversified.
As of Dec 01, 2023
NAV | $29.48 |
---|---|
Daily Change ($) | $0.40 |
Daily Change (%) | 1.38% |
YTD | 20.28% |
Inception Date | 4/30/2012 |
Portfolio Manager
years of exp 30
years at baron 12
1Source: FactSet SPAR.
as of 12/01/23
NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
---|---|---|---|---|---|
$29.48 | $0.40 | 1.38% | 1.38% | 10.16% | 20.28% |
as of 10/31/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BGAFX - Baron Global Advantage Fund | -7.25% | 1.26% | -9.65% | -16.54% | 4.08% | 7.34% | 8.43% | 1.20% | 1.16% |
MSCI ACWI Index | -3.01% | 6.75% | 10.50% | 6.68% | 7.47% | 6.81% | 7.97% | ||
MSCI ACWI Growth Index | -2.57% | 15.13% | 17.07% | 3.71% | 9.95% | 8.85% | 9.61% |
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and 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.
The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
as of 09/30/23
QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
---|---|---|---|---|---|---|---|---|---|
Gross | Net | ||||||||
BGAFX - Baron Global Advantage Fund | -6.11% | 9.18% | -0.59% | -14.62% | 3.36% | 8.60% | 9.21% | 1.20% | 1.16% |
MSCI ACWI Index | -3.40% | 10.06% | 20.80% | 6.89% | 6.46% | 7.56% | 8.32% | ||
MSCI ACWI Growth Index | -4.89% | 18.16% | 24.41% | 3.76% | 8.37% | 9.53% | 9.94% |
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and 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.
The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
1Not annualized.
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 Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and 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.
Expense ratios are based on fiscal year ended 12/31/21.
The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
as of 10/31/23
Year | Baron Global Advantage Fund | MSCI ACWI Index | MSCI ACWI Growth Index |
---|---|---|---|
2022 | -51.69% | -18.36% | -28.61% |
2021 | 0.66% | 18.54% | 17.10% |
2020 | 79.01% | 16.25% | 33.60% |
2019 | 45.07% | 26.60% | 32.72% |
2018 | -3.89% | -9.42% | -8.13% |
2017 | 49.60% | 23.97% | 30.00% |
2016 | -1.15% | 7.86% | 3.27% |
2015 | -1.72% | -2.36% | 1.55% |
2014 | 5.11% | 4.16% | 5.43% |
2013 | 29.78% | 22.80% | 23.17% |
2012 | 4.10% | 5.00% | 3.52% |
1Not annualized.
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 Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and 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.
Expense ratios are based on fiscal year ended 12/31/21.
The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
Record Date | Ex Date | Payable Date | Income | Return of Capital | Short-Term Capital Gain | Long-Term Capital Gain | Total | Re-Invest NAV | Calendar-Yr Return |
---|---|---|---|---|---|---|---|---|---|
09/26/2022 | 09/27/2022 | 09/28/2022 | $0.0000 | $0.0000 | $0.0000 | $0.4968 | $0.4968 | $26.77 | -51.69% |
09/23/2015 | 09/24/2015 | 09/25/2015 | $0.0254 | $0.0000 | $0.0000 | $0.0162 | $0.0416 | $12.56 | |
09/22/2014 | 09/23/2014 | 09/24/2014 | $0.0000 | $0.0000 | $0.0009 | $0.0000 | $0.0009 | $14.20 | 5.11% |
as of 09/30/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 27.18 | 26.95 | 21.72 |
Sharpe Ratio | -0.60 | 0.06 | 0.34 |
Alpha (%) | -19.55 | -1.85 | 1.09 |
Beta | 1.18 | 1.11 | 1.15 |
R-Squared (%) | 55.16 | 56.21 | 58.51 |
Tracking Error (%) | 18.46 | 17.95 | 14.15 |
Information Ratio | -1.17 | -0.17 | 0.07 |
Upside Capture (%) | 57.34 | 98.20 | 110.97 |
Downside Capture (%) | 149.47 | 110.39 | 109.45 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Global Advantage Fund's(BGAFX) benchmark (MSCI ACWI Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
NAV | $29.48 |
---|---|
Daily Change ($) | $0.40 |
Daily Change (%) | $0.40 |
MTD | 1.38% |
QTD | 10.16% |
YTD | 20.28% |
BGAFX - Baron Global Advantage Fund | MSCI ACWI Index | MSCI ACWI Growth Index | |
---|---|---|---|
QTD1 | -7.25% | -3.01% | -2.57% |
YTD1 | 1.26% | 6.75% | 15.13% |
1 Year | -9.65% | 10.50% | 17.07% |
3 Years | -16.54% | 6.68% | 3.71% |
5 Years | 4.08% | 7.47% | 9.95% |
10 Years | 7.34% | 6.81% | 8.85% |
Since Inception | 8.43% | 7.97% | 9.61% |
Expense Ratio2 - Gross | 1.20% | ||
Expense Ratio2 - Net | 1.16% |
*As of 10/31/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and 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.
The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
BGAFX - Baron Global Advantage Fund | MSCI ACWI Index | MSCI ACWI Growth Index | |
---|---|---|---|
QTD1 | -6.11% | -3.40% | -4.89% |
YTD1 | 9.18% | 10.06% | 18.16% |
1 Year | -0.59% | 20.80% | 24.41% |
3 Years | -14.62% | 6.89% | 3.76% |
5 Years | 3.36% | 6.46% | 8.37% |
10 Years | 8.60% | 7.56% | 9.53% |
Since Inception | 9.21% | 8.32% | 9.94% |
Expense Ratio2 - Gross | 1.20% | ||
Expense Ratio2 - Net | 1.16% |
*As of 09/30/23
*Annualized as of 10/31/23
1Not annualized.
2Expense ratios are based on fiscal year ended 12/31/21.
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 Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and 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.
The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
as of 09/30/23
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Standard Deviation (%) | 27.18 | 26.95 | 21.72 |
Sharpe Ratio | -0.60 | 0.06 | 0.34 |
Alpha (%) | -19.55 | -1.85 | 1.09 |
Beta | 1.18 | 1.11 | 1.15 |
R-Squared (%) | 55.16 | 56.21 | 58.51 |
Tracking Error (%) | 18.46 | 17.95 | 14.15 |
Information Ratio | -1.17 | -0.17 | 0.07 |
Upside Capture (%) | 57.34 | 98.20 | 110.97 |
Downside Capture (%) | 149.47 | 110.39 | 109.45 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Global Advantage Fund's(BGAFX) benchmark (MSCI ACWI Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 10/31/23
Year | Baron Global Advantage Fund | MSCI ACWI Index | MSCI ACWI Growth Index |
---|---|---|---|
2022 | -51.69% | -18.36% | -28.61% |
2021 | 0.66% | 18.54% | 17.10% |
2020 | 79.01% | 16.25% | 33.60% |
2019 | 45.07% | 26.60% | 32.72% |
2018 | -3.89% | -9.42% | -8.13% |
2017 | 49.60% | 23.97% | 30.00% |
2016 | -1.15% | 7.86% | 3.27% |
2015 | -1.72% | -2.36% | 1.55% |
2014 | 5.11% | 4.16% | 5.43% |
2013 | 29.78% | 22.80% | 23.17% |
2012 | 4.10% | 5.00% | 3.52% |
1Not annualized.
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 Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and 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.
Expense ratios are based on fiscal year ended 12/31/21.
The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.
Record Date | 09/26/2022 | 09/23/2015 | 09/22/2014 |
---|---|---|---|
Ex Date | 09/27/2022 | 09/24/2015 | 09/23/2014 |
Payable Date | 09/28/2022 | 09/25/2015 | 09/24/2014 |
Income | $0.0000 | $0.0254 | $0.0000 |
Return of Capital | $0.0000 | $0.0000 | $0.0000 |
Short-Term Capital Gain | $0.0000 | $0.0000 | $0.0009 |
Long-Term Capital Gain | $0.4968 | $0.0162 | $0.0000 |
Total | $0.4968 | $0.0416 | $0.0009 |
Re-Invest NAV | $26.77 | $12.56 | $14.20 |
Calendar-Yr Return | -51.69% | 5.11% |
as of 09/30/23
Baron Global Advantage Fund | MSCI ACWI Index | |
---|---|---|
Net Assets | $682.54 million | |
# of Issuers / % of Net Assets | 36 / 99.3% | |
Turnover (3 Year Average) | 13.45% | |
Active Share | 96.0% | |
Median Market Cap | $22.31 billion | $10.42 billion |
Weighted Average Market Cap | $177.04 billion | $407.40 billion |
EPS Growth (3-5 year forecast) | 44.5% | 12.7% |
Price/Earnings Ratio (trailing 12-month) | 49.4 | 17.2 |
Price/Book Ratio | 4.9 | 2.2 |
Price/Sales Ratio | 4.2 | 1.7 |
The Net Assets include all share classes combined.
Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.
as of 10/31/23
Open All Close All | Holding | Sector | % of Long Positions |
---|---|---|---|
NVIDIA CorporationNVIDIA Corporation (NVDA) is a fabless semiconductor company and a leader in gaming and accelerated computing. NVIDIA is powering the growth of artificial intelligence from the data center to the edge. |
Information Technology | 9.6% | |
MercadoLibre, Inc.MercadoLibre, Inc. (MELI) is the largest e-commerce company in Latin America. The company operates the MercadoLibre e-commerce marketplace, the Mercado Pago fintech platform, and the Mercado Envios suite of shipping solutions for sellers on its platform. |
Consumer Discretionary | 9.5% | |
Shopify Inc.Shopify Inc. (SHOP) is a cloud-based software provider offering an operating system for multi-channel commerce. The company serves over two million merchants that processed $197 billion of gross merchandise volume in 2022, making Shopify the second largest ecommerce player in the U.S. |
Information Technology | 5.5% | |
Snowflake Inc.Snowflake Inc. (SNOW) provides a cloud-native data platform with use cases across data analytics, data sharing, and recently added transactional workloads. It enables storage and computation across leading public cloud providers and simpler and cheaper deployments with high concurrency usage. |
Information Technology | 5.5% | |
Bajaj Finance LimitedBajaj Finance Limited (BAF.IN) is a leading non-banking financial corporation in India. It offers various financial products and services including housing loans, consumer durables financing, small- and medium-sized enterprise credit, and rural loans. |
Financials | 5.4% | |
Endava plcEndava plc (DAVA) provides consulting and outsourced software development for business customers. |
Information Technology | 5.3% | |
Coupang, Inc.Coupang, Inc. (CPNG) is Korea's largest e-commerce company. |
Consumer Discretionary | 5.2% | |
argenx SEArgenx SE (ARGX) is a biotechnology company developing antibodies for the treatment of autoimmune disorders. The company is in the early years of the commercial launch of its drug Vyvgart, which promises to change the treatment paradigm for a host of autoantibody immune disorders. |
Health Care | 4.9% | |
Space Exploration Technologies Corp.Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches rockets, satellites, and spacecrafts. Its ultimate goal is to make humanity multi-planetary. Products include reusable orbital launch offering and a broadband service leveraging its satellite constellation, Starlink. |
Industrials | 4.3% | |
Tesla, Inc.Tesla, Inc. (TSLA) manufactures electric vehicles, including a luxury sedan and CUV (S/X), a mid-sized luxury sedan and hatchback (3/Y), and soon, pickup and semi-trucks. It is also ramping internal battery cell production, energy solutions, and software offerings such as full self-driving and insurance. |
Consumer Discretionary | 4.2% | |
Total |
59.4% | ||
Long Equity Exposure |
102.4% | ||
Cash & Equivalents |
-2.4% |
Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.
as of 09/30/23
Name | Sector | % of Net Assets |
---|---|---|
NVIDIA Corporation |
Information Technology | 9.3% |
MercadoLibre, Inc. |
Consumer Discretionary | 8.8% |
Shopify Inc. |
Information Technology | 5.8% |
Endava plc -ADR |
Information Technology | 5.5% |
Snowflake Inc. |
Information Technology | 5.4% |
Bajaj Finance Limited |
Financials | 5.1% |
argenx SE ADR |
Health Care | 4.7% |
Tesla, Inc. |
Consumer Discretionary | 4.7% |
Coupang, Inc. |
Consumer Discretionary | 4.7% |
Cloudflare, Inc. |
Information Technology | 3.7% |
ASML Holding N.V. local |
Information Technology | 3.0% |
Space Exploration Technologies Corporation - Cl - A |
Industrials | 2.8% |
Datadog, Inc. - Class A |
Information Technology | 2.7% |
Think & Learn Private Limited - Series F |
Consumer Discretionary | 2.5% |
BILL Holdings, Inc. |
Information Technology | 2.3% |
CrowdStrike Holdings, Inc. |
Information Technology | 2.3% |
Wix.com Ltd. |
Information Technology | 2.2% |
Zscaler Inc |
Information Technology | 2.2% |
Globant S.A. |
Information Technology | 2.1% |
InPost S.A. |
Industrials | 2.1% |
RIVIAN AUTOMOTIVE, INC. - Series E Common |
Consumer Discretionary | 1.7% |
Afya Limited |
Consumer Discretionary | 1.6% |
GM Cruise Holdings LLC - Class G Preferred |
Industrials | 1.5% |
EPAM Systems, Inc. |
Information Technology | 1.5% |
Meituan Inc. - Class B 144A |
Consumer Discretionary | 1.3% |
Zomato Limited |
Consumer Discretionary | 1.3% |
Block, Inc. |
Financials | 1.2% |
Schrodinger, Inc. |
Health Care | 1.2% |
Illumina, Inc. |
Health Care | 1.2% |
Fiverr International Ltd. |
Industrials | 1.1% |
Adyen N.V. 144A |
Financials | 1.1% |
Space Exploration Technologies Corporation - Cl - C |
Industrials | 0.8% |
Resident Home Inc. - Series B-1 Preferred Stock |
Consumer Discretionary | 0.6% |
RIVIAN AUTOMOTIVE, INC. - Series F Common |
Consumer Discretionary | 0.5% |
Codere Online Luxembourg, S.A. |
Consumer Discretionary | 0.4% |
Codere Online Luxembourg, S.A. - Forward Shares |
Consumer Discretionary | 0.2% |
Farmers Business Network, Inc. - Common Stock |
Materials | 0.1% |
Innovid Corp. - Warrants Exp. 11/30/2026 |
Communication Services | 0.0% |
Codere Online Luxembourg, S.A. - Private Warrants Exp. 11/30/2026 |
Consumer Discretionary | 0.0% |
Codere Online Luxembourg, S.A. - Warrants Exp. 11/30/2026 |
Consumer Discretionary | 0.0% |
Codere Online Luxembourg, S.A. - Founders Shares |
Consumer Discretionary | 0.0% |
Taboola.com Ltd. - Warrants Exp. 6/29/2026 |
Communication Services | 0.0% |
As of 10/31/23
As of 10/31/23
Colors of Sub-Industry bars correspond to the GICS sector chart.
As of 10/31/23
Quarterly as of 09/30/23
Top Contributors | Average Weight | Contribution |
---|---|---|
Rivian Automotive, Inc. | 2.02% | 0.60% |
argenx SE | 4.08% | 0.57% |
Endava plc | 4.54% | 0.55% |
Bajaj Finance Limited | 4.77% | 0.35% |
MercadoLibre, Inc. | 8.07% | 0.32% |
Quarterly as of 09/30/23
Top Detractors | Average Weight | Contribution |
---|---|---|
Adyen N.V. | 2.38% | -1.97% |
Farmers Business Network, Inc. | 1.60% | -1.93% |
Shopify Inc. | 5.85% | -0.90% |
Schrodinger, Inc. | 1.56% | -0.77% |
Think & Learn Private Limited | 2.49% | -0.71% |
Source: FactSet PA.
06/26/23
In a June 26, 2023 article from Trustnet, Alex Umansky shares his views on why investing in disruptive growth remains an attractive opportunity despite recent setbacks.
10/11/22
CEO Ron Baron’s September 14, 2021 Bloomberg Wealth interview with David Rubenstein is featured in David’s latest book, How to Invest: Masters on the Craft. In the interview, Ron discusses his early days on Wall Street, the investment principles behind Baron Capital’s growth from $100,000 AUM to tens of billions of dollars, and what convinced him to invest in Tesla years before the mainstream realized the company’s potential. Watch the full Bloomberg News video.
As of September 30, 2022, the following Baron Funds had holdings in Tesla, Inc.: Baron Partners Fund – 45.5%; Baron Focused Growth Fund – 22.3%; Baron Fifth Avenue Fund – 5.4%; Baron Opportunity Fund – 5.1%; Baron Technology Fund – 3.4%; Baron Global Advantage Fund – 3.3%.
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
07/21/22
In a Business Insider article, Portfolio Manager Alex Umansky explains how he is positioning the Baron Global Advantage Fund in response to the recent downturn.
02/04/22
In a February 4, 2022 interview, Alex Umansky, described by Insider as “one of Wall Street's best stock pickers”, discusses the changes he’s making to emerge with a stronger portfolio and explains why value stocks are like “a melting ice cube”.
Alex manages Baron Global Advantage Fund, Baron Fifth Avenue Growth Fund, and Baron Durable Advantage Fund.
01/21/22
These Funds were recognized for achieving strong risk-adjusted returns over three-year and five-year time periods ending December 31, 2021.
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Global Advantage Fund, Best Global Multi-Cap Growth Fund over Five Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Health Care Fund, Best Health/Biotechnology Fund over Three Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Partners Fund, Best Multi-Cap Growth Fund over Three Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Opportunity Fund, Best Multi-Cap Growth Fund over Five Years
Refinitiv Lipper Fund Awards United States 2022 Winner, Baron Real Estate Income Fund, Best Real Estate Fund over Three Years
09/02/21
Business Insider featured Baron Capital Founder and CEO Ron Baron and portfolio manager Alex Umansky in a September 2, 2021, article, “A complete guide to the world's best stock pickers, their mutual fund strategies, and their most lucrative bets.” Read the full article on Business Insider.(Subscription required outside the U.S.)
03/11/21
Baron Capital is pleased to announce that Baron Global Advantage Fund has been named the Best Global Multi-Cap Growth Fund by Refinitiv Lipper Fund for both its three-year and five-year risk-adjusted performance. This is third consecutive annual award for the Fund. Read the full article to learn more.
The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.
01/23/21
11/11/20
Alex Umansky, described as “one of the world's best stock pickers for years” by Business Insider, discusses the core of his approach and how investors can keep themselves from being led off course in a November 11, 2020 profile.
08/01/20
In an August 1, 2020, article, “Investors are pouring into this fund that's riding global disruptors to a 40% return this year,” Baron Global Advantage Fund Portfolio Manager Alex Umansky talks to CNBC Prto about how the pandemic is compressing the time frame for the disruptive secular changes the Fund focuses on. (subscription required for access)
SAI | 04/28/23 |
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Prospectus | 04/28/23 |
Summary Prospectus | 04/28/23 |
Fact Sheet | 09/30/23 |
Baron Select Funds Annual Financial Report | 12/31/22 |
Baron Select Funds Semi-Annual Financial Report | 06/30/23 |
1Q23 Baron Select Funds NPORT | 03/31/23 |
3Q23 Baron Select Funds NPORT | 09/30/23 |
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.
Risks: Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole. Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets, resulting in greater share price volatility. Securities of small and medium-sized companies may be thinly traded and more difficult to sell.
The Fund may not achieve its objectives.
Definitions (provided by BAMCO, Inc.): The MSCI ACWI Growth Index and the MSCI ACWI Index cited are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI ACWI Growth Index measures the performance of large, mid and small cap growth securities across developed and emerging markets, including the United States. The MSCI ACWI Index measures the equity market performance of large and midcap securities across developed and emerging markets, including the United States. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. Index performance is not fund performance. Investors cannot invest directly in an index.
Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero
Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.
One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by BAMCO, Inc. and Baron Capital Management, Inc. (each an “Adviser” and collectively “Baron Capital” or the “Firm”). Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All GICS structure changes that have occurred since 2016 have been applied retroactively in historical holdings-based analyses, including performance attribution. The Adviser may have reclassified/classified certain securities in or out of a sub-industry within a sector. Such reclassifications are not supported by S&P or MSCI.
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Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
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BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).