The Fund invests mainly in growth companies of all sizes located throughout the world. Diversified.
Institutional Investors
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Overview
Objective & Strategy
IN
Fund Facts
BGAIX Snapshot
As of Sep 29, 2023
| NAV | $27.43 |
|---|---|
| Daily Change ($) | $0.25 |
| Daily Change (%) | 0.92% |
| YTD | 9.37% |
| Inception Date | 4/30/2012 |
Equity Style
Risk & Return1
BGAIX Portfolio Management
Alex Umansky
Portfolio Manager
years of exp 30
years at baron 12
1Source: FactSet SPAR.
Prices & Performance: Baron Global Advantage Fund (BGAIX)
Prices
as of 09/29/23
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| NAV | Daily Change ($) | Daily Change (%) | MTD | QTD | YTD |
|---|---|---|---|---|---|
| $27.43 | $0.25 | 0.92% | -6.86% | -6.06% | 9.37% |
Performance
Quarterly Returns
as of 06/30/23
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| QTD1 | YTD1 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | Expense Ratio2 | ||
|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||
| BGAIX - Baron Global Advantage Fund - I | 6.41% | 16.43% | 7.91% | -8.94% | 4.86% | 10.83% | 10.30% | 0.94% | 0.91% |
| MSCI ACWI Index | 6.18% | 13.93% | 16.53% | 10.99% | 8.10% | 8.75% | 8.85% | ||
| MSCI ACWI Growth Index | 9.20% | 24.25% | 23.05% | 9.57% | 10.45% | 11.00% | 10.67% | ||
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 3-, 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.
Performance Characteristics: BGAIX
as of 06/30/23
| 3 Years | 5 Years | 10 Years | |
|---|---|---|---|
| Standard Deviation (%) | 27.15 | 26.54 | 21.61 |
| Sharpe Ratio | -0.38 | 0.12 | 0.46 |
| Alpha (%) | -17.76 | -1.99 | 1.92 |
| Beta | 1.16 | 1.09 | 1.14 |
| R-Squared (%) | 54.12 | 54.45 | 58.28 |
| Tracking Error (%) | 18.59 | 17.99 | 14.10 |
| Information Ratio | -1.07 | -0.18 | 0.15 |
| Upside Capture (%) | 59.93 | 93.77 | 111.86 |
| Downside Capture (%) | 138.32 | 105.71 | 105.66 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Global Advantage Fund's(BGAIX) benchmark (MSCI ACWI Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
| NAV | $27.43 |
|---|---|
| Daily Change ($) | $0.25 |
| Daily Change (%) | $0.25 |
| MTD | -6.86% |
| QTD | -6.06% |
| YTD | 9.37% |
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| BGAIX - Baron Global Advantage Fund - I | MSCI ACWI Index | MSCI ACWI Growth Index | |
|---|---|---|---|
| QTD1 | 0.86% | 0.76% | 0.64% |
| YTD1 | 17.42% | 14.80% | 25.04% |
| 1 Year | -3.71% | 13.95% | 17.86% |
| 3 Years | -12.43% | 7.23% | 4.55% |
| 5 Years | 4.58% | 7.46% | 9.58% |
| 10 Years | 10.38% | 8.56% | 10.74% |
| Since Inception | 10.22% | 8.79% | 10.56% |
| Expense Ratio2 - Gross | 0.94% | ||
| Expense Ratio2 - Net | 0.91% |
*As of 08/31/23
*Annualized as of 08/31/23
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 3-, 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.
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| BGAIX - Baron Global Advantage Fund - I | MSCI ACWI Index | MSCI ACWI Growth Index | |
|---|---|---|---|
| QTD1 | 6.41% | 6.18% | 9.20% |
| YTD1 | 16.43% | 13.93% | 24.25% |
| 1 Year | 7.91% | 16.53% | 23.05% |
| 3 Years | -8.94% | 10.99% | 9.57% |
| 5 Years | 4.86% | 8.10% | 10.45% |
| 10 Years | 10.83% | 8.75% | 11.00% |
| Since Inception | 10.30% | 8.85% | 10.67% |
| Expense Ratio2 - Gross | 0.94% | ||
| Expense Ratio2 - Net | 0.91% |
*As of 06/30/23
*Annualized as of 08/31/23
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 3-, 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 06/30/23
| 3 Years | 5 Years | 10 Years | |
|---|---|---|---|
| Standard Deviation (%) | 27.15 | 26.54 | 21.61 |
| Sharpe Ratio | -0.38 | 0.12 | 0.46 |
| Alpha (%) | -17.76 | -1.99 | 1.92 |
| Beta | 1.16 | 1.09 | 1.14 |
| R-Squared (%) | 54.12 | 54.45 | 58.28 |
| Tracking Error (%) | 18.59 | 17.99 | 14.10 |
| Information Ratio | -1.07 | -0.18 | 0.15 |
| Upside Capture (%) | 59.93 | 93.77 | 111.86 |
| Downside Capture (%) | 138.32 | 105.71 | 105.66 |
Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Global Advantage Fund's(BGAIX) benchmark (MSCI ACWI Growth Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.
as of 08/31/23
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| Year | Baron Global Advantage Fund | MSCI ACWI Index | MSCI ACWI Growth Index |
|---|---|---|---|
| 2022 | -51.57% | -18.36% | -28.61% |
| 2021 | 0.90% | 18.54% | 17.10% |
| 2020 | 79.46% | 16.25% | 33.60% |
| 2019 | 45.45% | 26.60% | 32.72% |
| 2018 | -3.66% | -9.42% | -8.13% |
| 2017 | 49.82% | 23.97% | 30.00% |
| 2016 | -0.93% | 7.86% | 3.27% |
| 2015 | -1.51% | -2.36% | 1.55% |
| 2014 | 5.32% | 4.16% | 5.43% |
| 2013 | 30.13% | 22.80% | 23.17% |
| 2012 | 4.20% | 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.
The Fund’s 3-, 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.
Expense ratios are based on fiscal year ended 12/31/21.
| 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 | $0.0420 | $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 | $0.0582 | $0.0009 |
| Re-Invest NAV | $27.37 | $12.63 | $14.27 |
| Calendar-Yr Return | -51.57% | 5.32% |
Portfolio Characteristics
as of 06/30/23
| Baron Global Advantage Fund | MSCI ACWI Index | |
|---|---|---|
| Net Assets | $797.71 million | |
| # of Issuers / % of Net Assets | 38 / 99.6% | |
| Turnover (3 Year Average) | 14.03% | |
| Active Share | 95.9% | |
| Median Market Cap | $21.52 billion | $10.99 billion |
| Weighted Average Market Cap | $158.99 billion | $439.21 billion |
| EPS Growth (3-5 year forecast) | 43.5% | 12.0% |
| Price/Earnings Ratio (trailing 12-month) | 59.6 | 18.0 |
| Price/Book Ratio | 4.9 | 2.3 |
| Price/Sales Ratio | 4.8 | 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.
Contributors/Detractors
Contributors
Quarterly as of 06/30/23
| Top Contributors | Average Weight | Contribution |
|---|---|---|
| NVIDIA Corporation | 6.15% | 2.84% |
| Shopify Inc. | 5.20% | 1.76% |
| Bajaj Finance Limited | 4.29% | 1.14% |
| Datadog, Inc. | 3.17% | 1.05% |
| Schrodinger, Inc. | 1.42% | 0.95% |
Source: FactSet PA.
Insights & News: Baron Global Advantage Fund (BGAIX)
Documents
| SAI | 04/28/23 |
|---|---|
| Prospectus | 04/28/23 |
| Summary Prospectus | 04/28/23 |
| Fact Sheet | 06/30/23 |
| 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 |
| 3Q22 Baron Select Funds NPORT | 09/30/22 |
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.
GICS sector/industry group/industry/sub-industry levels are sourced from the Global Industry Classification Standard (GICS®), jointly developed and exclusively owned by MSCI Inc. and S&P Dow Jones Indices. All GICS data is provided “as is” with no warranties. 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.