Overview

Objective & Strategy

IN

The Fund invests mainly in growth companies of all sizes located throughout the world. Diversified.

Fund Facts

2019 Baron Investment Conference

BGAFX Snapshot

As of Aug 03, 2020

NAV $42.46
Daily Change ($) $0.90
Daily Change (%) 2.17%
YTD 48.05%
Inception Date 4/30/2012

Fund Highlights

Morningstar Rating

Overall (out of 761 Funds)

Morningstar 5 stars

Ratings based on risk-adjusted returns as of 06/30/2020
Category:US Fund World Large Stock

Equity Style

Risk & Return1

BGAFX Portfolio Management

Alex Umansky

Portfolio Manager

years of exp 27

years at baron 9

1Source: FactSet SPAR.

Morningstar classifies funds as being large-cap, mid-cap, or small-cap based on the market capitalization of the fund’s stock holdings; and as value, blend, or growth based on the value-growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box—size is displayed along the vertical axis and style is displayed along the horizontal axis.

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings. For the period ended 3/31/2020 the Baron Global Advantage Fund was awarded 5-star Morningstar Rating for the 3-year and 5-star for the 5-year. Morningstar 3-year star rating is based on risk adjusted returns with 751 funds in category; and 5-year star rating is based on risk adjusted returns with 619 funds in category;

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.© Morningstar 2020. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.

Prices & Performance: Baron Global Advantage Fund (BGAFX)

Prices

as of 08/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$42.46 $0.90 2.17% 2.17% 9.60% 48.05%

Performance

as of 06/30/20

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BGAFX - Baron Global Advantage Fund 46.30% 35.08% 45.53% 30.68% 20.94% 18.09% 1.25% 1.15%
MSCI ACWI Index 19.22% -6.25% 2.11% 6.14% 6.46% 8.07%
MSCI ACWI Growth Index 25.14% 5.48% 16.58% 13.18% 10.83% 11.07%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/19.

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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.

Performance Characteristics: BGAFX

as of 06/30/20

3 Years 5 Years Since Inception
Standard Deviation (%) 21.17 20.32 17.68
Sharpe Ratio 1.37 0.97 0.98
Alpha (%) 23.78 13.54 9.14
Beta 1.05 1.15 1.10
R-Squared (%) 65.47 67.16 65.54
Tracking Error (%) 12.47 11.84 10.46
Information Ratio 1.97 1.22 0.96
Upside Capture (%) 155.94 149.45 133.16
Downside Capture (%) 59.10 85.87 85.35

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 $42.46
Daily Change ($) $0.90
Daily Change (%) 2.17%
MTD 2.17%
QTD 9.60%
YTD 48.05%
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BGAFX - Baron Global Advantage Fund MSCI ACWI Index MSCI ACWI Growth Index
QTD1 7.28% 5.29% 7.41%
YTD1 44.91% -1.29% 13.29%
1 Year 52.63% 7.20% 23.94%
3 Years 31.44% 6.99% 14.77%
5 Years 22.90% 7.37% 12.04%
Since Inception 18.90% 8.67% 11.92%
Expense Ratio2 - Gross 1.25%
Expense Ratio2 - Net 1.15%

*As of 07/31/20

*Annualized as of 07/31/20

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/19.

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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.

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BGAFX - Baron Global Advantage Fund MSCI ACWI Index MSCI ACWI Growth Index
QTD1 46.30% 19.22% 25.14%
YTD1 35.08% -6.25% 5.48%
1 Year 45.53% 2.11% 16.58%
3 Years 30.68% 6.14% 13.18%
5 Years 20.94% 6.46% 10.83%
Since Inception 18.09% 8.07% 11.07%
Expense Ratio2 - Gross 1.25%
Expense Ratio2 - Net 1.15%

*As of 06/30/20

*Annualized as of 07/31/20

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/19.

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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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.

as of 06/30/20

3 Years 5 Years Since Inception
Standard Deviation (%) 21.17 20.32 17.68
Sharpe Ratio 1.37 0.97 0.98
Alpha (%) 23.78 13.54 9.14
Beta 1.05 1.15 1.10
R-Squared (%) 65.47 67.16 65.54
Tracking Error (%) 12.47 11.84 10.46
Information Ratio 1.97 1.22 0.96
Upside Capture (%) 155.94 149.45 133.16
Downside Capture (%) 59.10 85.87 85.35

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 07/31/20

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Year Baron Global Advantage Fund MSCI ACWI Index MSCI ACWI Growth Index
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 Baron Fund expenses pursuant to a contract expiring on August 29, 2030, 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 12/31/19.

Record Date 09/23/2015 09/22/2014
Ex Date 09/24/2015 09/23/2014
Payable Date 09/25/2015 09/24/2014
Income $0.0254 $0.0000
Return of Capital $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0009
Long-Term Capital Gain $0.0162 $0.0000
Total $0.0416 $0.0009
Re-Invest NAV $12.56 $14.20
Calendar-Yr Return 5.11%

Portfolio Characteristics

 

as of 06/30/20

Baron Global Advantage Fund MSCI ACWI Index
Net Assets$1.23 billion
# of Equity Securities / % of Net Assets47 / 90.5%
Turnover (3 Year Average)18.15%
Active Share93.1%
Median Market Cap$14.29 billion$8.28 billion
Weighted Average Market Cap$205.66 billion$244.95 billion
EPS Growth (3-5 year forecast)24.9%10.5%
Price/Earnings Ratio (trailing 12- month)41.518.6
Price/Book Ratio8.02.0
Price/Sales Ratio8.01.5
Current Expense Ratio Date12/31/2019

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

Quarterly as of 06/30/20

Top Contributors Average Weight Contribution
Wix.com Ltd. 2.81% 3.20%
Twilio Inc. 2.53% 2.76%
MercadoLibre, Inc. 3.02% 2.72%
Fiverr International Ltd. 1.99% 2.63%
Amazon.com, Inc. 5.81% 2.54%

Source: FactSet PA.

Insights & News: BGAFX

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.

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”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.