Prices & Performance: Baron Global Advantage Fund

Prices

as of 09/29/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$44.25 $0.28 0.64% -0.96% 12.31% 51.91%

Performance

as of 06/30/20

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BGLUX - Baron Global Advantage Fund - R6 46.41% 35.26% 45.87% 31.01% 21.22% 18.35% 1.00% 0.90%
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: BGLUX

as of 06/30/20

3 Years 5 Years Since Inception
Standard Deviation (%) 21.19 20.33 17.68
Sharpe Ratio 1.38 0.99 1.00
Alpha (%) 24.09 13.81 9.39
Beta 1.05 1.15 1.10
R-Squared (%) 65.48 67.07 65.43
Tracking Error (%) 12.48 11.86 10.48
Information Ratio 1.99 1.25 0.98
Upside Capture (%) 156.72 150.13 133.73
Downside Capture (%) 58.69 85.32 84.57

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Global Advantage Fund's(BGLUX) benchmark MSCI ACWI Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

NAV $44.25
Daily Change ($) $0.28
Daily Change (%) 0.64%
MTD -0.96%
QTD 12.31%
YTD 51.91%
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BGLUX - Baron Global Advantage Fund - R6 MSCI ACWI Index MSCI ACWI Growth Index
QTD1 13.40% 11.73% 15.86%
YTD1 53.38% 4.75% 22.21%
1 Year 65.73% 16.52% 35.50%
3 Years 33.38% 8.99% 17.23%
5 Years 27.37% 10.21% 15.39%
Since Inception 19.74% 9.35% 12.81%
Expense Ratio2 - Gross 1.00%
Expense Ratio2 - Net 0.90%

*As of 08/31/20

*Annualized as of 08/31/20

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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BGLUX - Baron Global Advantage Fund - R6 MSCI ACWI Index MSCI ACWI Growth Index
QTD1 46.41% 19.22% 25.14%
YTD1 35.26% -6.25% 5.48%
1 Year 45.87% 2.11% 16.58%
3 Years 31.01% 6.14% 13.18%
5 Years 21.22% 6.46% 10.83%
Since Inception 18.35% 8.07% 11.07%
Expense Ratio2 - Gross 1.00%
Expense Ratio2 - Net 0.90%

*As of 06/30/20

*Annualized as of 08/31/20

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 (%) 21.19 20.33 17.68
Sharpe Ratio 1.38 0.99 1.00
Alpha (%) 24.09 13.81 9.39
Beta 1.05 1.15 1.10
R-Squared (%) 65.48 67.07 65.43
Tracking Error (%) 12.48 11.86 10.48
Information Ratio 1.99 1.25 0.98
Upside Capture (%) 156.72 150.13 133.73
Downside Capture (%) 58.69 85.32 84.57

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Global Advantage Fund's(BGLUX) benchmark MSCI ACWI Growth Index. Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 08/31/20

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Year Baron Global Advantage Fund MSCI ACWI Index MSCI ACWI Growth Index
2019 45.43% 26.60% 32.72%
2018 -3.66% -9.42% -8.13%
2017 49.89% 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 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 $0.0420 $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 $0.0582 $0.0009
Re-Invest NAV $12.63 $14.27
Calendar-Yr Return 5.32%

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: BGLUX

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.