Prices & Performance

Prices

as of 02/21/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$32.69 -$0.44 -1.33% 7.43% 13.98% 13.98%

Performance

 

as of 01/31/20

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BGAFX - Baron Global Advantage Fund 6.10% 6.10% 37.13% 26.90% 16.91% 15.49% 1.45% 1.15%
MSCI ACWI Index -1.10% -1.10% 16.04% 11.03% 8.51% 9.28%
MSCI ACWI Growth Index 1.15% 1.15% 23.73% 15.58% 11.07% 11.10%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 12/31/19

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1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BGAFX - Baron Global Advantage Fund 45.07% 27.77% 15.17% 14.78% 1.45% 1.15%
MSCI ACWI Index 26.60% 12.44% 8.41% 9.54%
MSCI ACWI Growth Index 32.72% 16.60% 10.70% 11.06%

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

as of 01/31/20

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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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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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
09/23/2015 09/24/2015 09/25/2015 $0.025 $0.000 $0.000 $0.016 $0.042 $12.56
09/22/2014 09/23/2014 09/24/2014 $0.000 $0.000 $0.001 $0.000 $0.001 $14.20 5.11%

Performance Characteristics

as of 12/31/19

3 Years 5 Years Since Inception
Standard Deviation (%) 15.57 16.65 15.52
Sharpe Ratio 1.68 0.85 0.91
Alpha (%) 13.05 5.29 4.06
Beta 1.09 1.18 1.13
R-Squared (%) 64.03 70.22 68.02
Tracking Error (%) 9.40 9.34 8.90
Information Ratio 1.63 0.72 0.59
Upside Capture (%) 148.96 131.69 123.41
Downside Capture (%) 78.62 101.18 99.83

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 $32.69
Daily Change ($) -$0.44
Daily Change (%) -1.33%
MTD 7.43%
QTD 13.98%
YTD 13.98%
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BGAFX - Baron Global Advantage Fund MSCI ACWI Index MSCI ACWI Growth Index
QTD1 6.10% -1.10% 1.15%
YTD1 6.10% -1.10% 1.15%
1 Year 37.13% 16.04% 23.73%
3 Years 26.90% 11.03% 15.58%
5 Years 16.91% 8.51% 11.07%
Since Inception 15.49% 9.28% 11.10%
Expense Ratio2 - Gross 1.45%
Expense Ratio2 - Net 1.15%

*As of 01/31/20

*Annualized as of 01/31/20

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

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BGAFX - Baron Global Advantage Fund MSCI ACWI Index MSCI ACWI Growth Index
1 Year 45.07% 26.60% 32.72%
3 Years 27.77% 12.44% 16.60%
5 Years 15.17% 8.41% 10.70%
Since Inception 14.78% 9.54% 11.06%
Expense Ratio2 - Gross 1.45%
Expense Ratio2 - Net 1.15%

*As of 12/31/19

*Annualized as of 01/31/20

1Not annualized.

2Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 12/31/19

3 Years 5 Years Since Inception
Standard Deviation (%) 15.57 16.65 15.52
Sharpe Ratio 1.68 0.85 0.91
Alpha (%) 13.05 5.29 4.06
Beta 1.09 1.18 1.13
R-Squared (%) 64.03 70.22 68.02
Tracking Error (%) 9.40 9.34 8.90
Information Ratio 1.63 0.72 0.59
Upside Capture (%) 148.96 131.69 123.41
Downside Capture (%) 78.62 101.18 99.83

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 01/31/20

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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. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are based on fiscal year ended 12/31/17, restated to reflect current expense waivers.

Select Year
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 $0.025 $0.000
Return of Capital $0.000 $0.000
Short-Term Capital Gain $0.000 $0.001
Long-Term Capital Gain $0.016 $0.000
Total $0.042 $0.001
Re-Invest NAV $12.56 $14.20
Calendar-Yr Return 5.11%

Portfolio Characteristics

 

as of 12/31/19

Baron Global Advantage Fund MSCI ACWI Index
Net Assets$394.17 million
# of Equity Securities / % of Net Assets49 / 95.0%
Turnover (3 Year Average)22.40%
Active Share95.0%
Median Market Cap$11.22 billion$9.32 billion
Weighted Average Market Cap$182.33 billion$186.78 billion
EPS Growth (3-5 year forecast)23.7%10.3%
Price/Earnings Ratio (trailing 12- month)41.718.7
Price/Book Ratio6.12.1
Price/Sales Ratio7.21.6
Current Expense Ratio Date12/31/2018

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.

Holdings

as of 01/31/20

Open All Close All Holding Sector % of Net Assets

Alibaba Group Holding Limited

Alibaba Group Holding Limited (BABA) is the largest e-commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao, and Tmall. It also owns a third of Ant Financial, which operates China's largest third-party online payment vendor Alipay.
With over 670 million active buyers and over 10 million merchants, we believe Alibaba is poised to benefit disproportionately from the increased penetration of internet, mobile, and e-commerce in China. It enjoys more than 70% market share of all e-commerce transactions in China, and we expect it to continue growing at a rate of more than 20% for years to come. We also see significant positive optionality in Alibaba's cloud computing, data management, and electronic payment platforms.

Consumer Discretionary 5.9%

Amazon.com, Inc.

Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing value and convenience to its customers. It also operates the industry-leading cloud infrastructure business Amazon Web Services.
Amazon's market share of U.S. online retail sales is over 30%, while its share of global online retail sales is less than 5%. Amazon has numerous avenues for new revenue growth opportunities, including consumer staples, apparel, international expansion, digital media offerings, office and industrial supplies, private label, pharmacy services, and advertising. We believe Amazon represents a unique opportunity to invest in the secular growth of both online retail and cloud computing. We estimate that Amazon Web Services will account for over 50% of Amazon's value over time.

Consumer Discretionary 5.4%

Alphabet Inc.

Alphabet Inc. (GOOG) (formerly Google Inc.) is the world's most recognized and dominant online search provider, as well as the owner and operator of YouTube. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Alphabet is the largest beneficiary of a secular shift of advertising from all other mediums to online and mobile. Data is becoming increasingly important, and Alphabet has processed and indexed more data than any other company. Alphabet's leadership position in artificial intelligence allows it to leverage its large data sets to quickly improve its products, and subsidiary Waymo provides entry into autonomous driving. We believe Alphabet has the greatest collection of engineering talent of any company we cover, which should allow it to grow and innovate for years to come.

Communication Services 4.3%

Acceleron Pharma Inc.

Health Care 3.7%

Splunk, Inc.

Splunk, Inc. (SPLK) Splunk leverages semi and unstructured machine data to enable additional visibility and analytics allowing better efficiencies and decision process for customers. Although it is currently used mostly for IT operations and security, we see the platform used in new verticals in the future.
The volume and growth of machine data, the lack of existing analytic infrastructure, and the flexibility of Splunk position the company to become the leading platform for machine data, in our view. With its strong ecosystem, first-mover advantage, and focus on customer adoption resulting in high value to customers, we expect Splunk to remain a winner in the big data analytics space. We expect that following the transition to ratable revenue and new pricing, the company will have a healthier business with higher revenue visibility, and we expect its margins to expand.

Information Technology 3.5%

Twilio Inc.

Information Technology 3.2%

Mellanox Technologies Ltd.

Mellanox Technologies Ltd. (MLNX) is a fabless semi-conductor company providing high-performance switch systems, adapters, cables, and software that support InfiniBand and Ethernet networking technologies.
Mellanox’s products enable servers to communicate faster and more efficiently, reducing total IT costs. We expect the growing use of cloud-based services to increase demand for faster and more reliable communications hardware, which should benefit Mellanox, a leader in high-end interconnects. Mellanox recently announced its acquisition by Nvidia, which is pending approval by Chinese regulators. While shares still trade below the announced acquisition price, we believe Mellanox offers significant upside as a standalone company as well in case the acquisition falls through.

Information Technology 3.1%

Facebook, Inc.

Facebook, Inc. (FB) is the world's largest social network, with over 1.5 billion active monthly users, 1 billion mobile users, and over 750 million daily active users. Instagram and WhatsApp are also part of the Facebook network.
Facebook is a unique social platform whose users continue to demonstrate stickiness and high engagement. Advertisers want to be where users are, and Facebook's ability to analyze, target, and show clear, demonstrable, and rising returns on investment makes the platform particularly attractive to them. We believe the company is still in the middle innings of monetizing its vast customer base. In addition, we see significant positive optionality from eventual monetization opportunities in search, video, publishing, WhatsApp, Messenger, and Oculus.

Communication Services 3.0%

MercadoLibre, Inc.

MercadoLibre, Inc. (MELI) is the largest e-commerce company in Latin America. The company operates the MercadoLibre e-commerce marketplace, Mercado Pago (a payments solution), and Mercado Envios, which offers shipping solutions for sellers on the company’s marketplace.
MercadoLibre is an exciting Latin American growth story benefiting from the emergence of two secular trends: e-commerce and digital payments. The company has a significant first mover advantage and is investing aggressively to widen its competitive moat. Latin America is a predominantly cash-based economy with e-commerce penetration under 5%, and MercadoLibre has an attractive asset-light marketplace business model. We believe its logistics network will become a key competitive advantage at scale, and we see a significant opportunity in Mercado Pago off-platform.

Consumer Discretionary 2.8%

EPAM Systems, Inc.

EPAM Systems, Inc. (EPAM) provides outsourced software development to business customers.
EPAM benefits from growing demand for IT services from businesses around the world. The company's competitive differentiation comes from its ability to hire and retain highly skilled, low-cost software engineers primarily in Eastern Europe and Russia. EPAM's strong technical capabilities and differentiated labor pool enable the company to work on higher-value client projects with better pricing power than peers. We believe EPAM will continue gaining share in a large, growing market by adding new clients and increasing wallet share within existing clients.

Information Technology 2.7%

Total

37.6%

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.

as of 12/31/19

Name Sector % of Net Assets

Alibaba Group Holding Limited - ADR

Consumer Discretionary 6.7%

Amazon.com, Inc.

Consumer Discretionary 5.9%

Alphabet Inc. - Cl C

Communication Services 4.5%

Splunk, Inc.

Information Technology 3.8%

Facebook, Inc.

Communication Services 3.7%

Mellanox Technologies Ltd.

Information Technology 3.6%

Illumina, Inc.

Health Care 3.1%

MercadoLibre, Inc.

Consumer Discretionary 3.0%

EPAM Systems, Inc.

Information Technology 3.0%

Fidelity National Information Services, Inc.

Information Technology 2.9%

argenx SE - ADR

Health Care 2.9%

Twilio Inc. (Class A Shares)

Information Technology 2.9%

Acceleron Pharma Inc.

Health Care 2.6%

HDFC Bank Limited - ADR

Financials 2.5%

Veeva Systems Inc. Cl - A

Health Care 2.5%

RingCentral, Inc.

Information Technology 2.4%

TAL Education Group - ADR

Consumer Discretionary 2.2%

Constellation Software, Inc.

Information Technology 2.1%

Endava plc -ADR

Information Technology 2.0%

Wix.com Ltd.

Information Technology 1.8%

Bajaj Finance Limited

Financials 1.8%

ASML Holding N.V.

Information Technology 1.8%

Globant, S.A.

Information Technology 1.6%

Adyen N.V.

Information Technology 1.6%

GDS Holdings Limited - ADR

Information Technology 1.5%

Trainline Plc

Consumer Discretionary 1.5%

Afya Limited

Consumer Discretionary 1.5%

StoneCo Ltd.

Information Technology 1.4%

Network International Holdings Ltd.

Information Technology 1.4%

Datadog, Inc. - Class A

Information Technology 1.4%

Shopify Inc.

Information Technology 1.3%

Kotak Mahindra Bank Ltd

Financials 1.2%

Pagseguro Digital Ltd

Information Technology 1.2%

Meituan Dianping

Consumer Discretionary 1.2%

Fiverr International Ltd.

Consumer Discretionary 1.2%

Zscaler Inc

Information Technology 1.0%

Okta, Inc.

Information Technology 1.0%

Pinduoduo Inc. - ADR

Consumer Discretionary 0.9%

Medallia Inc.

Information Technology 0.9%

Dynatrace, Inc.

Information Technology 0.8%

Guardant Health, Inc.

Health Care 0.8%

Sage Therapeutics, Inc.

Health Care 0.7%

Cloudflare, Inc.

Information Technology 0.7%

Arco Platform, Ltd. - Class a

Consumer Discretionary 0.6%

Anaplan, Inc.

Information Technology 0.5%

Yext, Inc.

Information Technology 0.5%

Bill.com Holdings, Inc.

Information Technology 0.5%

XP Inc.

Financials 0.3%

10X Genomics, Inc.

Health Care 0.1%

GICS SECTOR BREAKDOWN

As of 01/31/20

As of 01/31/20

Colors of Sub-Industry bars correspond to the GICS sector chart.

As of 01/31/20

Contributors/Detractors

Quarterly as of 12/31/19

Top Contributors Average Weight Contribution
Alibaba Group Holding Limited 6.20% 1.56%
argenx SE 2.84% 1.07%
Splunk, Inc. 3.44% 0.89%
Acceleron Pharma Inc. 2.62% 0.79%
TAL Education Group 2.05% 0.73%

Quarterly as of 12/31/19

Top Detractors Average Weight Contribution
Sage Therapeutics, Inc. 0.95% -0.46%
PagSeguro Digital Ltd. 1.13% -0.42%
Twilio Inc. 2.35% -0.29%
Veeva Systems Inc. 2.78% -0.22%
Elastic N.V. 0.44% -0.12%

Source: FactSet PA.

Insights & News

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.