Prices & Performance

Prices

as of 07/16/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$24.22 -$0.07 -0.29% 3.28% 3.28% 16.55%

Performance

 

as of 06/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BGAIX - Baron Global Advantage Fund - I 5.58% 12.85% 33.92% 15.93% 17.14% 14.91% 1.59% 0.90%
MSCI ACWI Growth Index 2.26% 2.95% 16.06% 10.22% 11.55% 10.84%
MSCI ACWI Index 0.53% -0.43% 10.73% 8.19% 9.41% 9.46%

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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.

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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 12/31/17, restated to reflect current expense waivers.

as of 06/30/18

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Year Baron Global Advantage Fund MSCI ACWI Growth Index MSCI ACWI Index
2017 49.82% 30.00% 23.97%
2016 -0.93% 3.27% 7.86%
2015 -1.51% 1.55% -2.36%
2014 5.32% 5.43% 4.16%
2013 30.13% 23.17% 22.80%
2012 4.20% 3.52% 5.00%

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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 12/31/17, 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 $0.042 $0.000 $0.000 $0.016 $0.058 $12.63
09/22/2014 09/23/2014 09/24/2014 $0.000 $0.000 $0.001 $0.000 $0.001 $14.27 5.32%

Performance Characteristics

as of 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 16.76 15.29 14.66
Sharpe Ratio 0.91 1.10 0.99
Alpha (%) 1.98 2.06 1.92
Beta 1.38 1.30 1.20
R-Squared (%) 84.49 80.19 76.72
Tracking Error (%) 7.83 7.52 7.40
Information Ratio 0.73 0.74 0.55
Upside Capture (%) 137.41 132.99 121.08
Downside Capture (%) 121.88 117.78 105.81

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 $24.22
Daily Change ($) -$0.07
Daily Change (%) -0.29%
MTD 3.28%
QTD 3.28%
YTD 16.55%
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BGAIX - Baron Global Advantage Fund - I MSCI ACWI Growth Index MSCI ACWI Index
QTD1 5.58% 2.26% 0.53%
YTD1 12.85% 2.95% -0.43%
1 Year 33.92% 16.06% 10.73%
3 Years 15.93% 10.22% 8.19%
5 Years 17.14% 11.55% 9.41%
Since Inception 14.91% 10.84% 9.46%
Expense Ratio2 - Gross 1.59%
Expense Ratio2 - Net 0.90%

*As of 06/30/18

*Annualized as of 06/30/18

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 16.76 15.29 14.66
Sharpe Ratio 0.91 1.10 0.99
Alpha (%) 1.98 2.06 1.92
Beta 1.38 1.30 1.20
R-Squared (%) 84.49 80.19 76.72
Tracking Error (%) 7.83 7.52 7.40
Information Ratio 0.73 0.74 0.55
Upside Capture (%) 137.41 132.99 121.08
Downside Capture (%) 121.88 117.78 105.81

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 06/30/18

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Year Baron Global Advantage Fund MSCI ACWI Growth Index MSCI ACWI Index
2017 49.82% 30.00% 23.97%
2016 -0.93% 3.27% 7.86%
2015 -1.51% 1.55% -2.36%
2014 5.32% 5.43% 4.16%
2013 30.13% 23.17% 22.80%
2012 4.20% 3.52% 5.00%

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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 12/31/17, 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 $0.042 $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 $0.058 $0.001
Re-Invest NAV $12.63 $14.27
Calendar-Yr Return 5.32%

Portfolio Characteristics

 

as of 06/30/18

Baron Global Advantage Fund MSCI ACWI Growth Index
Net Assets$87.07 million
# of Equity Securities / % of Net Assets45 / 99.1%
Turnover (3 Year Average)25.82%
Active Share (%)87.9
Median Market Cap$14.37 billion$10.45 billion
Weighted Average Market Cap$152.87 billion$178.39 billion
EPS Growth (3-5 year forecast)23.2%15.5%
Price/Earnings Ratio (trailing 12- month)29.221.2
Price/Book Ratio5.83.5
Price/Sales Ratio5.72.1
Current Expense Ratio Date12/31/2017

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 06/30/18

Open All Close All Holding Sector % of Net Assets

Naspers Limited

Naspers Limited (NPN.SJ) is a South Africa-based internet and media platform operator. Its main operations are in e- commerce (classifieds, marketplaces, and online retail, services, and payments), and pay-TV. Naspers also owns 30% of Tencent, which accounts for the majority of the value of the company.

Consumer Discretionary 6.4%

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.

Consumer Discretionary 4.9%

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.

Information Technology 4.8%

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.

Information Technology 4.5%

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.

Information Technology 4.3%

Constellation Software, Inc.

Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates approximately 200 small- and medium-sized software businesses. These businesses allow customers across a wide range of verticals to automate key activities, with the goal of saving on labor costs.

Information Technology 3.8%

EPAM Systems, Inc.

EPAM Systems, Inc. (EPAM) provides outsourced software development to business customers.

Information Technology 3.4%

Housing Development Finance Corporation Limited

Housing Development Finance Corporation Limited (HDFC.IN) is India's largest mortgage lender with three trillion rupees in assets. It has a strong brand name and has consistently received industry recognition. Through its subsidiaries, it provides financial services such as banking and life insurance.

Financials 3.4%

Activision Blizzard, Inc.

Activision Blizzard, Inc. (ATVI) is a global leader in digital interactive entertainment. The company develops, markets, publishes, and distributes games, content, and services on consoles, PCs, and mobile. Key game franchises include Call of Duty, Destiny, World of Warcraft, Overwatch, and Candy Crush.

Information Technology 3.2%

Mellanox Technologies Ltd.

Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.

Information Technology 3.0%

Total

41.7%

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

as of 06/30/18

Name Sector % of Net Assets

Naspers Limited

Consumer Discretionary 6.4%

Amazon.com, Inc.

Consumer Discretionary 4.9%

Facebook, Inc.

Information Technology 4.8%

Alibaba Group Holding Limited - ADR

Information Technology 4.5%

Alphabet Inc. - Cl C

Information Technology 4.3%

Constellation Software, Inc.

Information Technology 3.8%

Housing Development Finance Corporation Limited

Financials 3.4%

EPAM Systems, Inc.

Information Technology 3.4%

ACTIVISION BLIZZARD INC COM

Information Technology 3.2%

Mellanox Technologies Ltd.

Information Technology 3.0%

argenx SE - ADR

Health Care 2.9%

Veeva Systems Inc. Cl - A

Health Care 2.7%

Splunk, Inc.

Information Technology 2.6%

Illumina, Inc.

Health Care 2.6%

Take-Two Interactive Software, Inc.

Information Technology 2.4%

JD.com, Inc. ADR Cl A

Consumer Discretionary 2.3%

Sage Therapeutics, Inc.

Health Care 2.2%

Kotak Mahindra Bank Ltd

Financials 2.2%

Pagseguro Digital Ltd

Information Technology 2.2%

Ctrip.com International, Ltd.

Consumer Discretionary 2.2%

Baidu, Inc.

Information Technology 2.1%

ASML Holding N.V.

Information Technology 2.1%

Globant, S.A.

Information Technology 2.1%

Wix.com Ltd.

Information Technology 2.0%

KEYENCE CORPORATION

Information Technology 1.9%

Aerie Pharmaceuticals, Inc.

Health Care 1.9%

HDFC Bank Ltd ADR

Financials 1.8%

TAL Education Group - ADR

Consumer Discretionary 1.7%

Yext, Inc.

Information Technology 1.6%

AxoGen, Inc.

Health Care 1.6%

Gemphire Therapeutics Inc.

Health Care 1.5%

Worldpay, Inc.

Information Technology 1.5%

Tesla, Inc.

Consumer Discretionary 1.4%

Taiwan Semiconductor Manufacturing Company Ltd. - ADR

Information Technology 1.4%

The Stars Group Inc.

Consumer Discretionary 1.4%

Bolsas y Mercados Argentinos S.A.

Financials 1.3%

Varonis Systems, Inc.

Information Technology 1.2%

Okta, Inc.

Information Technology 1.1%

Booking Holdings Inc

Consumer Discretionary 1.0%

JM Financial

Financials 0.8%

NEXTDC Limited

Information Technology 0.7%

Zscaler Inc

Information Technology 0.5%

Mercari Inc

Information Technology 0.4%

Carbon Black, Inc.

Information Technology 0.1%

Adyen B.V.

Information Technology 0.0%

GICS SECTOR BREAKDOWN

As of 06/30/18

As of 06/30/18

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

As of 06/30/18

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Amazon.com, Inc. 4.87% 0.82%
Yext, Inc. 1.38% 0.59%
Constellation Software, Inc. 3.94% 0.58%
Facebook, Inc. 3.13% 0.56%
AxoGen, Inc. 1.53% 0.51%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
Bolsas y Mercados Argentinos S.A. 1.55% -0.69%
PagSeguro Digital Ltd. 1.87% -0.65%
FANUC Corp. 1.18% -0.37%
Cloudera, Inc. 0.44% -0.29%
Taiwan Semiconductor Manufacturing Company Ltd. 1.64% -0.27%

Source: FactSet PA.

Insights & News

Documents

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.