Prices & Performance

Prices

as of 02/21/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$24.78 -$0.13 -0.52% 4.69% 1.14% 1.14%

Performance

 

as of 01/31/20

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIGFX - Baron International Growth Fund -3.39% -3.39% 13.90% 10.16% 7.76% 7.80% 10.49% 1.34% 1.20%
MSCI ACWI ex USA Index -2.69% -2.69% 9.94% 7.62% 4.96% 5.21% 7.53%
MSCI ACWI ex USA IMI Growth Index -1.17% -1.17% 16.55% 10.73% 6.96% 6.74% 8.93%

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 10 Years Since Inception Expense Ratio2
Gross Net
BIGFX - Baron International Growth Fund 29.06% 13.21% 8.24% 8.01% 10.92% 1.34% 1.20%
MSCI ACWI ex USA Index 21.51% 9.87% 5.51% 4.97% 7.85%
MSCI ACWI ex USA IMI Growth Index 26.98% 12.61% 7.34% 6.36% 9.11%

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 International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2019 29.06% 21.51% 26.98%
2018 -17.90% -14.20% -14.96%
2017 36.94% 27.19% 32.25%
2016 1.14% 4.50% 0.06%
2015 1.23% -5.66% -0.26%
2014 -2.33% -3.87% -2.77%
2013 21.61% 15.29% 15.85%
2012 17.80% 16.83% 16.69%
2011 -16.35% -13.71% -14.66%
2010 24.22% 11.15% 15.90%
2009 44.69% 41.45% 40.90%

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
11/25/2019 11/26/2019 11/27/2019 $0.013 $0.000 $0.000 $0.000 $0.013 $23.72
09/26/2019 09/27/2019 09/30/2019 $0.000 $0.000 $0.000 $0.007 $0.007 $22.43
11/28/2018 11/29/2018 11/30/2018 $0.000 $0.000 $0.000 $0.577 $0.577 $20.35 -17.90%
09/24/2018 09/25/2018 09/26/2018 $0.000 $0.000 $0.051 $0.049 $0.100 $23.19 -17.90%
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $0.745 $0.745 $23.30 36.94%
09/27/2017 09/28/2017 09/29/2017 $0.000 $0.000 $0.000 $0.101 $0.101 $22.81 36.94%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $0.158 $0.158 $18.31 1.14%
10/05/2016 10/06/2016 10/07/2016 $0.010 $0.000 $0.000 $0.001 $0.011 $19.45 1.14%
12/02/2015 12/03/2015 12/04/2015 $0.079 $0.000 $0.000 $0.009 $0.088 $18.31 1.23%
09/23/2015 09/24/2015 09/25/2015 $0.004 $0.000 $0.000 $0.019 $0.023 $17.29 1.23%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $0.389 $0.389 $18.28 -2.33%
09/22/2014 09/23/2014 09/24/2014 $0.003 $0.000 $0.000 $0.149 $0.153 $18.76 -2.33%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.957 $0.957 $13.33 -16.35%
09/07/2011 09/08/2011 09/09/2011 $0.040 $0.000 $0.054 $0.244 $0.338 $15.16 -16.35%
09/27/2010 09/28/2010 09/29/2010 $0.000 $0.000 $0.211 $0.000 $0.211 $15.38 24.22%
12/28/2009 12/29/2009 12/30/2009 $0.000 $0.000 $0.360 $0.000 $0.360 $14.15 44.69%

Performance Characteristics

as of 12/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 12.40 12.33 14.54
Sharpe Ratio 0.93 0.58 0.51
Alpha (%) 3.22 3.23 3.33
Beta 1.00 0.90 0.93
R-Squared (%) 85.34 83.25 86.87
Tracking Error (%) 4.75 5.21 5.37
Information Ratio 0.70 0.53 0.57
Upside Capture (%) 104.27 93.97 95.59
Downside Capture (%) 82.74 74.97 78.11

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

 
NAV $24.78
Daily Change ($) -$0.13
Daily Change (%) -0.52%
MTD 4.69%
QTD 1.14%
YTD 1.14%
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BIGFX - Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 -3.39% -2.69% -1.17%
YTD1 -3.39% -2.69% -1.17%
1 Year 13.90% 9.94% 16.55%
3 Years 10.16% 7.62% 10.73%
5 Years 7.76% 4.96% 6.96%
10 Years 7.80% 5.21% 6.74%
Since Inception 10.49% 7.53% 8.93%
Expense Ratio2 - Gross 1.34%
Expense Ratio2 - Net 1.20%

*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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BIGFX - Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
1 Year 29.06% 21.51% 26.98%
3 Years 13.21% 9.87% 12.61%
5 Years 8.24% 5.51% 7.34%
10 Years 8.01% 4.97% 6.36%
Since Inception 10.92% 7.85% 9.11%
Expense Ratio2 - Gross 1.34%
Expense Ratio2 - Net 1.20%

*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 10 Years
Standard Deviation (%) 12.40 12.33 14.54
Sharpe Ratio 0.93 0.58 0.51
Alpha (%) 3.22 3.23 3.33
Beta 1.00 0.90 0.93
R-Squared (%) 85.34 83.25 86.87
Tracking Error (%) 4.75 5.21 5.37
Information Ratio 0.70 0.53 0.57
Upside Capture (%) 104.27 93.97 95.59
Downside Capture (%) 82.74 74.97 78.11

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron International Growth Fund's(BIGFX) benchmark (MSCI ACWI ex USA 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 International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2019 29.06% 21.51% 26.98%
2018 -17.90% -14.20% -14.96%
2017 36.94% 27.19% 32.25%
2016 1.14% 4.50% 0.06%
2015 1.23% -5.66% -0.26%
2014 -2.33% -3.87% -2.77%
2013 21.61% 15.29% 15.85%
2012 17.80% 16.83% 16.69%
2011 -16.35% -13.71% -14.66%
2010 24.22% 11.15% 15.90%
2009 44.69% 41.45% 40.90%

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 11/25/2019 09/26/2019 11/28/2018 09/24/2018 11/27/2017 09/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 09/22/2014 11/28/2011 09/07/2011 09/27/2010 12/28/2009
Ex Date 11/26/2019 09/27/2019 11/29/2018 09/25/2018 11/28/2017 09/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 09/23/2014 11/29/2011 09/08/2011 09/28/2010 12/29/2009
Payable Date 11/27/2019 09/30/2019 11/30/2018 09/26/2018 11/29/2017 09/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 09/24/2014 11/30/2011 09/09/2011 09/29/2010 12/30/2009
Income $0.013 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.010 $0.079 $0.004 $0.000 $0.003 $0.000 $0.040 $0.000 $0.000
Return of Capital $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.051 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.054 $0.211 $0.360
Long-Term Capital Gain $0.000 $0.007 $0.577 $0.049 $0.745 $0.101 $0.158 $0.001 $0.009 $0.019 $0.389 $0.149 $0.957 $0.244 $0.000 $0.000
Total $0.013 $0.007 $0.577 $0.100 $0.745 $0.101 $0.158 $0.011 $0.088 $0.023 $0.389 $0.153 $0.957 $0.338 $0.211 $0.360
Re-Invest NAV $23.72 $22.43 $20.35 $23.19 $23.30 $22.81 $18.31 $19.45 $18.31 $17.29 $18.28 $18.76 $13.33 $15.16 $15.38 $14.15
Calendar-Yr Return -17.90% -17.90% 36.94% 36.94% 1.14% 1.14% 1.23% 1.23% -2.33% -2.33% -16.35% -16.35% 24.22% 44.69%

Portfolio Characteristics

 

as of 12/31/19

Baron International Growth Fund MSCI ACWI ex USA Index
Net Assets$323.26 million
# of Equity Securities / % of Net Assets94 / 98.1%
Turnover (3 Year Average)46.26%
Active Share92.8%
Median Market Cap$9.42 billion$7.43 billion
Weighted Average Market Cap$47.50 billion$73.27 billion
EPS Growth (3-5 year forecast)14.1%9.3%
Price/Earnings Ratio (trailing 12-month)22.415.6
Price/Book Ratio2.61.7
Price/Sales Ratio2.41.2
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

AstraZeneca PLC

AstraZeneca PLC (AZN) is a global biopharmaceutical company that, since 2013, has followed a strategy based on pipeline-driven transformation and a focus on three main therapy areas based on its core competencies: oncology, cardiovascular and metabolic diseases, and respiratory illnesses.
We think AstraZeneca’s focused strategy could potentially produce a best-in-class growth profile. The company is a leader in economically attractive markets, particularly oncology, and has an opportunity to participate in emerging transformative markets, such as China's reforming health care system. After a trough in revenue and earnings caused by patent expiration of two blockbuster drugs in 2016, AstraZeneca has experienced strong growth. We forecast revenue and EPS compound annual growth rate of 7% and 15%, respectively.

Health Care 2.5%

Afya Limited

Afya Limited (AFYA) is a Brazilian for-profit education company specializing in medical courses with 20 campuses across 10 Brazilian states. Afya offers undergraduate and graduate courses as well as residency preparatory and specialization programs.
With a limited supply of schools and a rapidly growing demand for medical professionals in Brazil, we believe Afya will grow its 5% market share in the fairly fragmented education services market. The lack of available schools enhances visibility into future enrollments at existing schools as they mature and serves as a growth driver for Afya as it can further accelerate enrollments through cross-selling into residency prep courses, graduate programs, and active M&A programs.

Consumer Discretionary 2.3%

RIB Software SE

RIB Software SE (RIB GR) is a software company with a flagship application called iTWO. The application has 5D modeling capability enabling construction clients to manage a project from start to finish via one platform. The company is expanding its distribution channel via supply chain and cloud initiatives.
RIB's iTWO brings technology to the construction industry, which has underutilized technology to date. Whereas 13.4% of global GDP is in software, only 1% of construction spending is in software. iTWO uniquely combines 3D modeling with time and cost management, something that differentiates the product from its competitors. RIB has been expanding its distribution of iTWO technology via yTWO, its supply chain initiative, and mTWO, a cloud initiative in partnership with Microsoft.

Information Technology 2.3%

argenx SE

argenx SE (ARGX) is a biotechnology company developing antibodies for the treatment of autoimmune disorders and cancer based on the uniquely powerful immune system of llamas.
Argenx's main product, ARGX-113, which treats a rare muscle weakness disorder, has potentially broad applicability in ameliorating overactive antibody-based diseases. We expect the share price to increase as the company proves its products' effectiveness in multiple autoantibody disorders.

Health Care 2.1%

Takeda Pharmaceutical Company Limited

Takeda Pharmaceutical Company Limited (4502 JT) is a global pharmaceutical company engaged in the research and development of innovative drugs in therapeutic areas such as gastroenterology, oncology, and rare diseases. The company is headquartered in Tokyo, Japan. 
We believe Takeda is well-positioned to benefit from growing demand for innovative medical therapies in oncology, gastroenterology, and rare diseases. In our view, the recent merger with Shire Plc. should transform Takeda into a top-10 global pharmaceutical player. The company is led by a top-quality management team with a key focus on profitability and shareholder returns. We think Takeda can generate low double-digit earnings growth over the next three to five years.

Health Care 1.8%

Trainline Plc

Trainline Plc (TRN LN) is a leading U.K.-based provider of tickets, journey planning, and booking solutions for rail and coach travel in the U.K. and throughout Europe.
Trainline is a market leader in Europe, which makes up £70 billion of the £225 billion global rail and coach market. Given its strong technological advantage, market leadership, and secular tailwinds from growing online penetration of rail and coach, we believe the company can grow revenue at approximately 20% annually, driven by take rate expansion and growth in its international and B2B segments.

Consumer Discretionary 1.8%

B&M European Value Retail S.A.

B&M European Value Retail SA (BME.LN) is a value general merchandise retailer with 1,132 stores in the U.K., Germany, and France under four retail brands: B&M, Jawoll, Heron Foods, and Babou. B&M sells private label and branded general merchandise and food. 80% of products are priced below five pounds.
B&M is a growing market leader in the U.K. value retail sector. It has a disruptive low-cost business model that offers a limited assortment of high-value products sourced directly from China. The core B&M retail brand has 645 stores with a 950+ U.K. target. The company has expanded into frozen food through the Heron Foods acquisition and into Germany and France through the Jawoll and Babou acquisitions. This capital light business has high FCF conversion, and we think it can return free cash flow to shareholders via dividends and buybacks.

Consumer Discretionary 1.7%

FANUC Corp.

FANUC Corp. (6954.JP) is a leading developer and manufacturer of factory robots and automation equipment. FANUC is based in Japan, with major subsidiaries in Europe and the U.S.
As labor costs climb, manufacturers are increasingly adopting industrial automation and robots to enhance productivity. This is especially true across Asia, and particularly in China, which is becoming FANUC’s fastest growing market. FANUC has strong R&D capabilities in computer numerical control (CNC) software, which facilitates the operation of computer-controlled machine tools. FANUC maintains over 50% market share in CNC software, and since it also sells robots, it is able to offer an entire solution to its customers.

Industrials 1.7%

Experian plc

Experian plc (EXPN LN) provides data and analytical tools to manage credit risk, prevent fraud, target marketing offers, and automate decision-making.  The company is one of three credit bureaus in the U.S. and is the largest credit bureau in the U.K.
Experian is growing by introducing new products, entering new customer verticals, and expanding internationally. The company has aggressively expanded in developing countries by launching new credit bureaus and acquiring existing bureaus.  Experian is the dominant credit bureau in Brazil, and it owns 13 other credit bureaus around the world.  The company has visible revenue growth, expanding margins, and strong cash flow to fund dividends and share repurchases.

Industrials 1.7%

BNP Paribas S.A.

BNP Paribas S.A. (BNP.FP) is a French bank with leading positions in France, Belgium, and Italy. It offers retail banking, corporate investment banking, and asset management, among other financial services. BNP has smaller operations throughout Europe, as well as in the U.S., through its subsidiary Bancwest. 
BNP offers a diversified earning mix, above average execution track record, and high quality management, in our view. It holds strong franchises in its three main activities: retail banking, corporate and institutional banking, and investment solutions, positioning it to benefit from an expected recovery in the Eurozone. We think BNP will experience ROE improvement through increasing efficiencies. We also think there is upside to management’s strategic plan for achieving 10% ROE by the end of 2020, as it is based on conservative assumptions on growth and interest rates.

Financials 1.7%

Total

19.6%

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

as of 12/31/19

Name Sector % of Net Assets

RIB Software SE

Information Technology 2.6%

AstraZeneca PLC

Health Care 2.5%

argenx SE - ADR

Health Care 2.3%

Afya Limited

Consumer Discretionary 2.1%

Trainline Plc

Consumer Discretionary 2.0%

B&M European Value Retail S.A.

Consumer Discretionary 1.9%

Takeda Pharmaceutical Company Limited

Health Care 1.9%

BNP Paribas S.A.

Financials 1.8%

Eurofins Scientific SE

Health Care 1.8%

FANUC Corp.

Industrials 1.7%

Keyence Corporation

Information Technology 1.7%

Industria de Diseno Textil, S.A.

Consumer Discretionary 1.6%

Constellation Software, Inc.

Information Technology 1.6%

Experian plc

Industrials 1.6%

Recruit Holdings Co., Ltd.

Industrials 1.6%

Endava plc -ADR

Information Technology 1.6%

The Stars Group Inc.

Consumer Discretionary 1.5%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 1.5%

Linde Public Limited Company

Materials 1.5%

Clariant AG

Materials 1.4%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 1.4%

Square Enix Holdings Co., Ltd.

Communication Services 1.4%

Zai Lab Limited -Adr

Health Care 1.3%

Sberbank of Russia PJSC-ADR

Financials 1.3%

Agilent Technologies, Inc.

Health Care 1.3%

Arch Capital Group Ltd.

Financials 1.3%

Julius Baer Group Ltd.

Financials 1.3%

Copa Holdings, S.A.

Industrials 1.2%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 1.2%

Golar LNG Ltd.

Energy 1.2%

Rentokil Initial Plc

Industrials 1.2%

Koninklijke Vopak N.V.

Energy 1.2%

GDS Holdings Limited - ADR

Information Technology 1.1%

Glenveagh Properties PLC

Consumer Discretionary 1.1%

UniCredit S.p.A.

Financials 1.1%

Wix.com Ltd.

Information Technology 1.1%

Nestlé S.A.

Consumer Staples 1.1%

Aena SME, S.A.

Industrials 1.1%

Symrise AG

Materials 1.1%

Grupo México, S.A.B. de C.V.

Materials 1.0%

Fidelity National Information Services, Inc.

Information Technology 1.0%

Encana Corporation US

Energy 1.0%

SMS CO., LTD.

Industrials 1.0%

Vivendi SA

Communication Services 1.0%

KBC Group NV

Financials 1.0%

Arco Platform, Ltd. - Class a

Consumer Discretionary 1.0%

Future plc

Communication Services 1.0%

Reliance Industries Limited

Energy 0.9%

Telefonaktiebolaget LM Ericsson - ADR

Information Technology 0.9%

Okamoto Industries, Inc.

Materials 0.9%

China Conch Venture Holdings Ltd.

Industrials 0.9%

Tower Semiconductor Ltd.

Information Technology 0.9%

Midea Group Co., Ltd.- A

Consumer Discretionary 0.9%

WH Group Limited

Consumer Staples 0.9%

MonotaRO Co., Ltd.

Industrials 0.9%

Tencent Holdings, Ltd.

Communication Services 0.8%

Danone SA

Consumer Staples 0.8%

KOSÉ Corporation

Consumer Staples 0.8%

Opera Limited -ADR

Information Technology 0.8%

Bajaj Finance Limited

Financials 0.8%

Network International Holdings Ltd.

Information Technology 0.8%

Reliance Nippon Life Asset Management Limited

Financials 0.8%

Detsky Mir PJSC

Consumer Discretionary 0.8%

Hua Hong Semiconductor Limited

Information Technology 0.7%

HDFC Bank Limited

Financials 0.7%

Dechra Pharmaceuticals PLC

Health Care 0.7%

Pagseguro Digital Ltd

Information Technology 0.7%

Max Financial Services Ltd.

Financials 0.7%

NEXTDC Limited

Information Technology 0.7%

Momo Inc. Spon - ADR

Communication Services 0.7%

Mellanox Technologies Ltd.

Information Technology 0.7%

Ryanair Holdings plc - ADR

Industrials 0.6%

Kotak Mahindra Bank Ltd

Financials 0.6%

WANdisco plc

Information Technology 0.6%

Xiaomi Corporation-Class B

Information Technology 0.6%

Azul S.A. - ADR

Industrials 0.6%

Azul S.A.

Industrials 0.6%

Banco Inter SA

Financials 0.5%

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A

Health Care 0.5%

Glodon Company Limited

Information Technology 0.5%

China International Travel Service Co., LTD

Consumer Discretionary 0.5%

Titan Co. Ltd.

Consumer Discretionary 0.5%

Godrej Properties Limited

Real Estate 0.5%

Horizon Discovery Group plc

Health Care 0.5%

Nexon Co Ltd

Communication Services 0.5%

Haitong Securities Co., Ltd. - Cl H

Financials 0.5%

Kingdee International Software Group Co. Ltd.

Information Technology 0.5%

MercadoLibre, Inc.

Consumer Discretionary 0.5%

Sony Corporation

Consumer Discretionary 0.5%

PT Tower Bersama Infrastructure, Tbk.

Communication Services 0.4%

Abcam plc

Health Care 0.4%

JM Financial

Financials 0.4%

Interxion Holding N.V.

Information Technology 0.3%

XP Inc.

Financials 0.3%

Tencent Holdings Limited - ADR

Communication Services 0.2%

Grupo Lala, S.A.B. de C.V.

Consumer Staples 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
The Stars Group Inc. 1.37% 0.74%
argenx SE 2.06% 0.74%
Trainline Plc 1.77% 0.51%
BNP Paribas S.A. 1.77% 0.37%
Ryanair Holdings plc 1.18% 0.37%

Quarterly as of 12/31/19

Top Detractors Average Weight Contribution
Tullow Oil plc 0.84% -0.92%
PagSeguro Digital Ltd. 0.71% -0.25%
Arco Platform Limited 1.09% -0.20%
KOSE Corporation 0.89% -0.13%
Banco Inter SA 0.54% -0.13%

Source: FactSet PA.

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: 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. This may result in greater share price volatility. Securities of small and medium-sized companies may be thinly traded and more difficult to sell. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.

The Fund may not achieve its objectives.

Definitions (provided by Baron Capital, Inc.): The MSCI ACWI indexes cited are unmanaged, free float-adjusted market capitalization weighted indexes. The MSCI ACWI Growth Index Net USD measures the equity market performance of large and mid cap growth securities across developed and emerging markets. The MSCI ACWI Index Net USD measures the equity market performance of large and mid cap securities across developed and emerging markets. 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.