Prices & Performance

Prices

as of 08/23/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$22.50 -$0.29 -1.27% -2.85% -2.68% 16.64%

Performance

 

as of 07/31/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIGUX - Baron International Growth Fund - R6 0.17% 20.06% -0.96% 9.73% 6.17% 9.54% 10.87% 1.06% 0.95%
MSCI ACWI ex USA Index -1.21% 12.23% -2.27% 7.20% 2.12% 5.42% 7.36%
MSCI ACWI ex USA IMI Growth Index -0.18% 16.51% -0.30% 7.75% 4.22% 6.81% 8.60%

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 06/30/19

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIGUX - Baron International Growth Fund - R6 2.66% 19.85% -1.17% 11.01% 5.28% 10.38% 10.94% 1.06% 0.95%
MSCI ACWI ex USA Index 2.98% 13.60% 1.29% 9.39% 2.16% 6.54% 7.55%
MSCI ACWI ex USA IMI Growth Index 4.01% 16.72% 1.36% 9.52% 3.93% 7.75% 8.69%

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 07/31/19

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Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2018 -17.68% -14.20% -14.96%
2017 37.33% 27.19% 32.25%
2016 1.35% 4.50% 0.06%
2015 1.48% -5.66% -0.26%
2014 -2.07% -3.87% -2.77%
2013 21.89% 15.29% 15.85%
2012 18.17% 16.83% 16.69%
2011 -16.13% -13.71% -14.66%
2010 24.54% 11.15% 15.90%
2009 44.89% 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 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
11/28/2018 11/29/2018 11/30/2018 $0.000 $0.000 $0.000 $0.577 $0.577 $20.66 -17.68%
09/24/2018 09/25/2018 09/26/2018 $0.000 $0.000 $0.051 $0.049 $0.100 $23.52 -17.68%
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $0.745 $0.745 $23.58 37.33%
09/27/2017 09/28/2017 09/29/2017 $0.000 $0.000 $0.000 $0.101 $0.101 $23.06 37.33%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.000 $0.000 $0.158 $0.158 $18.48 1.35%
10/05/2016 10/06/2016 10/07/2016 $0.010 $0.000 $0.000 $0.001 $0.011 $19.62 1.35%
12/02/2015 12/03/2015 12/04/2015 $0.128 $0.000 $0.000 $0.009 $0.137 $18.43 1.48%
09/23/2015 09/24/2015 09/25/2015 $0.031 $0.000 $0.000 $0.019 $0.050 $17.44 1.48%
12/01/2014 12/02/2014 12/03/2014 $0.000 $0.000 $0.000 $0.389 $0.389 $18.43 -2.07%
09/22/2014 09/23/2014 09/24/2014 $0.040 $0.000 $0.000 $0.149 $0.189 $18.90 -2.07%
09/25/2013 09/26/2013 09/27/2013 $0.001 $0.000 $0.000 $0.000 $0.001 $18.59 21.89%
09/24/2012 09/25/2012 09/26/2012 $0.027 $0.000 $0.000 $0.000 $0.027 $15.36 18.17%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.957 $0.957 $13.38 -16.13%
09/07/2011 09/08/2011 09/09/2011 $0.090 $0.000 $0.054 $0.244 $0.388 $15.20 -16.13%
09/27/2010 09/28/2010 09/29/2010 $0.000 $0.000 $0.211 $0.000 $0.211 $15.44 24.54%
12/28/2009 12/29/2009 12/30/2009 $0.000 $0.000 $0.360 $0.000 $0.360 $14.17 44.89%

Performance Characteristics

as of 06/30/19

3 Years 5 Years 10 Years
Standard Deviation (%) 12.67 12.63 15.06
Sharpe Ratio 0.76 0.35 0.66
Alpha (%) 1.53 3.33 4.11
Beta 1.01 0.91 0.94
R-Squared (%) 82.97 82.54 86.34
Tracking Error (%) 5.23 5.39 5.64
Information Ratio 0.31 0.58 0.68
Upside Capture (%) 102.79 97.53 100.15
Downside Capture (%) 92.47 78.85 79.52

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

 
NAV $22.50
Daily Change ($) -$0.29
Daily Change (%) -1.27%
MTD -2.85%
QTD -2.68%
YTD 16.64%
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BIGUX - Baron International Growth Fund - R6 MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 0.17% -1.21% -0.18%
YTD1 20.06% 12.23% 16.51%
1 Year -0.96% -2.27% -0.30%
3 Years 9.73% 7.20% 7.75%
5 Years 6.17% 2.12% 4.22%
10 Years 9.54% 5.42% 6.81%
Since Inception 10.87% 7.36% 8.60%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 0.95%

*As of 07/31/19

*Annualized as of 07/31/19

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.

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BIGUX - Baron International Growth Fund - R6 MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 2.66% 2.98% 4.01%
YTD1 19.85% 13.60% 16.72%
1 Year -1.17% 1.29% 1.36%
3 Years 11.01% 9.39% 9.52%
5 Years 5.28% 2.16% 3.93%
10 Years 10.38% 6.54% 7.75%
Since Inception 10.94% 7.55% 8.69%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 0.95%

*As of 06/30/19

*Annualized as of 07/31/19

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 06/30/19

3 Years 5 Years 10 Years
Standard Deviation (%) 12.67 12.63 15.06
Sharpe Ratio 0.76 0.35 0.66
Alpha (%) 1.53 3.33 4.11
Beta 1.01 0.91 0.94
R-Squared (%) 82.97 82.54 86.34
Tracking Error (%) 5.23 5.39 5.64
Information Ratio 0.31 0.58 0.68
Upside Capture (%) 102.79 97.53 100.15
Downside Capture (%) 92.47 78.85 79.52

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

as of 07/31/19

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Year Baron International Growth Fund MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
2018 -17.68% -14.20% -14.96%
2017 37.33% 27.19% 32.25%
2016 1.35% 4.50% 0.06%
2015 1.48% -5.66% -0.26%
2014 -2.07% -3.87% -2.77%
2013 21.89% 15.29% 15.85%
2012 18.17% 16.83% 16.69%
2011 -16.13% -13.71% -14.66%
2010 24.54% 11.15% 15.90%
2009 44.89% 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 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 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 09/25/2013 09/24/2012 11/28/2011 09/07/2011 09/27/2010 12/28/2009
Ex Date 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 09/26/2013 09/25/2012 11/29/2011 09/08/2011 09/28/2010 12/29/2009
Payable Date 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 09/27/2013 09/26/2012 11/30/2011 09/09/2011 09/29/2010 12/30/2009
Income $0.000 $0.000 $0.000 $0.000 $0.000 $0.010 $0.128 $0.031 $0.000 $0.040 $0.001 $0.027 $0.000 $0.090 $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 $0.051 $0.000 $0.000 $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 $0.577 $0.049 $0.745 $0.101 $0.158 $0.001 $0.009 $0.019 $0.389 $0.149 $0.000 $0.000 $0.957 $0.244 $0.000 $0.000
Total $0.577 $0.100 $0.745 $0.101 $0.158 $0.011 $0.137 $0.050 $0.389 $0.189 $0.001 $0.027 $0.957 $0.388 $0.211 $0.360
Re-Invest NAV $20.66 $23.52 $23.58 $23.06 $18.48 $19.62 $18.43 $17.44 $18.43 $18.90 $18.59 $15.36 $13.38 $15.20 $15.44 $14.17
Calendar-Yr Return -17.68% -17.68% 37.33% 37.33% 1.35% 1.35% 1.48% 1.48% -2.07% -2.07% 21.89% 18.17% -16.13% -16.13% 24.54% 44.89%

Portfolio Characteristics

 

as of 06/30/19

Baron International Growth Fund MSCI ACWI ex USA Index
Net Assets$295.01 million
# of Equity Securities / % of Net Assets101 / 95.6%
Turnover (3 Year Average)45.80%
Active Share91.5%
Median Market Cap$7.87 billion$7.54 billion
Weighted Average Market Cap$40.21 billion$65.08 billion
EPS Growth (3-5 year forecast)14.4%8.8%
Price/Earnings Ratio (trailing 12-month)20.214.5
Price/Book Ratio2.31.5
Price/Sales Ratio2.21.1
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 07/31/19

Open All Close All Holding Sector % of Net Assets

Afya Limited

Consumer Discretionary 2.7%

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 GDP is in global 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 biotech 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, showed positive results in a recent clinical trial and 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 2.2%

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.
Constellation has valuable experience to offer its acquisition targets, largely around building high-touch, low-cost modules and contract pricing. We see this experience as a competitive advantage, and we think it remains sustainable as long as the company continues to acquire targets. Since we believe there are over 20,000 small owner-operated vertical market software businesses in the U.S. and Europe, we think Constellation's successful acquisition program will continue, and its moat will remain intact for years to come.

Information Technology 2.2%

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 Alzheimer’s. After a trough in revenue and earnings caused by patent expiration of its blockbuster drugs in 2016, AstraZeneca has experienced strong growth. We forecast 2018 to 2022 revenue and EPS compound annual growth rate of 7% and 15%, respectively.

Health Care 2.2%

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 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. 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 1.9%

NEXON Co., Ltd.

Communication Services 1.8%

Nestle S.A.

Nestle S.A. (NESN.SW) is a global consumer packaged food company that manufactures and markets infant formula, pet food, bottled water, confectionary, milk products, ice cream, coffee, frozen food, and other food categories. Nestle is the market leader in most of its categories.
A new CEO and activist pressure have served as catalysts for positive change at Nestle over the past 2 years. The company has made several strategic changes to drive stronger sustainable profitable growth. Nestle has disposed of assets in low-growth categories and acquired assets in high-growth categories. Nestle accelerated share repurchases and cut costs. We expect Nestle to continue to improve capital allocation, optimize its portfolio, and increase profitability.

Consumer Staples 1.8%

Endava plc

Endava plc (DAVA) provides outsourced software development to business customers.
Endava 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. Endava'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 Endava will continue gaining share in a large, growing market by adding new clients and increasing wallet share with existing clients.

Information Technology 1.7%

Total

20.9%

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

as of 06/30/19

Name Sector % of Net Assets

argenx SE - ADR

Health Care 2.6%

RIB Software SE

Information Technology 2.2%

Constellation Software, Inc.

Information Technology 2.2%

AstraZeneca PLC

Health Care 2.1%

Trainline Plc

Consumer Discretionary 2.1%

Takeda Pharmaceutical Company Limited

Health Care 2.0%

Arco Platform, Ltd. - Class a

Consumer Discretionary 1.9%

Endava plc -ADR

Information Technology 1.8%

Nestlé S.A.

Consumer Staples 1.8%

Experian plc

Industrials 1.8%

Linde Public Limited Company

Materials 1.7%

Aena SME, S.A.

Industrials 1.6%

Wix.com Ltd.

Information Technology 1.6%

Recruit Holdings Co., Ltd.

Industrials 1.5%

KEYENCE CORPORATION

Information Technology 1.5%

Pagseguro Digital Ltd

Information Technology 1.4%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 1.4%

Arch Capital Group Ltd.

Financials 1.4%

Mellanox Technologies Ltd.

Information Technology 1.4%

Danone SA

Consumer Staples 1.3%

Worldpay, Inc.

Information Technology 1.3%

Zai Lab Limited -Adr

Health Care 1.3%

Nexon Co Ltd

Communication Services 1.3%

Telefonaktiebolaget LM Ericsson - ADR

Information Technology 1.3%

Sodexo S.A.

Consumer Discretionary 1.3%

Opera Limited -ADR

Information Technology 1.2%

Sberbank of Russia PJSC-ADR

Financials 1.2%

Dechra Pharmaceuticals PLC

Health Care 1.2%

Ryanair Holdings plc - ADR

Industrials 1.2%

Nokia Corporation - ADR

Information Technology 1.2%

Copa Holdings, S.A.

Industrials 1.2%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 1.2%

Agilent Technologies, Inc.

Health Care 1.1%

Symrise AG

Materials 1.1%

Newcrest Mining Limited

Materials 1.1%

Golar LNG Ltd.

Energy 1.1%

Rentokil Initial Plc

Industrials 1.1%

WH Group Limited

Consumer Staples 1.1%

Koninklijke Vopak N.V.

Energy 1.1%

The Stars Group Inc.

Consumer Discretionary 1.1%

B&M European Value Retail S.A.

Consumer Discretionary 1.0%

Tullow Oil plc

Energy 1.0%

Glenveagh Properties PLC

Consumer Discretionary 1.0%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 1.0%

Eurofins Scientific SE

Health Care 1.0%

FANUC Corp.

Industrials 0.9%

Vivendi SA

Communication Services 0.9%

KBC Group NV

Financials 0.9%

Encana Corporation US

Energy 0.9%

TCS Group Holding PLC-GDR

Financials 0.9%

Okamoto Industries, Inc.

Materials 0.8%

Telesites, S.A.B. de C.V.

Communication Services 0.8%

Abcam plc

Health Care 0.8%

BNP Paribas S.A.

Financials 0.8%

HDFC Bank Limited

Financials 0.8%

Square Enix Holdings Co., Ltd.

Communication Services 0.8%

Julius Baer Group Ltd.

Financials 0.8%

MonotaRO Co., Ltd.

Industrials 0.8%

Industria de Diseno Textil, S.A.

Consumer Discretionary 0.8%

KIA Motors Corp.

Consumer Discretionary 0.7%

Kotak Mahindra Bank Ltd

Financials 0.7%

Fresenius Medical Care Ag &

Health Care 0.7%

NEXTDC Limited

Information Technology 0.7%

Futu Holdings Limited-ADR

Financials 0.7%

Reliance Industries Limited

Energy 0.6%

Network International Holdings Ltd.

Information Technology 0.6%

China International Travel Service Co., LTD

Consumer Discretionary 0.6%

Mercari Inc

Consumer Discretionary 0.6%

Max Financial Services Ltd.

Financials 0.6%

Horizon Discovery Group plc

Health Care 0.6%

YPF S.A. - ADR

Energy 0.6%

Yandex N.V.

Communication Services 0.6%

Sony Corporation

Consumer Discretionary 0.6%

Interxion Holding N.V.

Information Technology 0.5%

Midea Group Co., Ltd.- A

Consumer Discretionary 0.5%

Godrej Properties Limited

Real Estate 0.5%

BlackBerry Limited

Information Technology 0.5%

WANdisco plc

Information Technology 0.5%

China Tower Corporation Limited - Cl - H

Communication Services 0.5%

RBL Bank Limited

Financials 0.5%

Hua Hong Semiconductor Limited

Information Technology 0.5%

Reliance Nippon Life Asset Management Limited

Financials 0.5%

Xiaomi Corporation-Class B

Information Technology 0.5%

YY, Inc. - ADR

Communication Services 0.4%

Gds Holdings Limited - Adr

Information Technology 0.4%

Tencent Holdings Limited - ADR

Communication Services 0.4%

JM Financial

Financials 0.4%

KB Financial Group Inc.

Financials 0.4%

Domino's Pizza Enterprises Ltd.

Consumer Discretionary 0.4%

Kingdee International Software Group Co. Ltd.

Information Technology 0.4%

Haitong Securities Co., Ltd. - Cl H

Financials 0.4%

Tencent Holdings, Ltd.

Communication Services 0.4%

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

Consumer Staples 0.3%

MercadoLibre, Inc.

Consumer Discretionary 0.3%

Momo Inc. Spon - ADR

Communication Services 0.3%

KOSÉ Corporation

Consumer Staples 0.3%

Britannia Industries Limited

Consumer Staples 0.3%

Bolsas y Mercados Argentinos S.A.

Financials 0.3%

Adaptimmune Therapeutics plc

Health Care 0.2%

PT Tower Bersama Infrastructure, Tbk.

Communication Services 0.2%

Blue Prism Group plc

Information Technology 0.2%

Lekoil, Ltd.

Energy 0.0%

GICS SECTOR BREAKDOWN

As of 07/31/19

As of 07/31/19

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

As of 07/31/19

Contributors/Detractors

Quarterly as of 06/30/19

Top Contributors Average Weight Contribution
Endava plc 1.53% 0.64%
Arco Platform Limited 1.86% 0.61%
Opera Limited 1.41% 0.60%
RIB Software SE 1.92% 0.46%
PagSeguro Digital Ltd. 1.34% 0.40%

Quarterly as of 06/30/19

Top Detractors Average Weight Contribution
Futu Holdings Limited 1.02% -0.66%
InflaRx N.V. 0.48% -0.39%
Encana Corp. 1.08% -0.37%
Takeda Pharmaceutical Company Limited 1.89% -0.29%
WANdisco plc 0.62% -0.22%

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: 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.