Prices & Performance

Prices

as of 02/20/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$21.78 $0.03 0.14% 3.12% 12.91% 12.91%

Performance

 

as of 01/31/19

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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 9.49% 9.49% -15.33% 10.49% 5.49% 11.02% 10.42% 1.12% 0.95%
MSCI ACWI ex USA Index 7.56% 7.56% -12.58% 9.59% 3.11% 8.35% 7.29%
MSCI ACWI ex USA IMI Growth Index 7.67% 7.67% -12.99% 8.98% 4.21% 9.10% 8.20%

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 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 12/31/18

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1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIGUX - Baron International Growth Fund - R6 -17.68% 4.64% 2.63% 9.52% 9.52% 1.12% 0.95%
MSCI ACWI ex USA Index -14.20% 4.48% 0.68% 6.57% 6.57%
MSCI ACWI ex USA IMI Growth Index -14.96% 4.01% 1.76% 7.47% 7.47%

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 01/31/19

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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
09/24/2018 09/25/2018 09/26/2018 $0.000 $0.000 $0.051 $0.049 $0.100 $23.52
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 12/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 11.91 12.07 15.32
Sharpe Ratio 0.31 0.17 0.60
Alpha (%) 0.63 2.10 3.72
Beta 0.92 0.91 0.86
R-Squared (%) 78.89 80.30 84.57
Tracking Error (%) 5.56 5.47 6.44
Information Ratio 0.03 0.36 0.46
Upside Capture (%) 87.64 91.91 93.14
Downside Capture (%) 82.95 79.83 76.38

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 $21.78
Daily Change ($) $0.03
Daily Change (%) 0.14%
MTD 3.12%
QTD 12.91%
YTD 12.91%
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BIGUX - Baron International Growth Fund - R6 MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 9.49% 7.56% 7.67%
YTD1 9.49% 7.56% 7.67%
1 Year -15.33% -12.58% -12.99%
3 Years 10.49% 9.59% 8.98%
5 Years 5.49% 3.11% 4.21%
10 Years 11.02% 8.35% 9.10%
Since Inception 10.42% 7.29% 8.20%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 0.95%

*As of 01/31/19

*Annualized as of 01/31/19

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
1 Year -17.68% -14.20% -14.96%
3 Years 4.64% 4.48% 4.01%
5 Years 2.63% 0.68% 1.76%
10 Years 9.52% 6.57% 7.47%
Since Inception 9.52% 6.57% 7.47%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 0.95%

*As of 12/31/18

*Annualized as of 01/31/19

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 12/31/18

3 Years 5 Years 10 Years
Standard Deviation (%) 11.91 12.07 15.32
Sharpe Ratio 0.31 0.17 0.60
Alpha (%) 0.63 2.10 3.72
Beta 0.92 0.91 0.86
R-Squared (%) 78.89 80.30 84.57
Tracking Error (%) 5.56 5.47 6.44
Information Ratio 0.03 0.36 0.46
Upside Capture (%) 87.64 91.91 93.14
Downside Capture (%) 82.95 79.83 76.38

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 01/31/19

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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 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 12/31/18

Baron International Growth Fund MSCI ACWI ex USA Index
Net Assets$226.45 million
# of Equity Securities / % of Net Assets100 / 95.4%
Turnover (3 Year Average)40.39%
Active Share94.0%
Median Market Cap$7.27 billion$6.87 billion
Weighted Average Market Cap$31.33 billion$55.93 billion
EPS Growth (3-5 year forecast)17.9%10.0%
Price/Earnings Ratio (trailing 12-month)15.912.0
Price/Book Ratio1.91.4
Price/Sales Ratio1.81.0
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 01/31/19

Open All Close All Holding Sector % of Net Assets

AstraZeneca PLC

AstraZeneca PLC (AZN) is a global biopharmaceutical that, since 2013, has followed a strategy based on a 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 2.6%

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 2.5%

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 2.0%

Nokia Corporation

Nokia Corporation (NOK) is a global telecommunication equipment maker providing essential technologies and equipment for fiber and wireless infrastructure buildouts. It also has a technology licensing business providing smartphone-related IP licensing services.
We believe Nokia's earnings will reaccelerate as synergies from its Alcatel Lucent acquisition are realized. We see meaningful profit growth resulting from potential new customer wins and the settlement of IP litigation with Apple, giving the company increased pricing power in a consolidated market. We view Nokia as well-positioned to benefit from the potential loss of market access for Chinese competitors in Europe and North America.

Information Technology 2.0%

Abcam plc

Abcam plc (abc.ln) sells research grade antibodies and other life sciences tools to scientists who use Abcam's products in their search for treatments for human disease. The company sources products from more than 400 suppliers and manufactures products in-house.
We believe Abcam is well-positioned for growth driven by the company's unique rabbit monoclonal antibodies product line and expansion into other life sciences research tools such as proteins, kits, and assays. Competitive advantages include the detailed product data sheets the company has assembled over the years, its broad product offering, efficient global logistics, and extensive relationships with suppliers. The business model generates high margins, strong free cash flow, and high returns on capital employed.

Health Care 1.8%

Aena SME, S.A.

Aena SME, S.A. (AENA.SM) is the world's largest operator of airports. The company manages over 45 airports in Spain, handling over 250 million passengers annually. Aena also has both majority and minority ownership in certain international (ex-Spain) airports.
We think Aena is well-positioned to benefit from growing air traffic into Spain, which is a leading tourist destination. The company is competitively advantaged as a government-regulated monopoly with high barriers to entry. In our opinion, the improvement in consumer spending in countries such as the U.K., Germany, and France bodes well for sustained earnings growth.

Industrials 1.6%

Takeda Pharmaceutical Company Limited

Health Care 1.6%

Wix.com Ltd.

Wix.com Ltd. (WIX) provides an operating system to help micro-businesses build and maintain websites and operate their businesses. Wix has over 125 million registered users and over 3.5 million premium users.
Wix is a leader in the do-it-yourself website construction market, which is large and relatively under-penetrated, as most businesses use professional website development services. We think Wix has strong competitive advantages based on its layered technological architecture that enables ease of use and design flexibility. Wix's technological edge, supported by about 1,000 R&D personnel, results in faster iteration with first-to-market features and vertical offerings. In our view, Wix also has strong cohort economics with high returns on marketing investments.

Information Technology 1.6%

Golar LNG Ltd.

Golar LNG Ltd. (GLNG) owns and operates a fleet of Liquefied Natural Gas (LNG) vessels and floating regasification units. Golar is also developing floating liquefaction units (FLNG) and is now operating the world's first FLNG conversion, the Golar FLNG-Hilli.
We expect a favorable environment in the LNG shipping market over the next five years due to strong LNG demand. With FLNG-Hilli proof of concept, we expect Golar to convert more of its old vessels into floating liquefaction units at potentially attractive returns. We believe Golar is trading below its asset value and can create significant equity value and capture a larger portion of the LNG supply chain over time with its floating LNG projects in West Africa, Gulf of Mexico, and integrated gas/power projects in Latin America.

Energy 1.5%

Koninklijke Vopak N.V.

Energy 1.5%

Total

18.7%

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

as of 12/31/18

Name Sector % of Net Assets

AstraZeneca PLC

Health Care 2.9%

argenx SE - ADR

Health Care 2.6%

Nokia Corporation - ADR

Information Technology 2.5%

Danone SA

Consumer Staples 2.2%

Constellation Software, Inc.

Information Technology 2.2%

Mellanox Technologies Ltd.

Information Technology 2.1%

Golar LNG Ltd.

Energy 1.8%

Abcam plc

Health Care 1.6%

Aena SME, S.A.

Industrials 1.6%

Wix.com Ltd.

Information Technology 1.6%

Linde Public Limited Company

Materials 1.6%

China Tower Corporation Limited - Cl - H

Communication Services 1.5%

Recruit Holdings Co., Ltd.

Industrials 1.5%

Takeda Pharmaceutical Company Limited

Health Care 1.5%

KEYENCE CORPORATION

Information Technology 1.4%

Industria de Diseño Textil, S.A.

Consumer Discretionary 1.4%

Experian plc

Industrials 1.4%

Arch Capital Group Ltd.

Financials 1.4%

Arco Platform, Ltd. - Class a

Consumer Discretionary 1.4%

Worldpay, Inc.

Information Technology 1.4%

Dechra Pharmaceuticals PLC

Health Care 1.4%

Ryanair Holdings plc - ADR

Industrials 1.3%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 1.3%

Fresenius Medical Care AG & Co. KGaA

Health Care 1.3%

Tullow Oil plc

Energy 1.2%

KBC Group NV

Financials 1.2%

Eurofins Scientific SE

Health Care 1.2%

Sony Corporation

Consumer Discretionary 1.2%

Rentokil Initial Plc

Industrials 1.2%

Zai Lab Limited -Adr

Health Care 1.1%

Sodexo S.A.

Consumer Discretionary 1.1%

Koninklijke Vopak N.V.

Energy 1.1%

Mitsubishi UFJ Financial Group, Inc. ADR

Financials 1.1%

Domino's Pizza Enterprises Ltd.

Consumer Discretionary 1.1%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 1.1%

WH Group Limited

Consumer Staples 1.1%

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

Communication Services 1.1%

YPF S.A. - ADR

Energy 1.0%

Glenveagh Properties PLC

Consumer Discretionary 1.0%

RIB Software SE

Information Technology 1.0%

Agilent Technologies, Inc.

Health Care 1.0%

America Movil-ADR Series L

Communication Services 1.0%

Opera Limited -ADR

Information Technology 1.0%

Pagseguro Digital Ltd

Information Technology 1.0%

Square Enix Holdings Co., Ltd.

Communication Services 1.0%

The Stars Group Inc.

Consumer Discretionary 0.9%

Julius Baer Group Ltd.

Financials 0.9%

Technopro Holdings, Inc.

Industrials 0.9%

Encana Corporation US

Energy 0.9%

Horizon Discovery Group plc

Health Care 0.9%

Tencent Holdings, Ltd.

Communication Services 0.8%

BNP Paribas S.A.

Financials 0.8%

KB Financial Group Inc.

Financials 0.8%

Vivendi SA

Communication Services 0.8%

Housing Development Finance Corporation Limited

Financials 0.8%

Intertek Group plc

Industrials 0.8%

Endava plc -ADR

Information Technology 0.8%

B&M European Value Retail S.A.

Consumer Discretionary 0.8%

Komplett Bank ASA

Financials 0.7%

ZOZO, Inc.

Consumer Discretionary 0.7%

KIA Motors Corp.

Consumer Discretionary 0.7%

Suncor Energy Inc.

Energy 0.7%

FANUC Corp.

Industrials 0.7%

Symrise AG

Materials 0.7%

Landis+Gyr AG

Information Technology 0.7%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 0.7%

MonotaRO Co., Ltd.

Industrials 0.7%

Kotak Mahindra Bank Ltd

Financials 0.7%

Sberbank of Russia PJSC-ADR

Financials 0.7%

Cimpress N.V.

Industrials 0.6%

NEXTDC Limited

Information Technology 0.6%

Britannia Industries Limited

Consumer Staples 0.6%

JM Financial

Financials 0.6%

Itaú Unibanco Holding S.A. -ADR

Financials 0.6%

SoftBank Group Corp.

Communication Services 0.6%

HDFC Bank Limited

Financials 0.6%

WANdisco plc

Information Technology 0.6%

BlackBerry Limited

Information Technology 0.5%

Nestlé S.A.

Consumer Staples 0.5%

Sms Co Ltd

Industrials 0.5%

Interxion Holding N.V.

Information Technology 0.5%

KOSÉ Corporation

Consumer Staples 0.4%

Midea Group Co., Ltd.- A

Consumer Discretionary 0.4%

Bolsas y Mercados Argentinos S.A.

Financials 0.4%

Tata Global Beverages Limited

Consumer Staples 0.4%

Haitong Securities Co., Ltd. - Cl H

Financials 0.4%

Copa Holdings, S.A.

Industrials 0.4%

Baidu, Inc.

Communication Services 0.4%

Smiles Fidelidade S.A.

Communication Services 0.4%

Adaptimmune Therapeutics plc

Health Care 0.4%

YY, Inc. - ADR

Communication Services 0.4%

Hua Hong Semiconductor Limited

Information Technology 0.3%

Mercari Inc

Consumer Discretionary 0.3%

Kangde Xin Composite Material

Materials 0.3%

Kingdee International Software Group Co. Ltd.

Information Technology 0.3%

PT Tower Bersama Infrastructure, Tbk.

Communication Services 0.3%

Momo Inc. Spon - ADR

Communication Services 0.3%

Yandex N.V.

Communication Services 0.2%

Godrej Properties Limited

Real Estate 0.2%

Lekoil, Ltd.

Energy 0.1%

GICS SECTOR BREAKDOWN

As of 01/31/19

As of 01/31/19

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

As of 01/31/19

Contributors/Detractors

Quarterly as of 12/31/18

Top Contributors Average Weight Contribution
argenx SE 2.21% 0.42%
Mellanox Technologies Ltd. 1.80% 0.35%
China Tower Corporation Limited 1.04% 0.31%
Zai Lab Limited 0.80% 0.19%
Housing Development Finance Corporation Limited 0.62% 0.10%

Quarterly as of 12/31/18

Top Detractors Average Weight Contribution
Encana Corp. 0.98% -0.75%
Fresenius Medical Care AG & Co. KGaA 1.40% -0.61%
Eurofins Scientific SE 1.34% -0.51%
Recruit Holdings Co., Ltd. 1.56% -0.48%
Tullow Oil plc 1.21% -0.47%

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.