Prices & Performance

Prices

as of 04/22/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$23.05 $0.00 0.00% 2.35% 2.35% 19.49%

Performance

 

as of 02/28/19

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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 14.20% 14.20% -9.03% 11.85% 5.09% 12.08% 10.79% 1.12% 0.95%
MSCI ACWI ex USA Index 9.66% 9.66% -6.46% 10.72% 2.50% 9.63% 7.43%
MSCI ACWI ex USA IMI Growth Index 10.57% 10.57% -6.59% 10.36% 3.69% 10.36% 8.41%

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 03/31/19

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BIGUX - Baron International Growth Fund - R6 16.74% -5.81% 10.76% 5.52% 11.98% 10.94% 1.12% 0.95%
MSCI ACWI ex USA Index 10.31% -4.22% 8.09% 2.57% 8.85% 7.43%
MSCI ACWI ex USA IMI Growth Index 12.21% -3.97% 8.20% 4.00% 9.75% 8.50%

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 03/31/19

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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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 12.10 12.42 15.37
Sharpe Ratio 0.79 0.39 0.75
Alpha (%) 2.50 3.19 3.82
Beta 1.02 0.92 0.90
R-Squared (%) 79.08 80.03 85.54
Tracking Error (%) 5.54 5.62 6.04
Information Ratio 0.48 0.52 0.52
Upside Capture (%) 102.98 97.57 97.37
Downside Capture (%) 83.14 78.54 79.14

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 $23.05
Daily Change ($) $0.00
Daily Change (%) 0.00%
MTD 2.35%
QTD 2.35%
YTD 19.49%
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BIGUX - Baron International Growth Fund - R6 MSCI ACWI ex USA Index MSCI ACWI ex USA IMI Growth Index
QTD1 14.20% 9.66% 10.57%
YTD1 14.20% 9.66% 10.57%
1 Year -9.03% -6.46% -6.59%
3 Years 11.85% 10.72% 10.36%
5 Years 5.09% 2.50% 3.69%
10 Years 12.08% 9.63% 10.36%
Since Inception 10.79% 7.43% 8.41%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 0.95%

*As of 02/28/19

*Annualized as of 03/31/19

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
YTD1 16.74% 10.31% 12.21%
1 Year -5.81% -4.22% -3.97%
3 Years 10.76% 8.09% 8.20%
5 Years 5.52% 2.57% 4.00%
10 Years 11.98% 8.85% 9.75%
Since Inception 10.94% 7.43% 8.50%
Expense Ratio2 - Gross 1.12%
Expense Ratio2 - Net 0.95%

*As of 03/31/19

*Annualized as of 03/31/19

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 03/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 12.10 12.42 15.37
Sharpe Ratio 0.79 0.39 0.75
Alpha (%) 2.50 3.19 3.82
Beta 1.02 0.92 0.90
R-Squared (%) 79.08 80.03 85.54
Tracking Error (%) 5.54 5.62 6.04
Information Ratio 0.48 0.52 0.52
Upside Capture (%) 102.98 97.57 97.37
Downside Capture (%) 83.14 78.54 79.14

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 03/31/19

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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 03/31/19

Baron International Growth Fund MSCI ACWI ex USA Index
Net Assets$271.33 million
# of Equity Securities / % of Net Assets102 / 93.8%
Turnover (3 Year Average)46.72%
Active Share92.6%
Median Market Cap$8.78 billion$7.51 billion
Weighted Average Market Cap$39.03 billion$64.00 billion
EPS Growth (3-5 year forecast)21.3%9.4%
Price/Earnings Ratio (trailing 12-month)19.014.1
Price/Book Ratio2.31.5
Price/Sales Ratio2.11.1
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 03/31/19

Open All Close All Holding Sector % of Net Assets

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 2.6%

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 2.1%

Takeda Pharmaceutical Company Limited

Health Care 1.9%

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 1.8%

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 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%

Arco Platform Limited

Arco Platform Limited (ARCE) is a Brazilian education technology company providing educational content and software solutions to K-12 private schools. Its solution is a one stop shop for schools replacing several publishing and system vendors.
Arco has grown rapidly with a presence in more than 1,100 schools in more than 450 cities throughout Brazil. Arco is in the early stages of disrupting a legacy industry -- book publishers -- with a modern learning platform, generating better results for students and higher rankings for schools. We believe Arco has the potential to continue its rapid growth for years to come while maintaining high profitability.

Consumer Discretionary 1.7%

KEYENCE CORPORATION

KEYENCE CORPORATION (6861.JP) is a leading developer and manufacturer of factory automation equipment. The company's products include fiber optic sensors, photoelectric sensors, laser scan, and bar code readers.  KEYENCE is headquartered in Osaka, Japan.
As labor costs climb, manufacturers are increasingly adopting industrial automation to enhance productivity. This is especially true across Asia, and particularly in China, which is fast becoming a high growth market. KEYENCE leverages its strong R&D capabilities and a highly technical sales force to provide customized solutions to customers across various industries.  We expect earnings to compound 12-15% over the next 3-5 years.   

Information Technology 1.7%

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 1.7%

Linde Public Limited Company

Linde Public Limited Company (LIN.GY) is the largest global independent industrial gas operator. The company was formed by the October 2018 merger of Linde and Praxair.
While the merger between Linde and Praxair was only recently approved and required asset sales still cloud Linde’s financial picture, we believe the combined company can exploit significant operational efficiencies. We expect balance sheet improvements and selective growth opportunities to give rise to a much more valuable operator than either company could have become on a standalone basis.

Materials 1.7%

Total

18.8%

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

as of 03/31/19

Name Sector % of Net Assets

argenx SE - ADR

Health Care 2.6%

Constellation Software, Inc.

Information Technology 2.1%

Takeda Pharmaceutical Company Limited

Health Care 1.9%

AstraZeneca PLC

Health Care 1.8%

RIB Software SE

Information Technology 1.8%

Nestlé S.A.

Consumer Staples 1.8%

Aena SME, S.A.

Industrials 1.7%

KEYENCE CORPORATION

Information Technology 1.7%

Arco Platform, Ltd. - Class a

Consumer Discretionary 1.7%

Linde Public Limited Company

Materials 1.7%

Futu Holdings Limited-ADR

Financials 1.6%

Experian plc

Industrials 1.6%

Mellanox Technologies Ltd.

Information Technology 1.6%

Worldpay, Inc.

Information Technology 1.5%

Dechra Pharmaceuticals PLC

Health Care 1.5%

Pagseguro Digital Ltd

Information Technology 1.4%

Nokia Corporation - ADR

Information Technology 1.4%

Wix.com Ltd.

Information Technology 1.4%

Tullow Oil plc

Energy 1.3%

Recruit Holdings Co., Ltd.

Industrials 1.3%

Glenveagh Properties PLC

Consumer Discretionary 1.3%

Square Enix Holdings Co., Ltd.

Communication Services 1.3%

Danone SA

Consumer Staples 1.3%

Arch Capital Group Ltd.

Financials 1.3%

Golar LNG Ltd.

Energy 1.3%

LVMH Moët Hennessy Louis Vuitton SE

Consumer Discretionary 1.3%

Koninklijke Vopak N.V.

Energy 1.3%

Sodexo S.A.

Consumer Discretionary 1.2%

Zai Lab Limited -Adr

Health Care 1.2%

B&M European Value Retail S.A.

Consumer Discretionary 1.2%

Ryanair Holdings plc - ADR

Industrials 1.2%

Encana Corporation US

Energy 1.2%

KBC Group NV

Financials 1.1%

Telefonaktiebolaget LM Ericsson - ADR

Information Technology 1.1%

Rentokil Initial Plc

Industrials 1.1%

The Stars Group Inc.

Consumer Discretionary 1.1%

HDFC Bank Limited

Financials 1.0%

Vivendi SA

Communication Services 1.0%

Sberbank of Russia PJSC-ADR

Financials 1.0%

Nexon Co Ltd

Communication Services 1.0%

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

Communication Services 1.0%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 1.0%

Eurofins Scientific SE

Health Care 1.0%

Agilent Technologies, Inc.

Health Care 1.0%

Alibaba Group Holding Limited - ADR

Consumer Discretionary 1.0%

WH Group Limited

Consumer Staples 0.9%

China Tower Corporation Limited - Cl - H

Communication Services 0.9%

Opera Limited -ADR

Information Technology 0.9%

Endava plc -ADR

Information Technology 0.8%

Okamoto Industries, Inc.

Materials 0.8%

Abcam plc

Health Care 0.8%

BlackBerry Limited

Information Technology 0.8%

BNP Paribas S.A.

Financials 0.8%

MonotaRO Co., Ltd.

Industrials 0.8%

FANUC Corp.

Industrials 0.8%

Symrise AG

Materials 0.8%

Sony Corporation

Consumer Discretionary 0.7%

Julius Baer Group Ltd.

Financials 0.7%

Industria de Diseño Textil, S.A.

Consumer Discretionary 0.7%

Fresenius Medical Care AG & Co. KGaA

Health Care 0.7%

InflaRx N.V.

Health Care 0.7%

Reliance Industries Limited

Energy 0.7%

Mercari Inc

Consumer Discretionary 0.7%

WANdisco plc

Information Technology 0.7%

RBL Bank Limited

Financials 0.6%

YY, Inc. - ADR

Communication Services 0.6%

Horizon Discovery Group plc

Health Care 0.6%

YPF S.A. - ADR

Energy 0.6%

Midea Group Co., Ltd.- A

Consumer Discretionary 0.6%

Domino's Pizza Enterprises Ltd.

Consumer Discretionary 0.6%

Housing Development Finance Corporation Limited

Financials 0.6%

Suncor Energy Inc.

Energy 0.5%

SoftBank Group Corp.

Communication Services 0.5%

Haitong Securities Co., Ltd. - Cl H

Financials 0.5%

Tencent Holdings, Ltd.

Communication Services 0.5%

JM Financial

Financials 0.5%

Max Financial Services Ltd.

Financials 0.5%

NEXTDC Limited

Information Technology 0.5%

Kotak Mahindra Bank Ltd

Financials 0.5%

Interxion Holding N.V.

Information Technology 0.5%

KB Financial Group Inc.

Financials 0.5%

Momo Inc. Spon - ADR

Communication Services 0.5%

Technopro Holdings, Inc.

Industrials 0.5%

Hangzhou Hikvision Digital-a

Information Technology 0.5%

Hua Hong Semiconductor Limited

Information Technology 0.5%

Gds Holdings Limited - Adr

Information Technology 0.5%

Komplett Bank ASA

Financials 0.4%

Britannia Industries Limited

Consumer Staples 0.4%

Tongda Group Holdings Limited

Information Technology 0.4%

KOSÉ Corporation

Consumer Staples 0.4%

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

Consumer Staples 0.4%

KIA Motors Corp.

Consumer Discretionary 0.4%

Copa Holdings, S.A.

Industrials 0.4%

Itaú Unibanco Holding S.A. -ADR

Financials 0.4%

Kingdee International Software Group Co. Ltd.

Information Technology 0.3%

PT Tower Bersama Infrastructure, Tbk.

Communication Services 0.3%

Bolsas y Mercados Argentinos S.A.

Financials 0.3%

Godrej Properties Limited

Real Estate 0.3%

Adaptimmune Therapeutics plc

Health Care 0.3%

Tencent Holdings Limited - ADR

Communication Services 0.3%

Smiles Fidelidade S.A.

Communication Services 0.2%

MercadoLibre, Inc.

Consumer Discretionary 0.2%

Lekoil, Ltd.

Energy 0.1%

GICS SECTOR BREAKDOWN

As of 03/31/19

As of 03/31/19

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

As of 03/31/19

Contributors/Detractors

Quarterly as of 03/31/19

Top Contributors Average Weight Contribution
argenx SE 2.66% 0.78%
Constellation Software, Inc. 2.08% 0.66%
PagSeguro Digital Ltd. 1.30% 0.63%
Arco Platform Limited 1.43% 0.58%
Futu Holdings Limited 0.39% 0.58%

Quarterly as of 03/31/19

Top Detractors Average Weight Contribution
Sony Corporation 1.04% -0.13%
Cimpress N.V. 0.23% -0.11%
Horizon Discovery Group plc 0.74% -0.11%
Adaptimmune Therapeutics plc 0.30% -0.10%
Bolsas y Mercados Argentinos S.A. 0.37% -0.09%

Source: FactSet PA.

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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.