Baron Global Advantage Fund (BGAFX)

Portfolio Management

AlexUmansky
Alex Umansky

Fund Manager since 2012

View All Commentary by Alex

Fund Description

Baron Global Advantage Fund invests in growth companies of all sizes anywhere.

  

Portfolio Commentary

Retail Performance

Review and Outlook (for quarter ended 12/31/2016)

The Review and Outlook for period ending December 31, 2016 is not yet available

Top Contributors/Detractors to Performance

Contributors (for quarter ended 12/31/2016)
  • BlackLine, Inc. is the recent IPO of a cloud-based accounting software company. BlackLine’s shares rose in Q4 as the company grew its market share in line with guidance in the mid and high portions of the market. With its expanding product line and investments in sales capacity, we believe BlackLine will continue along its current growth trajectory.

  • First Republic Bank provides banking and wealth management services to affluent clients in metropolitan areas of the U.S. The stock grew in Q4 as it participated in the post-election rally for financial stocks and on expectations for faster economic growth and higher inflation. In addition, First Republic reported good financial results during Q4 with 18% loan growth and 24% deposit growth. We continue to own the stock because we believe the bank has an advantaged business model and a long runway for growth.

  • Noble Midstream Partners LP is a master limited partnership midstream energy company. During Q4, Noble Midstream reported its first quarter as a public company with results well ahead of its IPO plans. Substantial growth in water service volumes driven by the drilling methodology of parent company Noble Energy increased confidence in Noble Midstream’s long-term growth targets and potential. We participated in Noble Midstream’s offering as we see significant opportunity for the entity to grow its cash flows and dividend potential over time.

Detractors (for quarter ended 12/31/2016)
  • This Fund does not have detractors to performance for period ending December 31, 2016

Quarterly Attribution Analysis (for quarter ended 12/31/2016)

The Quarterly Attribution Analysis for period ending December 31, 2016 is not yet available

Yearly Attribution Analysis (for year ended 12/31/2016)

The Yearly Attribution Analysis for period ending December 31, 2016 is not yet available

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