Baron Global Advantage Fund (BGAFX)

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Fund Description

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

  

Facts & Characteristics as of September 30, 2014

Inception Date April 30, 2012
Net Assets (All share classes combined) $7.50 million
# of Equity Securities / % of Net Assets 40/93.1%
Turnover (2 Year Average) 83.15%
Median Market Cap $3.26 billion
Weighted Average Market Cap $59.66 billion
CUSIP 06828M843
Gross Expense Ratio (as of FYE 12/13) 5.51%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (4.01)%
Net Expense Ratio (as of FYE 12/13) 1.50%
EPS Growth (3-5 year forecast) 25.1%
Price/Earnings Ratio (trailing 12- month) 24.5
Price/Book Ratio 4.7
Price/Sales Ratio 3.0

Top Ten Holdings as of September 30, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Sarana Menara Nusantara Tbk PT (TOWR.IJ) is the largest independent owner of wireless telecommunication towers in Indonesia.  Led by US tower industry-veteran Michael Gearon, Sarana Menara owns approximately 11,000 towers as of June 2014, making it one of the largest tower operators in Southeast Asia. 
Telecommunication Services 5.1%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly users.
Information Technology 5.0%
Google, Inc. (GOOG) is a global technology company that provides Internet search, software, and advertising technologies. Google generates revenue by providing advertisers with the opportunity to deliver online advertising relevant to a user’s search or preferences.
Information Technology 4.9%
Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader, with relentless focus on providing customers value and convenience. It is the world's largest online retail merchant. 
Consumer Discretionary 4.5%
TAL Education Group (XRS) is a leading K-12 after school tutoring provider in China.
Consumer Discretionary 4.4%
Just Eat plc (je.ln) is the #1 online/mobile restaurant delivery aggregator/platform in the UK, Denmark, Ireland France, Spain, Switzerland, Norway, and Canada with a nascent position in Italy. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps.
Information Technology 3.9%
Softbank Corp. (9984.JP) is a leading mobile communications and broadband Internet access provider in Japan and the U.S., with additional investments in Internet-related businesses. The company, led by founder Masayoshi Son, is one of the premier entrepreneurial and visionary companies in Japan.
Telecommunication Services 3.9%
Illumina, Inc. (ILMN) develops and commercializes tools and services for genetic analysis. The company is the recognized leader in next generation DNA sequencing platforms. 
Health Care 3.7%
Mellanox Technologies Ltd.
Information Technology 3.3%
Alibaba Group Holding Ltd.
Information Technology 3.2%
Total 41.9%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 6.9%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.517 5.1%
Facebook Inc. Information Technology $204.529 5.0%
Google, Inc. Information Technology $393.956 4.9%
Amazon.com, Inc. Consumer Discretionary $148.979 4.5%
TAL Education Group Consumer Discretionary $2.756 4.4%
SoftBank Corp. Telecommunication Services $84.558 3.9%
Just Eat plc Information Technology $2.715 3.9%
Illumina, Inc. Health Care $22.851 3.7%
Mellanox Technologies Ltd. Information Technology $2.017 3.3%
Alibaba Group Holding Ltd. Information Technology $219.016 3.2%
Atlas Energy, L.P. Energy $2.284 3.1%
Baidu, Inc. Information Technology $76.514 3.0%
The Priceline Group, Inc. Consumer Discretionary $60.765 3.0%
Cetip SA - Mercados Organizados Financials $3.240 3.0%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.149 3.0%
Smiles SA Consumer Discretionary $1.940 2.7%
Tallgrass Energy Partners, LP Energy $2.217 2.4%
Grifols SA Health Care $13.386 2.2%
Medidata Solutions, Inc. Health Care $2.393 2.0%
Constellation Software, Inc. Information Technology $5.326 2.0%
ICICI Bank Limited Financials $28.408 1.8%
Xoom Corporation Information Technology $0.838 1.8%
ASML Holding N.V. Information Technology $44.155 1.7%
PBF Logistics LP Energy $0.805 1.7%
Acxiom Corp. Information Technology $1.277 1.5%
Pacira Pharmaceuticals, Inc. Health Care $3.479 1.5%
Qunar Cayman Islands Ltd. Consumer Discretionary $3.278 1.5%
ARM Holdings plc Information Technology $20.648 1.4%
AO World plc Consumer Discretionary $1.283 1.4%
Brookfield Asset Management, Inc. Financials $28.162 1.2%
Just Dial Ltd. Information Technology $1.853 1.2%
Benefitfocus, Inc. Information Technology $0.686 1.1%
Monsanto Co. Materials $59.022 1.0%
MakeMyTrip Limited Consumer Discretionary $1.160 1.0%
Seadrill Partners, LLC Energy $2.864 1.0%
Youku Tudou, Inc. Information Technology $3.732 0.8%
Coupons.com Incorporated Consumer Discretionary $0.928 0.8%
TerraForm Power, Inc. Utilities $2.915 0.8%
Mobileye N.V. Information Technology $11.377 0.8%
Westlake Chemical Partners LP Materials $0.785 0.8%
Total 100.0%
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Sector Breakdown as of September 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
6.9%
Consumer Discretionary
  • Internet Retail 12.3%
  • Education Services 4.4%
  • Advertising 2.7%
19.4%
Energy
  • Oil & Gas Storage & Transportation 7.2%
  • Oil & Gas Drilling 1.0%
8.2%
Financials
  • Asset Management & Custody Banks 3.0%
  • Diversified Banks 1.8%
  • Diversified Real Estate Activities 1.2%
6.0%
Health Care
  • Life Sciences Tools & Services 3.7%
  • Biotechnology 2.3%
  • Health Care Technology 2.0%
  • Pharmaceuticals 1.5%
9.4%
Information Technology
  • Internet Software & Services 24.7%
  • Semiconductors 4.6%
  • Application Software 2.8%
  • Semiconductor Equipment 1.8%
  • IT Consulting & Other Services 1.5%
35.4%
Materials
  • Fertilizers & Agricultural Chemicals 1.0%
  • Commodity Chemicals 0.8%
1.9%
Telecommunication Services
  • Wireless Telecommunication Services 12.0%
12.0%
Utilities
  • Renewable Electricity 0.8%
0.8%
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Country Breakdown As of September 30, 2014

Country Breakdown
Developed % of Net Assets
Canada 3.3%
Israel 4.1%
Japan 3.9%
Netherlands 1.7%
Norway 1.0%
Spain 2.3%
United Kingdom 6.7%
United States 39.5%
Country Breakdown
Developing % of Net Assets
Brazil 5.7%
China 12.9%
India 3.9%
Indonesia 8.1%
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Top Contributors & Detractors as of September 30, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Education Services 4.17% 0.99%
Semiconductors 4.53% 0.74%
Auto Parts & Equipment 0.39% 0.38%
Pharmaceuticals 2.65% 0.23%
Oil & Gas Storage & Transportation 7.16% 0.19%
Top Detractors Average Weight Contribution
Internet Retail 13.41% -1.82%
Biotechnology 2.60% -0.59%
IT Consulting & Other Services 1.67% -0.46%
Asset Management & Custody Banks 3.56% -0.40%
Life Sciences Tools & Services 4.08% -0.31%
By Holdings
Top Contributors Average Weight Contribution
TAL Education Group 4.17% 0.99%
Facebook Inc. 4.77% 0.77%
Mellanox Technologies Ltd. 3.08% 0.76%
Baidu, Inc. 3.03% 0.46%
Mobileye N.V. 0.42% 0.42%
Top Detractors Average Weight Contribution
Coupons.com Incorporated 1.25% -1.01%
Benefitfocus, Inc. 1.52% -0.78%
AO World plc 1.77% -0.66%
Grifols SA 2.60% -0.59%
Acxiom Corp. 1.67% -0.46%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 21.28% 4.23%
Internet Retail 12.12% 3.78%
Life Sciences Tools & Services 3.95% 3.07%
Education Services 2.43% 1.79%
Oil & Gas Storage & Transportation 5.69% 1.50%
Top Detractors Average Weight Contribution
Movies & Entertainment 1.70% -0.78%
Application Software 1.10% -0.45%
IT Consulting & Other Services 3.22% -0.43%
Specialized Finance 1.18% -0.35%
Biotechnology 1.68% -0.31%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 3.95% 3.07%
Facebook Inc. 5.03% 2.75%
Qunar Cayman Islands Ltd. 1.69% 2.27%
TAL Education Group 1.59% 1.44%
Google, Inc. 4.65% 1.41%
Top Detractors Average Weight Contribution
Sina Corporation 0.99% -1.23%
Benefitfocus, Inc. 0.78% -0.72%
SoftBank Corp. 3.27% -0.68%
AO World plc 0.89% -0.64%
SFX Entertainment, Inc. 0.44% -0.64%
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Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

*Top Ten Holdings, Portfolio Holdings, and Sector Breakdown based on net assets. Positions smaller than 0.05% round to 0.0%. Portfolio holdings may change over time.

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"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

^The Adviser has reclassified/classified certain securities in or out of this Sub-Industry. Such reclassifications/classifications are not supported by S&P or MSCI.
 
Top Contributors & Detractors Source: FactSet PA.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.