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 March 31, 2015

Inception Date April 30, 2012
Net Assets (All share classes combined) $8.34 million
# of Equity Securities / % of Net Assets 45/99.7%
Turnover (2 Year Average) 76.69%
Median Market Cap $5.26 billion
Weighted Average Market Cap $56.49 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) 27.1%
Price/Earnings Ratio (trailing 12- month) 30.7
Price/Book Ratio 4.1
Price/Sales Ratio 2.7

Top Ten Holdings as of March 31, 2015

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
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 6.3%
SunEdison, Inc.
Information Technology 4.8%
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 4.7%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly users.
Information Technology 4.6%
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 4.2%
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 4.1%
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 3.8%
Mellanox Technologies Ltd.
Information Technology 3.7%
Alibaba Group Holding Ltd.
Information Technology 3.4%
Tower Bersama Infrastructure Tbk PT (TBIG.IJ) is the second largest independent owner and operator of wireless telecommunication towers in Indonesia. Tower Bersama owns approximately 9,000 towers. 
Telecommunication Services 3.0%
Total 42.6%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $172.797 6.3%
SunEdison, Inc. Information Technology $6.537 4.8%
Just Eat plc Information Technology $3.677 4.7%
Facebook Inc. Information Technology $230.938 4.6%
Google, Inc. - Cl C Information Technology $375.081 4.2%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.137 4.1%
Illumina, Inc. Health Care $26.695 3.8%
Mellanox Technologies Ltd. Information Technology $2.072 3.7%
Alibaba Group Holding Ltd. - ADR Information Technology $205.187 3.4%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $3.476 3.0%
TerraForm Power, Inc. Utilities $4.549 2.8%
The Priceline Group, Inc. Consumer Discretionary $60.465 2.7%
Baidu, Inc. Information Technology $73.093 2.6%
Constellation Software, Inc. Information Technology $7.325 2.5%
Smiles SA Consumer Discretionary $1.942 2.4%
Qunar Cayman Islands Ltd. - ADR Consumer Discretionary $4.905 2.4%
Medidata Solutions, Inc. Health Care $2.707 2.3%
Tallgrass Energy Partners, LP Energy $3.046 2.3%
Cetip SA - Mercados Organizados Financials $2.623 2.2%
Naspers Limited Consumer Discretionary $64.740 2.2%
TAL Education Group - ADR Consumer Discretionary $2.620 2.1%
Westlake Chemical Partners LP Materials $0.726 2.0%
SoftBank Corp. Telecommunication Services $69.356 1.9%
Grifols SA - ADR Health Care $13.540 1.9%
Benefitfocus, Inc. Information Technology $1.047 1.9%
Brookfield Infrastructure Partners L.P. Utilities $6.845 1.8%
Targa Resources Corp. Energy $5.365 1.7%
ICICI Bank Limited - ADR Financials $30.029 1.7%
Pacira Pharmaceuticals, Inc. Health Care $3.220 1.7%
ASML Holding N.V. Information Technology $44.274 1.6%
Acxiom Corp. Information Technology $1.429 1.5%
Check Point Software Technologies Ltd. Information Technology $15.066 1.4%
ARM Holdings plc Information Technology $23.136 1.4%
Brookfield Asset Management, Inc. Financials $33.811 1.3%
Shell Midstream Partners, L.P. Energy $5.262 1.3%
Ctrip.com International, Ltd. Consumer Discretionary $7.932 1.1%
Axis Bank Ltd. Financials $21.213 1.0%
Columbia Pipeline Partners LP Energy $2.787 1.0%
Mobileye N.V. Information Technology $9.108 0.9%
MakeMyTrip Limited Consumer Discretionary $0.915 0.8%
Just Dial Ltd. Information Technology $1.491 0.8%
Seadrill Partners, LLC Energy $1.079 0.7%
Aerie Pharmaceuticals, Inc. Health Care $0.754 0.5%
Unilife Corporation Health Care $0.517 0.4%
PRINCIPAL CASH Cash & Cash Equivalents - 0.3%
Atlas Energy Group, LLC Energy $0.156 0.3%
Total 100.0%
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Sector Breakdown as of March 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.3%
Consumer Discretionary
  • Internet Retail 13.3%
  • Advertising 2.4%
  • Cable & Satellite 2.2%
  • Education Services 2.1%
20.0%
Energy
  • Oil & Gas Storage & Transportation 6.3%
  • Oil & Gas Drilling 0.7%
  • Oil & Gas Exploration & Production 0.3%
7.3%
Financials
  • Diversified Banks 2.7%
  • Asset Management & Custody Banks 2.2%
  • Diversified Real Estate Activities 1.3%
6.2%
Health Care
  • Life Sciences Tools & Services 3.8%
  • Health Care Technology 2.2%
  • Pharmaceuticals 2.2%
  • Biotechnology 1.9%
  • Health Care Supplies 0.4%
10.5%
Information Technology
  • Internet Software & Services 22.3%
  • Semiconductor Equipment 6.4%
  • Semiconductors 5.1%
  • Application Software 3.4%
  • IT Consulting & Other Services 1.5%
  • Systems Software 1.4%
40.1%
Materials
  • Commodity Chemicals 2.0%
2.0%
Telecommunication Services
  • Wireless Telecommunication Services 9.0%
8.9%
Utilities
  • Renewable Electricity 2.8%
  • Electric Utilities 1.8%
4.7%
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Country Breakdown As of March 31, 2015

Country Breakdown
Developed % of Net Assets
Canada 3.8%
Israel 6.0%
Japan 1.8%
Netherlands 1.6%
Norway 0.7%
Spain 1.9%
United Kingdom 6.1%
United States 48.1%
Country Breakdown
Developing % of Net Assets
Brazil 4.6%
China 11.5%
India 4.3%
Indonesia 7.1%
South Africa 2.2%
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Top Contributors & Detractors as of March 31, 2015

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 11.91% 1.63%
Semiconductor Equipment 6.13% 0.84%
Renewable Electricity 2.63% 0.47%
Application Software 2.93% 0.39%
Semiconductors 5.27% 0.35%
Top Detractors Average Weight Contribution
Wireless Telecommunication Services 9.32% -0.71%
Asset Management & Custody Banks 2.65% -0.46%
Advertising 2.56% -0.25%
Oil & Gas Drilling 0.87% -0.25%
Diversified Banks 2.74% -0.21%
By Holdings
Top Contributors Average Weight Contribution
Just Eat plc 4.04% 1.24%
Amazon.com, Inc. 5.63% 1.04%
SunEdison, Inc. 4.42% 0.94%
Qunar Cayman Islands Ltd. 1.77% 0.76%
TerraForm Power, Inc. 2.63% 0.47%
Top Detractors Average Weight Contribution
Alibaba Group Holding Ltd. 3.81% -0.89%
Coupons.com Incorporated 0.52% -0.55%
Cetip SA - Mercados Organizados 2.65% -0.46%
Sarana Menara Nusantara Tbk PT 4.28% -0.41%
Tower Bersama Infrastructure Tbk PT 3.10% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services 22.88% 2.02%
Semiconductor Equipment 3.57% 1.60%
Education Services 2.70% 1.33%
Oil & Gas Storage & Transportation 7.60% 1.13%
Life Sciences Tools & Services 4.03% 1.06%
Top Detractors Average Weight Contribution
IT Consulting & Other Services 1.81% -1.56%
Oil & Gas Drilling 1.20% -0.76%
Biotechnology 2.44% -0.47%
Wireless Telecommunication Services 10.53% -0.45%
Asset Management & Custody Banks 3.02% -0.30%
By Holdings
Top Contributors Average Weight Contribution
Facebook Inc. 4.53% 1.47%
Just Eat plc 3.71% 1.45%
SunEdison, Inc. 1.90% 1.43%
TAL Education Group 2.70% 1.33%
Illumina, Inc. 4.03% 1.06%
Top Detractors Average Weight Contribution
Acxiom Corp. 1.81% -1.56%
AO World plc 0.86% -1.14%
Coupons.com Incorporated 0.99% -1.10%
Atlas Energy, L.P. 2.74% -0.76%
Seadrill Partners, LLC 1.20% -0.76%
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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.