Baron Global Advantage Fund (BGAIX)

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Fund Description

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

  

Facts & Characteristics as of March 31, 2016

Inception Date April 30, 2012
Net Assets (All share classes combined as of 6/30/2016) $10.51 million
# of Equity Securities / % of Net Assets 33/100.3%
Turnover (3 Year Average) 37.16%
Median Market Cap $5.41 billion
Weighted Average Market Cap $118.69 billion
CUSIP 06828M835
Gross Expense Ratio (as of FYE 12/14) 2.92%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (1.67)%
Net Expense Ratio (as of FYE 12/14) 1.25%
EPS Growth (3-5 year forecast) 48.0%
Price/Earnings Ratio (trailing 12- month) 28.7
Price/Book Ratio 4.5
Price/Sales Ratio 4.8

Top Ten Holdings as of June 30, 2016

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 also operates the industry-leading cloud infrastructure business Amazon Web Services.
Consumer Discretionary 10.6%
TAL Education Group (XRS) is a leading K-12 after school tutoring provider in China that currently operates 300+ learning centers in 25 cities.
Consumer Discretionary 5.7%
Alphabet, Inc. (GOOG) is the new name for Google, Inc., a company that focuses on improving the ways people connect with information. The company provides a variety of services and tools for advertisers, primarily for search and display advertising.
Information Technology 5.4%
Facebook, Inc. (FB) is the world's largest social network with over 1.25 billion active monthly users, 950 million mobile users, and 750 million daily active users.
Information Technology 5.0%
Alibaba Group Holding Ltd. (BABA) is the largest e-commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao and Tmall. It also participates in the profits of Ant Financial, which owns Alipay, the largest 3rd party online payment provider in China.
Information Technology 4.9%
Naspers Limited (NPN.SJ)  is a South Africa-based Internet and media platform operator, offering services in more than 120 countries. Its main operations are in e-commerce (classifieds, marketplaces, and online retail, services, and payments), pay-TV, and print media.
Consumer Discretionary 4.6%
Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates over 200 small and medium-sized software businesses. These software businesses allow customers across a wide range of verticals to automate mission-critical activities, with the goal of saving labor costs.
Information Technology 4.1%
Mobileye N.V. (MBLY) provides automated driver assistance (ADAS) technologies. Its monocular vision platform helps drivers improve safety and avoid accidents, and revolutionizes the way customers drive.
Information Technology 3.6%
Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.
Information Technology 3.4%
Sarana Menara Nusantara Tbk PT (TOWR.IJ) is the largest independent owner of wireless telecommunication towers in Indonesia. Wireless carriers sublease space on towers for network equipment. Sarana Menara owns 14,700 towers, making it one of the largest independent tower operators in Asia.
Telecommunication Services 3.4%
Total 50.7%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $337.650 10.6%
TAL Education Group - ADR Consumer Discretionary $5.020 5.7%
Alphabet, Inc. - Cl C Information Technology $478.804 5.4%
Facebook, Inc. Information Technology $326.876 5.0%
Alibaba Group Holding Limited - ADR Information Technology $198.449 4.9%
Naspers Limited Consumer Discretionary $66.712 4.6%
Constellation Software, Inc. Information Technology $8.202 4.1%
Mobileye N.V. Information Technology $10.115 3.6%
Mellanox Technologies Ltd. Information Technology $2.285 3.4%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.282 3.4%
JUST EAT plc Information Technology $3.836 3.3%
Ctrip.com International, Ltd. Consumer Discretionary $18.550 3.2%
Check Point Software Technologies Ltd. Information Technology $13.936 3.0%
Cetip SA - Mercados Organizados Financials $3.585 3.0%
EPAM Systems, Inc. Information Technology $3.259 3.0%
Worldpay Group PLC Information Technology $7.234 2.9%
FireEye, Inc. Information Technology $2.740 2.8%
Illumina, Inc. Health Care $20.664 2.6%
Baidu, Inc. Information Technology $57.183 2.4%
Acxiom Corp. Information Technology $1.711 2.0%
The Priceline Group, Inc. Consumer Discretionary $61.970 1.9%
Glaukos Corporation Health Care $0.948 1.9%
ASML Holding N.V. Information Technology $42.991 1.8%
Allergan plc Health Care $91.409 1.7%
Pacira Pharmaceuticals, Inc. Health Care $1.254 1.7%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.396 1.6%
Benefitfocus, Inc. Information Technology $1.120 1.6%
First Republic Bank Financials $10.430 1.5%
ARM Holdings plc Information Technology $21.190 1.4%
Westlake Chemical Partners LP Materials $0.541 1.2%
PRINCIPAL CASH Cash & Cash Equivalents - 1.0%
athenahealth, Inc. Health Care $5.419 1.0%
Aerie Pharmaceuticals, Inc. Health Care $0.467 0.7%
Globant, S.A. Information Technology $1.353 0.7%
TerraForm Global, Inc. Cl - A Utilities $0.581 0.6%
Luxoft Holding, Inc. Information Technology $1.711 0.4%
Just Dial Ltd. Information Technology $0.628 0.3%
Bats Global Markets, Inc. Financials $2.476 0.1%
Total 100.0%
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Sector Breakdown as of June 30, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.0%
Consumer Discretionary
  • Internet Retail 15.7%
  • Education Services 5.7%
  • Cable & Satellite 4.6%
26.0%
Financials
  • Asset Management & Custody Banks 3.0%
  • Regional Banks 1.5%
  • Specialized Finance 0.1%
4.6%
Health Care
  • Pharmaceuticals 4.1%
  • Life Sciences Tools & Services 2.6%
  • Health Care Equipment 1.9%
  • Health Care Technology 1.0%
9.6%
Information Technology
  • Internet Software & Services 22.8%
  • Application Software 8.4%
  • Systems Software 5.8%
  • IT Consulting & Other Services 5.4%
  • Semiconductors 4.9%
  • Data Processing and Outsourced Services 2.9%
  • Semiconductor Equipment 1.8%
52.0%
Materials
  • Commodity Chemicals 1.2%
1.2%
Telecommunication Services
  • Wireless Telecommunication Services 5.0%
5.0%
Utilities
  • Renewable Electricity 0.6%
0.6%
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Country Breakdown As of June 30, 2016

Country Breakdown
Developed % of Net Assets
Canada 4.1%
Israel 10.0%
Netherlands 1.8%
United Kingdom 7.6%
United States 45.6%
Country Breakdown
Developing % of Net Assets
Brazil 3.0%
China 16.2%
India 0.3%
Indonesia 5.1%
South Africa 4.6%
Country Breakdown
Frontier % of Net Assets
Argentina 0.7%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 15.29% 1.53%
Education Services 5.13% 1.18%
Health Care Equipment 1.47% 0.80%
Asset Management & Custody Banks 2.70% 0.61%
Application Software 7.28% 0.46%
Top Detractors Average Weight Contribution
Pharmaceuticals 4.39% -1.11%
Internet Software & Services 25.63% -0.73%
IT Consulting & Other Services 4.90% -0.49%
Systems Software 5.64% -0.47%
Life Sciences Tools & Services 2.74% -0.38%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 10.01% 1.84%
TAL Education Group 5.13% 1.18%
Glaukos Corporation 1.47% 0.80%
Mobileye N.V. 2.97% 0.69%
Cetip SA - Mercados Organizados 2.70% 0.61%
Top Detractors Average Weight Contribution
Pacira Pharmaceuticals, Inc. 2.40% -1.02%
Alphabet Inc. 7.94% -0.63%
EPAM Systems, Inc. 2.90% -0.45%
Illumina, Inc. 2.74% -0.38%
Mellanox Technologies Ltd. 3.23% -0.37%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 14.28% 5.13%
Education Services 4.93% 3.34%
Internet Software & Services 25.89% 1.74%
Asset Management & Custody Banks 2.21% 0.85%
Cable & Satellite 3.75% 0.49%
Top Detractors Average Weight Contribution
Semiconductor Equipment 2.70% -4.72%
Renewable Electricity 2.11% -4.25%
Systems Software 5.19% -2.23%
Pharmaceuticals 2.61% -2.16%
Oil & Gas Storage & Transportation 1.38% -1.76%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 8.70% 4.01%
TAL Education Group 4.93% 3.34%
Facebook, Inc. 6.15% 1.79%
Alphabet Inc. 7.75% 1.32%
Cetip SA - Mercados Organizados 2.21% 0.85%
Top Detractors Average Weight Contribution
SunEdison, Inc. 1.11% -4.79%
TerraForm Global, Inc. 1.46% -2.57%
FireEye, Inc. 2.15% -2.31%
TerraForm Power, Inc. 0.65% -1.68%
Pacira Pharmaceuticals, Inc. 1.11% -1.65%
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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.