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, 2014

Inception Date April 30, 2012
Net Assets (All share classes combined) $14.38 million
# of Equity Securities / % of Net Assets 50/95.2%
Turnover (1 Year) 36.34%
Median Market Cap $3.79 billion
Weighted Average Market Cap $52.31 billion
CUSIP 06828M835
Gross Expense Ratio (as of FYE 12/12) 7.33%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/12) (6.08)%
Net Expense Ratio (as of FYE 12/12) 1.25%
EPS Growth (3-5 year forecast) 21.2%
Price/Earnings Ratio (trailing 12- month) 19.9
Price/Book Ratio 3.6
Price/Sales Ratio 3.0

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis
Holding Sector Percentage*
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 4.9%
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 4.5%
Facebook Inc. (FB) is the largest social networking company in the world with over 1 billion active monthly users.
Information Technology 4.0%
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%
Monsanto Co. (MON) produces agricultural products for farmers that include genetically modified seeds and crop protection chemicals. Monsanto’s genetically modified (GMO) seeds and herbicides are used to improve crop yields.
Materials 3.0%
MasterCard, Inc. (MA) is the world's second-largest payment network that connects consumers, businesses, banks, and governments, enabling them to use electronic forms of payment instead of cash and checks.
Information Technology 3.0%
Grifols SA (GRFS) manufactures and sells plasma derivative healthcare products to hospitals and physicians globally.
Health Care 2.8%
Acxiom Corp. (ACXM) is a leading provider of database marketing solutions and IT outsourcing services to large enterprise customers.
Information Technology 2.7%
Sarana Menara Nusantara Tbk PT (TOWR.IJ) is the largest independent owner of wireless telecommunication towers in Indonesia. The company owns approximately 10,000 towers as of December 2013.
Telecommunication Services 2.7%
Total 36.3%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Amazon.com, Inc. Consumer Discretionary $154.481 4.9%
Google, Inc. Information Technology $375.194 4.9%
Cash & Cash Equivalents Cash & Cash Equivalents - 4.8%
SoftBank Corp. Telecommunication Services $92.107 4.5%
Facebook Inc. Information Technology $153.022 4.0%
Illumina, Inc. Health Care $19.058 3.8%
Monsanto Co. Materials $59.715 3.0%
MasterCard, Inc. Information Technology $88.635 3.0%
Grifols SA Health Care $17.050 2.8%
Acxiom Corp. Information Technology $2.627 2.7%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.547 2.7%
Cetip SA - Mercados Organizados Financials $3.157 2.6%
priceline.com, Inc. Consumer Discretionary $62.148 2.5%
Intertek Group plc Industrials $8.264 2.4%
Yandex N.V. Information Technology $9.793 2.4%
Brookfield Asset Management, Inc. Financials $25.481 2.3%
Atlas Energy, L.P. Energy $2.215 2.3%
YUM! Brands, Inc. Consumer Discretionary $33.318 2.3%
Greenlight Capital Re, Ltd. Financials $1.210 2.2%
Baidu, Inc. Information Technology $53.341 1.9%
Wynn Macau Ltd. Consumer Discretionary $21.535 1.9%
Sina Corporation Information Technology $4.026 1.8%
Seadrill Partners, LLC Energy $2.236 1.8%
Constellation Software, Inc. Information Technology $5.553 1.8%
Smiles SA Consumer Discretionary $1.952 1.8%
DreamWorks Animation SKG, Inc. Consumer Discretionary $2.225 1.7%
Medidata Solutions, Inc. Health Care $2.944 1.7%
Xoom Corporation Information Technology $0.735 1.7%
ASML Holding N.V. Information Technology $41.715 1.6%
Mellanox Technologies Ltd. Information Technology $1.734 1.5%
ARM Holdings plc Information Technology $23.442 1.5%
TAL Education Group Consumer Discretionary $1.758 1.5%
Qiwi Plc Information Technology $1.806 1.5%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.533 1.3%
BM&FBOVESPA SA Financials $9.421 1.2%
ICICI Bank Limited Financials $25.290 1.2%
Global Mediacom Tbk PT Consumer Discretionary $2.925 1.2%
Tallgrass Energy Partners, LP Energy $1.475 1.2%
Coupons.com Incorporated Consumer Discretionary $1.843 1.2%
Benefitfocus, Inc. Information Technology $1.152 1.1%
M. Dias Branco SA Consumer Staples $4.570 1.0%
Jardine Matheson, Ltd. Industrials $42.932 1.0%
Qunar Cayman Islands Ltd. ADR Consumer Discretionary $3.479 0.9%
MakeMyTrip Ltd. Consumer Discretionary $0.951 0.8%
Youku Tudou, Inc. Information Technology $4.698 0.8%
AO plc Consumer Discretionary $2.204 0.8%
Tesoro Logistics LP Energy $3.279 0.7%
Check Point Software Technologies Ltd. Information Technology $13.460 0.6%
Just Dial Ltd. 144A Information Technology $1.820 0.6%
Louis XIII Holdings Ltd. Industrials $0.492 0.5%
Castlight Health Inc. Health Care $1.837 0.1%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.8%
Consumer Discretionary
  • Internet Retail 11.2%
  • Restaurants 2.3%
  • Casinos & Gaming 1.9%
  • Advertising 1.8%
  • Movies & Entertainment 1.7%
  • Education Services 1.5%
  • Broadcasting 1.2%
21.6%
Consumer Staples
  • Packaged Foods & Meats 1.0%
1.0%
Energy
  • Oil & Gas Storage & Transportation 4.2%
  • Oil & Gas Drilling 1.8%
6.0%
Financials
  • Asset Management & Custody Banks 2.6%
  • Diversified Real Estate Activities 2.3%
  • Reinsurance 2.2%
  • Diversified Banks 1.2%
  • Specialized Finance 1.2%
9.5%
Health Care
  • Life Sciences Tools & Services 3.8%
  • Biotechnology 2.8%
  • Health Care Technology 1.8%
8.3%
Industrials
  • Research & Consulting Services 2.4%
  • Industrial Conglomerates 0.9%
  • Construction & Engineering 0.5%
3.9%
Information Technology
  • Internet Software & Services 19.2%
  • Data Processing and Outsourced Services 4.5%
  • Semiconductors 3.0%
  • IT Consulting & Other Services 2.7%
  • Application Software 1.8%
  • Semiconductor Equipment 1.6%
  • Systems Software 0.6%
33.4%
Materials
  • Fertilizers & Agricultural Chemicals 3.0%
3.0%
Telecommunication Services
  • Wireless Telecommunication Services 8.5%
8.5%
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Country Breakdown As of March 31, 2014

Country Breakdown
Developed % of Net Assets
Canada 4.0%
Hong Kong 3.4%
Israel 2.1%
Japan 4.5%
Netherlands 1.6%
Norway 1.8%
Spain 2.8%
United Kingdom 4.7%
United States 46.0%
Country Breakdown
Developing % of Net Assets
Brazil 6.6%
China 6.8%
India 1.8%
Indonesia 5.2%
Russia 3.9%
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Top Contributors & Detractors as of March 31, 2014

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 13.17% 1.75%
Life Sciences Tools & Services 4.41% 1.38%
Oil & Gas Storage & Transportation 4.38% 0.83%
Wireless Telecommunication Services 7.49% 0.62%
Broadcasting 1.13% 0.32%
Top Detractors Average Weight Contribution
Internet Software & Services 20.61% -1.81%
Movies & Entertainment 2.37% -0.86%
Data Processing and Outsourced Services 2.79% -0.35%
Casinos & Gaming 3.02% -0.20%
Computer Hardware - discontinued 1.65% -0.18%
By Holdings
Top Contributors Average Weight Contribution
Illumina, Inc. 4.41% 1.38%
Coupons.com Incorporated 0.60% 1.23%
Sarana Menara Nusantara Tbk PT 2.29% 1.03%
Facebook Inc. 5.57% 0.93%
Tallgrass Energy Partners, LP 1.54% 0.55%
Top Detractors Average Weight Contribution
Yandex N.V. 2.29% -0.80%
Amazon.com, Inc. 4.46% -0.78%
Sina Corporation 2.30% -0.78%
Softbank Corp. 3.77% -0.56%
Xoom Corporation 1.79% -0.53%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Software & Services^ 17.17% 9.90%
Internet Retail 10.10% 7.48%
Life Sciences Tools & Services 3.73% 4.30%
IT Consulting & Other Services^ 4.58% 2.30%
Data Processing and Outsourced Services 5.91% 1.86%
Top Detractors Average Weight Contribution
Specialized Finance 2.16% -0.93%
Broadcasting 1.78% -0.75%
Movies & Entertainment 1.35% -0.72%
Application Software 0.06% -0.58%
Wireless Telecommunication Services 5.08% -0.44%
By Holdings
Top Contributors Average Weight Contribution
Facebook Inc. 4.95% 5.70%
Illumina, Inc. 3.73% 4.30%
Acxiom Corp. 3.90% 2.66%
The Priceline Group Inc. 3.17% 2.24%
Qunar Cayman Islands Ltd. ADR 1.06% 2.18%
Top Detractors Average Weight Contribution
BM&FBOVESPA SA 2.16% -0.93%
Global Mediacom Tbk PT 1.78% -0.75%
Sina Corporation 0.77% -0.72%
SFX Entertainment, Inc. 0.44% -0.62%
NQ Mobile, Inc. 0.06% -0.57%
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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.