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) $10.35 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 March 31, 2016

Holding Sector Percentage*
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 9.4%
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 8.9%
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 7.4%
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 5.1%
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 4.4%
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 4.3%
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 4.2%
Mellanox Technologies Ltd. (MLNX) is a supplier of high-performance switch systems, adapters, cables, and software supporting InfiniBand and Ethernet networking technologies.
Information Technology 3.6%
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 3.6%
Check Point Software Technologies Ltd. (CHKP) provides security software for Internet communications and transactions. Check Point’s software verifies remote users, controls access, and blocks viruses and malicious software.
Information Technology 3.3%
Total 54.2%
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Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
Alphabet, Inc. - Cl C Information Technology $517.738 9.4%
Amazon.com, Inc. Consumer Discretionary $279.511 8.9%
Facebook, Inc. Information Technology $324.761 7.4%
TAL Education Group - ADR Consumer Discretionary $3.979 5.1%
Constellation Software, Inc. Information Technology $8.677 4.4%
Naspers Limited Consumer Discretionary $61.228 4.3%
Alibaba Group Holding Limited - ADR Information Technology $195.671 4.2%
Mellanox Technologies Ltd. Information Technology $2.587 3.6%
Sarana Menara Nusantara Tbk PT Telecommunication Services $3.386 3.6%
Check Point Software Technologies Ltd. Information Technology $15.819 3.3%
Worldpay Group PLC Information Technology $7.902 3.2%
Illumina, Inc. Health Care $23.837 3.1%
Ctrip.com International, Ltd. Consumer Discretionary $19.928 3.1%
JUST EAT plc Information Technology $3.661 3.1%
Mobileye N.V. Information Technology $8.081 2.9%
Baidu, Inc. Information Technology $66.057 2.8%
Cetip SA - Mercados Organizados Financials $2.937 2.5%
EPAM Systems, Inc. Information Technology $3.761 2.5%
Pacira Pharmaceuticals, Inc. Health Care $1.963 2.4%
FireEye, Inc. Information Technology $2.985 2.4%
athenahealth, Inc. Health Care $5.407 2.1%
The Priceline Group, Inc. Consumer Discretionary $63.954 2.0%
Acxiom Corp. Information Technology $1.666 1.9%
ASML Holding N.V. Information Technology $43.502 1.9%
Allergan plc Health Care $105.905 1.8%
Tower Bersama Infrastructure Tbk PT Telecommunication Services $2.107 1.5%
ARM Holdings plc Information Technology $20.512 1.4%
Benefitfocus, Inc. Information Technology $0.974 1.4%
Westlake Chemical Partners LP Materials $0.533 1.2%
Glaukos Corporation Health Care $0.545 1.1%
TerraForm Global, Inc. Cl - A Utilities $0.424 0.6%
Aerie Pharmaceuticals, Inc. Health Care $0.322 0.5%
Just Dial Ltd. Information Technology $0.804 0.4%
Total 100.0%
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Sector Breakdown as of March 31, 2016

Sector Sub-Industry Percentage*
Consumer Discretionary
  • Internet Retail 14.0%
  • Education Services 5.1%
  • Cable & Satellite 4.3%
23.4%
Financials
  • Asset Management & Custody Banks 2.5%
2.5%
Health Care
  • Pharmaceuticals 4.7%
  • Life Sciences Tools & Services 3.1%
  • Health Care Technology 2.1%
  • Health Care Equipment 1.1%
10.9%
Information Technology
  • Internet Software & Services 28.8%
  • Application Software 7.3%
  • Systems Software 5.7%
  • Semiconductors 5.0%
  • IT Consulting & Other Services 4.4%
  • Data Processing and Outsourced Services 3.2%
  • Semiconductor Equipment 1.9%
56.4%
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 March 31, 2016

Country Breakdown
Developed % of Net Assets
Canada 4.4%
Israel 9.9%
Netherlands 1.9%
United Kingdom 7.7%
United States 48.7%
Country Breakdown
Developing % of Net Assets
Brazil 2.5%
China 15.3%
India 0.3%
Indonesia 5.0%
South Africa 4.3%
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Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Semiconductors 4.92% 0.89%
Education Services 5.73% 0.47%
Asset Management & Custody Banks 2.33% 0.42%
Semiconductor Equipment 1.71% 0.25%
Cable & Satellite 3.93% 0.15%
Top Detractors Average Weight Contribution
Internet Retail 13.88% -1.27%
Pharmaceuticals 4.36% -1.22%
Internet Software & Services 28.67% -0.78%
Renewable Electricity 0.98% -0.78%
Health Care Equipment 1.18% -0.56%
By Holdings
Top Contributors Average Weight Contribution
Mellanox Technologies Ltd. 3.51% 0.97%
Facebook, Inc. 7.49% 0.72%
TAL Education Group 5.73% 0.47%
Cetip SA - Mercados Organizados 2.33% 0.42%
Check Point Software Technologies Ltd. 3.20% 0.29%
Top Detractors Average Weight Contribution
JUST EAT plc 3.54% -1.27%
Amazon.com, Inc. 8.87% -1.11%
TerraForm Global, Inc. 0.98% -0.78%
Pacira Pharmaceuticals, Inc. 1.97% -0.64%
Glaukos Corporation 1.18% -0.56%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Internet Retail 13.94% 4.67%
Internet Software & Services 24.90% 2.50%
Education Services 4.18% 2.27%
Semiconductors 4.69% 0.77%
Asset Management & Custody Banks 2.10% 0.48%
Top Detractors Average Weight Contribution
Renewable Electricity 2.92% -4.56%
Semiconductor Equipment 3.96% -3.61%
Oil & Gas Storage & Transportation 2.66% -1.86%
Systems Software 4.57% -1.84%
Pharmaceuticals 1.67% -1.22%
By Holdings
Top Contributors Average Weight Contribution
Amazon.com, Inc. 7.93% 3.01%
TAL Education Group 4.18% 2.27%
Facebook, Inc. 5.84% 2.00%
Alphabet Inc. 6.72% 1.75%
Mellanox Technologies Ltd. 3.37% 0.87%
Top Detractors Average Weight Contribution
SunEdison, Inc. 2.43% -3.74%
TerraForm Global, Inc. 1.56% -3.03%
FireEye, Inc. 1.53% -2.11%
TerraForm Power, Inc. 1.36% -1.52%
Smiles SA 1.43% -1.17%
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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.