ADYEY - Baron Global Advantage Fund Q1 2024 Shareholder Letter
2024-05-10 03:40:00 ET
Summary
- Baron is an asset management firm focused on delivering growth equity investment solutions known for a long-term, fundamental, active approach to growth investing.
- Baron Global Advantage Fund gained 3.6% during the first quarter, compared to the 8.2% gain for the MSCI ACWI Index, and the 9.5% gain for the MSCI ACWI Growth Index, the Fund’s benchmarks.
- Global equity indexes continued to move higher as the calendar turned to 2024.
- The Fund was 15.9% underweight in giant/large and 16.7% underweight U.S., which did not bode well for relative returns.
Dear Baron Global Advantage Fund Shareholder - Performance
Baron Global Advantage Fund® (the Fund) gained 3.6% (Institutional Shares) during the first quarter, compared to the 8.2% gain for the MSCI ACWI Index (the Index), and the 9.5% gain for the MSCI ACWI Growth Index, the Fund's benchmarks.
| Performance listed in the table above is net of annual operating expenses. The gross annual expense ratio for the Retail Shares and Institutional Shares as of December 31, 2023 was 1.21% and 0.95%, respectively, but the net annual expense ratio was 1.16% and 0.91% (net of the Adviser's fee waivers, comprised of operating expenses of 1.15% and 0.90%, respectively, and interest expense of 0.01% and 0.01%, respectively), respectively. The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit baronfunds.com or call 1-800-99-BARON. † The Fund's 5- and 10-year historical performance was impacted by gains from IPOs. There is no guarantee that these results can be repeated or that the Fund's level of participation in IPOs will be the same in the future. 1 The MSCI ACWI Index Net ((USD)) is designed to measure the equity market performance of large and midcap securities across 23 Developed Markets ((DM)) and 24 Emerging Markets ((EM)) countries. The MSCI ACWI Growth Index Net ((USD)) is designed to measure the equity market performance of large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets ((DM)) countries and 24 Emerging Markets ((EM)) countries. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and the Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly into an index. 2 The performance data in the table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. 3 Not annualized |