Baron Global Advantage Fund Retail Shares 

This globally diversified fund primarily invests in common stocks of both well-established and emerging market companies located across the globe. It targets businesses with market capitalizations generally aligned with those found within the MSCI ACWI Index Net USD. The fund maintains a significant international presence, consistently holding equity stakes in companies from a minimum of three countries outside the United States. Typically, at least 40% of its net assets will be allocated to non-U.S. equities, although this threshold may be adjusted to 30% if global market conditions are considered unfavorable.