Baron Global Opportunity Fund

Overview

The Baron Global Opportunity Fund is a mutual fund that invests primarily in equity securities of established and emerging market companies worldwide, focusing on those with high growth potential. The fund seeks capital appreciation by identifying companies with durable competitive advantages and significant growth prospects. The fund's investment strategy involves a diversified portfolio across various industries and geographies, emphasizing companies that are competitively advantaged and have significant growth potential. The portfolio is managed by experienced professionals who employ a disciplined, long-term investment approach. As of September 30, 2025, the fund's net assets were approximately $666.27 million, with a 52-week range of $32.64 to $48.39. The fund has an expense ratio of 0.96% and a turnover ratio of 8%. The minimum initial investment is $1 million, with a maximum investment size of $50 million. Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting BaronCapitalGroup.com. Please read them carefully before investing. Risks: Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole. Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets, resulting in greater share price volatility. Securities of small and medium-sized companies may be thinly traded and more difficult to sell. The Fund may not achieve its objectives. Portfolio holdings are subject to change. The discussions of the companies herein are not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this report reflect those of the respective portfolio managers only through the end of the period stated in this report. The portfolio manager’s views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. This report does not constitute an offer to sell or a solicitation of any offer to buy securities of Baron Global Opportunity Fund by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation. Price/Earnings Ratio or P/E (next 12-months): is a valuation ratio of a company’s current share price compared to its mean forecasted 4 quarter sum earnings per share over the next twelve months. If a company’s EPS estimate is negative, it is excluded from the portfolio-level calculation. Free cash flow (FCF) represents the cash that a company generates after accounting for cash outflows to support operations and maintain its capital assets. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).

Investment Focus

• Minimum initial investment: $1,000,000

Portfolio Companies