K Invest Globale Aktier II Quarter End Statement - For the period January 1, 2021 to March 31, 2021
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K Invest Globale Aktier II
Quarter End Statement
For the period January 1, 2021 to March 31, 2021
BARON®
CAPITAL
As of March 31, 2021 Baron Investment Philosophy Reporting Currency: DKK
As of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Portfolio Manager: Alex Umansky Primary Contact: Stephen Millar +44(0)20 3941 5961
Vice President, Head of EMEA
Client Service: Janet Lam Chen +1-212-583-2162
Director, Client Service
Investment Strategy Jennifer Bailey +1-212-583-2197
Senior Associate, Client Service
The portfolio invests mainly in growth companies of all sizes located
throughout the world. Diversified. Michael Howard +1-917-933-0127
Associate, Client Service
Table of Contents:
Portfolio Summary 2
Performance 3
Quarterly Top Contributor/Detractors 4
Performance Attribution 5
Performance Attribution by Region 6
Attribution Commentary 7
Significant Transactions 8
GICS Sector Breakdown 9
Relative Sector Breakdown 10
Relative Country, Region, Developed/Emerging Breakdown 11
Top Ten Holdings Investment Premise 12
Portfolio Holdings by GICS Sector 13
Portfolio Holdings by Country 14
Reports 15
Schedule of Investments
1As of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Portfolio Characteristics Summary of Activities
Account MSCI ACWI Index Portfolio Value on December 31, 2020 1,246,463,818.96 DKK
# of Equity Securities / % of Net Assets 56 / 97.4% - Contributions 181,033,609.15
Median Market Cap 123.10 billion DKK 72.28 billion DKK
Withdrawals -90,563,300.36
Weighted Average Market Cap 1,603.84 billion DKK 1,894.16 billion DKK
Dividends and Interest -10,268.53
Inception Date December 21, 2020 -
Net Assets 1.35 billion DKK - Management Fees 0.00
Appreciation/Depreciation 9,647,473.14
Monthly Performance (Net %) for Quarter Ended March 31, 2021
Portfolio Value on March 31, 2021 1,346,571,332.36 DKK
Account MSCI ACWI Index
January 2.22 0.18
February 5.92 2.39
March -6.30 6.05
Portfolio Review and Outlook
The first quarter of 2021 saw a perceptible shift in market leadership from growth to value. At the same time, the “reopening trade,” or rotation away from the work-from-home stocks, picked up steam. Though this has little to do with
how we make investment decisions, we believe it partially explains our recent underperformance. Index returns were driven by energy, bank stocks, airlines, cruise lines, and hotels – areas we typically do not invest in -- while many of the
work-from-home beneficiaries (i.e., companies enabling digital transformation, some of which we have owned for years) sold off. After enjoying a favorable investing environment over the last four years, we think it is fair to point out this
headwind, which, while challenging, was not entirely unexpected. That said, we have no intention of adjusting the portfolio in response to these headwinds. The reasons are rooted in our investment philosophy and process and how we
execute it in circumstances like these.
• We focus on big ideas – companies we believe to be beneficiaries of disruptive change – which are rarely found in the industries benefiting from the reopening. Brick and mortar retailers, for example, will see more short-term
foot traffic but will continue to be structurally disrupted by e-commerce.
• We are long-term investors with focus on duration of growth. If our research suggests a company has sustainable competitive advantages that will enable it to compound its intrinsic value over the long term, we will exercise
patience, even during periods of underperformance.
• We believe all investing is value-based – everything else is speculation. We invest only when companies are trading at 20% discounts (or more) to our estimate of intrinsic value. Because we prioritize businesses we believe will
compound their intrinsic value over the long term, we are willing to hold them when they are fairly valued, or even modestly overvalued, to allow fundamentals to catch up to the stock price.
• As long-term investors we do not equate risk to market volatility. We define risk as probability of permanent loss of capital. As a result, we do not attempt to manage market volatility through cash management or sector
rotation. There is nothing wrong with either; it is simply not a part of our process or skill set.
While the recent changes in market leadership have been unfavorable to the businesses we favor, we are not all that concerned. We think rotations, pullbacks, and corrections are generally necessary and healthy and often create
attractive opportunities for long-term investors like us. The more important development, in our view, has been the steady rise in interest rates. Besides offering a bit of an alternative to savers, higher interest rates make fast growing
companies more expensive since future earnings must be discounted back at higher rates. Having said that, the Fed has said that it intends to keep interest rates low until at least 2023. And as the saying goes: “don’t fight the Fed,”
especially, as in this case, when the government is helping with fiscal stimulus.
BARON®
2 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Performance
¹
Total Returns(%) Annualized Returns(%)
Since Inception1
1st Q 2021 Year to Date 1 Year 3 Years 5 Years 10 Years
12/21/2020
Return + - Return + - Return + - Return + - Return + - Return + - Return + -
K Invest Globale Aktier II 1.45 1.45 N/A N/A N/A N/A -0.43
MSCI ACWI Index 8.77 -7.32 8.77 -7.32 N/A N/A N/A N/A 10.67 -11.10
The blue shading represents portfolio outperformance vs. the corresponding benchmark. The yellow shading represents underperformance.
1- The account performance is calculated on a time-weighted basis and is net of fees.
The MSCI ACWI Index Net(DKK) measures the equity market performance of large and mid-cap securities across developed and emerging markets. The MSCI indexes and the Funds include reinvestment of dividends, net
of withholding taxes, which positively impact the performance results.
The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted.
BARON®
3 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Quarterly Contribution to Return¹
By Sub-Industry By Holdings
Top Contributors Average Weight(%) Contribution(%)
Alphabet Inc. 4.32 0.83
10X Genomics, Inc. 1.98 0.58
Facebook, Inc. 3.42 0.43
Fiverr International Ltd. 2.76 0.39
Coupang, LLC 0.26 0.39
Top Detractors Average Weight(%) Contribution(%)
RingCentral, Inc. 3.16 -0.50
StoneCo Ltd. 1.63 -0.44
TAL Education Group 1.70 -0.39
Pinduoduo Inc. 1.62 -0.34
GDS Holdings Limited 3.00 -0.34
Contributors Detractors
• Alphabet Inc. is the parent company of Google, the world’s largest search and online advertising • RingCentral, Inc. provides global cloud communications and collaboration solutions across multiple
company. Shares rose in the quarter on strong fourth quarter results that saw continued recovery in ad channels (voice, video, and messaging). Despite continued solid execution with revenue
spend and accelerated cloud revenue growth. We remain highly convicted in Alphabet's merits as it acceleration, RingCentral’s stock corrected during the quarter as the market rotated out of fast growing
continues to benefit from growth in mobile and online video advertising, which accrues to its core stocks. With its distribution advantage and the pandemic crystalizing the need for a communications
assets of search, YouTube, and the Google ad network. Alphabet's investments in AI, autonomous platform that is agile, scalable, and global, RingCentral remains early in penetrating its addressable
driving (Waymo), and life sciences (Verily, Calico) provide additional optionalities for growth. market, which we think should drive sustainable growth for years to come.
• 10X Genomics, Inc. sells products combining hardware, software, and chemistry to offer life sciences • StoneCo Ltd. is a leading financial technology services company in Brazil. Shares declined on results that
researchers single cell, spatial, and in situ views of biological systems. Shares performed well for the were weaker than analyst forecasts coupled with macro factors, including a steep devaluation in the
quarter. There continues to be growing excitement about the company’s position on the cutting edge Brazilian real and a resurgence of COVID-19 in Brazil, which will likely impact near-term payment
of research, with a strong core competency in single-cell analysis and continued innovation in volumes in Stone's core small and medium-sized enterprise segment. We believe Stone has the best
launching new instruments and product lines. We see a future for applications in clinical diagnostics as value proposition for clients through its solutions in payments, software, and e-commerce, driving
well. higher lifetime customer value and market share gains vs. peers.
• Shares of Facebook, Inc., the world’s largest social network, were up on robust fourth quarter results • TAL Education Group is a leading K-12 after-school tutoring company in China with over 900 learning
driven by strong ad pricing growth and tailwinds to newer shopping and payments products from centers in 91 cities. Shares declined during the first quarter following rumors of upcoming regulatory
rapidly increasing e-commerce adoption. In our view, Facebook continues to utilize its leadership in changes that investors fear will adversely impact the after-school tutoring industry in China. We
mobile to provide global advertisers targeted marketing capabilities at scale, with substantial continue to hold our shares while awaiting official announcements that will allow us to assess our
monetization opportunities ahead across its various assets including WhatsApp, video tools including position in the stock.
Watch and IG TV, and community-based marketplace, shopping, jobs, and dating features.
1 - Sources: FactSet PA and BAMCO.
BARON®
4 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Quarterly Performance Attribution¹
When reviewing performance attribution on our portfolio, please be aware that we construct the portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio if it meets our
rigorous investment criteria. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to achieve a target sector allocation or to approximate an index. Our
exposure to any given sector is purely a result of our stock selection process
Comm. Consumer Consumer Information
Sector Average Weights(%) Services Discretionary Staples Energy Financials Health Care Industrials Technology Materials Real Estate Utilities Total²
K Invest Globale Aktier II 9.90 23.91 - - 1.51 19.55 0.29 40.62 - 1.65 - 100.00
MSCI ACWI Index 9.44 13.03 6.98 3.30 13.88 11.62 9.68 21.69 4.98 2.54 2.86 100.00
Over/Underweight 0.46 10.88 -6.98 -3.30 -12.37 7.93 -9.39 18.93 -4.98 -0.89 -2.86 -
Total Return(%)
K Invest Globale Aktier II 14.66 -2.74 - - 1.52 6.90 -12.40 -2.20 - -2.94 - 1.51
MSCI ACWI Index 10.91 6.40 3.19 22.43 15.91 4.48 11.80 5.87 10.64 10.28 4.63 8.77
Relative Return 3.75 -9.13 -3.19 -22.43 -14.39 2.42 -24.20 -8.07 -10.64 -13.22 -4.63 -7.26
Return calculations are transaction based and are calculated from the underlying security-level data; they may not correspond with performance information.
1 - Sources: FactSet PA and BAMCO.
2 - Includes: cash, fees and unassigned securities.
BARON®
5 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Quarterly Performance Attribution by Region1
When reviewing performance attribution, please be aware that we construct the portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio if it meets our
rigorous investment criteria. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to obtain a sector distribution to resemble an index. Our
exposure to any given region is a result of our stock selection process.
2
0
-2
-4
-6
-8
Africa/Mideast Asia/Pacific ex Japan Europe Japan Latin America North America Total²
Value Added from Sector Weights Value Added from Stock Selection Total Value Added
Sector Average Weights (%) Africa/Mideast Asia/Pacific ex Japan Europe Japan Latin America North America Total²
K Invest Globale Aktier II 5.69 17.40 8.07 -- 9.70 56.88 100.00
MSCI ACWI Index 1.26 14.08 17.04 6.74 1.11 59.77 100.00
Over/Underweight 4.42 3.31 -8.97 -6.74 8.59 -2.89 --
Total Return (%)
K Invest Globale Aktier II 15.31 -1.64 6.82 -- -14.79 2.89 1.51
MSCI ACWI Index 13.75 6.85 8.21 5.65 -2.29 9.84 8.77
Relative Return 1.57 -8.49 -1.39 -5.65 -12.50 -6.95 -7.26
Sources: FactSet PA and BAMCO.
Return calculations are transaction based and are calculated from the underlying security-level data; they may not correspond with published performance information.
1 - Region levels are provided by MSCI, Inc. Baron has reclassified the country classifications provided by MSCI for certain securities. These country weights are not official MSCI weights. Some stocks are classified
by Baron and not by MSCI.
2 - Includes cash, fees, and unassigned securities.
6As of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Quarterly Attribution Commentary
K Invest Globale Aktier II underperformed the MSCI ACWI Index in the first quarter due to stock selection and, to a lesser extent, differences in sector/sub-
industry weights. Style biases also hampered relative results, driven by overexposure to the poor performing momentum factor and underexposure to the
strong performing earnings yield factor.
Adverse stock selection in North America accounted for nearly half of the underperformance in the period, driven by investments in the U.S. Negative
stock selection in Latin America, led by Brazilian equities, and higher exposure to this underperforming region also hurt relative performance. Lastly,
underperformance of Chinese equities weighed on relative results in the Asia/Pacific ex Japan region.
On a sector level, lack of exposure to the lagging Consumer Staples sector and outperformance of online advertising company Alphabet Inc. in
Communication Services added the most value. Alphabet’s shares were up sharply after the company’s quarterly results surprised to the upside given the
continued recovery in advertising spend and accelerating cloud revenue growth.
Investments in Information Technology (IT), Consumer Discretionary, and Industrials; limited exposure to Financials, where banks were up sharply; and lack
of exposure to the strong performing Energy sector detracted the most from relative results. Within IT, RingCentral, Inc., GDS Holdings Limited, Splunk,
Inc., CrowdStrike, Inc., Snowflake Inc., and several others were negatively impacted by the swift rotation from growth into value during the quarter.
Payment platforms StoneCo Ltd. and PagSeguro Digital Ltd. also weighed on performance as deteriorating market conditions in Brazil caused investors to
reduce their exposure. Lastly, meaningfully higher exposure to underperforming software and internet services & infrastructure stocks, which were last
year’s market darlings, also hampered relative performance. Negative stock selection in Consumer Discretionary was partly driven by Chinese K-12 after-
school tutoring company TAL Education Group, e-commerce platform Pinduoduo Inc., and Latin American digital marketplace MercadoLibre, Inc. TAL was
the third largest detractor on an absolute basis following rumors of upcoming regulatory changes that investors fear will adversely impact the after-school
tutoring industry in China. Shares of Pinduoduo and MercadoLibre were down as investors rotated out of last year’s COVID-19 lockdown beneficiaries and
into stocks perceived to benefit from economic reopening and normalization. Brazilian education companies Afya Limited and Arco Platform Limited also
hindered performance in the sector. Within Industrials, lower exposure to this better performing sector and share price losses from Polish e-commerce
enablement platform InPost SA hurt relative results.
The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this
presentation reflect those of the respective speaker. Some of our comments are based on management expectations and are considered “forward-looking statements.”
Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change
at any time based on market and other conditions and Baron has no obligation to update them.
BARON®
7 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Significant Transactions
Top Net Purchases for the Quarter Ended March 31, 2021 Top Net Sales for the Quarter Ended March 31, 2021
Quarter End
Market Cap or
Quarter End Amount Ending Market Cap Amount Ending
Market Cap Purchased Weight When Sold Sold Weight
(billions) (millions) (%) (billions) (millions) (%)
Alphabet Inc. 8,833.4 17.4 5.7 Slack Technologies Inc. 153.8 13.3 --
BridgeBio Pharma, Inc. 58.2 16.9 1.3 PTC Therapeutics 21.1 3.9 0.9
Coupang, LLC 536.9 11.6 1.3 PagSeguro Digital Ltd. 96.3 1.9 1.0
GDS Holdings Limited 96.1 9.5 2.8 MercadoLibre, Inc. 465.7 1.6 3.2
Facebook, Inc. 5,320.2 7.4 4.1 StoneCo Ltd. 119.9 1.1 1.3
Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
Sources: FactSet PA & BAMCO.
8As of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
GICS Sector Breakdown¹ Top 15 GICS Sub-Industry Breakdown¹
Top 10 Holdings % of Net Assets
Alphabet Inc. 5.7
Alibaba Group Holding Limited 4.7
Amazon.com, Inc. 4.6
Facebook, Inc. 4.1
MercadoLibre, Inc. 3.2
Acceleron Pharma Inc. 3.1
Twilio Inc. 3.0
GDS Holdings Limited 2.8
Wix.com Ltd. 2.7
RingCentral, Inc. 2.7
Total 36.6 Colors of Sub-Industry bars correspond to GICS Sector Breakdown chart.
1 - 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”). All GICS data is provided “as is” with no warranties. The Adviser may have reclassified/classified certain securities in or out of a sub-industry. Such reclassifications are not supported by S&P or MSCI.
BARON®
9 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Relative Sector Breakdown
Portfolio (%) Benchmark (%) Underweight/Overweight
Information Technology 38.9 21.3 17.6
Consumer Discretionary 22.8 12.8 10.0
Health Care 20.0 11.4 8.6
Communication Services 12.0 9.4 2.6
Unclassified 0.5 -- 0.5
Real Estate 1.3 2.6 -1.3
Utilities -- 2.9 -2.9
Energy -- 3.4 -3.4
Materials -- 5.0 -5.0
Consumer Staples -- 7.0 -7.0
Industrials 0.4 10.0 -9.6
Financials 1.5 14.3 -12.8
Cash & Cash Equivalents 2.6 --
Figures may not sum to 100% due to rounding.
Sector allocations are subject to change.
Sources: FactSet PA and BAMCO.
10As of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Relative Country, Region, Developed/Emerging Breakdown Variation in Ending
Portfolio (%) Benchmark (%) Weight Underweight/Overweight
North America 58.2 60.5 -2.3
United States 54.9 57.7 -2.8
North America -2.3
Canada 3.3 2.8 0.5
Asia/Pacific ex Japan 16.9 13.5 3.4
China 13.9 4.9 9.0
India 1.5 1.3 0.3 Asia/Pacific ex Japan 3.4
Korea 1.2 1.7 -0.5
Indonesia 0.2 0.2 0.1
Other Asia/Pacific ex Japan Exposure -- 5.4 -5.4
Latin America 8.4 1.1 7.3 Latin America 7.3
Brazil 4.0 0.6 3.4
Argentina 4.4 0.1 4.2
Other Latin America Exposure -- 0.4 -0.4
Europe 8.3 17.1 -8.8 Europe -8.8
Netherlands 5.5 1.1 4.4
United Kingdom 2.4 3.8 -1.3
Poland 0.4 0.1 0.3
Other Europe Exposure -- 12.1 -12.1 Africa/Mideast 4.4
Africa/Mideast 5.7 1.3 4.4
Israel 5.7 0.2 5.5
Other Africa/Mideast Exposure -- 1.1 -1.1
Japan -- 6.5 -6.5 Japan -6.5
Japan -- 6.5 -6.5
Cash & Cash Equivalents 2.6 -- 2.6
Developed 71.8 86.9 -15.1 Developed -15.1
Emerging 25.6 13.1 12.5 Emerging 12.5
Region and country levels are provided by MSCI, Inc. Baron has reclassified the country classifications provided by MSCI for certain securities. These country weights are not official MSCI weights. Some stocks are
classified by Baron and not by MSCI.
Allocations are subject to change.
Figures may not sum to 100% due to rounding.
Sources: FactSet PA and BAMCO.
11As of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Top 10 Holdings
Company Investment Premise Company Investment Premise
Alphabet Inc. (GOOG) is the world's Alphabet is the largest beneficiary of a secular shift in advertising from Acceleron Pharma Inc. (XLRN) is a We think Luspatercept will be a $2+ billion peak sales drug.
most dominant online search provider all other media to online and mobile. Alphabet has processed and biotechnology company developing a Acceleron is also developing a drug for pulmonary atrial
and offers a variety of other services and indexed more data than any other company, and its leadership position drug called Luspatercept for the hypertension that we think will help expand the company's
products including display advertising, in artificial intelligence allows Alphabet to leverage its large data sets treatment of serious and chronic revenue base in years to come. Given the scarcity value of having
Android, Chrome, Google Cloud, Google to quickly improve its products. Subsidiaries GCP and Waymo provide anemias. Acceleron has partnered with
two blockbuster drugs in its pipeline, we view Acceleron as a rare
Maps, Google Play, and YouTube. Its key exposure to cloud and autonomous driving. We believe Alphabet Celgene, which is managing commercial
high-quality asset.
Other Bets segment consists of has the greatest collection of engineering talent of any company we responsibilities for Luspatercept and
businesses such as CapitalG, GV, and cover, which should allow it to grow and innovate for years to come. paying Acceleron a royalty north of
Verily. 20%.
Alibaba Group Holding Limited (BABA) is With over 757 million active buyers and over 10 million merchants, we Twilio Inc. (TWLO) is a leading Twilio offers a solid value proposition to developers and organizations
the largest e-commerce company in the believe Alibaba is poised to benefit disproportionately from the Communications Platform as a by reducing the cost of integrating communications into software
world. Alibaba owns and operates the increased penetration of internet, mobile, and e-commerce in China. It Service company offering a set of while increasing by a few orders of magnitude the speed with which it
two largest online shopping platforms in enjoys more than 70% market share of all e-commerce transactions in APIs (Application Programming can be done. With just a few lines of code, customers can use Twilio's
China, Taobao and Tmall, as well as a China, and we expect it to continue growing revenue at a rate of more API instead of buying hardware, negotiating with telcos, and writing
Interfaces) that help developers
33% stake in Ant Financial, which is the than 20% for years to come. We also see significant positive code that is not core to the organization. Twilio benefits from digital
embed communications into their
country's dominant payments platform. optionality in Alibaba's cloud computing, data management, and transformation trends that are leading enterprises to increasingly
software.
electronic payment platforms. embed communications into their software, creating a multi-billion-
dollar opportunity.
Amazon.com, Inc. (AMZN) is an e- Amazon's market share of U.S. online retail sales is over 30% while its share of GDS Holdings Limited (GDS) is a We believe that as the preferred provider to Alibaba and Tencent,
commerce pioneer, innovator, and global online retail sales is less than 5%. Amazon has numerous avenues for new market-leading China-based operator of GDS is poised to benefit from the exploding growth in cloud
market share leader, with relentless focus revenue growth opportunities, including consumer staples, apparel, international data centers with over 50 data centers,
expansion, digital media offerings, office and industrial supplies, private label, computing in China. Cloud adoption is still in the early stages in
on providing value and convenience to its five markets, and approximately China, and GDS is capturing more than its fair share of
pharmacy services, and advertising. Given our view that Amazon Web Services
customers. It also operates the industry- 320,000 square meters in service. More
will account for over 50% of Amazon's value over time, we believe Amazon incremental deployments due to its proven track record and
leading cloud infrastructure business represents a unique opportunity to invest in the secular growth of both online than 50% of its revenue comes from top
carrier-neutral value proposition.
Amazon Web Services. retail and cloud computing. Chinese internet companies.
Facebook, Inc. (FB) is the world's largest Facebook is a unique social platform whose users continue to demonstrate Wix.com Ltd. (WIX) provides Wix is a leading do-it-yourself website-design software, targeting a
social network, with over 2.74 stickiness and high engagement. Advertisers want to be where users are, and software to help micro-businesses large market, as most businesses use professional website
billion monthly active users and Facebook's ability to analyze, target, and show clear, demonstrable, and rising development services. We think Wix has strong competitive
returns on investment makes the platform particularly attractive to them. We build and maintain websites and
over 1.82 billion daily active users. operate their businesses. Wix has advantages, driven by product innovation, data-drive distribution and
believe the company is still in the middle innings of monetizing its vast customer
Instagram, Messenger, WhatsApp, and leading brand. Wix's technological edge, supported by over 1,000
base, especially internationally. In addition, we see significant positive over 200 million registered users and
Oculus are also part of the Facebook optionality from eventual monetization opportunities in search, video, R&D personnel, results in fast iteration with first-to-market features
over 5.5 million premium users.
network. publishing, WhatsApp, Messenger, and Oculus. and vertical offerings. Wix's recently introduced do-it-for-me
solutions open a large new TAM for it to address.
MercadoLibre, Inc. (MELI) is the largest e- MercadoLibre is an exciting Latin American growth story benefiting RingCentral, Inc. (RNG) provides global RingCentral is a leader in unified communications as a service, a
commerce company in Latin America. from the emergence of two secular trends: e-commerce and digital enterprise cloud communications and phone/video/collaboration/contact center in the cloud. The company, which
The company operates the MercadoLibre payments. The company has a significant first mover advantage and is collaboration software, a unified has about three million users, is in the early stages of disrupting the on-
e-commerce marketplace; Mercado solution across multiple locations and premises communications market, which serves hundreds of millions of
investing aggressively to widen its competitive moat. Latin America is a
information workers, representing a total addressable market of more than
Pago, a payments solution; and Mercado predominantly cash-based economy with e-commerce penetration devices that allows for communications
$100 billion. We think its differentiated strategy as an open platform
Envios, which offers shipping solutions under 5%, and MercadoLibre has an attractive asset-light marketplace across multiple channels, including integrating best-of-class partners, high service quality, and exclusive
for sellers on the company’s business model. We believe its logistics network will become a key voice, video, collaboration, distribution agreements should sustain Ring Central's growth for years to come.
marketplace. competitive advantage at scale, and we see a significant opportunity in conferencing, online meetings, and fax.
Mercado Pago off-platform.
BARON®
12 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Portfolio Holdings by GICS Sector
Top 10 holdings are highlighted
Market Cap Portfolio Market Cap Portfolio Market Cap Portfolio
(bn DKK) Weight (%) (bn DKK) Weight (%) (bn DKK) Weight (%)
Communication Services 12.0 Health Care (Cont'd) - Information Technology (Cont'd) -
Alphabet Inc. 8,833.4 5.7 argenx SE 89.6 2.3 Dynatrace Holdings LLC 86.5 1.8
Facebook, Inc. 5,320.2 4.1 Illumina, Inc. 355.4 2.3 Shopify Inc. 866.1 1.7
ZoomInfo Technologies Inc. 121.3 2.0 10X Genomics, Inc. 124.9 2.1 Nuvei Technologies Corp. 52.8 1.6
Sea Limited 723.8 0.2 Veeva Systems Inc. 252.3 1.9 Snowflake Inc. 411.7 1.4
Kuaishou Technology Co., Ltd. 916.2 0.0 Guardant Health, Inc. 97.2 1.7 ASML Holding N.V. 1,642.8 1.3
Consumer Discretionary 22.8 Zai Lab Limited 75.0 1.6 StoneCo Ltd. 119.9 1.3
Alibaba Group Holding Limited 3,899.1 4.7 Schrodinger, Inc. 33.9 1.4 Cloudflare, Inc. 137.6 1.2
Amazon.com, Inc. 9,883.2 4.6 BridgeBio Pharma, Inc. 58.2 1.3 Bill.com Holdings, Inc. 75.9 1.2
MercadoLibre, Inc. 465.7 3.2 Arrowhead Pharmaceuticals, Inc. 43.7 1.0 Globant, S.A. 52.7 1.1
Fiverr International Ltd. 49.4 2.5 PTC Therapeutics 21.1 0.9 PagSeguro Digital Ltd. 96.3 1.0
Meituan Inc. 1,432.8 2.1 MaxCyte, Inc. 6.4 0.4 Zscaler, Inc. 148.0 1.0
TAL Education Group 205.1 1.4 Industrials 0.4 Datadog, Inc. 162.0 0.8
Pinduoduo Inc. 1,045.1 1.3 InPost SA 51.9 0.4 Okta, Inc. 183.5 0.7
Coupang, LLC 536.9 1.3 Information Technology 38.9 BigCommerce Holdings, Inc. 27.2 0.4
Afya Limited 11.0 1.1 Twilio Inc. 368.5 3.0 nCino Inc. 39.9 0.0
Arco Platform Limited 9.3 0.7 GDS Holdings Limited 96.1 2.8 Materials -
Consumer Staples - Wix.com Ltd. 99.9 2.7 Real Estate 1.3
Energy - RingCentral, Inc. 171.0 2.7 Opendoor Technologies Inc. 77.6 1.3
Financials 1.5 EPAM Systems, Inc. 141.4 2.7 Unclassified 0.5
Bajaj Finance Limited 269.2 1.5 Endava plc 29.5 2.4 ION Acquisition Corp 1 Ltd. 3.8 0.4
Health Care 20.0 CrowdStrike, Inc. 259.2 2.4 Sarissa Capital Acquisition Corp. 1.6 0.1
Acceleron Pharma Inc. 52.1 3.1 Splunk, Inc. 139.0 1.8 Utilities -
Adyen N.V. 430.5 1.8 Cash & Cash Equivalents 2.6
Portfolio holdings may change over time.
Figures may not sum to 100% due to rounding.
If portfolio holdings show a 0.0% weighting, that holding has a 0.05% or lower weighting.
BARON®
13 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Portfolio Holdings by Country
Top 10 holdings are highlighted
Market Cap Portfolio Market Cap Portfolio Market Cap Portfolio
(bn DKK) Weight (%) (bn DKK) Weight (%) (bn DKK) Weight (%)
Argentina 4.4 Israel 5.7 United States (Cont'd)
MercadoLibre, Inc. 465.7 3.2 Wix.com Ltd. 99.9 2.7 Illumina, Inc. 355.4 2.3
Globant, S.A. 52.7 1.1 Fiverr International Ltd. 49.4 2.5 10X Genomics, Inc. 124.9 2.1
Brazil 4.0 ION Acquisition Corp 1 Ltd. 3.8 0.4 ZoomInfo Technologies Inc. 121.3 2.0
StoneCo Ltd. 119.9 1.3 Korea 1.2 Veeva Systems Inc. 252.3 1.9
Afya Limited 11.0 1.1 Coupang, LLC 536.9 1.3 Splunk, Inc. 139.0 1.8
PagSeguro Digital Ltd. 96.3 1.0 Netherlands 5.5 Dynatrace Holdings LLC 86.5 1.8
Arco Platform Limited 9.3 0.7 argenx SE 89.6 2.3 Guardant Health, Inc. 97.2 1.7
Canada 3.3 Adyen N.V. 430.5 1.8 Snowflake Inc. 411.7 1.4
Shopify Inc. 866.1 1.7 ASML Holding N.V. 1,642.8 1.3 Schrodinger, Inc. 33.9 1.4
Nuvei Technologies Corp. 52.8 1.6 Poland 0.4 Opendoor Technologies Inc. 77.6 1.3
China 13.9 InPost SA 51.9 0.4 BridgeBio Pharma, Inc. 58.2 1.3
Alibaba Group Holding Limited 3,899.1 4.7 United Kingdom 2.4 Cloudflare, Inc. 137.6 1.2
GDS Holdings Limited 96.1 2.8 Endava plc 29.5 2.4 Bill.com Holdings, Inc. 75.9 1.2
Meituan Inc. 1,432.8 2.1 United States 54.9 Arrowhead Pharmaceuticals, Inc. 43.7 1.0
Zai Lab Limited 75.0 1.6 Alphabet Inc. 8,833.4 5.7 Zscaler, Inc. 148.0 1.0
TAL Education Group 205.1 1.4 Amazon.com, Inc. 9,883.2 4.6 PTC Therapeutics 21.1 0.9
Pinduoduo Inc. 1,045.1 1.3 Facebook, Inc. 5,320.2 4.1 Datadog, Inc. 162.0 0.8
Kuaishou Technology Co., Ltd. 916.2 0.0 Acceleron Pharma Inc. 52.1 3.1 Okta, Inc. 183.5 0.7
India 1.5 Twilio Inc. 368.5 3.0 BigCommerce Holdings, Inc. 27.2 0.4
Bajaj Finance Limited 269.2 1.5 RingCentral, Inc. 171.0 2.7 MaxCyte, Inc. 6.4 0.4
Indonesia 0.2 EPAM Systems, Inc. 141.4 2.7 Sarissa Capital Acquisition Corp. 1.6 0.1
Sea Limited 723.8 0.2 CrowdStrike, Inc. 259.2 2.4 nCino Inc. 39.9 0.0
Cash & Cash Equivalents 2.6
Portfolio holdings may change over time.
Figures may not sum to 100% due to rounding.
If portfolio holdings show a 0.0% weighting, that holding has a 0.05% or lower weighting.
BARON®
14 CAPITALReports
BARON®
15 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Schedule of Investments
CUSIP/ Pct of Unrealized
Quantity Security SEDOL Ticker Unit Cost Total Cost Price Market Value Assets G/L
Common Stock 1,280,519,101 1,312,013,344
Communication Services 139,937,295 161,738,337
Interactive Home Entertainment 3,200,167 3,187,424
2,251 Sea Limited 81141R100 SE 1,421.66 3,200,167 1,416.00 3,187,424 0.2 -12,743
Interactive Media & Services 136,737,128 158,550,913
5,852 Alphabet Inc. - Cl C 02079K107 GOOG 11,204.51 65,568,780 13,121.84 76,788,992 5.7 11,220,211
29,514 Facebook, Inc. 30303M102 FB 1,669.94 49,286,525 1,868.28 55,140,340 4.1 5,853,815
632 Kuaishou Technology Co., Ltd. BLC90T0 1024.HK 91.82 58,030 220.31 139,233 0.0 81,203
85,376 ZoomInfo Technologies Inc. 98980F104 ZI 255.62 21,823,792 310.18 26,482,348 2.0 4,658,556
Consumer Discretionary 313,011,960 306,943,708
Education Services 51,997,082 41,311,863
119,538 Afya Limited BKF9D57 AFYA 143.42 17,143,787 117.92 14,096,043 1.1 -3,047,744
54,688 Arco Platform, Ltd. - Class a BGQT8T7 ARCE 227.56 12,444,897 160.74 8,790,437 0.7 -3,654,459
53,941 TAL Education Group - ADR 874080104 TAL 415.42 22,408,398 341.58 18,425,383 1.4 -3,983,015
Internet & Direct Marketing Retail 261,014,878 265,631,845
44,040 Alibaba Group Holding Limited - ADR 01609W102 BABA 1,528.88 67,331,700 1,438.21 63,338,551 4.7 -3,993,149
3,176 Amazon.com, Inc. 023135106 AMZN 19,333.76 61,404,025 19,626.52 62,333,837 4.6 929,812
53,648 Coupang, LLC 22266T109 CPNG 217.09 11,646,404 313.04 16,793,937 1.3 5,147,533
24,600 Fiverr International Ltd. M4R82T106 FVRR 1,251.91 30,796,928 1,377.63 33,889,625 2.5 3,092,697
113,350 Meituan Inc. - Class B BGJW376 3690.HK 216.40 24,528,671 247.54 28,058,680 2.1 3,530,009
4,664 MercadoLibre, Inc. 58733R102 MELI 10,150.21 47,340,594 9,338.15 43,553,141 3.2 -3,787,452
20,800 Pinduoduo Inc. - ADR 722304102 PDD 863.78 17,966,556 849.23 17,664,074 1.3 -302,483
Financials 19,219,034 20,413,331
Consumer Finance 19,219,034 20,413,331
45,456 Bajaj Finance Limited BD2N0P2 BAF.IN 422.81 19,219,034 449.08 20,413,331 1.5 1,194,297
Health Care 252,261,485 269,360,247
Biotechnology 136,528,595 137,320,861
48,991 Acceleron Pharma Inc. 00434H108 XLRN 781.44 38,283,322 860.21 42,142,457 3.1 3,859,134
17,907 argenx SE - ADR 04016X101 ARGX 1,865.07 33,397,885 1,746.87 31,281,158 2.3 -2,116,727
BARON®
16 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Schedule of Investments
CUSIP/ Pct of Unrealized
Quantity Security SEDOL Ticker Unit Cost Total Cost Price Market Value Assets G/L
Common Stock 1,280,519,101 1,312,013,344
Health Care 252,261,485 269,360,247
Biotechnology 136,528,595 137,320,861
32,049 Arrowhead Pharmaceuticals, Inc. 04280A100 ARWR 463.73 14,862,184 420.62 13,480,479 1.0 -1,381,704
43,222 BridgeBio Pharma, Inc. 10806X102 BBIO 390.21 16,865,509 390.74 16,888,746 1.3 23,237
39,771 PTC Therapeutics 69366J200 PTCT 392.44 15,607,826 300.35 11,945,335 0.9 -3,662,492
25,500 Zai Lab Limited -Adr 98887Q104 ZLAB 686.74 17,511,868 846.38 21,582,686 1.6 4,070,818
Health Care Technology 42,610,795 44,313,745
38,700 Schrodinger, Inc. 80810D103 SDGR 451.62 17,477,823 483.93 18,727,957 1.4 1,250,134
15,440 Veeva Systems Inc. Cl - A 922475108 VEEV 1,627.78 25,132,972 1,657.11 25,585,788 1.9 452,816
Life Sciences Tools & Services 73,122,095 87,725,641
25,062 10X Genomics, Inc. 88025U109 TXG 907.95 22,754,944 1,148.13 28,774,390 2.1 6,019,446
23,900 Guardant Health, Inc. 40131M109 GH 743.48 17,769,213 968.30 23,142,301 1.7 5,373,088
12,776 Illumina, Inc. 452327109 ILMN 2,198.22 28,084,406 2,436.19 31,124,745 2.3 3,040,340
60,870 MaxCyte, Inc. BYVJZ42 MXCT.LN 74.15 4,513,532 76.95 4,684,204 0.4 170,673
Industrials 6,544,628 5,670,797
Air Freight & Logistics 6,544,628 5,670,797
54,585 InPost SA BN4N9C0 INPST.NA 119.90 6,544,628 103.89 5,670,797 0.4 -873,831
Information Technology 520,435,231 523,576,320
Application Software 86,902,033 77,624,472
17,500 Bill.com Holdings, Inc. 090043100 BILL 854.53 14,954,321 922.94 16,151,500 1.2 1,197,179
1,000 nCino Inc. 63947U107 NCNO 455.39 455,394 423.22 423,222 0.0 -32,172
19,240 RingCentral, Inc. 76680R206 RNG 2,201.54 42,357,722 1,889.53 36,354,505 2.7 -6,003,216
28,736 Splunk, Inc. 848637104 SPLK 1,013.87 29,134,596 859.38 24,695,245 1.8 -4,439,351
Data Processing and Outsourced Services 79,408,378 76,813,262
1,724 Adyen N.V. BZ1HM42 ADYEN.NA 13,836.12 23,853,464 14,154.35 24,402,106 1.8 548,642
55,558 Nuvei Technologies Corp. 67079A102 NVEI/U.CN 348.01 19,334,710 383.77 21,321,306 1.6 1,986,596
46,807 Pagseguro Digital Ltd G68707101 PAGS 320.75 15,013,168 293.69 13,746,864 1.0 -1,266,305
44,660 StoneCo Ltd. G85158106 STNE 474.86 21,207,035 388.33 17,342,986 1.3 -3,864,049
BARON®
17 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Schedule of Investments
CUSIP/ Pct of Unrealized
Quantity Security SEDOL Ticker Unit Cost Total Cost Price Market Value Assets G/L
Common Stock 1,280,519,101 1,312,013,344
Information Technology 520,435,231 523,576,320
Internet Services & Infrastructure 102,220,620 102,256,753
12,900 BigCommerce Holdings, Inc. 08975P108 BIGC 424.86 5,480,746 366.64 4,729,654 0.4 -751,092
58,431 GDS Holdings Limited - ADR 36165L108 GDS 580.84 33,938,999 514.37 30,055,396 2.2 -3,883,604
120,800 Gds Holdings Limited - Local Cl A BMG40P4 9698.HK 68.88 8,320,340 64.55 7,797,199 0.6 -523,141
3,301 Shopify Inc. 82509L107 SHOP 6,545.19 21,605,669 7,018.81 23,169,079 1.7 1,563,410
20,611 Wix.com Ltd. M98068105 WIX 1,595.02 32,874,865 1,771.16 36,505,425 2.7 3,630,561
IT Consulting & Other Services 69,656,294 83,940,433
60,830 Endava plc -ADR 29260V105 DAVA 445.77 27,116,439 537.21 32,678,475 2.4 5,562,036
14,301 EPAM Systems, Inc. 29414B104 EPAM 2,013.51 28,795,155 2,516.30 35,985,661 2.7 7,190,506
11,600 Globant, S.A. BP40HF4 GLOB 1,184.89 13,744,699 1,316.92 15,276,297 1.1 1,531,597
Semiconductor Equipment 13,128,944 18,013,917
4,600 ASML Holding N.V. B908F01 ASML 2,854.12 13,128,944 3,916.07 18,013,917 1.3 4,884,972
Systems Software 169,118,963 164,927,483
37,000 Cloudflare, Inc. 18915M107 NET 495.41 18,330,215 445.68 16,490,040 1.2 -1,840,175
27,700 CrowdStrike Holdings, Inc. 22788C105 CRWD 1,063.86 29,469,006 1,157.71 32,068,472 2.4 2,599,466
20,008 Datadog, Inc. - Class A 23804L103 DDOG 615.65 12,317,834 528.65 10,577,158 0.8 -1,740,675
77,344 Dynatrace, Inc. 268150109 DT 253.36 19,595,505 306.00 23,667,139 1.8 4,071,634
6,800 Okta, Inc. 679295105 OKTA 1,551.73 10,551,784 1,398.24 9,508,050 0.7 -1,043,735
13,300 Snowflake Inc. 833445109 SNOW 1,998.49 26,579,930 1,454.38 19,343,259 1.4 -7,236,672
18,500 Twilio Inc. (Class A Shares) 90138F102 TWLO 2,098.78 38,827,382 2,161.53 39,988,229 3.0 1,160,846
12,200 Zscaler Inc 98980G102 ZS 1,102.24 13,447,307 1,088.95 13,285,138 1.0 -162,169
Real Estate 21,215,360 17,809,650
Real Estate Services 21,215,360 17,809,650
132,499 Opendoor Technologies Inc. 683712103 OPEN 160.12 21,215,360 134.41 17,809,650 1.3 -3,405,709
Unclassified 7,894,109 6,500,953
Unclassified 7,894,109 6,500,953
85,365 ION Acquisition Corp 1 Ltd. IACA 80.84 6,901,296 64.13 5,474,479 0.4 -1,426,816
BARON®
18 CAPITALAs of March 31, 2021
K Invest Globale Aktier II Reporting Currency: DKK
Schedule of Investments
CUSIP/ Pct of Unrealized
Quantity Security SEDOL Ticker Unit Cost Total Cost Price Market Value Assets G/L
Common Stock 1,280,519,101 1,312,013,344
Unclassified 7,894,109 6,500,953
Unclassified 7,894,109 6,500,953
3,225 ION Acquisition Corp 1 Ltd. G49392122 IACA/U 70.18 226,338 65.97 212,753 0.0 -13,585
11,845 Sarissa Capital Acquisition Corp. G7823W128 SRSAU 64.71 766,475 68.70 813,721 0.1 47,245
CASH AND CASH EQUIVALENTS 34,557,989 34,557,989 2.6
PORTFOLIO TOTALS 1,315,077,089 DKK 1,346,571,332 DKK 100
BARON®
19 CAPITALLong Term Investors · Research Driven
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We invest in companies solving problems
We invest for the long run
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