Baron Funds Comments on TerraForm Global Inc.

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May 19, 2016

Shares of TerraForm Global Inc. (NASDAQ:GLBL), an owner of renewable energy power plants in emerging markets, fell during the quarter due to uncertainty related to the implications of a potential bankruptcy of parent company SunEdison (SUNEQ). In addition, TerraForm Global was unable to execute on transactions to create its formation portfolio. These factors make the company difficult to value, and the stock sold off as a result. We continue to hold the stock as we believe the company is solvent and has enough liquidity to continue.

From the Baron Global Advantage Fund first quarter 2016 commentary.

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