Baron Funds Comments on TerraForm Global

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Feb 15, 2016

Shares of TerraForm Global, Inc. (GLBL, Financial) declined 11% during the fourth quarter. The last remnant of our ill-fated investment into the SunEdison complex, TerraForm Global, owns and operates a portfolio of renewable power assets in emerging markets. We believe the stock traded lower as a result of delays in the closing of various deals to complete the formation portfolio of renewable assets. In addition, the parent company, SunEdison, abruptly changed the management and the board of TerraForm Global, supposedly to better align the two companies, raising obvious conflict of interest and governance-related concerns among investors. At its current valuation, the company is trading significantly below its NAV and the shares we own continue to be locked up and unavailable for sale until early 2016.

From Baron Funds' Global Advantage Fund letter for the fourth quarter 2015.

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