Baron
Baron Emerging Markets Fund
Emerging markets Large-cap
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 29 investment theses and positions in 45 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Baron for every strategy.
What it bought and sold
During the quarter, adding to our digitization theme, we accumulated a position in Rasan Information Technology Company , the leading digital insurance and financial services marketplace in Saudi Arabia.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.
We also initiated a position in OTP Bank Nyrt , the leading banking franchise in Hungary and one of the premier financial institutions across Central and Eastern Europe, with operations spanning 11 countries.
During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.
During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.
During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.
Also held
- GDS Holdings Limited
- ISC Co., Ltd.
- Samsung Electronics Co., Ltd.
- BYD Company Limited
- Kingdee International Software Group Company Limited
- Taiwan Semiconductor Manufacturing Company Limited
- GPS Participacoes e Empreendimentos S.A.
- Localiza Rent a Car S.A.
- Doosan Enerbility Co., Ltd.
- Hanwha Systems Co., Ltd.
- HYUNDAI Glovis Co., Ltd.
- SK hynix Inc.
Its investment theses
- Rasan Information Technology CompanyJun 2026Rasan Information Technology is Saudi Arabia's leading digital insurance marketplace, with strong switching costs, scale advantages, and structural growth tailwinds.
- OTP Bank NyrtJun 2026OTP Bank Nyrt is a leading Hungarian bank with a low-cost franchise, regional diversification, and improving policy and valuation tailwinds.
- Divi's Laboratories LimitedJun 2026Divi's Laboratories is a global APIs and intermediates manufacturer benefiting from supply-chain diversification, GLP-1 demand, and scalable manufacturing.
- Acutaas Chemicals LimitedJun 2026Acutaas Chemicals is a high-share pharmaceutical intermediates and specialty chemicals maker with CDMO growth, R&D depth, and strong revenue visibility.
- The Japan Steel Works, Ltd.Mar 2026The Japan Steel Works, Ltd. is a diversified industrial supplier positioned to benefit from power generation, nuclear, defense, and machinery growth with strong earnings prospects.
- Prio S.A.Mar 2026Prio S.A. is a Brazilian oil producer with strong free cash flow and a proven strategy of accretive acquisitions leveraging existing infrastructure.
- Vista Energy, S.A.B. de C.V.Mar 2026Vista Energy, S.A.B. de C.V. is a founder-led Argentine oil producer with top-tier Vaca Muerta assets, strong growth prospects, M&A upside, and attractive valuation.
- Banco Bradesco S.A.Mar 2026Banco Bradesco S.A. is a major Brazilian bank undergoing a profitability turnaround toward high-teens ROE driven by mix shift, cost initiatives, and digital adoption.
- WuXi AppTec Co., Ltd.Mar 2026WuXi AppTec Co., Ltd. is a leading CRDMO with scale and cost advantages positioned for a multi-year upcycle led by obesity drugs and new modalities.
- Montage Technology Co., Ltd.Mar 2026Montage Technology Co., Ltd. is the leading memory interface chip supplier leveraged to AI server growth and expanding into large interconnect markets.