Baron
Baron Emerging Markets Fund
Emerging markets Large-cap
Dec 2024 → Sep 2026
Our archive holds 8 letters from this strategy, behind 35 investment theses and positions in 58 companies. Every quote below is copied verbatim from the letter it came from.
8 letters in 3 years · follow all of Baron for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional Shares
- YTD+16.1%index +23.4%
- 1Y+14.6%index +29.2%
- 3Y · /yr+20.3%index +24.1%
- 5Y · /yr+4.7%index +8.9%
- 10Y · /yr+7.1%index +9.1%
- Inception · /yr+5.8%index +5.0%
Index: MSCI Emerging Markets Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Baron Emerging Markets Fund | +16.1% | +14.6% | +20.3% | +4.7% | +7.1% | +5.8% |
| MSCI Emerging Markets Index | +23.4% | +29.2% | +24.1% | +8.9% | +9.1% | +5.0% |
Since inception: Since Inception (12/31/2010)
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
During the quarter, adding to our global security/supply chain diversification theme, we accumulated positions in Zijin Gold International Company Limited and Data Patterns (India) Limited.
- AddedVista Energy, S.A.B. de C.V.Sep 2026
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
- ExitedSberbank of Russia PJSCSep 2026
We took advantage of this opportunity to sell our shares, realizing proceeds well above the position’s carrying value, which added to the Fund’s performance.
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.
- AddedZijin Gold International Company LimitedSep 2026
During the quarter, adding to our global security/supply chain diversification theme, we accumulated positions in Zijin Gold International Company Limited and Data Patterns (India) Limited.
We increased exposure to our semiconductors/AI theme by initiating a position in MediaTek Inc., the world's largest supplier of consumer and mobile system-on-chips.
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 increased exposure to our global security/supply chain diversification theme by initiating positions in Divi's Laboratories Limited and Acutaas Chemicals Limited.
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.
- Addedd'Alba Global Co., Ltd.Jun 2026
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.
- New positionOTP Bank NyrtJun 2026
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 increased exposure to our global security/supply chain diversification theme by initiating positions in Divi's Laboratories Limited and Acutaas Chemicals Limited.
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.
Also held
- Samsung Electronics Co., Ltd.
- Montage Technology Co., Ltd.
- Divi's Laboratories Limited
- SK hynix Inc.
- WuXi AppTec Co., Ltd.
- GDS Holdings Limited
- ISC Co., Ltd.
- Hanwha Systems Co., Ltd.
- BYD Company Limited
- Kingdee International Software Group Company Limited
- HYUNDAI Glovis Co., Ltd.
- Taiwan Semiconductor Manufacturing Company Limited
- GPS Participacoes e Empreendimentos S.A.
- Localiza Rent a Car S.A.
- Doosan Enerbility Co., Ltd.
Its investment theses
- WuXi AppTec Co., Ltd.Sep 2026WuXi AppTec is China's leading CRDMO for small-molecule and peptide drugs, viewed as one of the best ways to gain exposure to structural growth in outsourced drug chemistry thanks to its follow-the-molecule strategy and scaling peptide business.
- SK hynix Inc.Sep 2026SK hynix is a leading advanced memory chip maker whose leadership in high-bandwidth memory, large net cash position, and growing contracted customer base support long-term conviction despite a share price sell-off.
- Samsung Electronics Co., Ltd.Sep 2026Samsung Electronics is the world's largest memory-chip maker, held as a core long-term position on the strength of its advanced memory leadership and increasingly contracted revenue base supporting multi-year earnings growth.
- Montage Technology Co., Ltd.Sep 2026Montage Technology is the world's largest memory-interface chip supplier, held on long-term conviction given its leading market share, rising interconnect content per AI server, and broadening product portfolio supporting multi-year earnings growth.
- MediaTek Inc.Sep 2026MediaTek is the world's largest supplier of consumer and mobile system-on-chips transforming into a leading custom AI data center silicon (ASIC) partner, with rare design capabilities and a large cloud customer supporting a new growth trajectory.
- Zijin Gold International Company LimitedSep 2026Zijin Gold International is the overseas gold mining subsidiary of Zijin Mining with a strong turnaround track record, visible production growth, low all-in sustaining costs, and a net cash balance sheet, offering both growth and dependable execution.
- Data Patterns (India) LimitedSep 2026Data Patterns is a leading Indian defense and aerospace electronics designer with radar and electronic warfare expertise, well positioned to benefit from Make in India and defense localization, with expected above-20% compound earnings growth.
- 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.
- 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.