Baron
Baron Emerging Markets Select ETF
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 4 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Baron for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · ETF Market Price
- Inception · total+6.7%index +12.1%
Index: MSCI Emerging Markets Index
| Since inceptiontotal | |
|---|---|
| Baron Emerging Markets Select ETF | +6.7% |
| MSCI Emerging Markets Index | +12.1% |
Since inception: Since Inception (4/8/2026)
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
We added to several of our existing positions during the quarter, including Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., as we continue our endeavor to allocate capital to our highest-conviction ideas.
During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., as we continue our endeavor to allocate capital to our highest-conviction ideas.
During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., 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 Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
We added to several of our existing positions during the quarter, including Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
We added to several of our existing positions during the quarter, including Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., 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 Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
we increased exposure to our global security/supply chain diversification theme by initiating a position in INOX India Limited, India's largest manufacturer and exporter of cryogenic equipment, offering storage and transport tanks as well as distribution systems for industrial gases and liquefied natural gas (LNG).
We added to several of our existing positions during the quarter, including Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
- New positionBangkok Bank Public Company LimitedSep 2026
During the quarter, we also accumulated a position in Bangkok Bank Public Company Limited, which we believe is an attractively valued beneficiary of an improving operating environment for Thai banks.
During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., 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 Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
- AddedVista Energy, S.A.B. de C.V.Sep 2026
We added to several of our existing positions during the quarter, including Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.
Also held
- Cummins India Limited
- Cholamandalam Investment and Finance Company Limited
- Divi's Laboratories Limited
- WuXi AppTec Co., Ltd.
- Rasan Information Technology Company
- Power Grid Corporation of India Limited
- JSW Energy Limited
- Contemporary Amperex Technology Co., Limited
- Jiangsu Hengli Hydraulic Co., Ltd.
- Bajaj Finance Limited
- Nippon Life India Asset Management Limited
- Montage Technology Co., Ltd.
Its investment theses
- Divi's Laboratories LimitedSep 2026Divi's Laboratories is a leading API manufacturer benefiting from supply chain diversification and GLP-1 demand, with expected mid-teens revenue and 20% earnings growth.
- ISC Co., Ltd.Sep 2026ISC is a South Korean semiconductor test socket maker with ~90% share of rubber sockets, benefiting from AI chip testing demand and capacity expansion.
- INOX India LimitedSep 2026INOX India is India's largest cryogenic equipment maker with ~60% domestic share, benefiting from energy security and supply chain diversification with expected 15-20% growth.
- Bangkok Bank Public Company LimitedSep 2026Bangkok Bank is an attractively valued Thai bank with a strong balance sheet, conservative underwriting, and potential for ROE improvement and valuation rerating.