Baron
Baron India Fund
India Large-cap
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 24 investment theses and positions in 37 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years — follow all of Baron for every strategy.
What it bought and sold
Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .
We were active in adding to our Make in India/supply chain diversification theme by initiating positions in INOX India Limited (INOXCVA) and KSH International Limited .
Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .
Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .
Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .
During the quarter, we also exited positions in Reliance Industries Limited , Indus Towers Limited , Tata Consultancy Services Limited , Godrej Properties Limited , Kaynes Technology India Limited , and Dixon Technologies (India) Limited , due to uncertainties over durability of earnings growth and/or competitive positioning going forward.
During the quarter, we also exited positions in Reliance Industries Limited , Indus Towers Limited , Tata Consultancy Services Limited , Godrej Properties Limited , Kaynes Technology India Limited , and Dixon Technologies (India) Limited , due to uncertainties over durability of earnings growth and/or competitive positioning going forward.
During the quarter, we also increased exposure to our national security theme by accumulating a position in Data Patterns (India) Limited , a leading designer and manufacturer of mission-critical electronics for the defense and aerospace sectors in India.
We exited our position in Reliance and reallocated capital to higher conviction ideas.
During the quarter, we also exited positions in Reliance Industries Limited , Indus Towers Limited , Tata Consultancy Services Limited , Godrej Properties Limited , Kaynes Technology India Limited , and Dixon Technologies (India) Limited , due to uncertainties over durability of earnings growth and/or competitive positioning going forward.
Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .
We were active in adding to our Make in India/supply chain diversification theme by initiating positions in INOX India Limited (INOXCVA) and KSH International Limited .
the company’s prolonged timeline for improving cash flow generation prompted us to exit our position.
Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .
During the quarter, we also exited positions in Reliance Industries Limited , Indus Towers Limited , Tata Consultancy Services Limited , Godrej Properties Limited , Kaynes Technology India Limited , and Dixon Technologies (India) Limited , due to uncertainties over durability of earnings growth and/or competitive positioning going forward.
Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .
Also held
Its investment theses
- Data Patterns (India) LimitedJun 2026Data Patterns (India) Limited designs mission-critical defense and aerospace electronics and should benefit from Make in India, indigenization, and margin expansion.
- KSH International LimitedJun 2026KSH International Limited is a specialized winding wire manufacturer positioned to benefit from India’s power T&D upcycle, HVDC demand, and EV penetration.
- INOX India LimitedJun 2026INOX India Limited makes cryogenic equipment for LNG and industrial gases, with growth driven by energy security, exports, and international project wins.
- Power Grid Corporation of India LimitedJun 2026Power Grid Corporation of India Limited is the dominant interstate power transmission company in India, supported by infrastructure growth, renewable transition, and sovereign advantages.
- Precision Wires India LimitedJun 2026Precision Wires India Limited is the largest enameled copper winding wire maker in India, benefiting from power-sector capex, EV growth, and scale advantages.
- Indus Towers LimitedMar 2026Indus Towers Limited is a leading tower operator set to benefit from 4G/5G rollouts and Vodafone Idea’s stabilization, driving tenancy, operating leverage, and shareholder returns.
- Bajaj Finance LimitedMar 2026Bajaj Finance Limited is a top NBFC with strong management and conservative risk controls positioned to benefit from secular growth in Indian consumer finance.
- JSW Energy LimitedMar 2026JSW Energy Limited is expanding renewables rapidly with long-term PPAs and storage capabilities, providing strong visibility and >25% EBITDA growth.
- Precision Wires India LimitedMar 2026Precision Wires India Limited is India’s leading winding wire maker positioned to benefit from power and EV demand with scale, vertical integration, and OEM relationships driving mid-teens growth.
- Amber Enterprises India LimitedMar 2026Amber Enterprises India Limited is a leading RAC components and EMS player benefiting from Make in India tailwinds with strong revenue and EBITDA growth expected.