Baron
Baron India Fund
India Large-cap
Dec 2024 → Sep 2026
Our archive holds 8 letters from this strategy, behind 31 investment theses and positions in 42 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−2.8%index −14.9%
- 1Y−2.4%index −10.9%
- 3Y · /yr+6.5%index −2.0%
- 5Y · /yr−2.9%index −5.8%
- Inception · /yr−2.1%index −6.0%
Index: MSCI AC Asia ex Japan/India Linked Index
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Baron India Fund | −2.8% | −2.4% | +6.5% | −2.9% | −2.1% |
| MSCI AC Asia ex Japan/India Linked Index | −14.9% | −10.9% | −2.0% | −5.8% | −6.0% |
Since inception: Since Inception (7/30/2021)
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
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 .
- New positionKSH International LimitedJun 2026
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
- Divi's Laboratories LimitedSep 2026Divi's Laboratories is a leading global API and intermediates manufacturer positioned to benefit from supply chain diversification away from China and the GLP-1 CDMO opportunity, with expected mid-teens revenue and 20% earnings growth.
- Centum Electronics LimitedSep 2026Centum Electronics is a leading Indian electronics manufacturing services provider set to benefit from Make in India and defense indigenization, with expected ~25% revenue and EBITDA growth.
- Max Healthcare Institute LimitedSep 2026Max Healthcare is a leading Indian hospital chain with best-in-class margins and ROIC under strong management, positioned as a key beneficiary of industry consolidation with expected EBITDA doubling.
- Laurus Labs LimitedSep 2026Laurus Labs is a leading Indian pharma company migrating from generic APIs to high-margin CDMO services, with expected 15-20% revenue and 20-25% earnings growth.
- Sona BLW Precision Forgings LimitedSep 2026Sona Comstar is a dominant Indian auto component manufacturer with strong market shares, a Denso JV expanding its EV powertrain reach, and expected 15-20% revenue and 20-25% earnings growth.
- Sudeep Pharma LimitedSep 2026Sudeep Pharma is a uniquely certified Indian manufacturer of mineral-based excipients and specialty ingredients, benefiting from the China Plus One shift and battery-grade iron phosphate expansion with over 20% EBITDA growth expected.
- Lenskart Solutions LimitedSep 2026Lenskart is India's largest omnichannel eyewear retailer with a vertically integrated model, positioned to gain share from unorganized players with expected 20-25% revenue and 30%+ EBITDA growth.
- 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.