Baron
Baron International Growth Fund
International Large-cap Growth
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 28 investment theses and positions in 51 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
Disposals included InPost S.A. , Bharti Airtel Limited , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Park Systems Corporation , Reliance Industries Limited , Kaynes Technology India Limited , and Kuaishou Technology .
Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.
Disposals included InPost S.A. , Bharti Airtel Limited , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Park Systems Corporation , Reliance Industries Limited , Kaynes Technology India Limited , and Kuaishou Technology .
Disposals included InPost S.A. , Bharti Airtel Limited , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Park Systems Corporation , Reliance Industries Limited , Kaynes Technology India Limited , and Kuaishou Technology .
Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.
Adding to our sustainability/ESG theme, we accumulated a position in Ceres Power Holdings plc , a U.K.-based developer of solid oxide fuel cell and electrolysis technology for power generation and green hydrogen production.
Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.
Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.
Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.
Disposals included InPost S.A. , Bharti Airtel Limited , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Park Systems Corporation , Reliance Industries Limited , Kaynes Technology India Limited , and Kuaishou Technology .
Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.
Disposals included InPost S.A. , Bharti Airtel Limited , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Park Systems Corporation , Reliance Industries Limited , Kaynes Technology India Limited , and Kuaishou Technology .
Disposals included InPost S.A. , Bharti Airtel Limited , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Park Systems Corporation , Reliance Industries Limited , Kaynes Technology India Limited , and Kuaishou Technology .
Disposals included InPost S.A. , Bharti Airtel Limited , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Park Systems Corporation , Reliance Industries Limited , Kaynes Technology India Limited , and Kuaishou Technology .
We also added to our global security theme by building a position in Divi's Laboratories Limited , a leading global active pharmaceutical ingredients (APIs) and intermediates manufacturer.
During the quarter, as part of our digitization theme, we initiated a position in Spotify Technology S.A. , the world's leading audio streaming platform with over 750 million monthly active users and nearly 300 million paying Premium subscribers.
Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.
Also held
- BAE Systems plc
- Kingdee International Software Group Company Limited
- GDS Holdings Limited
- Samsung Electronics Co., Ltd.
- Tokyo Electron Limited
- AMG Critical Materials N.V.
- Montage Technology Co., Ltd.
- Taiwan Semiconductor Manufacturing Company Limited
- argenx SE
- Lynas Rare Earths Limited
- Agnico Eagle Mines Limited
- Lundin Mining Corporation
- ISC Co., Ltd.
- Ajinomoto Co., Inc.
- Pony AI Inc.
- TotalEnergies SE
Its investment theses
- Spotify Technology S.A.Jun 2026Spotify Technology S.A. is the leading audio streaming platform with strong scale advantages, personalization, and long-term margin expansion potential.
- Divi's Laboratories LimitedJun 2026Divi's Laboratories Limited is a leading API manufacturer benefiting from supply-chain diversification, GLP-1 demand, and strong growth visibility.
- Sartorius Stedim Biotech S.A.Jun 2026Sartorius Stedim Biotech S.A. is a bioprocessing leader with scalable one-time-use bioreactors, attractive margins, and re-rating potential.
- Ceres Power Holdings plcJun 2026Ceres Power Holdings plc is an asset-light fuel cell and hydrogen technology licensor with proprietary efficiency advantages and high-margin royalty upside.
- Taiwan Semiconductor Manufacturing Company LimitedJun 2026Taiwan Semiconductor Manufacturing Company Limited is the leading advanced logic foundry and benefits from AI-driven demand, pricing power, and a durable technology roadmap.
- Tokyo Electron LimitedJun 2026Tokyo Electron Limited is a semiconductor equipment leader benefiting from AI-driven HBM demand and a potential multi-year industry supercycle.
- HPSP Co., Ltd.Mar 2026HPSP is a monopoly semiconductor equipment supplier with high margins and multi-year AI-driven growth potential.
- The Japan Steel Works, Ltd.Mar 2026The Japan Steel Works is a diversified industrial equipment maker with defense, nuclear, and power-related growth tailwinds.
- Universal Music Group N.V.Mar 2026Universal Music Group is the leading music company with AI monetization, recurring subscription growth, and an attractive valuation.
- Park Systems CorporationMar 2026Park Systems is a niche semiconductor metrology company benefiting from leading-edge process complexity and AI-related demand.