Investment objective & strategy
As of April 30, 2025 · prospectusObjective. The investment goal of Baron International Growth Fund (the Fund) is capital appreciation.
Strategy. The Fund is a diversified fund that, under normal circumstances, invests primarily in equity securities of non-U.S. growth companies. Non-U.S. securities include securities that the Adviser determines are non-U.S. based on the consideration of an issuers domicile, its principal place of business, its primary stock exchange listing, the source of its revenue or other factors. The Fund seeks to diversify its investments among several developed countries and developing countries throughout the world, although the Fund may only invest up to 35% of its net assets in developing countries. Developing countries include countries in the MSCI Emerging Markets (EM) Index, countries in the MSCI Frontier Markets (FM) Index and other countries determined by the Adviser to be developing countries based on … The Fund is a diversified fund that, under normal circumstances, invests primarily in equity securities of non-U.S. growth companies. Non-U.S. securities include securities that the Adviser determines are non-U.S. based on the consideration of an issuers domicile, its principal place of business, its primary stock exchange listing, the source of its revenue or other factors. The Fund seeks to diversify its investments among several developed countries and developing countries throughout the world, although the Fund may only invest up to 35% of its net assets in developing countries. Developing countries include countries in the MSCI Emerging Markets (EM) Index, countries in the MSCI Frontier Markets (FM) Index and other countries determined by the Adviser to be developing countries based on classifications made by the International Monetary Fund or on country characteristics similar to those of the countries in the EM and FM Indexes. The Fund may purchase securities of companies of any market capitalization. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. The Funds investments in non-U.S. securities generally are traded in currencies other than U.S. dollars, so the Adviser buys and sells foreign currencies to facilitate transactions in portfolio securities. The Adviser usually does not hedge against possible fluctuations in exchange rates, but exposure to a particular currency that the Adviser believes is overvalued may be hedged if the Fund has a substantial position in securities traded in that currency. The Fund may buy and sell currencies for cash at current exchange rates, or use an agreement to purchase or sell a specified currency at a specified future date or within a specified time period, at a price set at the time of the contract.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TSMC | — | $15.84M | 5.45% |
| LUNDIN MINING CORP | — | $9.04M | 3.11% |
| ARGENX SE SPONSORED ADR | — | $8.99M | 3.09% |
| BNP PARIBAS | — | $8.46M | 2.91% |
| TOTALENERGIES SE | — | $8.04M | 2.77% |
| AJINOMOTO CO INC | — | $7.12M | 2.45% |
| TOKYO ELECTRON | — | $6.66M | 2.29% |
| ARCH CAPITAL GROUP LTD | — | $6.49M | 2.23% |
| ASTRAZENECA PLC | — | $6.48M | 2.23% |
| LINDE PLC | — | $6.11M | 2.10% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Baron Emerging Markets Fund · BEXFX, BEXIX, BEXUX | 33% | 1.11% |
| Federated Hermes International Growth Fund · PIGDX, REIGX | 22% | 0.84% |
| International Growth and Income Fund | 21% | 0.56% |
Advisers
| Firm | Role |
|---|---|
| BAMCO, Inc. | Adviser |
Footnotes
- Expense ratio as of April 30, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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