Baron Emerging Markets Fund Q2 2025 Shareholder Letter

2025-08-06 09:24:00 ET

Dear Baron Emerging Markets Fund Shareholder:

Baron Emerging Markets Fund ^® (the Fund) gained 15.39% (Institutional Shares) during the second quarter of 2025, while its primary benchmark, the MSCI Emerging Markets Index (the Benchmark), appreciated 11.99%. The MSCI Emerging Markets IMI Growth Index (the Proxy Benchmark) gained 14.56% for the quarter. The Fund solidly outperformed the Benchmark while more modestly exceeding the Proxy Benchmark during a strong quarter for global equities marked by a tempering of the Trump Administration’s tariff aggression. We were pleased with our quarterly results and have now handily exceeded both the Benchmark and Proxy Benchmark on a year-to-date and one-year trailing basis....

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