Baron Emerging Markets Fund’s Q3 2025 Investor Letter

Baron Funds, an investment management company, released its “Baron Emerging Markets Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 10.89% (Institutional Shares) in the third quarter compared to a 10.64% return for the MSCI Emerging Markets Index (the Benchmark) and a 11.48% return for the MSCI Emerging Markets IMI Growth Index (the Proxy Benchmark). YTD, the fund returned 31.79% compared to 27.53% and 28.19% for the indexes. The firm was satisfied with the quarterly results, particularly given the underperformance of Indian equities during that period, and it is still well ahead of both the Benchmark and the Proxy Benchmark on a year-to-date and one-year trailing basis. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Baron Emerging Markets Fund’s Q3 2025 investor letter can be downloaded here.