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Stock impact report

Baron International Growth Fund Q3 2025 Shareholder Letter [Seeking Alpha]

ODDITY Tech Ltd. - Class A Ordinary Shares (ODD) 
Company Research Source: Seeking Alpha
Top contributors were Lynas Rare Earths Limited, argenx SE, and Lundin Mining Corporation. Top detractors were Constellation Software Inc., InPost S.A., and ODDITY Tech Ltd. The Fund initiated positions in Nomura Holdings, Inc., EssilorLuxottica SA, Pony AI Inc., GDS Holdings Limited, and Kuaishou Technology. J Studios/DigitalVision via Getty Images Dear Baron International Growth Fund Shareholder, Baron International Growth Fund® (the Fund) gained 6.04% (Institutional Shares) during the third quarter of 2025, while its primary benchmark, the MSCI ACWI ex USA Index (the Benchmark), appreciated 6.89%. The MSCI ACWI ex USA IMI Growth Index (the Proxy Benchmark) gained 5.75% for the quarter. The Fund modestly underperformed the Benchmark while slightly bettering the Proxy Benchmark during a solid quarter for global equities, in our view driven by the onset of a Federal Reserve (the Fed) easing cycle and ongoing announcements of large-scale investment related to AI data center Show less Read more
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