LZRFY - Baron Emerging Markets Fund Q1 2024 Shareholder Letter

2024-04-25 11:15:00 ET

Summary

• Baron is an asset management firm focused on delivering growth equity investment solutions known for a long-term, fundamental, active approach to growth investing.
• Baron Emerging Markets Fund gained 2.50% (Institutional Shares) during the first quarter of 2024, while its primary benchmark index, the MSCI EM Index (the Benchmark), was up 2.37%.
• We believe the recent strength in equities can be attributed to the Fed’s indication that while it may delay or moderate, it principally remains on course for multiple rate cuts during the current year.
• Any ongoing signs of improving growth would likely trigger significant equity appreciation, given widespread skepticism and depressed valuations.

Dear Baron Emerging Markets Fund Shareholder:

Performance

Baron Emerging Markets Fund ^® ( BEXIX , the Fund) gained 2.50% (Institutional Shares) during the first quarter of 2024, while its primary benchmark index, the MSCI EM Index (the Benchmark), was up 2.37%. The MSCI EM IMI Growth Index (the Proxy Benchmark) gained 2.98% for the quarter. The Fund performed similarly to the Benchmark while modestly underperforming the Proxy Benchmark during the quarter....

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