TOELF - Baron International Growth Fund Q1 2024 Shareholder Letter

2024-04-25 12:05:00 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 International Growth Fund gained 1.35% during the first quarter of 2024, while its primary benchmark index, the MSCI ACWI ex USA Index, was up 4.69%.
• The Fund underperformed the Benchmark and the Proxy Benchmark during the quarter, in our view largely due to its significant weighting in small- and mid-cap stocks and consequent underweighting in mega caps, in a quarter dominated by mega-cap returns.

Performance

Baron International Growth Fund® (the Fund) gained 1.35% (Institutional Shares) during the first quarter of 2024, while its primary benchmark index, the MSCI ACWI ex USA Index (the Benchmark), was up 4.69%. The MSCI ACWI ex USA IMI Growth Index (the Proxy Benchmark) gained 5.35% for the quarter. The Fund underperformed the Benchmark and the Proxy Benchmark during the quarter, in our view largely due to its significant weighting in small- and mid-cap stocks and consequent underweighting in mega caps, in a quarter dominated by mega-cap returns....

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