Baron India Fund Fund Q2 2025 Shareholder Letter

2025-07-23 05:10:00 ET

Dear Baron India Fund Shareholder:

Baron India Fund® (the Fund) appreciated 9.15% (Institutional Shares) during the second quarter of 2025, while its relevant benchmark, the MSCI ( MSCI ) AC Asia ex Japan/India Linked Index (the Linked Benchmark), rose 9.22%. As a reminder to investors, as of market close on August 30, 2024, Baron New Asia Fund was converted into Baron India Fund, necessitating a Linked Benchmark to allow the predecessor track record to attach to the new Fund. In essence, our reported performance represents the return of Baron New Asia Fund from July 30, 2021 (Fund inception date) through August 31, 2024 and that of the reconstituted Baron India Fund beginning thereafter. Similarly, the Linked Benchmark, effective September 1, 2024, will reflect the performance of the MSCI India Index, the primary benchmark of Baron India Fund, while the period from July 30, 2021 through August 31, 2024 will reflect the performance of the MSCI AC Asia ex Japan Index....

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