Baron Emerging Markets Fund
BARON SELECT FUNDS · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Baron Emerging Markets Fund is an actively managed emerging-markets equity fund.
- Asset class
- Equity
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q2
The investment goal of Baron Emerging Markets Fund (the Fund) is capital appreciation.
The fund invests at least 80% of its net assets in equity securities of growth companies in developing countries included in the MSCI Emerging Markets Index or determined by the adviser to have similar characteristics, seeking businesses with significant growth opportunities, sustainable competitive advantages, exceptional management, and attractive valuations. Up to 20% may be invested in developed and frontier countries. The fund may hold securities of any market capitalization across at least three different countries and typically does not hedge currency exposure, though substantial overvalued currency positions may be hedged.
| Share class | Expense ratio |
|---|---|
| BEXFX | 1.38% |
| BEXIX | 1.12% |
| BEXUX | 1.12% |
Portfolio turnover 39.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 98.38% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: SK Square Co Ltd, Divi's Laboratories Ltd, Rasan Information Technology Co, OTP Bank Nyrt, SPCX, HD Hyundai Marine Solution Co Ltd, Acutaas Chemicals Ltd, Ceres Power Holdings PLC
Exited: InPost SA, HD Korea Shipbuilding & Offshore Engineering Co Ltd, Kuaishou Technology, Kaynes Technology India Ltd, Wuxi Biologics Cayman Inc, Park Systems Corp, HDFC Bank Ltd, Inter & Co Inc
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +40.98% | +69.57% | +17.87% | 21.52% | -12.84% | |
| +41.38% | +70.94% | +19.45% | 21.53% | -12.82% | |
| +41.36% | +70.99% | +19.42% | 21.50% | -12.80% |
These classes hold the same portfolio, so the 1.57pp spread over 5 years is the cost difference between them — roughly 0.31pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Taiwan Semiconductor Manufacturing Co Ltd | 15.24% | $78.89 | $608.96M | 7.7M |
| — | Samsung Electronics Co Ltd | 7.73% | $221.90 | $308.66M | 1.4M |
| — | SK hynix Inc | 7.10% | $1,764.58 | $283.51M | 160.7K |
| — | Tencent Holdings Ltd | 2.26% | $55.18 | $90.18M | 1.6M |
| — | Delta Electronics Inc | 2.24% | $62.80 | $89.32M | 1.4M |
| — | Grupo Mexico SAB de CV | 1.91% | $11.30 | $76.10M | 6.7M |
| — | Bajaj Finance Ltd | 1.75% | $10.64 | $69.86M | 6.6M |
| BABA | Alibaba Group Holding LtdBABA | 1.59% | $95.98 | $63.42M | 660.8K |
| — | Contemporary Amperex Technology Co Ltd | 1.47% | $58.13 | $58.64M | 1.0M |
| — | Montage Technology Co Ltd | 1.46% | $46.19 | $58.35M | 1.3M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 42.73% of net assets, top 25 59.57%, across 92 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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