Baron Emerging Markets Fund
Actively managed emerging-markets stock fund
As of its 2026 Q2 report, Baron Emerging Markets Fund held 96 positions with $3.99B in net assets. Its ten largest holdings made up 42.7% of the fund. The BEXFX share class costs 1.38% a year. Over the 12 months to May 2026, BEXFX returned 40.9%, with dividends reinvested. In 2026 Q2 it added 10 new positions and exited 8.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Taiwan Semiconductor Manufacturing Co Ltd | 15.24% | $608.96M | 7.7M | $78.89 |
Samsung Electronics Co Ltd | 7.73% | $308.66M | 1.4M | $221.90 |
SK hynix Inc | 7.10% | $283.51M | 160.7K | $1,764.58 |
Tencent Holdings Ltd | 2.26% | $90.18M | 1.6M | $55.18 |
Delta Electronics Inc | 2.24% | $89.32M | 1.4M | $62.80 |
Grupo Mexico SAB de CV | 1.91% | $76.10M | 6.7M | $11.30 |
Bajaj Finance Ltd | 1.75% | $69.86M | 6.6M | $10.64 |
BABAAlibaba Group Holding Ltd | 1.59% | $63.42M | 660.8K | $95.98 |
Contemporary Amperex Technology Co Ltd | 1.47% | $58.64M | 1.0M | $58.13 |
Montage Technology Co Ltd | 1.46% | $58.35M | 1.3M | $46.19 |
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.
All 96 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 98.38% |
Derivatives are shown at market value, not notional exposure.
How it has done
BEXFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 21.51%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.38% | +40.88% | +78.07% | +19.92% | -12.84% | |
| 1.12% | +41.15% | +79.50% | +21.48% | -12.82% | |
| 1.12% | +41.22% | +79.43% | +21.45% | -12.80% |
These classes hold the same portfolio, so the 1.56pp spread over 5 years is the cost difference between them — roughly 0.31pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 1.12% – 1.38%· BEXFX 1.38%
- Portfolio turnover
- 39.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
10 new· the largest 8
8 exited
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — BEXFX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”