Baron International Growth Fund

Taiwan Semiconductor Manufacturing Company Limited (TSM), known as TSMC, is the world's largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
TSMC is the dominant force in leading-edge semiconductor foundry manufacturing, as it benefits from economies of scale and a superior cost structure. The company's successful track record of deploying new technology faster than competitors helps it maintain market share and pricing power. We believe TSMC’s investments in advanced nodes will strengthen its market leadership and support long-term profitability.

Argenx SE (ARGX) is a biotechnology company developing antibodies for the treatment of autoimmune disorders. The company is in the early years of the commercial launch of its drug Vyvgart (efgartigimod alfa) for a rare muscle weakness disorder.
Efgartigimod has potentially broad applicability in ameliorating overactive antibody-based diseases. Efgartigimod is a true "pipeline in a product," where the product itself is the platform, as it has the potential to be used against a diverse range of diseases—something that is rarely achieved in the biotechnology space. We expect the share price to increase as argenx proves its product’s effectiveness in multiple autoantibody disorders.

BNP Paribas S.A. (BNP.FP) is a French bank with leading positions in France, Belgium, and Italy. It offers retail banking, corporate investment banking, and asset management, among other financial services. BNP has smaller operations throughout Europe, as well as in the U.S., through its subsidiary Bancwest.
BNP offers a diversified earning mix, above-average execution track record, and high-quality management, in our view. It holds strong franchises in its three main activities: retail banking, corporate and institutional banking, and investment solutions, positioning it to benefit from an expected eventual recovery in the Eurozone. We think BNP will improve returns on equity (ROE) through increasing efficiencies. We also think there is upside to management’s strategic plan for achieving 10% ROE, as it is based on conservative assumptions on growth and interest rates.

Lundin Mining Corporation (LUN.CN) is a diversified base metals producer primarily focused on copper, with the majority of its operating assets located in South America.
We are bullish on the long-term outlook for copper and expect a multi-year deficit driven by structural demand growth from global electrification. Electric vehicles need roughly four times more copper than internal combustion engine vehicles, while wind and solar power installations use about five times more copper per megawatt than conventional power plants. We view Lundin Mining favorably given its strategic portfolio transition, copper production growth potential, and the transformational joint venture with BHP to develop the Vicuña District copper deposits in Argentina.

Bank of Ireland Group plc (BIRG.ID) is one of the largest banks in both the Republic of Ireland and Northern Ireland. The company offers a full range of banking services to corporate and retail clients, including loans, insurance, credit and debit card processing, and investment consulting, among others.
Bank of Ireland offers leveraged exposure to Ireland’s resilient, fast-growing economy. Post-consolidation, a concentrated market supports rational pricing and lower competitive intensity relative to other European markets. In addition, Bank of Ireland’s asset-liability management strategy should driver higher net interest margin resilience, while cost control and benign credit quality should keep return on equity above the cost of capital. With strong capital generation and capacity for buybacks and dividends, we see meaningful upside to earnings and valuation.

Headquartered in Frankfurt, Deutsche Bank AG (DB) is a leading global bank operating in over 55 countries. The firm provides corporate, investment, private, and asset management services, with a focus on transaction banking, capital markets, advisory, and wealth management.
Deutsche Bank stands to benefit from Germany’s fiscal expansion and the EU’s push toward a Savings and Investment Union, both of which should stimulate credit growth, capital markets activity, and wealth deployment. With leading positions in corporate lending, fixed income, and advisory, as well as a strong domestic deposit base, the bank is well positioned to capture rising demand for financing, investment products, and cross-border banking services across Europe.

Sumitomo Mitsui Financial Group, Inc. (8316.JP) is the holding company of Sumitomo Mitsui Banking Corporation, one of Japan’s largest commercial banks. It offers services to corporate and retail clients through more than 450 branches in Japan and operations across the U.S., Europe, the Middle East, and Asia.
We believe management’s targets outlined in its recent strategic plan appear conservative given a pickup in securities activity and the normalization of interest rate policy in Japan. The bank has been actively investing in digital transformation, which we believe should drive improved efficiency. Finally, management’s commitment to an attractive capital return profile supports the potential for dividend growth and an expanded buyback program, further enhancing shareholder returns.  

Tokyo Electron Limited (8035.JP) is an advanced semiconductor equipment manufacturer based in Japan.
As a market leader in photoresist coating, deposition, and etching equipment serving global logic and memory chipmakers, Tokyo Electron’s growth should accelerate in the next 5 to 10 years, driven by surging chip demand and rising complexity of semiconductor manufacturing requiring high-end tools.

Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company providing property and casualty insurance, reinsurance, and mortgage insurance.
Arch is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines as market conditions change. Operating in a large global market, Arch benefits from favorable pricing trends across many of its product lines. Management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility.

Mitsubishi UFJ Financial Group, Inc. (MUFG) is Japan’s largest financial group, offering banking, trust, securities, and asset management services globally. The company is a long-term strategic investor in Morgan Stanley, with an ownership stake of roughly one quarter.
MUFG stands out for its global scale, balance sheet strength, and unique strategic stake in Morgan Stanley, which provides diversified earnings beyond Japan. The company is positioned to benefit disproportionately from rising Japanese interest rates, supported by best-in-class capital ratios, disciplined risk management, and improving shareholder returns. Relative to peers, MUFG offers superior international exposure, higher fee income, and meaningful return on equity upside, making it an attractive play on Japan’s financial normalization.

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