Baron International Growth Fund

Taiwan Semiconductor Manufacturing Company Limited (TSM) 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. Its successful track record of deploying new technology faster than competitors enables it to maintain its market share and pricing power. We believe TSMC’s investments in advanced nodes will solidify its superior market positioning and profitability in the long run.

Linde plc (LIN.GY) is the largest global independent industrial gas operator.
Industrial gas producers have strong pricing power due to the consolidated industry structure and high barriers to entry. We believe Linde is making a major contribution toward lowering greenhouse gas emissions and will benefit from a wave of hydrogen projects as well as carbon capture and sequestration projects, which should supplement double-digit earnings growth for the company’s base industrial gas business.

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, which promises to change the treatment paradigm for a host of autoantibody immune disorders.
Argenx's main product, efgartigimod, which treats a rare muscle weakness disorder, 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.

InPost S.A. (INPST.NA) is a logistics company operating a dominant network of automated parcel lockers in Poland, with 45% market share in e-commerce delivery. It has a nascent position in the UK and a leading position in France through a 2021 acquisition. It also operates in several satellite countries.
InPost is driving innovation in B2C last-mile delivery. The company benefits from shared infrastructure, accelerating returns to scale and density, secular e-commerce growth, and channel shift to lockers versus to-door delivery. It holds over 90% market share in automated parcel lockers in Poland, reaching 87% of urban area residents within a 7-minute walk. It is also well positioned for international expansion, leveraging cross-border opportunities and ESG advantages for merchants, customers, and regulators.

Constellation Software Inc. (CSU.CN) is a holding company that owns and operates a large number of small- and medium-sized software businesses. These businesses allow customers across a wide range of verticals to automate key activities with the goal of saving on labor costs.
Constellation has valuable experience to offer acquisition targets, primarily around building high-touch, low-cost modules and contract pricing. We view this experience as a durable competitive advantage while the company continues to acquire targets. With over 20,000 small owner-operated vertical market software businesses in the U.S. and Europe, Constellation's successful acquisition program and moat should remain intact, in our opinion. We believe management can meet its goal of compounding free cash flow per share at greater than 12% over time.

Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company providing property & 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. It operates in a large global market and is currently benefiting from favorable pricing trends across many of its product lines. In our view, management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility.

eDreams ODIGEO SA (EDR.SM) is one of the largest online travel companies in the world and e-commerce businesses in Europe. The company serves customers across 44 markets under four leading brands – eDreams, GO Voyages, Opodo, and Travellink – as well as the metasearch engine Liligo.
eDreams is transforming from a transactional to a subscription-based business and has already reached 5.8 million subscribers, ahead of its original schedule. It is on pace to reach its target of 7.25 million Prime members by fiscal 2025, double our original forecast. eDreams should continue to grow through new customer acquisition and product offerings that could increase its value proposition to consumers, including through entering the fragmented European hotel market and offering more personalized and effective customer experiences with its use of AI.

Industria de Diseño Textil, S.A. (ITX.SM) (Inditex) is a leading Spain-headquartered specialty apparel company with over 5,000 stores in more than 80 countries. The company's flagship Zara brand represents around 70% of revenue.
Inditex operates a unique retail business model by prioritizing speed and flexibility. Its strategy translates to high traffic, fast turns, negative working capital, and high full-price sell-through, which coalesce to generate industry-leading margins and returns on capital. Inditex's relatively low market share outside core Iberian markets suggests a large growth opportunity for the company in the years ahead.

Symrise AG (SY1.GR) is one of the largest manufacturers in the global flavor and fragrance industry. It provides flavor and scent inputs for the consumer staples industry, including packaged food, beverage, and household and personal care.
The demand for processed foods and convenience products has been rising in emerging economies. Since the makers of these products rely on Symrise for flavor and fragrance inputs, we believe the company will benefit from the growth in its end markets. With the flavor and fragrance industry dominated by four global companies including Symrise, we think Symrise stands to profit from industry consolidation and will continue to gain share from smaller local companies.

Experian plc (EXPN LN) provides data and analytical tools to manage credit risk, prevent fraud, target marketing offers, and automate decision-making. The company is one of three credit bureaus in the U.S. and is the largest credit bureau in the U.K.
Experian is growing by introducing new products, entering new customer verticals, and expanding internationally. The company has aggressively expanded in developing countries by launching new credit bureaus and acquiring existing bureaus. Experian has visible revenue growth, expanding margins, and strong cash flow to fund dividends and share repurchases.

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