Baron Global Opportunity Fund

Space Exploration Technologies Corp. (SpaceX, SPCX) is a vertically integrated space, connectivity, and AI company. It builds reusable rockets like Starship and runs Starlink and Starlink Mobile (over 12 million subscribers, over 160 markets). It is a leading AI vendor with xAI, Cursor, and dense datacenters.
Space Exploration Technologies Corp. (SpaceX, SPCX) is a vertically integrated leader in space, global connectivity, and AI. Rocket reusability drives industry-leading launch cadence and costs, fueling Starlink’s expansion across broadband, enterprise, and government, and a growing mobile push. Starship should lower costs further and carry next-gen satellites. With xAI and Cursor, SpaceX sells frontier models and AI coding tools backed by in-house compute and chips. Longer term, orbital AI could offer solar-powered compute at unprecedented scale, an edge few can replicate. 

Shopify Inc. (SHOP) is a leading commerce platform providing software, payments, fulfillment, and financial services to merchants of all sizes, enabling them to sell online, in-store, and across social and marketplace channels globally.
Shopify Inc. (SHOP) offers a scalable, end-to-end commerce platform that serves merchants of all sizes, including offline, international, and B2B businesses. Its aggregate scale, innovation, and ecosystem of partners allow merchants to run every part of their business on the Shopify platform. The company's access to real-time, transaction-level data across its merchants strengthens its competitive position, allowing it to share the benefits of scale directly with them. With less than 2% share of $25 trillion in global commerce (ex China), it has a long runway for growth.

NVIDIA Corporation (NVDA) is the world's dominant designer of graphics processing units and AI accelerators, supplying the compute infrastructure for large language model training and inference, autonomous vehicles, robotics, and scientific simulation through its CUDA software ecosystem.
NVIDIA Corporation (NVDA) benefits as computing demand doubles every one to two years, driven by electrification, digitization, and advancements in AI, yet supply growth has decelerated due to the slowdown in Moore's law. Its accelerated computing architecture enables continued growth in computing capacity through parallelization. We are at the tipping point of a new era in computing, with NVIDIA at its epicenter as generative AI adoption grows. With leading market share in gaming, data centers, and autonomous machines, we think it is well positioned for long-term growth.

Taiwan Semiconductor Manufacturing Company Limited (TSM) is the world’s largest dedicated chip foundry, producing leading-edge logic and advanced packaging for customers like NVIDIA, Apple, AMD, and Broadcom across AI accelerators, smartphones, PCs, and autos, with fabs in Taiwan, Japan, China, and Arizona.
Taiwan Semiconductor Manufacturing Company Limited (TSM) is the dominant force in leading-edge foundry manufacturing, benefiting from economies of scale and a superior cost structure. Its track record of deploying new technology faster than competitors helps it maintain market share and pricing power, with gross margins above 60%. We believe AI accelerators and advanced packaging will drive mid-20% revenue growth through 2029, and its lead at N2 and A14 keeps customers locked in. Falling capital intensity should lift free cash flow and sustain roughly 30% returns on equity.

Amazon.com, Inc. (AMZN) is the world's largest e-commerce marketplace and, through Amazon Web Services, the leading global cloud infrastructure provider, with additional businesses in digital advertising, subscription services, logistics, and artificial intelligence infrastructure.
Amazon.com, Inc. (AMZN) has around 45% of U.S. online retail sales, while its share of global retail sales is less than 5%. Amazon has many avenues for revenue growth, including consumer staples, international expansion, grocery, digital media offerings, private label, pharmacy and health care services, advertising, and a better shopping experience powered by generative AI. Amazon also represents an opportunity to invest in the secular growth of cloud computing and the adoption of enterprise AI through AWS—a large, fast-growing, and margin-accretive part of the business. 

MercadoLibre, Inc. (MELI) is the leading e-commerce marketplace and fintech platform in Latin America, operating an integrated ecosystem that includes online commerce, digital payments through Mercado Pago, consumer and merchant lending, and logistics services across 18 countries.
MercadoLibre, Inc. (MELI) is well positioned to benefit from Latin America’s shift toward e-commerce and digital financial services. Its integrated marketplace, logistics network, and Mercado Pago ecosystem reinforce customer loyalty and create meaningful barriers to competition. Investments in shipping and product selection are driving market share gains, while advertising and credit add growth opportunities. Although these investments weigh on near-term margins, we believe they strengthen its competitive advantage and support attractive long-term earnings growth.

ASML Holding N.V. (ASML.NA) is the world's sole manufacturer of extreme ultraviolet lithography systems—the machines essential to producing the most advanced semiconductors—and also supplies deep ultraviolet lithography systems and installed base management services to leading chipmakers globally.
ASML Holding N.V. (ASML.NA) is the leader in the photolithography space, with its equipment used by nearly all major semiconductor manufacturers. The company holds over 80% market share in deep ultraviolet photolithography and 100% market share in extreme ultraviolet systems—critical tools that enable continued improvement in chip performance, efficiency, and cost as transistor sizes shrink. In our view, ASML's next-generation high-NA EUV will extend its technological advantage and position the company for continued dominance at the leading edge of semiconductor production.

Eternal Limited (ZOMATO.IN), formerly Zomato, is one of the two dominant online food delivery platforms in India, also operating quick commerce, restaurant dining-out, and business-to-business supply businesses. It connects consumers, restaurants, and delivery partners through its technology platform.
Eternal Limited (ZOMATO.IN) is well positioned to benefit from structural growth in online food delivery in India. The industry has become a duopoly between Swiggy and Eternal, which bodes well for future economics and scale. Eternal is also leading competition in the fast-growing quick commerce industry in India. We believe the company has the potential to double revenue while also improving profitability and growing earnings over the next three to five years. 

Nu Holdings Ltd. (NU) is a Latin American digital bank with operations in Brazil, Mexico, and Colombia, providing consumers with convenient, accessible financial products through a digital platform.
Nu Holdings Ltd. (NU), through Nubank, is disrupting the financial services industry in Brazil via its digital distribution and intense focus on user experience, which has allowed it to reach over 112 million customers (roughly 60% of the country’s adult population) in just over a decade. Nu is addressing the key pain points faced by retail bank clients in the region, including high fees, poor customer service, and limited access to financial products. We believe the company’s superior product offering will allow it to take share from incumbents in this massive market.

argenx SE (ARGX) is an immunology-focused biotechnology company developing differentiated antibody-based therapies for severe autoimmune diseases. Its proprietary antibody platform, derived from the llama immune system, underpins its lead therapy, efgartigimod, which targets the neonatal Fc receptor.
argenx SE (ARGX) owns efgartigimod, which 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.