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.

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.

EDreams ODIGEO SA (EDR.SM) is one of the largest online travel companies in the world and among the leading e-commerce businesses in Europe. The company serves customers across 44 markets under four brands—eDreams, GO Voyages, Opodo, and Travellink—as well as the metasearch engine Liligo.
EDreams has successfully transformed from a transactional to a subscription-based business, with the largest travel subscription business globally. The company has 7.5 million Prime members, surpassing its multi-year target and more than doubling our initial forecast. EDreams should continue to grow through new customer acquisitions 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.

HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (009540.KS), a sub-holding company of HD Hyundai, oversees key affiliates like HD Hyundai Heavy Industries, the world's largest shipbuilder by order book size and a leader in high-end vessels including liquified natural gas (LNG)-powered ships.
Korean shipbuilders have an oligopoly in LNG carrier shipbuilding, LNG dual-fueled containerships, and tankers. The tightening regulation on carbon emission, which will be fully adopted by the International Maritime Organization (IMO) by 2030, should drive higher demand for LNG dual-fueled ships as well as carbon-free ammonia-fueled ships. We expect a structural shortage of compliant ships to emerge as the IMO deadline nears, which should benefit Korea Shipbuilding given its leading position.

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.

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.

Waga Energy SA (WAGA.FP) is an independent biomethane producer that upgrades landfill gas into cost-competitive, grid-compliant biomethane. Biomethane helps combat climate change by reducing methane emissions from landfills and serving as a renewable substitute for natural gas and other fossil fuels.
The company develops, finances, builds, commissions, and operates purification units using its patented proprietary WAGABOX® technology, which enables the capture of biomethane from nearly any landfill site. Industry experts forecast a 25-fold increase in renewable natural gas consumption by 2040, driven by government policies. The company currently has 32 WAGABOX units in operation and has secured contracts for 11 more, representing a combined 100 million euros in annual fixed-price sales. In addition, the company has a project pipeline covering 165 additional sites.

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.

Ajinomoto Co., Inc. (2802.JT), a Japanese multinational, is one of the most profitable food companies in the world. The company has expanded into a wide range of products and services across seasonings, pharmaceutical contract development and manufacturing, and semiconductor functional materials.
We believe that Ajinomoto’s core food business will maintain steady growth, supported by Southeast Asia’s emerging middle class. We are particularly optimistic about the growth prospects for Ajinomoto Build-up Film (ABF), an insulating material used in the packaging of high-performance semiconductors. We expect ABF’s high-margin revenue to surge over the next five years, driven by robust demand for AI accelerators. Overall, we forecast that Ajinomoto can more than double its EPS over this period, with ABF accounting for the majority of profit growth.