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 launching Vyvgart (efgartigimod) in myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, while developing the drug for additional autoantibody-driven autoimmune conditions. 
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.

TotalEnergies SE

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.

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.

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.

Keyence Corporation (6861 JP) is a leading developer and manufacturer of factory automation equipment. The company's products include fiber optic sensors, photoelectric sensors, laser scan, and bar code readers. Keyence is headquartered in Osaka, Japan.
As a leading supplier of sensor technologies and machine vision applications for factory and supply chain automation, Keyence should benefit from the increasing adoption of industrial automation to enhance productivity as labor costs climb. This is particularly true in China, which is fast becoming a high-growth market, as well as other Asian markets. Keyence leverages strong R&D capabilities and a highly technical sales force to provide customized solutions across various industries. We expect earnings to compound 12% to 15% over the next three to five years.

Epiroc AB

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 is generating attractive returns 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.