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 12% ROE, as it is based on conservative assumptions on growth and interest rates.

TotalEnergies SE (TTE.FP) is a global integrated energy company that produces, refines, and markets oil, natural gas, and LNG, and generates and sells electricity. Present in nearly 120 countries, it is one of the world's largest LNG suppliers and a growing producer of low-carbon power.
TotalEnergies is one of the largest and lowest cost producers of liquefied natural gas (LNG), with an industry leading project pipeline and global marketing network. Disciplined capital allocation has delivered the highest return on capital employed among the integrated majors, and low-geared balance sheet supports a growing dividend and consistent buybacks through the cycle. We view favorably its integrated power build-out, including long-term contracts with data center customers and its targets to cut Scope 1 and 2 emissions by 40% by 2030 and reach net-zero by 2050.

Keyence Corporation (6861.JP) develops sensors, machine vision systems, and precision measurement equipment for factory automation. Headquartered in Osaka, Japan, it serves manufacturers through a direct-sales network spanning 46 countries.
Keyence is a leading supplier of sensors and machine vision for factory automation, benefiting as labor shortages, wage inflation, and reshoring increase automation intensity. Its innovation engine—70% of new products feature world- or industry-first technology—direct-sales model, and fabless manufacturing support strong margins through cycles. A modest market share leaves a long runway, while AI-related investment provides an additional tailwind. We expect earnings to compound at a low- to mid-teens rate over the next three to five years.

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. With only 2% share of a $1 trillion global commercial insurance market, Arch has significant runway for share gains. Management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility than peers.

Samsung Electronics Co., Ltd. (005930.KS) is a Korean technology conglomerate known for its leadership in consumer electronics and semiconductor manufacturing.
Samsung is the bellwether for global technology innovation and continues to deliver robust earnings across memory, logic, display, and smartphones. We are confident Samsung can maintain its technology leadership for years to come, given its strong research and development track record and ability to meet ever-changing global consumer demand.

Ajinomoto Co., Inc. (2802.JT) is a Japanese multinational with businesses spanning seasonings and foods, pharmaceutical contract development and manufacturing, and semiconductor functional materials, including Ajinomoto Build-up Film.
We expect Ajinomoto’s core food business to grow steadily, supported by Southeast Asia’s expanding middle class. We are particularly optimistic about Ajinomoto Build-up Film, an insulating material used in high-performance semiconductor packaging. Strong demand from AI and high-performance computing should drive rapid, high-margin ABF revenue growth over the next five years. We forecast that Ajinomoto can more than double EPS over this period, with ABF accounting for most of the profit growth.

Lundin Mining Corporation (LUN.CN) is a copper-focused producer operating three mines in Chile and Brazil. It also holds 50% of the Vicuña copper district in Argentina, one of the largest undeveloped copper-gold-silver deposits globally.
We are bullish on copper long term and expect a multiyear structural deficit. Electrification, EVs and renewables compound demand, further boosted by grid buildout to power AI data centers. Supply can't respond quickly given falling grades, seven to ten year lead times, and a decade of underinvestment. We view Lundin Mining favorably given its focused exposure through three producing copper mines, balance sheet strength entering a major build cycle, plus 50% of Vicuña, a long-life, low-cost district being developed with BHP that could make Lundin a top-tier copper producer.

Euronext N.V.