Baron International Growth Fund initiated NMR, ESLOF, PONY, GDS, and KUASF; exits YAHOF, DNOPF, and CIADF.

* Baron International Growth Fund gained 6.04%, slightly underperforming its benchmark MSCI ACWI ex USA Index, which appreciated 6.89%. However, the fund bettered its proxy benchmark, the MSCI ACWI ex USA IMI Growth Index, which gained 5.75% during Q3 2025.
* The fund initiated a position in Nomura (NMR [https://seekingalpha.com/symbol/NMR]), EssilorLuxottica (OTCPK:ESLOF [https://seekingalpha.com/symbol/ESLOF]), Pony AI (PONY [https://seekingalpha.com/symbol/PONY]), GDS (GDS [https://seekingalpha.com/symbol/GDS]), and Kuaishou Technology (OTCPK:KUASF [https://seekingalpha.com/symbol/KUASF]) in Q3 2025.
* The fund exited a few positions during the quarter, including LY (OTCPK:YAHOF [https://seekingalpha.com/symbol/YAHOF]), Dino Polska (OTCPK:DNOPF [https://seekingalpha.com/symbol/DNOPF]), China Mengniu Dairy (OTCPK:CIADF [https://seekingalpha.com/symbol/CIADF]), and Indus Towers.
* Source [https://seekingalpha.com/article/4839052-baron-international-growth-fund-q3-2025-portfolio-update].

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