Baron International Growth Fund Institutional Shares
BINIX
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- Baron International Growth Fund Institutional Shares (BINIX) is an open-end mutual fund managed by Baron Capital Group, Inc. that seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. companies of any market capitalization with significant growth potential; holdings are principally in developed markets but may include emerging markets exposure. The fund offers institutional shares with a minimum initial investment of $1,000,000, a net expense ratio of 0.96%, and daily pricing; as of September 30, 2025, net assets total $365.63 million across share classes, with 88 issuers comprising 98.5% of net assets. Core portfolio allocations emphasize diversified growth sectors including diversified banks (11.60%), semiconductors (5.10%), biotechnology (4.30%), life sciences tools and services (4.10%), and construction machinery and heavy transportation equipment (4.00%); top holdings as of November 30, 2025, feature Taiwan Semiconductor Manufacturing Company Limited (4.1%), argenx SE (3.7%), BNP Paribas S.A. (2.5%), Bank of Ireland Group plc (2.4%), and Lundin Mining Corporation (2.4%). Geographic diversification spans Japan (13.60%), France (10.10%), China (9.40%), India (8.90%), and the Netherlands (7.30%), with additional exposure to the United Kingdom, Canada, South Korea, Taiwan, and the United States, among others. The fund, with an inception date of December 31, 2008, is headquartered in New York, New York, and managed by Michael Kass since inception. In recent developments, the fund demonstrated strong performance in the second quarter of 2025, gaining 16.91% for institutional shares and outperforming the MSCI ACWI ex USA Index (12.03%) amid tempered U.S. tariff pressures; it added positions in high-conviction themes such as China-related holdings benefiting from economic stabilization and AI advancements, as well as increased weightings in Europe and India for resilient earnings growth. Portfolio adjustments in Q3 2025 included top contributors like Lynas Rare Earths Limited, argenx SE, and Lundin Mining Corporation, supporting a one-year trailing outperformance versus benchmarks as of September 30, 2025, with year-to-date returns of 24.85%. Baron Capital Group, the fund's adviser, launched five active ETFs in December 2025, signaling broader strategic expansion into exchange-traded products while maintaining focus on growth-oriented strategies akin to BINIX.