The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 1, 2026
Baron Emerging Markets Fund declined 3.39% net of fees (Institutional Shares) in the third quarter of 2026, underperforming its primary benchmark, the MSCI Emerging Markets Index, which retreated 0.37%, while performing roughly in line with the MSCI Emerging Markets IMI Growth Index (-3.10%). Year-to-date, the fund has returned 16.10% net of fees compared to 23.38% for the primary benchmark. Underperformance was largely driven by a rotation into value and commodity-oriented equities over growth amid spiking bond yields and energy prices, with stock selection in Information Technology and adverse positioning in Indian financials detracting from relative results. Cash and cash equivalents stood at 1.4% of net assets at quarter-end. The macroeconomic environment was characterized by the rising influence of artificial intelligence crowding out capital, resumed hostilities between the U.S. and Iran, and a breakout in nominal and real 10-year Treasury yields reaching 5.3%. The manager views the bond yield spike as overdone, noting that a reduction in geopolitical energy risk premiums post-U.S. elections could trigger a mean reversion benefiting growth assets. Furthermore, a decisive rightward political shift in Brazil's elections is viewed as an emerging fiscal anchor capable of unlocking aggressive monetary easing across Latin America. Portfolio activity was marked by initiating new positions in MediaTek, Zijin Gold International, and Data Patterns (India), alongside additions to Divi's Laboratories, Prio, and Astra Microwave Products. The fund monetized its previously written-down holding in Sberbank of Russia via licensed transactions and fully exited positions including SK Square, Kotak Mahindra Bank, Banco Bradesco, Tencent Music Entertainment, and Reliance Industries to concentrate capital in top ideas.
The strategy identifies high-quality, competitively advantaged growth businesses in emerging markets aligned with secular themes, exploiting market overreactions to macroeconomic and geopolitical dislocations.
The manager expects nominal and real bond yields to retrace meaningfully once post-election energy risk premiums subside or hyperscale AI capital spending moderates, which should drive a healthy mean reversion and sustain emerging market equity outperformance.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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