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Baron Emerging Markets Fund's investment thesis on FirstRand Limited ($FSR.JO) — Q4 2025 | Buyside Digest

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$FSR.JONASDAQFirstRand Limited

BULL

Baron Emerging Markets Fund—FSR.JO

Fund Letter

Q4 2025

Published December 31, 2025

View Fund Profile

$10129.00USD

+4.2% vs last month

$9063.00Pitched

+11.8% since pitch

Market Cap$566.4B

P/E (TTM)N/A

52-Wk RangeN/A

Div. YieldN/A

Technical Chart

From the Fund Letter

Baron Emerging Markets Fund gained 30.14% in 2025, slightly underperforming its benchmark due to a challenging fourth quarter where the fund retreated 1.26% (Institutional Shares) versus the Benchmark's 4.73% rise. The Q4 underperformance...

— Michael Kass

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