009540-KS-2

009540-KS-2

009540-KS-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	abrdn Emerging Markets Fund	10.6%	11.6%	000333.SZ, 000660.KS, 000830.KS, 009540.KS, 0669.HK, 0700.HK, 1120.SR, 1211.HK, 2308.TW, 2327.TW, 2330.TW, 300750.SZ, 3690.HK, 4958.TW, ADIB.AD, BABA, ETE.WA, GLOB, HUVR.NS, IHCL.NS, JD, PDD, POWERGRID.NS, TCOM, TCS.NS, ZAB.WA	AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, Trade Policy	Chinese companies like Alibaba and Tencent faced margin pressure from rising AI-related capex. The fund maintains exposure to various sections of the AI supply chain, from semiconductor manufacturing and design to data center-oriented names. Hyperscalers' capex plans are expected to continue translating into orders for AI infrastructure companies.		View
2025 Q1	Mar 31, 2025	Baron Emerging Markets Fund	3.0%	3.0%	009540.KS, 0268.HK, 0700.HK, 1211.HK, 300750.SZ, 3690.HK, 8069.TW, BABA, BAJFINANCE.NS, BEKE, BHARTIARTL.NS, CHOLAFIN.NS, CUMMINSIND.NS, GFI, INDIGO.NS, JMFINANCIL.NS, KAYNES.NS, KOTAKBANK.NS, MELI, SWIGGY.NS, TRENT.NS, TSM, XPEV, YMM	China, Digitization, Dollar, Electric Vehicles, emerging markets, India, tariffs, Trade Policy	Added positions in Chinese EV manufacturers BYD and XPeng. BYD leads with 35% domestic market share and vertical integration including battery production. XPeng distinguished by advanced driver-assistance systems and autonomous driving technology. Both positioned to benefit from China's EV adoption exceeding 50% penetration.		View
2024 Q4	Dec 31, 2024	Baron Emerging Markets Fund	-7.4%	7.6%	005380.KS, 009540.KS, 0700.HK, 300750.SZ, BABA, BAJFINANCE.NS, BHARTIARTL.NS, HDFCBANK.NS, INPST.L, JD, MELI, RENT3.SA, SBIN.NS, TRENT.NS, TSM, YMM	China, E-Commerce, emerging markets, India, Korea, semiconductors, Shipbuilding	Fund maintains significant exposure to semiconductor leaders like TSMC, benefiting from cyclical recovery and AI chip demand. Taiwan and Korea constituents are strategically positioned for accelerating growth in AI, advanced computing, and leading-edge semiconductor manufacturing.		View
2024 Q3	Sep 30, 2024	Baron Emerging Markets Fund	9.0%	16.2%	000660.KS, 005930.KS, 009540.KS, 043370.KS, 0700.HK, 207940.KS, 300750.SZ, 3690.HK, 8069.TW, BABA, BHARTIARTL.NS, INPST, JMFINANCIL.NS, NUVAMA.NS, PDD, RELIANCE.NS, SBILIFE.NS, TRENT.NS, TSM, WMMVY	Biotechnology, China, E-Commerce, emerging markets, Energy Transition, Fed Easing, India, semiconductors	The fund holds major positions in Chinese e-commerce leaders Alibaba and Meituan, as well as Indian food delivery platform Swiggy. These companies benefit from growing online commerce penetration, improving profitability, and strong competitive positioning in their respective markets.	207940.KS 300750.SZ 8069.TW 3690.HK TRENT.NS SWIGGY.NS 9988.HK	View
2024 Q2	Jul 27, 2024	Baron Emerging Markets Fund	9.0%	16.2%	005930.KS, 009540.KS, 0700.HK, 4966.TW, BABA, BDO.PS, BHARTIARTL.NS, BKRKY, CUMMINSIND.NS, INDUSTOWER.NS, PDD, POWERGRID.NS, RELIANCE.NS, RENT3.SA, SRF.NS, SUZ.SA, TRENT.NS, TSM, WEGE3.SA, XP	AI, China, emerging markets, Fed policy, India, semiconductors, Valuations	AI enthusiasm has broadened from GPU/data center arms race to edge AI applications on servers, PCs, and handsets, driving demand for hardware replacement cycles. Many EM companies benefit from this transition, including semiconductor and hardware ecosystem players. The fund sees potential for market leadership changes as AI moves from training to inference phases.	4966.TW WEGE3.SA SRF.NS CUMMINSIND.NS POWERGRID.NS 009540.KS 0700.HK AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View
2024 Q2	Jun 30, 2024	abrdn Emerging Markets Fund	-3.0%	-1.4%	005930.KS, 009540.KS, 0700.HK, 1880.HK, 2020.HK, 2308.TW, 2454.TW, 300274.SZ, 300750.SZ, 4958.TW, 600519.SS, ASM.AS, BBNI.JK, BBRI.JK, FEMSA.MX, GFNORTEO.MX, ITSA4.SA, RADL3.SA, TSM, ULTRACEMCO.NS	AI, China, emerging markets, India, Latin America, semiconductors, Taiwan, technology	Artificial intelligence drove a tech rally in Taiwan and benefited semiconductor positions. AI demand accelerated requirements for high bandwidth memory chips and supported hyperscaler demand for networking equipment.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Baron Emerging Markets Fund	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.	Industrials	Marine	Bull	KRX	carbon emissions, environmental regulations, Korea, LNG, Marine, oligopoly, Shipbuilding, Sustainability	View Pitch

BSD Shareholders of 009540-KS-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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