BAJFINANCE-NS

BAJFINANCE-NS

BAJFINANCE-NS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Baron Global Advantage Fund	-6.1%	9.4%	ADYEN.AS, ARGX, BAJFINANCE.NS, CPNG, CRWD, DAVA, DDOG, FVRR, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VEEV, WIX, ZI	AI, Biotechnology, E-Commerce, global, growth, small caps, technology	NVIDIA continues to exceed projections with 94% revenue growth and 192% EPS growth expected for 2023, driven by accelerating demand for Generative AI. The company raised guidance multiple times during the quarter, demonstrating the strength of AI adoption across industries.	VTWIX CPNG	View
2025 Q2	Aug 11, 2025	Baron Emerging Markets Fund	15.2%	18.6%	0700.HK, 1211.HK, 300750.SZ, 3690.HK, 3988.HK, 9988.HK, BABA, BAJFINANCE.NS, BAP, BHARTIARTL.NS, JIOFINANCE.NS, JMFINANCIL.NS, KOTAKBANK.NS, MAXHEALTH.NS, NUVAMA.NS, PONY, RELIANCE.NS, TRENT.NS, TSM, XP	AI, China, defense, emerging markets, India, Korea, semiconductors, Shipbuilding	Korean defense companies are benefiting from geopolitical tailwinds and increased collaboration with the U.S. Navy. Companies like Hanwha Systems and Korea Aerospace Industries are positioned to benefit from shifting geopolitical priorities and EU/Asia/U.S. defense spending.		View
2025 Q2	Jul 8, 2025	SVN Capital Fund	-	6.3%	BAJFINANCE.NS, CPRT, DNP.WA, IAA, KINSALE, KKR, RBA, TRIVENI.NS	Alternative Asset Managers, Auto Insurance, Concentration, Energy Transition, India, Owner-Operated, tariffs	Liberation Day tariffs created market volatility with S&P falling 20% and NASDAQ dropping 23%. Manager discusses offsetting forces on portfolio companies like Copart, where tariffs could both increase and decrease total loss frequency. Impact remains uncertain and Delphic to quantify.	TRIVENI.NS DNP.WA KKR CPRT TRIV IN DNOPY CPRT KKR	View
2025 Q2	Jul 21, 2025	Sands Capital Emerging Markets Growth Fund	12.9%	15.7%	0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 2454.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, HDFC.NS, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, TITAN.NS, TSM, WALMEX.MX	AI, E-Commerce, emerging markets, Fintech, gaming, growth, semiconductors, technology	AI infrastructure buildout continues with sustained momentum, particularly in semiconductor demand. Taiwan Semiconductor reaffirmed its long-term goal to grow AI-related revenue at a mid-40 percent compound annual rate through 2029. AI is accelerating a winner-takes-most dynamic, benefiting companies with scale, differentiated offerings, and the ability to productize innovation.		View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V	AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology	Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users.	NET MELI AXON NFLX NVDA	View
2025 Q2	Jul 21, 2025	Sands Capital International Growth Fund	18.1%	19.4%	4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA	Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology	The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins.	EVD GR SE 2330 TT SPOT MELI	View
2024 Q2	Jun 30, 2024	2Point2 Capital	-	-	BAJFINANCE.NS, EICHERMOT.NS, HINDPETRO.NS	Base Rate, Behavioral Finance, India, Market Multiples, Valuations, Value Investing	Indian stock market valuations have reached absurd levels never before seen in capital market history. Small and mid-cap valuations are particularly extreme, with 217 stocks trading above 75x TTM P/E and 392 above 50x TTM P/E among top 1000 companies. Base rate analysis shows very few companies can deliver the high growth rates needed to justify these valuations.		View
2026 Q1	Apr 25, 2026	Baron Emerging Markets Fund	0.4%	0.4%	005930 KS, 2359.HK, 700 HK, BAJFINANCE.NS, BHARTIARTL.NS, TSM	AI, China, defense, emerging markets, energy, Geopolitical, India, Korea, semiconductors, Taiwan			View
2026 Q1	Apr 25, 2026	Sands Capital Emerging Markets Growth Fund	-5.1%	-5.1%	000660 KS, 005930 KS, 0700.HK, 300750.SZ, ASML, BAJFINANCE.NS, HDFCBANK.NS, MELI, NU, SE, TSM	AI, Asia, emerging markets, energy, Geopolitical, growth, semiconductors, technology			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
2025 Q1	Mar 31, 2025	Sands Capital Emerging Markets Growth Fund	2.5%	2.5%	0700.HK, 1211.HK, 1299.HK, 2020.HK, 2330.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, GLOB, GRAB, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, WEGE3.SA	AI, China, E-Commerce, emerging markets, growth, India, semiconductors, technology	Since the beginning of 2024, we have narrowed our underweight to China relative to the MSCI EM. While we remain cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, we also see a select group of exceptional growth businesses in the country. Our views are shaped by on-the-ground research with three research trips to China and Hong Kong in the first quarter of 2025.		View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V	AI, E-Commerce, global, growth, payments, semiconductors, technology	AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation.		View
2025 Q1	Mar 31, 2025	Sands Capital International Growth Fund	1.1%	1.1%	2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA	Asia, emerging markets, Europe, growth, international, tariffs, trade war	Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins.		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 Q4	Dec 31, 2024	Baron Global Advantage Fund	11.8%	26.1%	ARGX, ASML, BAJFINANCE.NS, BILL, CPNG, CRWD, DDOG, ENDV.L, INDI, MELI, NET, NVDA, RIVN, SHOP.TO, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS	AI, Cloud, E-Commerce, global, growth, Robotics, semiconductors, technology	The fund views AI as one of the biggest disruptive changes in human history, comparing it to the early internet era. AI model intelligence is improving rapidly through multiple vectors including scaling laws, multiple modalities, synthetic data, post-training techniques, and inference-time scaling. The fund owns businesses positioned to benefit from this paradigm shift including NVIDIA at the epicenter and platforms like Shopify that can utilize AI to help merchants.		View
2024 Q4	Dec 31, 2024	Sands Capital International Growth Fund	-4.1%	8.4%	2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE	AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA.		View
2025 Q3	Oct 20, 2025	Sands Capital Emerging Markets Growth Fund	5.0%	21.5%	000660.KS, 005930.KS, 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 300750.SZ, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BHARTIARTL.NS, COSMAX.KS, CPNG, HDFCBANK.NS, MELI, NU, SE, TSM	AI, China, E-Commerce, emerging markets, Fintech, growth, India, semiconductors	Artificial intelligence is expanding growth runways and reinforcing competitive advantages across business lines. AI is improving user experience in gaming through more responsive in-game bots and accelerating design workflows. In advertising, AI enables more targeted placements, higher click-through rates, and more closed-loop transactions. The portfolio includes businesses positioned to benefit from AI infrastructure buildout and implementation.		View
2025 Q3	Oct 20, 2025	Sands Capital International Growth Fund	-3.1%	15.7%	2914.T, 6758.T, ADYEN.AS, ARGX, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FLUT, HDFCBANK.NS, HEXAB.ST, III.L, MELI, NU, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM	AI, Asia, E-Commerce, Europe, growth, international, semiconductors, technology	AI-driven demand continues to support semiconductor and technology sectors, particularly in Taiwan and South Korea. TSMC benefits from strong AI-related demand and is expanding CoWoS capacity. However, AI concerns are growing around certain businesses like Constellation Software, with markets conflating AI disruption risks with operational performance.		View
2024 Q4	Jan 8, 2025	SVN Capital Fund	-	11.8%	BAJFINANCE.NS, CPRT, DNP.WA, HEI, KKR, KNSL, RMS.PA	Alternative Assets, India, management, Owner Operators, Quality, Specialty Finance, value creation	India presents compelling long-term investment opportunities driven by demographic trends, infrastructure improvements, and economic formalization. The country's digital infrastructure revolution, including Aadhaar cards and unified payments interface, combined with banking system cleanup and tax reforms, has created significant tailwinds for economic growth and consumer spending.	BAJFINANCE.NS DNP.WA KKR	View
2025 Q4	Jan 27, 2026	Baron Emerging Markets Fund	-1.3%	30.1%	000660.KS, 005930.KS, 0700.HK, 1024.HK, 300750.SZ, BABA, BAJFINANCE.NS, BAP, BEL.NS, BHARTIARTL.NS, HDFCBANK.NS, NU, RELIANCE.NS, SQM, TSM, ZLAB	AI, Banking, China, emerging markets, geopolitics, India, semiconductors, technology	The fund maintains significant exposure to AI-related investments, particularly through semiconductor companies like TSMC and SK hynix that benefit from AI chip demand. The manager discusses the ongoing AI data center arms race with $550 billion expected to be spent in 2026, while noting some concerns about sustainability of competitive advantages and funding environment. Strong focus on semiconductor investments across Taiwan, Korea, and China, with holdings in TSMC, Samsung Electronics, and SK hynix. The manager believes in long-term growth driven by AI, 5G, automotive, and IoT applications, while noting recent volatility around China semiconductor trade policies. The fund maintains exposure to Chinese technology and e-commerce companies despite fourth quarter volatility. The manager expects improved US-China trade relations and technology flow resumption, believing global investors underestimate China's emerging AI and technology ecosystem capabilities. Large overweight position in India despite flat performance in 2025. The manager believes India is poised for an earnings upgrade cycle supported by infrastructure spending recovery, tax relief, and GST 2.0 implementation, positioning for catch-up with other EM markets. Added positions in South African banks (Absa Group, FirstRand) and Latin American digital banking (Nu Holdings) based on favorable banking cycles, improving loan growth, and digital disruption opportunities in underbanked markets. Investments in sustainability themes including Korean shipbuilding companies (HD Korea Shipbuilding, HD Hyundai Heavy Industries) and energy storage (Contemporary Amperex Technology) that benefit from global decarbonization trends.	NU FSR SJ ABG SJ BABA 005930 KS 000660 KS TSM	View
2025 Q4	Jan 22, 2026	Sands Capital International Growth Fund	-4.2%	10.9%	6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA	AI, defense, energy, growth, international, Robotics, Space, technology	AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue.	EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW	View
2023 Q3	Sep 30, 2023	Baron Emerging Markets Fund	9.0%	16.2%	000333.SZ, 005930.KS, 0700.HK, 2313.HK, 600519.SS, BABA, BAJFINANCE.NS, BBRI.JK, BIDU, BZ, HDFCBANK.NS, M&M.NS, NU, SUZB3.SA, TATACOMM.NS, TRENT.NS, TSM, WALMEX.MX	China, emerging markets, Fintech, India, semiconductors, technology, value	Despite recent underperformance driven by near-term economic concerns, the manager remains encouraged by ongoing regulatory and financial easing cycles. China's authorities appear sensitive to market signals with enhanced expectations for more substantial support forthcoming. The manager sees no evidence in China's currency, bond market, or credit spreads that policymakers are losing control.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM MAHM.NS 600519.SS TATACOMM.NS SUZB3.SA 000700.HK 005930.KS AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View
2023 Q4	Jan 27, 2024	Baron Emerging Markets Fund	9.0%	16.2%	000858.KS, 005930.KS, 0700.HK, 1876.HK, B3SA3.SA, BABA, BAJFINANCE.NS, BHARTIARTL.NS, BIDU, HDFCBANK.NS, NU, PDD, RENT3.SA, RI.PA, SUZB3.SA, TRENT.NS, TSM, XP, YUMC	China, E-Commerce, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors	The fund added PDD Holdings, China's second largest e-commerce platform with 20% market share. PDD's competitive moat lies in its team purchase model facilitating bulk buying through direct partnerships with manufacturers. The company's international platform Temu has become one of the fastest growing apps globally, leveraging China's excess manufacturing capacity.	KAYNES.NS PDD TRENT.NS 005930.KS AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	SVN Capital Fund	Bajaj Finance Limited	Financials	Consumer Finance	Bull	National Stock Exchange of India	AI integration, consumer finance, Credit Growth, Data Analytics, Emerging markets, family-controlled, Indian NBFC, Technology-Driven	View Pitch

BSD Shareholders of BAJFINANCE-NS

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
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