Baron International Growth Fund starts positions in NMR, ESLOF, PONY, GDS, and KUASF while selling off YAHOF, DNOPF, and CIADF.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 07 2025
0mins
Source: SeekingAlpha
Fund Performance: Baron International Growth Fund gained 6.04% in Q3 2025, underperforming its benchmark MSCI ACWI ex USA Index, which rose 6.89%, but outperformed the MSCI ACWI ex USA IMI Growth Index, which increased by 5.75%.
New Investments: The fund initiated positions in several companies during the quarter, including Nomura, EssilorLuxottica, Pony AI, GDS, and Kuaishou Technology.
Exited Positions: During Q3 2025, the fund exited positions in LY, Dino Polska, China Mengniu Dairy, and Indus Towers.
Additional Insights: The article also mentions commentary on other funds and market trends, including PNC Bank's branch expansion and BlackLine facing pressure from investors.
Analyst Views on NMR
About NMR
Nomura Holdings Inc is a Japan-based company mainly engaged in the securities, investment, and other financial services business across the world. The Company has three business segments. The Sales segment provides investment consultation services to individual clients in Japan. The Investment Management segment provides investment management services and investment solutions, including the establishment and management of investment trusts, discretionary investment services for domestic and foreign investors, fund management and administration for investment corporations and institutional investors, and silent partnership management. The Wholesale segment is engaged in the sale and trading of bonds, equity securities, derivatives, and foreign exchange, as well as investment banking services such as the bonds and securities underwriting business, merger and acquisition (M&A) business and financial advisory services. The Company operates in Japan, the Americas, Europe, Asia and Oceania.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
