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Baron International Growth Fund Q1 2023 Quarterly Letter - Seeking Alpha

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Baron International Growth Fund® (the Fund) gained 3.75% (Institutional Shares) during the first quarter of 2023, while its principal benchmark Index, the MSCI ACWI ex USA Index, returned 6.87%. The MSCI ACWI ex USA IMI Growth Index gained 8.18% for the quarter. The Fund underperformed both the core benchmark and the all-cap growth proxy in a period marked by high volatility and swings in sentiment and leadership. The quarter began much as 2022 ended: global inflation expectations ebbing, downward pressure on bond yields and the U.S. dollar, and an ongoing recovery in global equities, led by international and EM/China. Then, in early February, resilient economic data coupled with a series of stubborn U.S.

seekingalpha.com     May 04, 2023