J Studios/DigitalVision via Getty Images Dear Baron International Growth Fund Shareholder, Baron International Growth Fund® (the Fund) gained 6.04% (Institutional Shares) during the third quarter of 2025, while its primary benchmark, the MSCI ACWI ex USA Index (the Benchmark), appreciated 6.89%. The MSCI ACWI ex USA IMI Growth Index (the Proxy Benchmark) gained 5.75% for the quarter. The Fund modestly underperformed the Benchmark while slightly bettering the Proxy Benchmark during a solid quarter for gl ...