– The Baron Emerging Markets Fund underperformed its benchmark during the first quarter of 2024.
– The fund’s performance aligns with the firm’s prediction of a shift in relative performance toward emerging markets (EM) and international equities.
– Certain sectors and themes contributed positively to the fund’s performance, such as Materials and Communication Services.
– Country allocations had a mixed impact, with strength in Brazil and Taiwan being offset by challenges in China.
– The fund managers remain optimistic about the long-term prospects of EM equities and see opportunities in markets like India and Korea.