J Studios/DigitalVision via Getty Images Dear Baron International Growth Fund Shareholder: Baron International Growth Fund® (the Fund) gained 16.91% (Institutional Shares) during the second quarter of 2025, while its primary benchmark, the MSCI ACWI ex USA Index (the Benchmark), appreciated 12.03%. The MSCI ACWI ex USA IMI Growth Index (the Proxy Benchmark) gained 14.41% for the quarter. The Fund solidly outperformed both the Benchmark and the Proxy Benchmark during a strong quarter for global equities  ...