In 2026H1, China's economy was moving in two directions-- some sectors were booming, and some not so much. Find out more about China's K-shaped economy ⬇️ #ChinaAMC# #investing# #emergingmarkets# #macroeconomics# #personalfinance#

RMB is strengthening—but what does that mean for overseas investors? We break down key drivers, potential risks, and how you may better navigate this currency trend. Find out more below ⬇️ #ChinaAMC# #investing# #emergingmarkets# #currency# #personalfinance#

China's EV industry is having a fierce competition. Instead of engaging in price wars, top companies are shifting focus elsewhere: battery technology, physical AI, premiumization, and global expansion. Where do you think the EV industry is heading? Comment below ⬇️ #ChinaAMC# #investing# #china# #emergingmarkets# #EVs# #battery# #AI#

EMERGING MARKETS OUTPACE U.S. STOCKS AS “EX-AMERICA” TRADE GAINS MOMENTUM The MSCI Emerging Markets Index is substantially outperforming the S&P 500 in 2026. By late August, MSCI EM was up about 24.6% YTD, versus roughly 12.1% for the S&P 500—a gap of more than 12 percentage points.

Emerging market currencies are strengthening: The MSCI Emerging Markets Currency Index rose +0.3% on Friday, to 1,917 points, an all-time high. The gauge has now risen for 8 consecutive weeks, the longest streak since September 2021. Over this period, the index has surged +3.3%, driven by weakness in the US Dollar. At the same time, the Bloomberg Dollar Spot Index has declined -2.9%, to its lowest level since May. This comes as the Korean Won has strengthened against the US Dollar to its highest level since September 2025, while the Taiwan Dollar has strengthened to its highest level since June 2026. The weaker Dollar is becoming a major tailwind for emerging markets.

Emerging markets delivered strong returns in the second quarter of 2026, but the rally was far narrower than the headline suggests. The IT sector, largely concentrated in a few mega-cap semiconductor stocks, contributed roughly 90% of the second quarter return. In the Baron Emerging Markets Fund® quarterly letter, Portfolio Manager Michael Kass examines what drove this divergence and where the market’s increasingly one-dimensional focus may be creating opportunities in overlooked businesses and countries. Read the full letter for more insights: -- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc, by calling 1-800-99-BARON or visiting Please read carefully before investing. Performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Risks: In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased risks due to a greater possibility of: settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Fund invests in companies of all sizes, including small and medium-sized companies whose securities may be thinly traded and more difficult to sell during market downturns. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Emerging markets are seeing historic investment demand: Assets under management (AUM) in the MSCI emerging markets ETF, $IEMG, are up to a record $160 billion. And, the assets of the FTSE emerging markets ETF, $VWO, are up to a record $120 billion. Over the last 12 months, $IEMG assets have nearly doubled while $VWO assets have risen nearly +50%. This comes as $IEMG has rallied +39% over this period while $VWO has returned +23%. Furthermore, $IEMG attracted +$22 billion in inflows over the last 12 months, more than double the inflows into $VWO. The difference between the two funds comes down to South Korea, which is classified as "emerging" by MSCI and "developed" by FTSE Russell. South Korea's AI boom is reshaping emerging market investing.