Performance Overview - Baron International Growth Fund gained 6.04% in Q3 2025, underperforming its benchmark MSCI ACWI ex USA Index which appreciated 6.89% [3] - Year-to-date performance shows the Fund at 24.85%, slightly below the benchmark's 26.02% [4] - The Fund's performance remains ahead of the Proxy Benchmark on a year-to-date and one-year trailing basis [3] Market Drivers - The initiation of a Federal Reserve easing cycle and enthusiasm for AI-related investments were key drivers of global equity returns during the quarter [7][32] - Ongoing uncertainty regarding U.S. tariffs may clarify in the current quarter, but a global central bank easing cycle is evident [7][32] - The shift in U.S. trade and immigration policy, along with accommodative monetary policy, is expected to impact global inflation dynamics [7][32] Sector Performance - Poor stock selection in the Information Technology sector, particularly due to Constellation Software Inc.'s share price correction, was a significant detractor [8] - Favorable stock selection in the Materials sector, driven by positions in global security and sustainability themes, contributed positively [8] - Weak stock selection in Consumer Staples and Communication Services also negatively impacted performance [8] Geographic Performance - Underperformance was noted in Poland, Japan, and Israel, while favorable stock selection in Australia and China partially offset these losses [9] - The Fund remains optimistic about China's AI potential and structural growth story in India, despite recent underperformance [9] Top Contributors and Detractors - Top contributors included Lynas Rare Earths Limited, argenx SE, and Lundin Mining Corporation, with Lynas benefiting from geopolitical tensions [10][11][13] - Key detractors were Constellation Software Inc., InPost S.A., and ODDITY Tech Ltd., with Constellation facing uncertainty around AI impacts and leadership changes [14][15][16] Recent Investment Activity - New investments included Nomura Holdings, EssilorLuxottica SA, Pony AI Inc., and GDS Holdings Limited, reflecting a focus on high-conviction ideas [24][25][26][27] - Increased exposure to existing positions such as Lundin Mining Corporation and Japan Exchange Group, while exiting positions in less favored stocks [29] Outlook - Strong performance is expected from global markets, particularly in Europe, driven by increased defense and infrastructure spending [30][31] - The Fund anticipates continued growth in China and Korea, with many holdings poised for significant earnings improvements [31] - The competitive landscape in AI is evolving, with China emerging as a formidable player alongside U.S. technology giants [34][35][36]

Market Overview - Asian equities advanced as the U.S. dollar weakened, indicating a positive market sentiment [2] - The Hong Kong High Court allowed Evergrande's liquidators access to founder Xu Jiayin's $7.7 billion in assets amid ongoing restitution efforts from offshore bondholders [8] Chinese Policy Measures - Following President Xi's article on a "unified national market," the Ministry of Commerce and nine agencies introduced "Several Measures for Expanding Service Consumption" to boost domestic demand [3] - The measures include support for tourism, cultural activities, sporting events, and childcare subsidies, aiming to encourage consumers to "purchase in China" [4] Company Performance - Trip.com Group Limited (TCOM) rose by 4.09% and Meituan gained 3.03%, benefiting from the new consumption policies [4] - Alibaba Group Holding Limited (BABA) was the most heavily traded stock in Hong Kong, declining by 0.71% after announcing a $60 million investment in AI video generation startup Aishi Technology [5] - Tencent Holdings Limited (0700 HK) saw a slight increase of 0.23%, attributed to the success of its AI initiatives, with significant growth in daily average users of its AI assistant [6] Electric Vehicle Sector - Electric vehicle stocks performed well, with BYD Company Limited rising by 1.67%, Li Auto Inc. climbing by 2.61%, and CATL increasing by 2.58% [7] Market Dynamics - The rally in Chinese stocks may pose challenges for active managers who are underweight in this sector as quarter-end reporting approaches [9]

Core Viewpoint - The iShares MSCI China ETF (MCHI) provides focused exposure to Chinese equities, with total assets under management exceeding $7.1 billion since its inception in March 2011, and offers a semi-annual dividend yield of approximately 2.5% [1][38]. Group 1: ETF Overview - MCHI tracks the MSCI China Index (MCI), which captures about 85% of China's equity universe and serves as a benchmark for institutional investors [2]. - The ETF includes around 550 Chinese stocks, but does not replicate MCI perfectly; it selects stocks that collectively represent the index's characteristics [3]. - MCHI has a relatively high tracking error compared to other ETFs, with tracking errors of 24.02%, 25.64%, and 24.72% over 1, 3, and 5 years respectively [4][5]. Group 2: Portfolio Characteristics - MCHI's portfolio is heavily weighted towards large-cap stocks, with giant-cap stocks making up over 70% of the total portfolio and an average market cap of approximately $87 billion [7][8]. - The ETF includes various share classes, with nearly half of the index comprising P-chip stocks, which are Chinese stocks incorporated outside China but listed in Hong Kong [9][11]. - MCHI's largest sector exposure is in consumer discretionary and communication services, which together account for over half of its portfolio [14][21]. Group 3: Investment Appeal - MCHI is designed for investors seeking exposure to the Chinese market, particularly those interested in a stable investment vehicle with a low annual turnover rate of 15% [25]. - The ETF offers a unique blend of growth and value characteristics, with almost half of its holdings classified as hybrid stocks [28]. - Valuations for MCHI are attractive, with a P/E ratio of 13.5x and a P/CF ratio of 9.46x, representing significant discounts compared to US and global stocks [32]. Group 4: Comparison with Alternatives - MCHI is compared with other ETFs like the Franklin FTSE China ETF (FLIN) and the iShares MSCI China Small-Cap ETF (ECNS), highlighting differences in AUM, expense ratios, and sector allocations [34][37]. - FLIN has a lower expense ratio and is less top-heavy than MCHI, while ECNS focuses on mid-caps and offers a higher yield of over 4.5% [35][37].

Core Viewpoint - The analysis expresses a bullish outlook on certain Chinese technology companies, particularly Tencent Holdings Limited, emphasizing their potential to outperform the market due to competitive advantages and defensibility [1]. Group 1: Company Analysis - Tencent Holdings Limited is highlighted as a key player in the technology sector, with a focus on its long-term growth potential [1]. - The analysis emphasizes the importance of economic moats and high levels of defensibility in identifying high-quality companies [1]. Group 2: Analyst Background - The analyst has a strong academic background in sociology, holding a Master's Degree with a focus on organizational and economic sociology, which informs their investment analysis [1].

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the performance of various companies listed on the Hong Kong Stock Exchange, focusing on their stock prices, trading volumes, and market activity. Key Companies and Their Performance 1. **Tencent Holdings Limited (TCH 700)** - Current Price: HK$517.50, Price Change: +4.4% - Notional Traded: US$751.0 million, 20D Avg: US$608.8 million - 20D ATM Volatility: 43%, 100D C/P Ratio: 1.08 [1] 2. **Alibaba Group Holding Ltd. (ALB 9988)** - Current Price: HK$131.20, Price Change: +5.8% - Notional Traded: US$594.2 million, 20D Avg: US$456.0 million - 20D ATM Volatility: 43%, 100D C/P Ratio: 1.09 [1] 3. **XiaoMi Corporation (MIU 1810)** - Current Price: HK$50.60, Price Change: -1.5% - Notional Traded: US$358.6 million, 20D Avg: US$317.0 million - 20D ATM Volatility: 45%, 100D C/P Ratio: 1.11 [1] 4. **Hong Kong Exchanges and Clearing Limited (HEX 388)** - Current Price: HK$385.00, Price Change: +3.3% - Notional Traded: US$293.8 million, 20D Avg: US$160.6 million - 20D ATM Volatility: 37%, 100D C/P Ratio: 1.21 [1] 5. **Meituan Dianping (MET 3690)** - Current Price: HK$144.50, Price Change: +2.4% - Notional Traded: US$253.3 million, 20D Avg: US$289.2 million - 20D ATM Volatility: 43%, 100D C/P Ratio: 1.09 [1] 6. **BYD Company Limited (BYD 1211)** - Current Price: HK$415.60, Price Change: +6.9% - Notional Traded: US$178.1 million, 20D Avg: US$149.2 million - 20D ATM Volatility: 50%, 100D C/P Ratio: 1.13 [1] 7. **Ping An Insurance (Group) Company of China, Ltd. (PAI 2318)** - Current Price: HK$48.30, Price Change: +3.7% - Notional Traded: US$99.9 million, 20D Avg: US$81.7 million - 20D ATM Volatility: 52%, 100D C/P Ratio: 1.11 [1] 8. **HSBC Holdings Plc. (HKB 5)** - Current Price: HK$90.00, Price Change: +2.8% - Notional Traded: US$97.0 million, 20D Avg: US$82.3 million - 20D ATM Volatility: 41%, 100D C/P Ratio: 0.89 [1] 9. **JD.com, Inc. (JDC 9618)** - Current Price: HK$139.90, Price Change: +6.0% - Notional Traded: US$94.7 million, 20D Avg: US$89.5 million - 20D ATM Volatility: 46%, 100D C/P Ratio: 1.14 [1] 10. **Semiconductor Manufacturing International Corp. (SMC 981)** - Current Price: HK$44.45, Price Change: +3.3% - Notional Traded: US$68.5 million, 20D Avg: US$70.0 million - 20D ATM Volatility: 49%, 100D C/P Ratio: 1.39 [1] Trading Activity Insights - The most active stocks in terms of notional traded include Tencent, Xiaomi, and Alibaba, indicating strong market interest and trading volume. - The call options for Tencent and Alibaba show significant trading activity, with notable volumes in the May-25 expiry options [1]. Volatility and Market Sentiment - The 3-month ATM volatility for the top stocks indicates varying levels of market sentiment, with BYD showing the highest volatility at 50% and China Mobile at 38% [1]. - The call/put ratio for the stocks suggests a bullish sentiment in the market, particularly for Tencent and Alibaba, which have higher call volumes compared to puts [1]. Additional Observations - The data reflects a general upward trend in stock prices for several major companies, with notable increases in trading volumes compared to previous averages. - The conference call highlights the importance of monitoring market volatility and trading patterns to identify potential investment opportunities and risks [1].

Group 1 - Tencent Holdings Limited is positioning itself to become a significant player in the Chinese AI sector, demonstrating a strong commitment to this goal [1] - The company is focusing on high-growth opportunities across various industries, utilizing a value investing approach that emphasizes robust business models and strategic foresight [1] - Tencent employs the discounted cash flow (DCF) valuation methodology while remaining flexible to other valuation techniques, ensuring a comprehensive understanding of intrinsic value and strategic positioning [1] Group 2 - The analysis framework includes business model frameworks from prestigious institutions like Harvard Business School, facilitating in-depth analysis [1] - The focus is on long-term growth potential and risk mitigation in investment decisions [1] - The educational background of the analyst includes an MBA from IESE Business School and being a chartered financial analyst with the CFA Institute [1]

Financial Performance Highlights - Total revenue for FY2024 reached RMB 660.3 billion, an increase of 8% year-over-year[12] - Gross profit for FY2024 was RMB 349.2 billion, up 19% year-over-year[12] - Non-IFRS operating profit for FY2024 was RMB 237.8 billion, representing a 24% year-over-year increase[12] - Non-IFRS net profit attributable to equity holders for FY2024 increased by 41% year-over-year to RMB 222.7 billion[12] - Marketing Services revenue grew by 20% year-over-year in FY2024, reaching RMB 121.4 billion[12] Business Segment Performance - Value-added Services revenue increased by 7% year-over-year to RMB 319.2 billion in FY2024[12] - Domestic Games revenue increased by 10% year-over-year to RMB 139.7 billion in FY2024[12] - International Games revenue increased by 9% year-over-year to RMB 58.0 billion in FY2024[12] - FinTech and Business Services revenue increased by 4% year-over-year to RMB 212.0 billion in FY2024[12] AI Investment and Development - The company is investing heavily in its proprietary HY Foundation Model since 2023[17] - AI cloud revenue approximately doubled year-over-year in FY24[22] - Video Accounts marketing services revenue grew over 60% year-over-year[61] Shareholder Returns - The company executed a share buyback of HKD 112 billion (+127% year-over-year) in FY24[11] - A cash dividend of HKD 32 billion (+39% year-over-year) was paid in May 2024[11] - Proposed 2024 annual dividend of HKD 4.50 per share (up 32% year-over-year) or HKD 41 billion for the year ended 31 December 2024[84]

Group 1 - The analysis focuses on high-quality companies that can outperform the market over the long run due to competitive advantages and high levels of defensibility [1] - The author has previously published an article on JD.com, highlighting the timing of the analysis in relation to the Chinese government's stimulus announcement [1] - The analysis is primarily centered on European and North American companies, without constraints on market capitalization [1] Group 2 - The author holds a beneficial long position in shares of BABA, JD, and TCEHY through various financial instruments [2] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2]

Core Viewpoint - Current market sentiment is driven by fear, leading to missed investment opportunities in discounted quality stocks in China [1] Group 1: Alibaba Group - Alibaba Group is highlighted as a key player in the technology sector in Asia, with potential consumer trends benefiting from government stimulus measures [2] - The stock forecast for Alibaba is set at $144.07, indicating an 8.77% upside, with a high forecast of $190.00 and a low of $100.00 [3][6] - Recent stock buyback programs by Alibaba, amounting to $25 billion, signal management's confidence in the company's fair value and future potential [5] Group 2: Tencent Holdings - Tencent is recognized as a crucial blue-chip stock in China, with its WeChat platform being integral to the country's infrastructure [8] - There has been a notable decline in short interest for Tencent, down by 9.6% over the past month, indicating a shift in sentiment among short sellers [10] - The iShares China ETF offers a dividend yield of 2.0%, which is higher than the Chinese ten-year bond yield of 1.8%, suggesting a potential equity buying opportunity [12]

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on January 26, 2024. Registration No. 333-276370 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Amer Sports, Inc. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 2300 (Primary Standard Industrial Michael Kaplan Li He Roshni Banker Cariello Davis Polk & Wardwell ...