Performance Overview - Baron International Growth Fund gained 16.91% during Q2 2025, outperforming its benchmark MSCI ACWI ex USA Index, which appreciated 12.03% [3] - The Fund has exceeded both the Benchmark and Proxy Benchmark on a one-year trailing basis [3] Annualized Performance - For the 1-year period ended June 30, 2025, the Fund's Institutional Shares returned 19.72%, compared to 17.72% for the MSCI ACWI ex USA Index [4] - Over the last 3 years, the Fund's Institutional Shares returned 10.34%, while the Benchmark returned 13.99% [4] Market Catalysts - The U.S. trade/tariff policy pivot and strong momentum towards a pro-growth tax reduction and fiscal spending bill were key drivers of global capital markets [5] - Despite tariff deferrals, there remains a risk of retaliation and a weaker U.S. dollar, which could shift capital flows towards non-dollar assets [5] Sector Performance - The Energy sector, particularly investments in Waga Energy SA, was the largest contributor to the Fund's relative performance [6] - Strong stock selection in Consumer Staples and Industrials sectors also contributed positively, while Health Care sector allocation detracted from performance [6] Country Contributions - Overweight positioning in Korea, particularly in shipbuilding, significantly contributed to relative performance [7] - Positive stock selection in France, India, and Israel also bolstered results, while China showed modest adverse stock selection effects [7] Top Contributors - HD Korea Shipbuilding & Offshore Engineering Co., Ltd. contributed 1.66% to returns, driven by improving profit margins and backlog growth [8] - Waga Energy SA and ODDITY Tech Ltd. also made significant contributions, with returns of 1.48% and 1.01% respectively [9] Top Detractors - Alibaba Group Holding Limited detracted 0.26% from performance due to results that fell short of investor expectations amid geopolitical uncertainty [12] - Full Truck Alliance Co. Ltd. and Argenx SE also detracted from performance due to revised earnings guidance and sales below expectations, respectively [13][14] Recent Activity - New investments were made in Centum Electronics Limited and XP Inc., focusing on global security and fintech disruption themes [22][24] - Increased exposure to existing positions, including AMG Critical Materials N.V. and SK hynix Inc., while exiting several positions to concentrate on higher conviction investments [26] Outlook - The Fund anticipates continued relative outperformance of non-U.S. equities, driven by changing U.S. priorities and fiscal expansion in the EU [30] - The focus remains on sectors and companies positioned to benefit from geopolitical shifts and technological advancements, particularly in Korea and India [32]

Core Insights - The clean energy sector has experienced significant gains in the U.S. markets from April to September, outperforming other industries despite political opposition [1][3]. Performance Metrics - The Invesco WilderHill Clean Energy ETF (NYSE: PBW) surged by 118%, outperforming technology stocks, artificial intelligence, and gold miners [2]. - Notably, renewable stocks have outperformed Nvidia Corp. (NASDAQ: NVDA), which increased by 85% during the same period [2]. Political Context - President Trump has continued to criticize renewable energy, labeling it a "scam" and claiming that states relying on wind and solar are facing rising energy costs [3]. - Despite Trump's rhetoric against clean energy, investment in renewable energy companies has surged [3]. Company Performance - Several companies in the renewable and battery storage sectors have seen substantial stock price increases since early April: - Amprius Technologies (NYSE: AMPX) up 359% [4] - Bloom Energy Corp. (NYSE: BE) up 302% [4] - MP Materials Corp. (NYSE: MP) up 251% [4] - QuantumScape Corp. (NYSE: QS) up 231% [4] - Eos Energy Enterprises Inc. (NASDAQ: EOSE) up 177% [4] - Lithium Americas Corp. (NYSE: LAC) up 164% [4] Analyst Insights - Analysts, including Bank of America’s Dimple Gosai, have highlighted the practical applications of Bloom Energy's technology, noting its effectiveness in powering Oracle Corp. within 90 days despite grid delays [5].

Core Points - China announced a new round of Nationally Determined Contributions (NDCs) at the UN Climate Change Summit, reflecting its commitment to the Paris Agreement and showcasing its maximum efforts in addressing climate change [1] - Brazilian President Lula expressed his satisfaction with China's significant progress in energy transition and carbon emission reduction, highlighting China's important role as a major country in combating climate change [1] - Simon Steele, Executive Secretary of the UN Framework Convention on Climate Change, praised China's unprecedented scale of providing clean, reliable, and affordable energy [3]

Core Insights - Worksport Ltd. is experiencing strong revenue growth, with Q3 2025 on track to be a record quarter, gross margins exceeding 30%, and an 83% sequential revenue increase from Q2 2025, indicating a path toward profitability [2][3]. Group 1: Financial Performance - The company is projecting $2-3 million in potential revenue from the upcoming SOLIS and COR product launches in 2025, with expectations for 2026 to see eight-figure growth potential as sales expand across both B2C and B2B channels [4]. - Worksport's gross margins are expected to climb further as production scales, contributing to the overall financial health of the company [2]. Group 2: Product Launches - The SOLIS Solar Tonneau Cover and COR Portable Energy System are scheduled for commercial launch in late Q4 2025, aligning with holiday sales, with initial shipments aimed at fulfilling existing pre-orders [3]. - The company is building a foundation for long-term leadership in clean energy and automotive innovation through these product launches [3]. Group 3: Strategic Initiatives - Worksport is exploring strategic distribution facility expansions in the Southeast and West Coast of the U.S. to support its rapidly expanding B2C business, which is expected to enhance customer experience and drive efficiencies [5]. - Ongoing discussions with multi-billion-dollar corporations and government officials are taking place, alongside third-party validation programs to prove the performance superiority of the heat pump system [9]. Group 4: Technological Advancements - The Terravis Energy subsidiary is advancing its AetherLux ZeroFrost Heat Pump program, with potential licensing opportunities being considered to broaden the technological and commercial reach of ZeroFrost technology [6]. - Demonstrations of the COR and SOLIS products have shown their reliability and efficiency, with SOLIS generating more power than consumed, indicating its potential as a clean energy solution [8].

Company Announcement - Comstock Inc. will participate in a webcast presentation and host one-on-one meetings with investors at the Lytham Partners Fall 2025 Investor Conference on September 30, 2025 [1] - The webcast presentation is scheduled for 4:15 p.m. ET and will be accessible via the conference home page or directly through a provided link [2] - Management will engage in virtual one-on-one meetings throughout the event, with arrangements available through Lytham Partners [3] Company Overview - Comstock Inc. focuses on innovating and commercializing technologies that support clean energy systems by extracting and converting under-utilized natural resources into reusable electrification metals, including silver, aluminum, copper, and other critical minerals from end-of-life photovoltaics [4] Communication Strategy - Comstock Inc. utilizes its investor relations link and main website, along with social media platforms like X.com, LinkedIn, and YouTube, to disclose material non-public information and comply with disclosure obligations [5]

Group 1 - Shares of a company closed 21.7% higher on Monday at $2.65, with potential opening at $2.84 if premarket gains hold [4] - The short interest in the company stands at 30.23% [4] Group 2 - Plug Power (NASDAQ:PLUG) shares increased by 7% in premarket trading on Tuesday, following a rise over the past nine consecutive sessions [5]

Policy & Regulation - The Trump administration has implemented measures to weaken tax and policy support for clean energy [1] Industry Outlook - The solar industry maintains a positive outlook despite policy challenges [1]

Group 1 - Tesla, Inc. (NASDAQ:TSLA) is recognized as a significant player in the AI sector, particularly in autonomous driving and robotics [1] - Morgan Stanley has reiterated its "Overweight" rating on Tesla, highlighting its smaller market cap compared to the "Mag 6" but emphasizing its large addressable markets in physical AI [1] - The average market cap of the "Mag 6" companies is $3.2 trillion, indicating Tesla's unique position within this group [1] Group 2 - There is a belief that while Tesla has investment potential, other AI stocks may offer greater upside potential with less downside risk [2] - The report suggests looking for undervalued AI stocks that could benefit from Trump-era tariffs and the trend of onshoring [2]

Core Insights - Tesla, Inc. is highlighted as a significant AI stock for investors, with a Buy rating reaffirmed by TD Cowen analyst Itay Michaeli and a price target set at $374.00 [1] - The reaffirmation follows a discussion regarding the CEO compensation proposal, indicating a clearer understanding of Tesla's strategic direction [1] - Analysts project that Tesla's early product milestones are achievable by 2030, aligning with the company's long-term growth ambitions [2] Product Goals and Financial Projections - The four product goals outlined in the proxy filing reflect Tesla's long-term strategic priorities, with initial achievements expected to align with EBITDA milestones of $50 billion and $80 billion, while the 2030 estimated EBITDA is projected at $53 billion [3] - The remaining EBITDA milestones could reach up to $400 billion, indicating Tesla's scalability ambitions within its 10-year plan [3] - Tesla leverages advanced AI in its autonomous driving technology and robotics initiatives, positioning itself as a leader in the automotive and clean energy sectors [3]

Group 1 - Tesla, Inc. is recognized as a significant player in the AI stock market, with analysts focusing on its automotive and energy segments [1][2] - Wolfe has maintained a "Peer Perform" rating for Tesla, highlighting the importance of its energy component [1] - The energy segment of Tesla has shown rapid growth, projected to reach revenues of $13.2 billion by 2025, reflecting a 31% increase, with an estimated gross margin of approximately 29% [2] Group 2 - Tesla's automotive business and future AI/autonomy opportunities are major points of interest for investors, but the energy segment is noted as the most profitable [2] - There are suggestions that other AI stocks may present greater upside potential and lower downside risk compared to Tesla [3]