Company Overview - AMG Critical Materials N.V. focuses on providing critical materials and related process technologies aimed at advancing a less carbon-intensive world, particularly in energy storage materials like lithium, vanadium, and tantalum [3][4] - The company operates globally with approximately 3,600 employees and has production facilities in multiple countries including Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka [5] Financial Results Announcement - AMG will release its fourth quarter and full year 2025 financial results on February 25, 2026, at approximately 18:00 CET [1] - A conference call to discuss these financial results is scheduled for February 26, 2026, at 15:00 CET [1] Business Segments - AMG's Lithium segment aims to reduce the CO2 footprint across the lithium value chain [4] - The Vanadium segment is a market leader in recycling vanadium from oil refining residues and encompasses the company's vanadium, titanium, and chrome businesses [4] - The Technologies segment is recognized as a leader in advanced metallurgy, providing engineering solutions for the aerospace engine sector and includes operations related to LIVA batteries and nuclear fuel [4]

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]

Core Viewpoint - AMG Critical Materials N.V. has announced a capital investment of USD $15 million to establish a chrome metal production facility in the United States, which will be the only one of its kind in the country and is expected to be operational by the first quarter of 2026 [1][2]. Company Overview - AMG is focused on providing critical materials and related process technologies aimed at advancing a less carbon-intensive world, with a particular emphasis on energy storage materials such as lithium, vanadium, and tantalum [3]. - The company operates globally with approximately 3,600 employees and has production facilities in multiple countries including Germany, the UK, France, the US, China, Mexico, Brazil, India, and Sri Lanka [5]. Industry Context - Chrome metal is classified as a Critical Material in the United States due to its significance in various industrial alloys and the current lack of domestic production [2]. - AMG's Lithium segment aims to reduce the CO2 footprint across the lithium value chain, while its Vanadium segment leads the market in recycling vanadium from oil refining residues [4].