BARON ASSET FUND
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
BARON ASSET FUND is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q1
The investment goal of Baron Asset Fund (the Fund) is capital appreciation through long-term investments primarily in securities of mid-sized companies with undervalued assets or favorable growth prospects.
The fund invests in equity securities of U.S. mid-sized companies, defined as those with market capitalizations between $2.5 billion and the largest constituent of the Russell Midcap Growth Index at reconstitution. The adviser selects securities based on its assessment of significant growth opportunities, sustainable competitive advantages, exceptional management, and attractive valuation. Because the fund pursues a long-term approach, a substantial portion of its assets may be invested in securities that have appreciated well beyond their original market capitalizations at purchase.
| Share class | Expense ratio |
|---|---|
| BARAX | 1.31% |
| BARIX | 1.05% |
| BARUX | 1.05% |
Portfolio turnover 6.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 99.87% |
| Cash & short-term | 0.07% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Information Technology | 50.5% |
| Industrials | 15.3% |
| Health Care | 9.4% |
| Financials | 8.9% |
| 7 smaller | 15.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.13% | +26.85% | +5.26% | 12.44% | -11.82% | |
| +5.37% | +27.85% | +6.62% | 12.45% | -11.77% | |
| +5.36% | +27.80% | +6.58% | 12.44% | -11.76% |
These classes hold the same portfolio, so the 1.36pp spread over 5 years is the cost difference between them — roughly 0.27pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| SPCX | Space Exploration Technologies CorpSPCX | 34.06% | $170.86 | $1.37B | 8.0M |
| APH | Amphenol CorpAPH | 5.86% | $176.32 | $235.96M | 1.3M |
| PWR | Quanta Services IncPWR | 4.50% | $720.04 | $181.15M | 251.6K |
| — | Arch Capital Group Ltd | 3.62% | $97.06 | $145.44M | 1.5M |
| IDXX | IDEXX Laboratories IncIDXX | 3.39% | $526.44 | $136.44M | 259.2K |
| MTD | Mettler-Toledo International IncMTD | 3.00% | $1,277.51 | $120.91M | 94.6K |
| VRSK | Verisk Analytics IncVRSK | 3.00% | $179.53 | $120.73M | 672.5K |
| GWRE | Guidewire Software IncGWRE | 2.64% | $123.05 | $106.13M | 862.5K |
| VRT | Vertiv Holdings CoVRT | 2.41% | $334.82 | $97.10M | 290.0K |
| H | Hyatt Hotels CorpH | 2.29% | $193.84 | $92.12M | 475.2K |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 64.78% of net assets, top 25 84.11%, across 52 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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