BARON ASSET FUND
Actively managed U.S. stock fund
As of its 2026 Q2 report, BARON ASSET FUND held 52 positions with $4.02B in net assets. Its ten largest holdings made up 64.8% of the fund. The BARAX share class costs 1.31% a year. Over the 12 months to May 2026, BARAX returned 0.3%, with dividends reinvested. In 2026 Q2 it added 4 new positions and exited 3.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
SPCXSpace Exploration Technologies Corp | 34.06% | $1.37B | 8.0M | $170.86 |
5.86% | $235.96M | 1.3M | $176.32 | |
4.50% | $181.15M | 251.6K | $720.04 | |
Arch Capital Group Ltd | 3.62% | $145.44M | 1.5M | $97.06 |
3.39% | $136.44M | 259.2K | $526.44 | |
3.00% | $120.91M | 94.6K | $1,277.51 | |
3.00% | $120.73M | 672.5K | $179.53 | |
2.64% | $106.13M | 862.5K | $123.05 | |
2.41% | $97.10M | 290.0K | $334.82 | |
2.29% | $92.12M | 475.2K | $193.84 |
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.
All 52 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.87% |
| Cash & short-term | 0.07% |
By sector
- Information Technology
- 50.5%
- Industrials
- 15.3%
- Health Care
- 9.4%
- Financials
- 8.9%
- 7 other sectors
- 15.9%
- Information Technology
- 50.5%
- Industrials
- 15.3%
- Health Care
- 9.4%
- Financials
- 8.9%
- Real Estate
- 5.4%
- Consumer Discretionary
- 5.4%
- International
- 3.2%
- Materials
- 1.2%
- Communication Services
- 0.5%
- Other
- 0.2%
- Cash
- 0.1%
How it has done
BARAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.15%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.31% | +0.32% | +28.32% | +7.79% | -11.82% | |
| 1.05% | +0.56% | +29.35% | +9.19% | -11.77% | |
| 1.05% | +0.54% | +29.29% | +9.14% | -11.76% |
These classes hold the same portfolio, so the 1.40pp spread over 5 years is the cost difference between them — roughly 0.28pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 1.05% – 1.31%· BARAX 1.31%
- Portfolio turnover
- 6.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
4 new
3 exited
Understand how this fund fits with the rest.
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