Baron Focused Growth Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Baron Focused Growth Fund held 30 positions with $5.63B in net assets. Its ten largest holdings made up 65.6% of the fund. The BFGFX share class costs 1.31% a year. Over the 12 months to May 2026, BFGFX returned 22.0%, with dividends reinvested. In 2026 Q2 it added 4 new positions and exited 5.
The investment goal of Baron Focused Growth Fund (the Fund) is capital appreciation.
The fund is a non-diversified fund that invests primarily in equity securities of U.S. small- and mid-sized growth companies, selecting securities the adviser believes exhibit significant growth opportunities, sustainable competitive advantages, exceptional management, and attractive valuations. Holdings may appreciate beyond their original market cap ranges, and the fund may continue to add to positions even after they exceed the largest market cap in the Russell Midcap Growth Index. Because the fund is non-diversified, it may hold a concentrated portfolio of few issuers.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
SPCXSpace Exploration Technologies Corp | 28.13% | $1.58B | 9.3M | $170.86 |
TSLATesla Inc | 6.25% | $352.16M | 837.3K | $420.60 |
MSCIMSCI Inc | 4.94% | $278.34M | 497.0K | $560.04 |
SHOPShopify Inc | 4.52% | $254.66M | 2.2M | $114.18 |
4.23% | $238.20M | 1.2M | $193.84 | |
Spotify Technology SA | 4.11% | $231.22M | 503.6K | $459.13 |
3.80% | $214.24M | 2.5M | $87.04 | |
Birkenstock Holding Plc | 3.44% | $193.91M | 4.5M | $43.03 |
3.13% | $176.52M | 1.3M | $136.15 | |
3.07% | $172.88M | 2.7M | $65.06 |
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 30 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 | 102.64% |
| Cash & short-term | 0.39% |
By sector
- Information Technology
- 39.4%
- Consumer Discretionary
- 26.2%
- Financials
- 16.7%
- International
- 10.1%
- 6 other sectors
- 7.6%
- Information Technology
- 39.4%
- Consumer Discretionary
- 26.2%
- Financials
- 16.7%
- International
- 10.1%
- Industrials
- 2.9%
- Health Care
- 2.7%
- Communication Services
- 0.8%
- Real Estate
- 0.6%
- Cash
- 0.4%
- Other
- 0.1%
How it has done
BFGFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 15.36%. 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% | +21.98% | +79.41% | +76.34% | -13.39% | |
| 1.05% | +22.29% | +80.81% | +78.58% | -13.35% | |
| 1.05% | +22.28% | +80.80% | +78.59% | -13.35% |
These classes hold the same portfolio, so the 2.25pp spread over 5 years is the cost difference between them — roughly 0.45pp a year — not a difference in what they own.
Fees & fund details
Baron Focused Growth Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 1.05% – 1.31%· BFGFX 1.31%
- Portfolio turnover
- 8.00% a year · as of 2026 Q2
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
5 exited
Understand how this fund fits with the rest.
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