Baron Focused Growth Fund
BARON SELECT FUNDS · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| BFGFX | 1.31% |
| BFGIX | 1.05% |
| BFGUX | 1.05% |
Portfolio turnover 8.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 102.64% |
| Cash & short-term | 0.39% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Information Technology | 39.4% |
| Consumer Discretionary | 26.2% |
| Financials | 16.7% |
| International | 10.1% |
| 6 smaller | 7.6% |
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 |
|---|---|---|---|---|---|
| +27.32% | +73.19% | +60.67% | 16.97% | -13.39% | |
| +27.64% | +74.52% | +62.74% | 16.97% | -13.35% | |
| +27.67% | +74.52% | +62.77% | 16.97% | -13.35% |
These classes hold the same portfolio, so the 2.10pp spread over 5 years is the cost difference between them — roughly 0.42pp 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 | 28.13% | $170.86 | $1.58B | 9.3M |
| TSLA | Tesla IncTSLA | 6.25% | $420.60 | $352.16M | 837.3K |
| MSCI | MSCI IncMSCI | 4.94% | $560.04 | $278.34M | 497.0K |
| SHOP | Shopify IncSHOP | 4.52% | $114.18 | $254.66M | 2.2M |
| H | Hyatt Hotels CorpH | 4.23% | $193.84 | $238.20M | 1.2M |
| — | Spotify Technology SA | 4.11% | $459.13 | $231.22M | 503.6K |
| IBKR | Interactive Brokers Group IncIBKR | 3.80% | $87.04 | $214.24M | 2.5M |
| — | Birkenstock Holding Plc | 3.44% | $43.03 | $193.91M | 4.5M |
| MTN | Vail Resorts IncMTN | 3.13% | $136.15 | $176.52M | 1.3M |
| RRR | Red Rock Resorts IncRRR | 3.07% | $65.06 | $172.88M | 2.7M |
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 65.63% of net assets, top 25 100.73%, across 30 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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