Baron Generational Growth Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Baron Generational Growth Fund held 15 positions with $2.11B in net assets. Its ten largest holdings made up 105.1% of the fund. The BGRFX share class costs 1.6% a year. Over the 12 months to May 2026, BGRFX lost 20.3%, with dividends reinvested. In 2026 Q2 it added no new positions and exited 2.
The investment goal of Baron Growth Fund (the Fund) is capital appreciation through long-term investments primarily in securities of small-sized growth companies.
The fund invests primarily in equity securities of U.S. small-sized growth companies, defined as those with market capitalizations up to the largest Russell 2000 Growth Index constituent or $2.5 billion, whichever is larger, selected for significant growth opportunities, sustainable competitive advantages, exceptional management, and attractive valuation. Because the fund takes 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 |
|---|---|---|---|---|
Arch Capital Group Ltd | 21.80% | $459.14M | 4.7M | $97.06 |
MSCIMSCI Inc | 19.46% | $409.94M | 732.0K | $560.04 |
13.53% | $284.92M | 863.9K | $329.81 | |
13.38% | $281.81M | 2.6M | $110.27 | |
7.25% | $152.75M | 2.3M | $65.06 | |
6.53% | $137.61M | 598.1K | $230.08 | |
6.12% | $128.81M | 453.2K | $284.20 | |
6.11% | $128.71M | 992.9K | $129.62 | |
FIGSFigs Inc | 6.01% | $126.53M | 12.4M | $10.23 |
4.91% | $103.45M | 196.5K | $526.44 |
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 15 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 | 119.73% |
These positions come to 119.73% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
By sector
- Financials
- 61.3%
- Consumer Discretionary
- 25.8%
- Information Technology
- 8.8%
- Health Care
- 4.1%
- 1 other sector
- 0.0%
- Financials
- 61.3%
- Consumer Discretionary
- 25.8%
- Information Technology
- 8.8%
- Health Care
- 4.1%
- Other
- 0.0%
How it has done
BGRFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.40%. 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 |
|---|---|---|---|---|---|
| 1.60% | -20.32% | -13.50% | -19.96% | -28.98% | |
| 1.34% | -20.10% | -12.83% | -18.95% | -28.74% | |
| 1.34% | -20.11% | -12.84% | -18.94% | -28.75% |
These classes hold the same portfolio, so the 1.02pp spread over 5 years is the cost difference between them — roughly 0.20pp a year — not a difference in what they own.
Fees & fund details
Baron Generational Growth Fund is an actively managed U.S. equity fund. 14% of BGRFX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 82% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 1.34% – 1.60%· BGRFX 1.60%
- Portfolio turnover
- 1.00% 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.
0 new
2 exited
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