Investment objective & strategy
As of April 30, 2025 · prospectusObjective. The investment goal of Baron Focused Growth Fund (the Fund) is capital appreciation.
Strategy. The Fund is a non-diversified fund that, under normal circumstances, invests primarily in equity securities of U.S. small- and mid-sized growth companies. The Adviser defines small- and mid-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell Midcap Growth Index at reconstitution. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges. The Fund is a non-diversified fund that, under normal circumstances, invests primarily in equity securities of U.S. small- and mid-sized growth companies. The Adviser defines small- and mid-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell Midcap Growth Index at reconstitution. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| SPACE EXPLORATION TECHNOLOGIES | — | $385.94M | 9.99% |
| TESLA INC | — | $231.53M | 5.99% |
| MSCI INC | — | $214.15M | 5.54% |
| SPACE EXPLORATION TECHNOLOGIES | — | $157.60M | 4.08% |
| SPACE EXPLORATION TECHNOLOGIES | — | $156.03M | 4.04% |
| HYATT HOTELS CORP CL A | — | $151.32M | 3.92% |
| SPOTIFY TECHNOLOGY SA | — | $149.26M | 3.86% |
| VERISK ANALYTICS INC | — | $146.58M | 3.80% |
| INTERACTIVE BROKERS GROUP INC | — | $144.87M | 3.75% |
| ON HOLDING AG | — | $135.33M | 3.50% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Baron First Principles ETF · RONB | 74% | 1.00% |
| Baron Partners Fund · BPTRX, BPTIX, BPTUX | 62% | 1.99% |
| BARON ASSET FUND · BARAX, BARIX, BARUX | 39% | 1.05% |
Advisers
| Firm | Role |
|---|---|
| BAMCO, Inc. | Adviser |
Footnotes
- Expense ratio as of April 30, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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