Baron Partners Fund Retail Shares

Overview

Baron Partners Fund Retail Shares is a mutual fund focusing on long-term capital appreciation through investments in small and mid-cap companies. The fund seeks to achieve this by investing in a concentrated portfolio of leading U.S. growth companies across all market capitalizations. It is characterized by its high-conviction approach, typically holding only 20 to 30 companies, with the top ten positions often representing a substantial majority of assets. The fund's strategy involves identifying businesses with significant opportunities for growth, sustainable competitive advantages, exceptional management, and attractive valuations. As of December 31, 2025, the fund's net assets were approximately $9.69 billion, with a turnover rate of 3.51% over the past three years and an active share of 95.3%. The median market capitalization of its holdings was $18.35 billion, and the weighted average market capitalization was $649.48 billion. The expense ratio was 2.24%, which includes 1.05% of operating expenses and 0.95% of interest expenses. The fund's top holdings include Space Exploration Technologies Corp. (28.6%), Tesla, Inc. (26.7%), Arch Capital Group Ltd. (5.4%), Hyatt Hotels Corporation (4.9%), CoStar Group, Inc. (4.2%), MSCI Inc. (4.2%), The Charles Schwab Corporation (4.0%), IDEXX Laboratories, Inc. (3.9%), FactSet Research Systems Inc. (3.5%), and Gartner, Inc. (2.9%). The fund's portfolio is diversified across various sectors, including Consumer Discretionary, Industrials, Financials, Information Technology, Real Estate, Health Care, and Communication Services. The fund's investment philosophy emphasizes a long-term, fundamental, active approach to growth investing, focusing on finding competitively advantaged growth companies led by exceptional management teams and investing in them for the long term. This approach has been recognized by Investor's Business Daily, which ranked Baron Partners Fund as the top fund in three different categories in its Best Mutual Funds 2022 Awards. The fund's performance has been strong, with a 10-year average total return of 27.89% as of December 31, 2021. Investors can access more information about the fund and its holdings on the official website.

Investment Focus

• Minimum initial investment: $2,000

Portfolio Companies