# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-26-021331
**Filing Date:** 2026-3
**Character Count:** 14279
**Document Hash:** 5c2ca025cd0afd56413f16b99ad53c77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-021331.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001410368-26-021331

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON SELECT FUNDS
- **CENTRAL INDEX KEY:** 0001217673

**ORGANIZATION NAME:**
- **EIN:** 161651307
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 26704674

**BUSINESS ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153
- **BUSINESS PHONE:** 2125832000

**MAIL ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

## Series and Classes Contracts Data

### Baron Focused Growth Fund (Series ID: S000022521)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000065146 | Retail Shares        | BFGFX           |
| C000077806 | Institutional Shares | BFGIX           |
| C000174761 | R6 Shares            | BFGUX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BARON SELECT FUNDS

- **b. Investment Company Act file number:** 811-21296

- **c. CIK number of Registrant:** 0001217673

- **d. LEI of Registrant:** 549300U6KWVIU0PW2H88

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 767 FIFTH AVE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

  - **Telephone number:** 212-583-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Baron Focused Growth Fund

- **b. EDGAR series identifier (if any):** S000022521

- **c. LEI of Series:** 549300GVW8GCMDR04865

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3409596688.34

**Total Liabilities:** $248384.34

**Net Assets:** $3409348304.00

**Cash Not Reported:** $62572100.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000065146 | -2.75%               | 3.71%                | 11.31%               |
| Class ID C000077806 | -2.73%               | 3.72%                | 11.34%               |
| Class ID C000174761 | -2.73%               | 3.74%                | 11.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10003844.14            | $-66679512.40                              |
| Month 2  | $-16285840.25            | $121128619.81                              |
| Month 3  | $0.00                    | $329122713.91                              |

### Schedule of Portfolio Investments

| Name                            | Title                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Airbnb Inc                      | Airbnb Inc                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    384000 | NS      | $52116480.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc | Choice Hotels International Inc | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    900000 | NS      | $85734000.00  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                | CoStar Group Inc                | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1376000 | NS      | $92522240.00  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                        | Figs Inc                        | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8563131 | NS      | $97277168.16  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc    | FactSet Research Systems Inc    | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    330000 | NS      | $95762700.00  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                       | Figma Inc                       | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |    169502 | NS      | $6334289.74   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc          | Guidewire Software Inc          | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    572800 | NS      | $115138528.00 | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp               | Hyatt Hotels Corp               | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    781500 | NS      | $125290080.00 | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc          | IDEXX Laboratories Inc          | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    238500 | NS      | $161352405.00 | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc   | Interactive Brokers Group Inc   | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |   2160000 | NS      | $138909600.00 | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc   | Jefferies Financial Group Inc   | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |    567000 | NS      | $35136990.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp            | Las Vegas Sands Corp            | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    875000 | NS      | $56953750.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc   | Live Nation Entertainment Inc   | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    265000 | NS      | $37762500.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                        | MSCI Inc                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    255000 | NS      | $146301150.00 | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc            | Red Rock Resorts Inc            | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2035000 | NS      | $126068250.00 | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                     | Samsara Inc                     | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1419900 | NS      | $50335455.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                     | Shopify Inc                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    675000 | NS      | $108654750.00 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                       | Tesla Inc                       | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    615000 | NS      | $276577800.00 | 8.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc               | Toll Brothers Inc               | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    285000 | NS      | $38537700.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                | Vail Resorts Inc                | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    843000 | NS      | $111950400.00 | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc            | Verisk Analytics Inc            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    355000 | NS      | $79409950.00  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |    732896 | NS      | $308549216.00 | 9.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |    299280 | NS      | $125996880.00 | 3.70%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPACE EXPLORATION TECHNOLOGICS  | SPACE EXPLORATION TECHNOLOGICS  | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EP               | CORP              | US        |     12346 | NS      | $51976660.00  | 1.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| X.AI, HOLDINGS CORP. CLASS B    | X.AI, HOLDINGS CORP. CLASS B    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1670843 | NS      | $126081812.78 | 3.70%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEURALINK CORP                  | NEURALINK CORP                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     99010 | NS      | $5000005.00   | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EP               | CORP              | US        |     29630 | NS      | $124742300.00 | 3.66%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EP               | CORP              | US        |      1479 | NS      | $6226590.00   | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPACE EXPLORATION TECH CORP     | SPACE EXPLORATION TECH CORP     | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EP               | CORP              | US        |      9259 | NS      | $38980390.00  | 1.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Arch Capital Group Ltd          | Arch Capital Group Ltd          | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    900000 | NS      | $86328000.00  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                   | On Holding AG                   | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |   3130000 | NS      | $145482400.00 | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA           | Spotify Technology SA           | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    262000 | NS      | $152146020.00 | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc         | Birkenstock Holding Plc         | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |   2810000 | NS      | $114929000.00 | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-15

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer