# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-25-032564
**Filing Date:** 2025-11
**Character Count:** 22329
**Document Hash:** 487eff960d8911b88c4a35739fa438a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032564.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032564

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
- **CENTRAL INDEX KEY:** 0000810902

**ORGANIZATION NAME:**
- **EIN:** 136891420
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05032
- **FILM NUMBER:** 251529779

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARON ASSET FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BARON ASSET FUND (Series ID: S000000582)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001635 | BARON ASSET FUND     | BARAX           |
| C000077818 | Institutional Shares | BARIX           |
| C000165210 | R6 Shares            | BARUX           |

## 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 INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)

- **b. Investment Company Act file number:** 811-05032

- **c. CIK number of Registrant:** 0000810902

- **d. LEI of Registrant:** 549300QG0RSSKFZ1ZK02

- **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 ASSET FUND

- **b. EDGAR series identifier (if any):** S000000582

- **c. LEI of Series:** 54930015OV8URGQ4FJ88

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $3792145989.79

**Total Liabilities:** $516498.72

**Net Assets:** $3791629491.07

**Cash Not Reported:** $72004448.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000001635 | -0.89%               | -1.36%               | -2.10%               |
| Class ID C000077818 | -0.87%               | -1.34%               | -2.08%               |
| Class ID C000165210 | -0.87%               | -1.35%               | -2.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $96804062.91             | $-130178297.29                             |
| Month 2  | $110562885.01            | $-161821630.90                             |
| Month 3  | $71194738.66             | $-150801839.29                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| On Holding AG                    | On Holding AG                    | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |   1147000 | NS      | $48575450.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                | Hyatt Hotels Corp                | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    500233 | NS      | $70998069.69  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                    | Welltower Inc                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    180000 | NS      | $32065200.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                         | MSCI Inc                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     53000 | NS      | $30072730.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                    | Amphenol Corp                    | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |   1633000 | NS      | $202083750.00 | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc    | Hilton Worldwide Holdings Inc    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     31000 | NS      | $8042640.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                    | SailPoint Inc                    | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    586717 | NS      | $12954711.36  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stubhub Holdings Inc             | Stubhub Holdings Inc             | CUSIP: 86384P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    778700 | NS      | $13113308.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc             | Tradeweb Markets Inc             | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    316189 | NS      | $35090655.22  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd           | Arch Capital Group Ltd           | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   1623277 | NS      | $147279922.21 | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The               | Cooper Cos Inc/The               | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    611198 | NS      | $41903734.88  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA            | Spotify Technology SA            | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    100000 | NS      | $69800000.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                      | Samsara Inc                      | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    850000 | NS      | $31662500.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                 | Vail Resorts Inc                 | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    381538 | NS      | $57066638.66  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                   | CBRE Group Inc                   | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    496323 | NS      | $78200651.88  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                        | IDEX Corp                        | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |    190760 | NS      | $31048097.60  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                      | CDW Corp/DE                      | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    226363 | NS      | $36055098.64  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co               | Vertiv Holdings Co               | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    265000 | NS      | $39977900.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                | Veeva Systems Inc                | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    261648 | NS      | $77947555.68  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc              | Axon Enterprise Inc              | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     50000 | NS      | $35882000.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The               | Trade Desk Inc/The               | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    500000 | NS      | $24505000.00  | 0.65%             |  |  |  | No            |                  1 | 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        |   3341687 | NS      | $122172076.72 | 3.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Willis Towers Watson PLC         | Willis Towers Watson PLC         | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     84421 | NS      | $29163234.45  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                     | Duolingo Inc                     | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $17701200.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                     | Dayforce Inc                     | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |    448093 | NS      | $30869126.77  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SPACE EXPLORATION TECH CORP      | SPACE EXPLORATION TECH CORP      | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EP               | CORP              | US        |     96298 | NS      | $204151760.00 | 5.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Quanta Services Inc              | Quanta Services Inc              | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    285000 | NS      | $118109700.00 | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                      | Gartner Inc                      | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    677323 | NS      | $178047897.01 | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                 | ServiceTitan Inc                 | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    256493 | NS      | $25862189.19  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                       | TransUnion                       | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    725500 | NS      | $60782390.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc           | Guidewire Software Inc           | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    887425 | NS      | $203983510.50 | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                 | CoStar Group Inc                 | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1979901 | NS      | $167044247.37 | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp | Booz Allen Hamilton Holding Corp | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    200000 | NS      | $19990000.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc         | Procore Technologies Inc         | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    500000 | NS      | $36460000.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc   | SS&C Technologies Holdings Inc   | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    403076 | NS      | $35777025.76  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies   | SPACE EXPLORATION TECHNOLOGIES   | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |     69932 | NS      | $14825584.00  | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STUBHUB, HOLDINGS INC.           | STUBHUB, HOLDINGS INC.           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    988065 | NS      | $16639014.60  | 0.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rollins Inc                      | Rollins Inc                      | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |   1140418 | NS      | $66988153.32  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc     | FactSet Research Systems Inc     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    162719 | NS      | $46617366.31  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                   | DraftKings Inc                   | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    825000 | NS      | $30855000.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The          | Charles Schwab Corp/The          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   1028164 | NS      | $98158817.08  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                     | VeriSign Inc                     | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     69173 | NS      | $19338695.61  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                  | Bio-Techne Corp                  | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    711944 | NS      | $39605444.72  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc       | LPL Financial Holdings Inc       | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     50000 | NS      | $16634500.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc           | Roper Technologies Inc           | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |    200692 | NS      | $100083093.48 | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies   | SPACE EXPLORATION TECHNOLOGIES   | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |     92406 | NS      | $19590072.00  | 0.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Birkenstock Holding Plc          | Birkenstock Holding Plc          | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |    366069 | NS      | $16564622.25  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc             | Verisk Analytics Inc             | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    666346 | NS      | $167592682.46 | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc  | Choice Hotels International Inc  | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    478442 | NS      | $51150234.22  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc | Mettler-Toledo International Inc | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |    103117 | NS      | $126587460.37 | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                      | Equinix Inc                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     46116 | NS      | $36119895.84  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc | West Pharmaceutical Services Inc | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |    129404 | NS      | $33946551.32  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                  | Morningstar Inc                  | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |    156000 | NS      | $36193560.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYRYSE INC                      | SKYRYSE INC                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    277529 | NS      | $7499999.20   | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| Fair Isaac Corp                  | Fair Isaac Corp                  | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     65000 | NS      | $97274450.00  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc           | IDEXX Laboratories Inc           | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    371001 | NS      | $237028828.89 | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc       | Floor & Decor Holdings Inc       | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    350000 | NS      | $25795000.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                | Loar Holdings Inc                | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    500000 | NS      | $40000000.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-14

**Name of Applicant:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer