# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209296
**Filing Date:** 2025-8
**Character Count:** 15158
**Document Hash:** 2d1569b75cadc87389c18c1b9a7aa2bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209296.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209296

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251264267

**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:** 2025-06-30

**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:** $2553505995.43

**Total Liabilities:** $87752.23

**Net Assets:** $2553418243.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077806 | 0.72%                | 9.46%                | 2.29%                |
| Class ID C000065146 | 0.69%                | 9.44%                | 2.28%                |
| Class ID C000174761 | 0.70%                | 9.48%                | 2.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5225116.91             | $23281932.23                               |
| Month 2  | $-2712508.86             | $208757434.28                              |
| Month 3  | $0.00                    | $56377870.08                               |

### 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: N/A                  | Long             | EC               | CORP              | CH        |   2435000 | NS      | $126741750.00 | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp               | Hyatt Hotels Corp               | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    781500 | NS      | $109136475.00 | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                        | MSCI Inc                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    180000 | NS      | $103813200.00 | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc   | Interactive Brokers Group Inc   | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |   2160000 | NS      | $119685600.00 | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd          | Arch Capital Group Ltd          | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    900000 | NS      | $81945000.00  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1479 | NS      | $2736150.00   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spotify Technology SA           | Spotify Technology SA           | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    262000 | NS      | $201043080.00 | 7.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc            | Red Rock Resorts Inc            | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2000000 | NS      | $104060000.00 | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                     | Samsara Inc                     | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    710000 | NS      | $28243800.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SPACE EXPLORATION TECHNOLOGICS  | SPACE EXPLORATION TECHNOLOGICS  | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EP               | CORP              | US        |     12346 | NS      | $22840100.00  | 0.89%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vail Resorts Inc                | Vail Resorts Inc                | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    638842 | NS      | $100381243.46 | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc      | Iridium Communications Inc      | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |    825000 | NS      | $24890250.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc               | Toll Brothers Inc               | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    270000 | NS      | $30815100.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp      | FIXED INC CLEARING CORP.REPO    | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  48268709 | PA      | $48268709.46  | 1.89%             |  |  |  | No            |                  2 | 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      | $61086020.08  | 2.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPACE EXPLORATION TECH CORP     | SPACE EXPLORATION TECH CORP     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9259 | NS      | $17129150.00  | 0.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Airbnb Inc                      | Airbnb Inc                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    134000 | NS      | $17733560.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc          | Guidewire Software Inc          | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    556300 | NS      | $130980835.00 | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc              | Douglas Emmett Inc              | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               |  | US        |   1500000 | NS      | $22560000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                | CoStar Group Inc                | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1336700 | NS      | $107470680.00 | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                       | Tesla Inc                       | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    615000 | NS      | $195360900.00 | 7.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143170 | NS      | $26486450.00  | 1.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FactSet Research Systems Inc    | FactSet Research Systems Inc    | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    125000 | NS      | $55910000.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc   | Live Nation Entertainment Inc   | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    265000 | NS      | $40089200.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                        | Figs Inc                        | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8493569 | NS      | $47903729.16  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    629570 | NS      | $116470450.00 | 4.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shopify Inc                     | Shopify Inc                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    675000 | NS      | $77861250.00  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc         | Birkenstock Holding Plc         | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |   1895000 | NS      | $93196100.00  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc            | Verisk Analytics Inc            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    215000 | NS      | $66972500.00  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc | Choice Hotels International Inc | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    625000 | NS      | $79300000.00  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                       | ANSYS Inc                       | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |    100000 | NS      | $35122000.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc   | Jefferies Financial Group Inc   | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |    490000 | NS      | $26798100.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp            | Las Vegas Sands Corp            | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    875000 | NS      | $38071250.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NEURALINK CORP                  | NEURALINK CORP                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     99010 | NS      | $5000005.00   | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| Space Exploration Technologies  | SPACE EXPLORATION TECHNOLOGIES  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     29630 | NS      | $54815500.00  | 2.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IDEXX Laboratories Inc          | IDEXX Laboratories Inc          | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    238500 | NS      | $127917090.00 | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer