# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-23-049949
**Filing Date:** 2023-3
**Character Count:** 13049
**Document Hash:** 3ab5129ffc6dc5d2cbd9e96b8be97ae8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049949.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049949

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON SELECT FUNDS
- **CENTRAL INDEX KEY:** 0001217673
- **IRS NUMBER:** 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:** 23691976

**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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $740890538.11

**Total Liabilities:** $13335899.20

**Net Assets:** $727554638.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077806 | 5.80%                | 0.33%                | -10.05%              |
| Class ID C000065146 | 5.74%                | 0.32%                | -10.03%              |
| Class ID C000174761 | 5.76%                | 0.33%                | -10.01%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12079537.05            | $55229258.80                               |
| Month 2  | $0.00                    | $2722441.20                                |
| Month 3  | $0.00                    | $-81141127.10                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Penn Entertainment Inc            | Penn Entertainment Inc            | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    470000 | NS      | $13959000.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                 | Hyatt Hotels Corp                 | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    500000 | NS      | $45225000.00  | 6.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Krispy Kreme Inc                  | Krispy Kreme Inc                  | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1016815 | NS      | $10493530.80  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                          | MSCI Inc                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     75000 | NS      | $34887750.00  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Manchester United Plc             | Manchester United Plc             | CUSIP: 000000000<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | KY        |    400000 | NS      | $9332000.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd            | Arch Capital Group Ltd            | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    900000 | NS      | $56502000.00  | 7.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1479 | NS      | $1087995.99   | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spotify Technology SA             | Spotify Technology SA             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    200000 | NS      | $15790000.00  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc              | Red Rock Resorts Inc              | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    600000 | NS      | $24006000.00  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp        | FIXED INC CLEARING CORP.REPO      | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  73387599 | PA      | $73387599.00  | 10.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Vail Resorts Inc                  | Vail Resorts Inc                  | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    160000 | NS      | $38136000.00  | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent             | American Homes 4 Rent             | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |    235000 | NS      | $7082900.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc        | Iridium Communications Inc        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |    637064 | NS      | $32745089.60  | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SPACE EXPLORATION TECH CORP       | SPACE EXPLORATION TECH CORP       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9259 | NS      | $6811193.26   | 0.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Marriott Vacations Worldwide Corp | Marriott Vacations Worldwide Corp | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |    123200 | NS      | $16581488.00  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc            | Guidewire Software Inc            | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    350000 | NS      | $21896000.00  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                | Douglas Emmett Inc                | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               |  | US        |    300000 | NS      | $4704000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                  | CoStar Group Inc                  | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    580000 | NS      | $44822400.00  | 6.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                         | Tesla Inc                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    615000 | NS      | $75755700.00  | 10.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143170 | NS      | $10532007.55  | 1.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FactSet Research Systems Inc      | FactSet Research Systems Inc      | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     90000 | NS      | $36108900.00  | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                          | Figs Inc                          | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3743684 | NS      | $25194993.32  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    629570 | NS      | $46313026.43  | 6.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shopify Inc                       | Shopify Inc                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    210000 | NS      | $7289100.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc              | Verisk Analytics Inc              | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    135000 | NS      | $23816700.00  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc   | Choice Hotels International Inc   | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    155000 | NS      | $17459200.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                         | ANSYS Inc                         | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |     28247 | NS      | $6824192.73   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     29630 | NS      | $21796701.20  | 3.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IDEXX Laboratories Inc            | IDEXX Laboratories Inc            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     28000 | NS      | $11422880.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-20

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Peggy Wong

**Name of Signer:** Peggy Wong

**Title:** Chief Financial Officer and Treasurer