# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-23-049938
**Filing Date:** 2023-3
**Character Count:** 15949
**Document Hash:** cd1a54e4d87a7c587490837e40c12911
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049938.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049938

**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:** 23691957

**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 Partners Fund (Series ID: S000000588)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001642 | Retail Shares        | BPTRX           |
| C000077805 | Institutional Shares | BPTIX           |
| C000174760 | R6 Shares            | BPTUX           |

## 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 Partners Fund

- **b. EDGAR series identifier (if any):** S000000588

- **c. LEI of Series:** 5493002YV1IT31ORPG23

**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:** $5827078873.68

**Total Liabilities:** $999470870.33

**Net Assets:** $4827608003.35

**Cash Not Reported:** $119000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174760 | 0.59%                | -2.80%               | -18.12%              |
| Class ID C000001642 | 0.57%                | -2.82%               | -18.13%              |
| Class ID C000077805 | 0.59%                | -2.80%               | -18.12%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-26800601.44            | $70114511.29                               |
| Month 2  | $-55556988.00            | $-114413179.06                             |
| Month 3  | $-101932041.84           | $-981249540.50                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hyatt Hotels Corp                 | Hyatt Hotels Corp                 | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |   3325000 | NS      | $300746250.00  | 6.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Krispy Kreme Inc                  | Krispy Kreme Inc                  | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1200000 | NS      | $12384000.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                          | MSCI Inc                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    200000 | NS      | $93034000.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd   | Brookfield Asset Management Ltd   | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    150000 | NS      | $4300500.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd            | Arch Capital Group Ltd            | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   6550000 | NS      | $411209000.00  | 8.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    131657 | NS      | $96850769.13   | 2.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cohen & Steers Inc                | Cohen & Steers Inc                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |    550000 | NS      | $35508000.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA             | Spotify Technology SA             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    200000 | NS      | $15790000.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc              | Red Rock Resorts Inc              | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1200000 | NS      | $48012000.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp        | FIXED INC CLEARING CORP.REPO      | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    305352 | PA      | $305352.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vail Resorts Inc                  | Vail Resorts Inc                  | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |   1050000 | NS      | $250267500.00  | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHVOLT AB                      | NORTHVOLT AB                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  21213656 | NS      | $7651108.10    | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Iridium Communications Inc        | Iridium Communications Inc        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |   4000000 | NS      | $205600000.00  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc | Gaming and Leisure Properties Inc | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |   1819296 | NS      | $94767128.64   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                          | Adyen NV                          | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     59246 | NS      | $82248196.80   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| SPACE EXPLORATION TECH CORP       | SPACE EXPLORATION TECH CORP       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    111111 | NS      | $81736526.04   | 1.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Illumina Inc                      | Illumina Inc                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     60000 | NS      | $12132000.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                       | Gartner Inc                       | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    700000 | NS      | $235298000.00  | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp | Marriott Vacations Worldwide Corp | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |    700000 | NS      | $94213000.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                        | Airbnb Inc                        | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     80000 | NS      | $6840000.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc            | Guidewire Software Inc            | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    900000 | NS      | $56304000.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                | Douglas Emmett Inc                | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               |  | US        |   1000000 | NS      | $15680000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                  | CoStar Group Inc                  | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7350000 | NS      | $568008000.00  | 11.77%            |  |  |  | No            |                  1 | On Loan: No      |
| X HOLDINGS I, INC.                | X HOLDINGS I, INC.                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $42121800.00   | 0.87%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HEICO Corp                        | HEICO Corp                        | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    125625 | NS      | $19301025.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                         | Tesla Inc                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |  12150000 | NS      | $1496637000.00 | 31.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Velo3D Inc                        | Velo3D Inc                        | CUSIP: 92259N104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5750000 | NS      | $10292500.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    302210 | NS      | $22231459.12   | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STUBHUB, HOLDINGS INC.            | STUBHUB, HOLDINGS INC.            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197613 | NS      | $22138584.39   | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brookfield Corp                   | Brookfield Corp                   | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $31460000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc      | FactSet Research Systems Inc      | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    720000 | NS      | $288871200.00  | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The           | Charles Schwab Corp/The           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   4100000 | NS      | $341366000.00  | 7.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                          | Figs Inc                          | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7000000 | NS      | $47110000.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2216310 | NS      | $163038301.71  | 3.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shopify Inc                       | Shopify Inc                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    900000 | NS      | $31239000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                        | HEICO Corp                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    116875 | NS      | $14007468.75   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    311111 | NS      | $228862420.04  | 4.74%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IDEXX Laboratories Inc            | IDEXX Laboratories Inc            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    800000 | NS      | $326368000.00  | 6.76%             |  |  |  | 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