# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-25-032573
**Filing Date:** 2025-11
**Character Count:** 14885
**Document Hash:** dfa86b673c56b6254ed30a6203a03dd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032573.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032573

**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:** 251529788

**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 FIFTH AVENUE GROWTH FUND (Series ID: S000000586)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000001639 | BARON FIFTH AVENUE GROWTH FUND | BFTHX           |
| C000077822 | Institutional Shares           | BFTIX           |
| C000165213 | R6 Shares                      | BFTUX           |

## 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 FIFTH AVENUE GROWTH FUND

- **b. EDGAR series identifier (if any):** S000000586

- **c. LEI of Series:** 549300RUQIM7AB0VG234

**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:** $763797538.05

**Total Liabilities:** $109689.81

**Net Assets:** $763687848.24

**Cash Not Reported:** $38466026.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165213 | 3.49%                | -1.02%               | 3.34%                |
| Class ID C000001639 | 3.46%                | -1.05%               | 3.32%                |
| Class ID C000077822 | 3.48%                | -1.13%               | 3.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $26238216.24                               |
| Month 2  | $18008023.29             | $-26083456.77                              |
| Month 3  | $-10117972.45            | $35252993.37                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Atlassian Corp                            | Atlassian Corp                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     34277 | NS      | $5474036.90   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                            | Cloudflare Inc                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    136622 | NS      | $29317714.98  | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL Inc                                 | GRAIL Inc                                 | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |      4609 | NS      | $272530.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                               | Samsara Inc                               | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    642262 | NS      | $23924259.50  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GM CRUISE HOLDINGS LLC                    | GM CRUISE HOLDINGS LLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    133288 | NS      | $133288.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Alphabet Inc                              | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    151627 | NS      | $36860523.70  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     22279 | NS      | $21568077.11  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                 | Block Inc                                 | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    216528 | NS      | $15648478.56  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                         | Veeva Systems Inc                         | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     29805 | NS      | $8879207.55   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                        | Trade Desk Inc/The                        | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     40000 | NS      | $1960400.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                               | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    644327 | NS      | $20747329.40  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                  | Adyen NV                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      8265 | NS      | $13299039.72  | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    519452 | NS      | $96919354.16  | 12.69%            |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                              | Illumina Inc                              | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     79150 | NS      | $7516875.50   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                    | Intuitive Surgical Inc                    | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     43393 | NS      | $19406651.39  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                 | Tesla Inc                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     74227 | NS      | $33010231.44  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |     12240 | NS      | $2594880.00   | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ServiceNow Inc                            | ServiceNow Inc                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     22215 | NS      | $20444020.20  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                             | Snowflake Inc                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    105702 | NS      | $23841086.10  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     89102 | NS      | $65434726.76  | 8.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                                 | Figma Inc                                 | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |     47676 | NS      | $2472954.12   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                              | KKR & Co Inc                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    169952 | NS      | $22085262.40  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                 | Argenx SE                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     31913 | NS      | $23537752.28  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                  | Crowdstrike Holdings Inc                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     26917 | NS      | $13199558.46  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                               | Datadog Inc                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    167782 | NS      | $23892156.80  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |     41330 | NS      | $8761960.00   | 1.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shopify Inc                               | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    266539 | NS      | $39610360.79  | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    134629 | NS      | $37600533.41  | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     13982 | NS      | $32675095.08  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                            | Eli Lilly & Co                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      7654 | NS      | $5840002.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    284121 | NS      | $62384447.97  | 8.17%             |  |  |  | No            |                  1 | On Loan: No      |
| X.AI HOLDINGS CORP., CLASS C              | X.AI HOLDINGS CORP., CLASS C              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    161662 | NS      | $5910362.72   | 0.77%             |  |  |  | Yes           |                  3 | 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