# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-25-032581
**Filing Date:** 2025-11
**Character Count:** 22870
**Document Hash:** 87cd00e4d1e38a259dfa62fbcefe79bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032581.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032581

**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:** 251529796

**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 SMALL CAP FUND (Series ID: S000000584)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001637 | BARON SMALL CAP FUND | BSCFX           |
| C000077820 | Institutional Shares | BSFIX           |
| C000165212 | R6 Shares            | BSCUX           |

## 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 SMALL CAP FUND

- **b. EDGAR series identifier (if any):** S000000584

- **c. LEI of Series:** 549300J4GU34YVCWNB33

**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:** $3761142435.69

**Total Liabilities:** $531962.40

**Net Assets:** $3760610473.29

**Cash Not Reported:** $44160520.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165212 | 2.05%                | -0.06%               | -1.42%               |
| Class ID C000001637 | 2.01%                | -0.06%               | -1.46%               |
| Class ID C000077820 | 2.05%                | -0.06%               | -1.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $124463500.06            | $-39232037.46                              |
| Month 2  | $84070296.71             | $-81599652.69                              |
| Month 3  | $54514932.37             | $-115414627.34                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Neogen Corp                             | Neogen Corp                             | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |   5500000 | NS      | $31405000.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                 | Mirion Technologies Inc                 | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    500000 | NS      | $11630000.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc           | Janus International Group Inc           | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2750000 | NS      | $27142500.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                             | Trex Co Inc                             | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    525000 | NS      | $27126750.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                             | Avient Corp                             | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |   1000000 | NS      | $32950000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                        | RBC Bearings Inc                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250000 | NS      | $97572500.00  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                               | Enpro Inc                               | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |    200000 | NS      | $45200000.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc            | SiteOne Landscape Supply Inc            | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    875000 | NS      | $112700000.00 | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                      | Planet Fitness Inc                      | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |   1150000 | NS      | $119370000.00 | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                               | JFrog Ltd                               | CUSIP: 000000000<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |   1000000 | NS      | $47330000.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc                    | Red Rock Resorts Inc                    | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3000000 | NS      | $183180000.00 | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                            | Exponent Inc                            | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |    300000 | NS      | $20844000.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp       | Madison Square Garden Sports Corp       | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225000 | NS      | $51075000.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                              | Intapp Inc                              | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1700000 | NS      | $69530000.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                       | GCM Grosvenor Inc                       | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2200000 | NS      | $26554000.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                               | nCino Inc                               | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |   1600000 | NS      | $43376000.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The              | Cheesecake Factory Inc/The              | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |   1250000 | NS      | $68300000.00  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Holley Inc                              | Holley Inc                              | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |   3250000 | NS      | $10205000.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc             | Inspire Medical Systems Inc             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    190000 | NS      | $14098000.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                      | Vertiv Holdings Co                      | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |   1750000 | NS      | $264005000.00 | 7.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                      | Houlihan Lokey Inc                      | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |    500000 | NS      | $102660000.00 | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                      | Trade Desk Inc/The                      | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    600000 | NS      | $29406000.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc              | Grid Dynamics Holdings Inc              | CUSIP: 39813G109<br>LEI: 9845007E77EEC65AZE29 | Long             | EC               | CORP              | US        |   3000000 | NS      | $23130000.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                             | Gartner Inc                             | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    425000 | NS      | $111719750.00 | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc                        | Hinge Health Inc                        | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    600000 | NS      | $29448000.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                  | Guidewire Software Inc                  | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    750000 | NS      | $172395000.00 | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                | ASGN Inc                                | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |   1250000 | NS      | $59187500.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                     | TransDigm Group Inc                     | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75000 | NS      | $98851500.00  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| First Advantage Corp                    | First Advantage Corp                    | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Long             | EC               | CORP              | US        |   3750000 | NS      | $57712500.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                | ICON PLC                                | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    650000 | NS      | $113750000.00 | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The         | Baldwin Insurance Group Inc/The         | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3000000 | NS      | $84630000.00  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc    | Bright Horizons Family Solutions Inc    | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    725000 | NS      | $78713250.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                         | Oddity Tech Ltd                         | CUSIP: 000000000<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |   1125000 | NS      | $70087500.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                             | Cognex Corp                             | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |   1900000 | NS      | $86070000.00  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                          | DraftKings Inc                          | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    875000 | NS      | $32725000.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                              | Dexcom Inc                              | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    265000 | NS      | $17831850.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                   | Waste Connections Inc                   | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |    200000 | NS      | $35160000.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                             | Novanta Inc                             | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    300000 | NS      | $30045000.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc       | Clearwater Analytics Holdings Inc       | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3250000 | NS      | $58565000.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                              | RadNet Inc                              | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    750000 | NS      | $57157500.00  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Holdings Inc              | Driven Brands Holdings Inc              | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5000000 | NS      | $80550000.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                        | HealthEquity Inc                        | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    750000 | NS      | $71077500.00  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions Inc | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |   1250000 | NS      | $114212500.00 | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One  | Liberty Media Corp-Liberty Formula One  | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    900000 | NS      | $94005000.00  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc               | Kinsale Capital Group Inc               | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |    425000 | NS      | $180735500.00 | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                   | Integer Holdings Corp                   | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |    250000 | NS      | $25832500.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                          | JBT Marel Corp                          | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    700000 | NS      | $98315000.00  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                 | indie Semiconductor Inc                 | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   6000000 | NS      | $24420000.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp                            | Legence Corp                            | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1250000 | NS      | $38512500.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc        | Mettler-Toledo International Inc        | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     25000 | NS      | $30690250.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc         | Installed Building Products Inc         | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |    350000 | NS      | $86331000.00  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerant Holdings                     | Accelerant Holdings                     | CUSIP: 000000000<br>LEI: 213800VS4CX9ZONTD965 | Long             | EC               | CORP              | KY        |   1200000 | NS      | $17868000.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Live         | Liberty Media Corp-Liberty Live         | CUSIP: 531229722<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    500000 | NS      | $48485000.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc              | Floor & Decor Holdings Inc              | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    450000 | NS      | $33165000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                     | PAR Technology Corp                     | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |    950000 | NS      | $37601000.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                     | Karman Holdings Inc                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    850000 | NS      | $61370000.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Repay Holdings Corp                     | Repay Holdings Corp                     | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |   3750000 | NS      | $19612500.00  | 0.52%             |  |  |  | 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