# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-25-032570
**Filing Date:** 2025-11
**Character Count:** 23180
**Document Hash:** 413357bec5a764a6882e8bdfb1228c9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032570.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032570

**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:** 251529785

**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 DISCOVERY FUND (Series ID: S000042178)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000130959 | BARON DISCOVERY FUND | BDFFX           |
| C000130960 | Institutional Shares | BDFIX           |
| C000174754 | R6 Shares            | BDFUX           |

## 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 DISCOVERY FUND

- **b. EDGAR series identifier (if any):** S000042178

- **c. LEI of Series:** 549300BBGGOLONVYLL69

**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:** $1900703930.23

**Total Liabilities:** $224104.80

**Net Assets:** $1900479825.43

**Cash Not Reported:** $80388044.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174754 | -1.08%               | 3.34%                | 0.61%                |
| Class ID C000130959 | -1.09%               | 3.30%                | 0.60%                |
| Class ID C000130960 | -1.06%               | 3.34%                | 0.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17951985.59             | $-37081742.01                              |
| Month 2  | $81239210.54             | $-14320349.28                              |
| Month 3  | $-3308040.47             | $15687132.26                               |

### 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: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |    350000 | NS      | $14822500.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc           | Independence Realty Trust Inc           | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |   1100000 | NS      | $18029000.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                           | Dynatrace Inc                           | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    985775 | NS      | $47760798.75  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                | Nova Ltd                                | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     38129 | NS      | $12188316.14  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG Inc                                | TWFG Inc                                | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    785000 | NS      | $21540400.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                   | Alkami Technology Inc                   | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |   1700000 | NS      | $42228000.00  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                             | Trex Co Inc                             | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $18084500.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                     | Exact Sciences Corp                     | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |   1307600 | NS      | $71538796.00  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                        | RBC Bearings Inc                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $21465950.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                           | Repligen Corp                           | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    273653 | NS      | $36579196.51  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc            | SiteOne Landscape Supply Inc            | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    300000 | NS      | $38640000.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings LLC         | Ategrity Specialty Holdings LLC         | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |    550000 | NS      | $10873500.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                           | HeartFlow Inc                           | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    480151 | NS      | $16161882.66  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                              | Intapp Inc                              | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    550000 | NS      | $22495000.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc          | Advanced Energy Industries Inc          | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    275321 | NS      | $46843114.94  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc             | Inspire Medical Systems Inc             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    144857 | NS      | $10748389.40  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                            | Wingstop Inc                            | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |    115000 | NS      | $28943200.00  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings Inc         | Establishment Labs Holdings Inc         | CUSIP: 000000000<br>LEI: 549300BCBQ714JNJ7V58 | Long             | EC               | CORP              | VG        |    849085 | NS      | $34803994.15  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                     | Varonis Systems Inc                     | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    401000 | NS      | $23045470.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                        | ServiceTitan Inc                        | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $35290500.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                  | Guidewire Software Inc                  | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    165357 | NS      | $38008960.02  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                           | Tempus AI Inc                           | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |    221139 | NS      | $17848128.69  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                     | Texas Roadhouse Inc                     | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    185000 | NS      | $30737750.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                        | Badger Meter Inc                        | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |    137500 | NS      | $24554750.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                | Procore Technologies Inc                | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    500000 | NS      | $36460000.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                            | Veracyte Inc                            | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |    468790 | NS      | $16093560.70  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Netskope Inc                            | Netskope Inc                            | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |   1289460 | NS      | $29309425.80  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                              | CareDx Inc                              | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |   2270437 | NS      | $33012153.98  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One  | Liberty Media Corp-Liberty Formula One  | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    185000 | NS      | $17615700.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                        | Wynn Resorts Ltd                        | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |    350000 | NS      | $44894500.00  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                          | DraftKings Inc                          | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |   1350000 | NS      | $50490000.00  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                         | SentinelOne Inc                         | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |   2055000 | NS      | $36188550.00  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                             | Arcellx Inc                             | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163217 | NS      | $13400115.70  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                  | Brunello Cucinelli SpA                  | CUSIP: 11687Q109<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |   1700000 | NS      | $18624050.80  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                              | Gitlab Inc                              | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |    876171 | NS      | $39497788.68  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                             | Novanta Inc                             | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    232550 | NS      | $23289882.50  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc       | Clearwater Analytics Holdings Inc       | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1850000 | NS      | $33337000.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc        | Montrose Environmental Group Inc        | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |   1419000 | NS      | $38965740.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                             | Masimo Corp                             | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |    267000 | NS      | $39395850.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions Inc | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    617158 | NS      | $56389726.46  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc                 | Birkenstock Holding Plc                 | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |    725000 | NS      | $32806250.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc               | Kinsale Capital Group Inc               | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     75000 | NS      | $31894500.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                             | SiTime Corp                             | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128600 | NS      | $38748466.00  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                   | Integer Holdings Corp                   | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |    279234 | NS      | $28853249.22  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                       | Primo Brands Corp                       | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |   1575000 | NS      | $34807500.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                 | indie Semiconductor Inc                 | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   5252665 | NS      | $21378346.55  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA                     | Stevanato Group SpA                     | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |   1281429 | NS      | $32996796.75  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                 | Enerpac Tool Group Corp                 | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |    375000 | NS      | $15375000.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc                    | Ramaco Resources Inc                    | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |    450000 | NS      | $14935500.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                     | Mercury Systems Inc                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    920380 | NS      | $71237412.00  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                     | StepStone Group Inc                     | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    385000 | NS      | $25144350.00  | 1.32%             |  |  |  | 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        |    700000 | NS      | $67879000.00  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                                | AAON Inc                                | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325000 | NS      | $30368000.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc              | Floor & Decor Holdings Inc              | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    350000 | NS      | $25795000.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                 | ARS Pharmaceuticals Inc                 | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1074609 | NS      | $10799820.45  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                       | Loar Holdings Inc                       | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    629000 | NS      | $50320000.00  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                     | PAR Technology Corp                     | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |    375000 | NS      | $14842500.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                     | Karman Holdings Inc                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    845368 | NS      | $61035569.60  | 3.21%             |  |  |  | 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