# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209293
**Filing Date:** 2025-8
**Character Count:** 12491
**Document Hash:** 267b21f858545523a8d433739919148b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209293.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209293

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 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:** 251264264

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $7957212460.61

**Total Liabilities:** $639925606.80

**Net Assets:** $7317286853.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174760 | 1.44%                | 12.71%               | -1.91%               |
| Class ID C000001642 | 1.42%                | 12.69%               | -1.93%               |
| Class ID C000077805 | 1.44%                | 12.71%               | -1.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5299323.66              | $98498552.71                               |
| Month 2  | $40677117.23             | $808574655.97                              |
| Month 3  | $366477990.74            | $-508330275.25                             |

### 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        |   3310000 | NS      | $462241500.00  | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                          | MSCI Inc                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    310000 | NS      | $178789400.00  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd            | Arch Capital Group Ltd            | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   6175000 | NS      | $562233750.00  | 7.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    131657 | NS      | $243565450.00  | 3.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spotify Technology SA             | Spotify Technology SA             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    225000 | NS      | $172651500.00  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc              | Red Rock Resorts Inc              | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1954558 | NS      | $101695652.74  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                  | Vail Resorts Inc                  | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |   1500000 | NS      | $235695000.00  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHVOLT AB                      | NORTHVOLT AB                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  21213656 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Iridium Communications Inc        | Iridium Communications Inc        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |    550000 | NS      | $16593500.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc | Gaming and Leisure Properties Inc | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |   1775000 | NS      | $82857000.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp        | FIXED INC CLEARING CORP.REPO      | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    323750 | PA      | $323750.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SPACE EXPLORATION TECH CORP       | SPACE EXPLORATION TECH CORP       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     44146 | NS      | $81670100.00   | 1.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gartner Inc                       | Gartner Inc                       | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    660000 | NS      | $266785200.00  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc            | Guidewire Software Inc            | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    880000 | NS      | $207196000.00  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                  | CoStar Group Inc                  | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   7020000 | NS      | $564408000.00  | 7.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                        | HEICO Corp                        | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    125625 | NS      | $41205000.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                         | Tesla Inc                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |   7645000 | NS      | $2428510700.00 | 33.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    302210 | NS      | $55908850.00   | 0.76%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STUBHUB, HOLDINGS INC.            | STUBHUB, HOLDINGS INC.            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197613 | NS      | $67166682.57   | 0.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FactSet Research Systems Inc      | FactSet Research Systems Inc      | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    640000 | NS      | $286259200.00  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The           | Charles Schwab Corp/The           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   4400000 | NS      | $401456000.00  | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| X.AI HOLDINGS CLASS A COMMON      | X.AI HOLDINGS CLASS A COMMON      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1665600 | NS      | $60894336.00   | 0.83%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2216310 | NS      | $410017350.00  | 5.60%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Birkenstock Holding Plc           | Birkenstock Holding Plc           | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |   1725000 | NS      | $84835500.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                        | HEICO Corp                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    116875 | NS      | $30241406.25   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies    | SPACE EXPLORATION TECHNOLOGIES    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    311111 | NS      | $575555350.00  | 7.87%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IDEXX Laboratories Inc            | IDEXX Laboratories Inc            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    620000 | NS      | $332530800.00  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer