# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-25-032566
**Filing Date:** 2025-11
**Character Count:** 22120
**Document Hash:** 0f8267c8761d1222fbcd20f2691b5cb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032566.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032566

**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:** 251529781

**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 OPPORTUNITY FUND (Series ID: S000000585)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000001638 | BARON OPPORTUNITY FUND | BIOPX           |
| C000077821 | Institutional Shares   | BIOIX           |
| C000174753 | R6 Shares              | BIOUX           |

## 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 OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000000585

- **c. LEI of Series:** 549300LI07XXLQJOMB12

**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:** $1759768802.73

**Total Liabilities:** $160801.26

**Net Assets:** $1759608001.47

**Cash Not Reported:** $7791168.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174753 | 3.21%                | -1.25%               | 3.45%                |
| Class ID C000001638 | 3.19%                | -1.29%               | 3.44%                |
| Class ID C000077821 | 3.21%                | -1.26%               | 3.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6035324.06              | $48467867.22                               |
| Month 2  | $16633934.79             | $-37202728.29                              |
| Month 3  | $2965757.28              | $55917175.91                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nova Ltd                                  | Nova Ltd                                  | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     57000 | NS      | $18220620.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                            | Atlassian Corp                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |    125400 | NS      | $20026380.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                       | Exact Sciences Corp                       | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    311000 | NS      | $17014810.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                               | Zscaler Inc                               | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     82500 | NS      | $24721950.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                            | Cloudflare Inc                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    118400 | NS      | $25407456.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                          | GDS Holdings Ltd                          | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    642000 | NS      | $24845400.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FARMERS BUSINESS NETWORK COMMO            | FARMERS BUSINESS NETWORK COMMO            | CUSIP: 000000000<br>LEI: 5493003KO0NA75DM0Y81 | Long             | EC               | CORP              | US        |    182067 | NS      | $338644.62    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spotify Technology SA                     | Spotify Technology SA                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    122500 | NS      | $85505000.00  | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                               | Samsara Inc                               | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    699000 | NS      | $26037750.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                             | HeartFlow Inc                             | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171530 | NS      | $5773699.80   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GM CRUISE HOLDINGS LLC                    | GM CRUISE HOLDINGS LLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    266956 | NS      | $266956.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Visa Inc                                  | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     99800 | NS      | $34069724.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FARMERS BUSINESS NETWORK                  | FARMERS BUSINESS NETWORK                  | CUSIP: 000000000<br>LEI: 5493003KO0NA75DM0Y81 | Long             | EC               | CORP              | US        |    615761 | NS      | $2081272.18   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    254000 | NS      | $131559300.00 | 7.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                        | Trade Desk Inc/The                        | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    536010 | NS      | $26269850.10  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1241100 | NS      | $231564438.00 | 13.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                              | Duolingo Inc                              | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58900 | NS      | $18956376.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SPACE EXPLORATION TECH CORP               | SPACE EXPLORATION TECH CORP               | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EP               | CORP              | US        |     18519 | NS      | $39260280.00  | 2.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Quanta Services Inc                       | Quanta Services Inc                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     25000 | NS      | $10360500.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                               | Gartner Inc                               | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    105387 | NS      | $27703080.69  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc                          | Hinge Health Inc                          | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    301785 | NS      | $14811607.80  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Via Transportation Inc                    | Via Transportation Inc                    | CUSIP: 92556W104<br>LEI: 5493008VI9XI9EV3A861 | Long             | EC               | CORP              | US        |    150577 | NS      | $7239742.16   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                    | Guidewire Software Inc                    | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    102600 | NS      | $23583636.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GM CRUISE HOLDINGS LLC                    | GM CRUISE HOLDINGS LLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3571 | NS      | $3571.14      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CoStar Group Inc                          | CoStar Group Inc                          | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    465130 | NS      | $39243018.10  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                    | Intuitive Surgical Inc                    | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     41105 | NS      | $18383389.15  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                            | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     56400 | NS      | $32080884.00  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    342000 | NS      | $112829220.00 | 6.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                 | Tesla Inc                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    239200 | NS      | $106377024.00 | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |     83588 | NS      | $17720656.00  | 1.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FARMERS BUSINESS NETWORK                  | FARMERS BUSINESS NETWORK                  | CUSIP: 000000000<br>LEI: 5493003KO0NA75DM0Y81 | Long             | EP               | CORP              | US        |     37254 | NS      | $684728.52    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oddity Tech Ltd                           | Oddity Tech Ltd                           | CUSIP: 000000000<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |    136700 | NS      | $8516410.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                       | Arista Networks Inc                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     86097 | NS      | $12545193.87  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Netskope Inc                              | Netskope Inc                              | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |    178138 | NS      | $4049076.74   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                            | ServiceNow Inc                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     24100 | NS      | $22178748.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                            | DraftKings Inc                            | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    405000 | NS      | $15147000.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                               | Arcellx Inc                               | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    244000 | NS      | $20032400.00  | 1.14%             |  |  |  | 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        |    138812 | NS      | $5074966.72   | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Snowflake Inc                             | Snowflake Inc                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    119100 | NS      | $26863005.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    109500 | NS      | $80414610.00  | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                 | Argenx SE                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     58139 | NS      | $42881000.84  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                | Gitlab Inc                                | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |    363500 | NS      | $16386580.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                | LPL Financial Holdings Inc                | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     62500 | NS      | $20793125.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                               | Datadog Inc                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    137500 | NS      | $19580000.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |    107376 | NS      | $22763712.00  | 1.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Monolithic Power Systems Inc              | Monolithic Power Systems Inc              | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     21200 | NS      | $19517568.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                               | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    197100 | NS      | $29291031.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                              | Synopsys Inc                              | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     19000 | NS      | $9374410.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    126700 | NS      | $35386043.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                   | indie Semiconductor Inc                   | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   5565971 | NS      | $22653501.97  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                            | Eli Lilly & Co                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     57300 | NS      | $43719900.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    485500 | NS      | $106601235.00 | 6.06%             |  |  |  | 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        |    461893 | NS      | $16886808.08  | 0.96%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAR Technology Corp                       | PAR Technology Corp                       | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |    196898 | NS      | $7793222.84   | 0.44%             |  |  |  | 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