# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209305
**Filing Date:** 2025-8
**Character Count:** 18847
**Document Hash:** 654d7d98bcefd7f3799edfde6d335f46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209305.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209305

**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:** 251264275

**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 Global Advantage Fund (Series ID: S000036767)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000112440 | Retail Shares        | BGAFX           |
| C000112441 | Institutional Shares | BGAIX           |
| C000174764 | R6 Shares            | BGLUX           |

## 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 Global Advantage Fund

- **b. EDGAR series identifier (if any):** S000036767

- **c. LEI of Series:** 549300H23AWQ1PSUDU58

**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:** $627891414.53

**Total Liabilities:** $4194629.68

**Net Assets:** $623696784.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174764 | 5.13%                | 9.97%                | 6.14%                |
| Class ID C000112440 | 5.08%                | 9.96%                | 6.12%                |
| Class ID C000112441 | 5.10%                | 9.97%                | 6.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $224176.42               | $26388259.16                               |
| Month 2  | $4226639.90              | $49839434.24                               |
| Month 3  | $23749199.89             | $15809411.09                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eternal Ltd                               | Eternal Ltd                               | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |   6607712 | NS      | $20350406.15  | 3.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     22216 | NS      | $17802501.83  | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc                          | PDD Holdings Inc                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     42316 | NS      | $4428792.56   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiverr International Ltd                  | Fiverr International Ltd                  | CUSIP: 000000000<br>LEI: 549300Z8OREY6THCPF67 | Long             | EC               | CORP              | IL        |    276080 | NS      | $8097426.40   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                             | SailPoint Inc                             | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76958 | NS      | $1759259.88   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                               | Zscaler Inc                               | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     63729 | NS      | $20007082.26  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                            | Cloudflare Inc                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    131822 | NS      | $25814702.26  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                          | GDS Holdings Ltd                          | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    376511 | NS      | $11509941.27  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL Inc                                 | GRAIL Inc                                 | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |       154 | NS      | $7918.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FARMERS BUSINESS NETWORK COMMO            | FARMERS BUSINESS NETWORK COMMO            | CUSIP: 000000000<br>LEI: 5493003KO0NA75DM0Y81 | Long             | EC               | CORP              | US        |    299761 | NS      | $557555.46    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Codere Online Luxembourg SA               | Codere Online Luxembourg SA               | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | Long             | EC               | CORP              | LU        |    827902 | NS      | $7028887.98   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                         | BILL Holdings Inc                         | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |     34207 | NS      | $1582415.82   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GM CRUISE HOLDINGS LLC                    | GM CRUISE HOLDINGS LLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    461004 | NS      | $461004.00    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Globant SA                                | Globant SA                                | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     58919 | NS      | $5352201.96   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CODERE ONLINE LUXEMBOURG, S.A.            | CODERE ONLINE LUXEMBOURG, S.A.            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      4326 | NS      | $4412.52      | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Block Inc                                 | Block Inc                                 | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    174531 | NS      | $11855890.83  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc                   | Viking Therapeutics Inc                   | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |     74811 | NS      | $1982491.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                | FIXED INC CLEARING CORP.REPO              | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  10734832 | PA      | $10734831.55  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| THINK + LEARN PRIVATE LIMITED             | THINK + LEARN PRIVATE LIMITED             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IN        |      9201 | NS      | $44049.14     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Coupang Inc                               | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   1112089 | NS      | $33318186.44  | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                  | Adyen NV                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      8934 | NS      | $16407621.74  | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    356883 | NS      | $56383945.17  | 9.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Codere Online Luxembourg SA               | Codere Online Luxembourg SA               | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | N/A              | DE               |  | LU        |    498034 | NS      | $507994.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                              | Illumina Inc                              | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     92028 | NS      | $8780391.48   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                          | ServiceTitan Inc                          | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30984 | NS      | $3320865.12   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Afya Ltd                                  | Afya Ltd                                  | CUSIP: 000000000<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | KY        |    416760 | NS      | $7443333.60   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                 | Tesla Inc                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     27899 | NS      | $8862396.34   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75250 | NS      | $13921250.00  | 2.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Taboola.com Ltd                           | Taboola.com Ltd                           | CUSIP: 000000000<br>LEI: 984500F5945AFAFFCB30 | N/A              | DE               |  | IL        |    228748 | NS      | $47968.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                             | Snowflake Inc                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     95516 | NS      | $21373615.32  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Endava PLC                                | Endava PLC                                | CUSIP: 29260V105<br>LEI: 213800JJ6CRPCWCQVZ25 | Long             | EC               | CORP              | GB        |    485666 | NS      | $7440403.12   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                 | Argenx SE                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     36977 | NS      | $20382461.94  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                  | Crowdstrike Holdings Inc                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     16812 | NS      | $8562519.72   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                               | Datadog Inc                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    155204 | NS      | $20848553.32  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    252130 | NS      | $46644050.00  | 7.48%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CODERE ONLINE LUXEMBOURG, S.A.            | CODERE ONLINE LUXEMBOURG, S.A.            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375992 | NS      | $3192172.08   | 0.51%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shopify Inc                               | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    466699 | NS      | $53833729.65  | 8.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands            | NU Holdings Ltd/Cayman Islands            | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    931576 | NS      | $12781222.72  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     69095 | NS      | $15649326.55  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     22871 | NS      | $59776331.73  | 9.58%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                   | indie Semiconductor Inc                   | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   1423030 | NS      | $5065986.80   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                         | Bajaj Finance Ltd                         | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |   2031490 | NS      | $22186618.36  | 3.56%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                 | InPost SA                                 | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |    689857 | NS      | $11480398.38  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                               | Wix.com Ltd                               | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     61339 | NS      | $9719777.94   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                         | Loar Holdings Inc                         | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102299 | NS      | $8815104.83   | 1.41%             |  |  |  | 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