Baron Asset Fund Retail Class
BARAX
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- Baron Asset Fund Retail Class (BARAX) is an open-end mutual fund managed by Baron Capital Management, Inc., focusing on long-term capital appreciation through investments primarily in mid-cap growth equities. The Fund targets U.S. companies that possess significant secular growth opportunities, durable competitive advantages, exceptional management teams, and attractive valuations; its portfolio emphasizes sectors such as information technology, industrials, health care, and financials, with key holdings including X.AI Holdings Corp., IDEXX Laboratories, Inc., Space Exploration Technologies Corp., Amphenol Corporation, and Guidewire Software, Inc. It maintains a diversified portfolio of approximately 55 issuers, with a weighted average market capitalization of $69.63 billion, low turnover of 5.18%, and an active share of 85.1%; the Retail Class carries a net expense ratio of 1.29% and requires a minimum initial investment of $2,000. Launched on June 12, 1987, with total net assets of approximately $3.79 billion as of September 30, 2025, the Fund is domiciled in the United States and available for sale therein, with portfolio management led by Andrew Peck since July 23, 2003. Baron Capital Management, founded in 1982 and headquartered at 767 Fifth Avenue in New York, New York, serves as the investment adviser. Recent developments include significant new investments in Q3 2025 such as Loar Holdings Inc., StubHub Holdings, Inc., DraftKings Inc., Floor & Decor Holdings, Inc., and Duolingo, Inc., alongside trims in longtime positions like IDEXX Laboratories, Inc., Guidewire Software, Inc., and Gartner, Inc.; additionally, Baron Capital launched five actively managed ETFs on December 15, 2025—Baron First ETF (B), Durable ETF (GD), ID Cap (BC), Barons ETF (BCFN), and Baron Technology ETF (BCTK)—which replicate its mutual fund strategies, while Space Exploration Technologies Corp. emerged as the firm's largest overall investment surpassing $10 billion.