Baron Discovery Fund Institutional Shares
BDFIX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 767 Fifth Ave New York NY United States of America 10153
- IPO Date
- Oct 3, 2013
- CIK
- 0000810902
- Website
- baroncapitalgroup.com
- Similar Companies
- Business
- Baron Discovery Fund Institutional Shares (BDFIX) is an open-end mutual fund that invests primarily in a diversified portfolio of small-cap growth equities, focusing on high-growth U.S. companies in early stages of their life cycles; its top sectors include information technology (approximately 31%), health care (24%), industrials (16%), and consumer discretionary (14%), with leading holdings such as Exact Sciences Corporation, Liberty Media Corporation-Liberty Live Group, DraftKings Inc., Loar Holdings Inc., and Establishment Labs Holdings Inc. The fund offers institutional investors access to common stocks of small-sized growth companies, primarily U.S.-based, with selective exposure to non-U.S. equities (around 5%), cash equivalents (7%), and a weighted average market cap of $8.03 billion; it maintains 57 issuers representing 95% of net assets, active share of 95.1%, and three-year average turnover of 35.5%. Managed by Laird Bieger and Randolph Gwirtzman since inception on September 30, 2013, the fund is domiciled in the United States, available for sale in the U.S., with total net assets of $1.90 billion (including all share classes) and a net expense ratio of 1.05%; minimum initial investment stands at $1 million. Baron Discovery Fund Institutional Shares operates within the Baron Investment Funds Trust, part of Baron Capital Group, Inc., an asset management firm founded in 1982 and headquartered in New York City; it targets institutional and high-net-worth investors seeking long-term capital appreciation through active, fundamental growth equity strategies. Geographically, the fund's portfolio is heavily weighted toward U.S. stocks (88%), with minor allocations to Eurozone (3%), Latin America (2%), and emerging Asia (1%). In recent developments, the fund established new positions in Q3 2025, including Primo Brands Corporation, Birkenstock Holdings plc, Netskope Inc., Badger Meter Inc., and AAON Inc., alongside significant purchases in Wynn Resorts Limited ($26.4 million) and additions to Novanta Inc. and Dynatrace Inc.; it trimmed holdings such as PAR Technology Corporation amid portfolio rebalancing. Baron Capital Group, the sponsor, launched five actively managed ETFs in December 2025—Baron First ETF (B), Durable ETF (GD), ID Cap (BC), Barons ETF (BCFN), and Baron Technology ETF (BCTK)—expanding its offerings while highlighting SpaceX as its largest investment at approximately $10 billion; these ETFs replicate the firm's long-term growth strategies historically applied to mutual funds like BDFIX. As of Q3 2025, the fund reported quarterly performance of 2.85% (institutional shares), underperforming the Russell 2000 Growth Index but maintaining a Silver Morningstar Medalist Rating as of October 2025.