Baron Small Cap Fund
BSCFX
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- Baron Small Cap Fund (BSCFX) is an actively managed open-end mutual fund that seeks capital appreciation through investments primarily in equity securities of small-sized U.S. growth companies, defined by BAMCO, Inc., the adviser, as those with market capitalizations up to the largest stock in the Russell 2000 Growth Index at reconstitution or $2.5 billion, whichever is larger; the fund maintains a diversified portfolio of approximately 58 holdings, with top positions including Vertiv Holdings Co. (industrials, critical data center infrastructure), Red Rock Resorts, Inc. (consumer discretionary, Las Vegas locals casinos), Kinsale Capital Group, Inc. (financials, excess and surplus lines insurance), Guidewire Software, Inc. (information technology, property and casualty insurance software), and SiteOne Landscape Supply, Inc. (industrials, landscape supplies distribution); sector allocations emphasize industrials (29%), information technology (21.2%), consumer discretionary (18.9%), financials (11.3%), and health care (10.6%), with an active share of 95.3%, low turnover of 11.23% (three-year average), and characteristics such as a weighted average market cap of $14.48 billion, EPS growth forecast of 15.6%, and expense ratio of 1.30% for retail shares. The fund, part of the Baron Funds family managed by Baron Capital headquartered in New York and founded by Ronald S. Baron in 1982, targets institutions, financial advisors, and individual investors with a long-term, fundamental growth equity approach focused on high-quality companies possessing durable competitive advantages. Launched on September 30, 1997, with $3.76 billion in net assets as of September 30, 2025, it operates from the U.S. with a retail share class ticker BSCFX and institutional shares BSFIX. Recent activity includes portfolio manager Cliff Greenberg leading adjustments such as new positions in IPOs like Hinge Health, Inc. (digital musculoskeletal care), Legence Corp. (mission-critical building systems), and Novanta Inc. (precision technology subsystems), trims in large-cap winners like Vertiv Holdings Co., Guidewire Software, Inc., and Kratos Defense & Security Solutions, Inc. via Redemption In-Kind programs to rebalance toward smaller caps (purchasing weighted average market cap of $3.7-$4.0 billion vs. selling $20.2-$24.3 billion), and full sales of acquired holdings Chart Industries, Inc. and Dayforce, Inc., alongside quarterly letters noting resilient performance amid market volatility, AI-driven gains in holdings like Vertiv, and a "junk" small-cap rally favoring speculative names over the fund's quality bias in Q3 2025.