Baron Partners Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (106.53%) | ||||||||||||
Communication Services (4.83%) | ||||||||||||
Alternative Carriers (2.87%) |
| |||||||||||
4,000,000 | Iridium Communications, Inc. 1 | $ | 130,869,959 | $ | 177,480,000 | |||||||
Movies & Entertainment (1.96%) |
| |||||||||||
1,400,000 | Spotify Technology SA 1,2 | 292,806,279 | 120,820,000 | |||||||||
|
|
|
| |||||||||
Total Communication Services | 423,676,238 | 298,300,000 | ||||||||||
|
|
|
| |||||||||
Consumer Discretionary (62.65%) | ||||||||||||
Automobile Manufacturers (52.22%) |
| |||||||||||
12,150,000 | Tesla, Inc. 1,5 | 183,531,738 | 3,222,787,500 | |||||||||
Casinos & Gaming (0.67%) |
| |||||||||||
1,200,000 | Red Rock Resorts, Inc., Cl A | 37,336,710 | 41,112,000 | |||||||||
Hotels, Resorts & Cruise Lines (5.85%) |
| |||||||||||
65,000 | Airbnb, Inc., Cl A 1 | 6,307,417 | 6,827,600 | |||||||||
3,325,000 | Hyatt Hotels Corp., Cl A 1 | 115,871,182 | 269,192,000 | |||||||||
700,000 | Marriott Vacations Worldwide Corp. | 81,762,309 | 85,302,000 | |||||||||
|
|
|
| |||||||||
203,940,908 | 361,321,600 | |||||||||||
Leisure Facilities (3.67%) |
| |||||||||||
1,050,000 | Vail Resorts, Inc. | 64,124,520 | 226,422,000 | |||||||||
Restaurants (0.24%) |
| |||||||||||
1,300,000 | Krispy Kreme, Inc. | 20,866,982 | 14,989,000 | |||||||||
|
|
|
| |||||||||
Total Consumer Discretionary | 509,800,858 | 3,866,632,100 | ||||||||||
|
|
|
| |||||||||
Financials (16.84%) | ||||||||||||
Asset Management & Custody Banks (1.23%) |
| |||||||||||
1,000,000 | Brookfield Asset | 35,923,845 | 40,890,000 | |||||||||
560,000 | Cohen & Steers, Inc. | 43,971,399 | 35,072,800 | |||||||||
|
|
|
| |||||||||
79,895,244 | 75,962,800 | |||||||||||
Financial Exchanges & Data (6.00%) |
| |||||||||||
720,000 | FactSet Research Systems, Inc. | 55,503,768 | 288,079,200 | |||||||||
195,000 | MSCI, Inc. | 60,910,512 | 82,249,050 | |||||||||
|
|
|
| |||||||||
116,414,280 | 370,328,250 | |||||||||||
Investment Banking & Brokerage (4.78%) |
| |||||||||||
4,100,000 | The Charles Schwab Corp. | 100,494,277 | 294,667,000 | |||||||||
Property & Casualty Insurance (4.83%) |
| |||||||||||
6,550,000 | Arch Capital Group Ltd. 1,2 | 30,153,582 | 298,287,000 | |||||||||
|
|
|
| |||||||||
Total Financials | 326,957,383 | 1,039,245,050 | ||||||||||
|
|
|
| |||||||||
Health Care (5.35%) | ||||||||||||
Health Care Equipment (4.22%) |
| |||||||||||
800,000 | IDEXX Laboratories, Inc. 1 | 35,048,047 | 260,640,000 | |||||||||
Health Care Supplies (0.94%) |
| |||||||||||
7,000,000 | Figs, Inc., Cl A 1 | 80,455,037 | 57,750,000 | |||||||||
Life Sciences Tools & Services (0.19%) |
| |||||||||||
60,000 | Illumina, Inc. 1 | 14,318,646 | 11,447,400 | |||||||||
|
|
|
| |||||||||
Total Health Care | 129,821,730 | 329,837,400 | ||||||||||
|
|
|
|
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Industrials (9.20%) | ||||||||||||
Aerospace & Defense (0.51%) |
| |||||||||||
125,625 | HEICO Corp. | $ | 9,632,520 | $ | 18,087,487 | |||||||
116,875 | HEICO Corp., Cl A | 7,586,429 | 13,396,212 | |||||||||
|
|
|
| |||||||||
17,218,949 | 31,483,699 | |||||||||||
Industrial Machinery (0.40%) |
| |||||||||||
6,250,000 | Velo3D, Inc. 1 | 18,875,443 | 24,625,000 | |||||||||
Research & Consulting |
| |||||||||||
7,350,000 | CoStar Group, Inc. 1 | 98,974,400 | 511,927,500 | |||||||||
|
|
|
| |||||||||
Total Industrials | 135,068,792 | 568,036,199 | ||||||||||
|
|
|
| |||||||||
Information Technology (5.98%) | ||||||||||||
Application Software (0.90%) |
| |||||||||||
900,000 | Guidewire Software, Inc. 1 | 73,150,321 | 55,422,000 | |||||||||
Data Processing & Outsourced |
| |||||||||||
59,246 | Adyen N.V., 144A | 53,544,383 | 73,889,321 | |||||||||
Internet Services & |
| |||||||||||
1,700,000 | Shopify, Inc., Cl A 1,2 | 157,629,428 | 45,798,000 | |||||||||
IT Consulting & Other |
| |||||||||||
700,000 | Gartner, Inc. 1 | 83,980,674 | 193,683,000 | |||||||||
|
|
|
| |||||||||
Total Information Technology | 368,304,806 | 368,792,321 | ||||||||||
|
|
|
| |||||||||
Real Estate (1.68%) | ||||||||||||
Office REITs (0.38%) |
| |||||||||||
1,300,000 | Douglas Emmett, Inc. | 34,678,891 | 23,309,000 | |||||||||
Specialized REITs (1.30%) |
| |||||||||||
1,819,296 | Gaming and Leisure | 57,529,250 | 80,485,655 | |||||||||
|
|
|
| |||||||||
Total Real Estate | 92,208,141 | 103,794,655 | ||||||||||
|
|
|
| |||||||||
Total Common Stocks | 1,985,837,948 | 6,574,637,725 | ||||||||||
|
|
|
| |||||||||
Private Common Stocks (2.85%) | ||||||||||||
Consumer Discretionary (0.40%) | ||||||||||||
Internet & Direct Marketing |
| |||||||||||
197,613 | StubHub Holdings, Inc., Cl A 1,3,4,8 | 50,000,041 | 24,543,535 | |||||||||
|
|
|
| |||||||||
Industrials (2.45%) | ||||||||||||
Aerospace & Defense (2.45%) |
| |||||||||||
2,216,310 | Space Exploration | 29,920,185 | 133,005,994 | |||||||||
302,210 | Space Exploration | 4,079,835 | 18,136,335 | |||||||||
|
|
|
| |||||||||
Total Industrials | 34,000,020 | 151,142,329 | ||||||||||
|
|
|
| |||||||||
Total Private Common Stocks | 84,000,061 | 175,685,864 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron Partners Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Private Convertible Preferred Stocks (0.13%) | ||||||||||||
Industrials (0.13%) | ||||||||||||
Electrical Components & Equipment (0.13%) |
| |||||||||||
21,213,656 | Northvolt AB, Series E2 (Sweden) 1,2,3,4,8 | $ | 7,843,621 | $ | 8,081,894 | |||||||
|
|
|
| |||||||||
Private Preferred Stocks (5.38%) | ||||||||||||
Industrials (5.38%) | ||||||||||||
Aerospace & Defense (5.38%) |
| |||||||||||
311,111 | Space Exploration | 41,999,985 | 186,705,053 | |||||||||
131,657 | Space Exploration | 22,250,032 | 79,010,473 | |||||||||
111,111 | Space Exploration | 29,999,970 | 66,680,333 | |||||||||
|
|
|
| |||||||||
Total Private Preferred Stocks | 94,249,987 | 332,395,859 | ||||||||||
|
|
|
| |||||||||
Total Investments (114.89%) | $ | 2,171,931,617 | 7,090,801,342 | |||||||||
|
| |||||||||||
Liabilities Less Cash and Other Assets (-14.89%) 6 | (919,148,463 | ) | ||||||||||
|
| |||||||||||
Net Assets | $ | 6,171,652,879 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $139.43 per share | $ | 2,726,375,971 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $144.71 per share | $ | 2,996,296,880 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $144.70 per share | $ | 448,980,028 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | At September 30, 2022, the market value of restricted and fair valued securities amounted to $516,163,617 or 8.36% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. |
4 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
5 | Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness. |
6 | Includes net unrealized depreciation of $157,520 on an unfunded commitment with a special purpose acquisition company to purchase a when-issued private investment in a public entity. |
7 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
8 | Level 3 security. See Note 4 regarding Fair Value Measurements. |
144A | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $73,889,321 or 1.20% of net assets. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments.
Baron Focused Growth Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (81.36%) | ||||||||||||
Communication Services (7.12%) | ||||||||||||
Alternative Carriers (3.87%) |
| |||||||||||
637,064 | Iridium Communications, Inc. 1 | $ | 12,123,685 | $ | 28,266,529 | |||||||
Movies & Entertainment (3.25%) |
| |||||||||||
275,000 | Spotify Technology SA 1,2 | 50,894,626 | 23,732,500 | |||||||||
|
|
|
| |||||||||
Total Communication Services | 63,018,311 | 51,999,029 | ||||||||||
|
|
|
| |||||||||
Consumer Discretionary (42.91%) | ||||||||||||
Automobile Manufacturers (22.33%) |
| |||||||||||
615,000 | Tesla, Inc. 1,5 | 8,168,271 | 163,128,750 | |||||||||
Casinos & Gaming (4.58%) |
| |||||||||||
470,000 | Penn Entertainment, Inc. 1 | 8,830,397 | 12,929,700 | |||||||||
600,000 | Red Rock Resorts, Inc., Cl A | 16,360,388 | 20,556,000 | |||||||||
|
|
|
| |||||||||
25,190,785 | 33,485,700 | |||||||||||
Hotels, Resorts & Cruise Lines (9.92%) |
| |||||||||||
155,000 | Choice Hotels International, Inc. | 5,375,922 | 16,975,600 | |||||||||
500,000 | Hyatt Hotels Corp., Cl A 1 | 24,424,809 | 40,480,000 | |||||||||
123,200 | Marriott Vacations Worldwide Corp. | 16,153,143 | 15,013,152 | |||||||||
|
|
|
| |||||||||
45,953,874 | 72,468,752 | |||||||||||
Leisure Facilities (4.43%) |
| |||||||||||
150,000 | Vail Resorts, Inc. | 18,327,855 | 32,346,000 | |||||||||
Restaurants (1.65%) |
| |||||||||||
1,050,000 | Krispy Kreme, Inc. | 14,637,237 | 12,106,500 | |||||||||
|
|
|
| |||||||||
Total Consumer Discretionary | 112,278,022 | 313,535,702 | ||||||||||
|
|
|
| |||||||||
Financials (14.87%) | ||||||||||||
Financial Exchanges & Data (9.26%) |
| |||||||||||
90,000 | FactSet Research Systems, Inc. | 12,084,401 | 36,009,900 | |||||||||
75,000 | MSCI, Inc. | 36,079,367 | 31,634,250 | |||||||||
|
|
|
| |||||||||
48,163,768 | 67,644,150 | |||||||||||
Property & Casualty Insurance (5.61%) |
| |||||||||||
900,000 | Arch Capital Group Ltd. 1,2 | 25,104,585 | 40,986,000 | |||||||||
|
|
|
| |||||||||
Total Financials | 73,268,353 | 108,630,150 | ||||||||||
|
|
|
| |||||||||
Health Care (4.32%) | ||||||||||||
Biotechnology (0.37%) |
| |||||||||||
20,000 | BioNTech SE, ADR 1,2 | 3,212,585 | 2,697,600 | |||||||||
Health Care Supplies (3.95%) |
| |||||||||||
3,500,000 | Figs, Inc., Cl A 1 | 35,212,376 | 28,875,000 | |||||||||
|
|
|
| |||||||||
Total Health Care | 38,424,961 | 31,572,600 | ||||||||||
|
|
|
| |||||||||
Industrials (7.40%) | ||||||||||||
Research & Consulting Services (7.40%) |
| |||||||||||
580,000 | CoStar Group, Inc. 1 | 10,184,660 | 40,397,000 | |||||||||
80,000 | Verisk Analytics, Inc. | 14,016,817 | 13,642,400 | |||||||||
|
|
|
| |||||||||
Total Industrials | 24,201,477 | 54,039,400 | ||||||||||
|
|
|
| |||||||||
Information Technology (3.69%) | ||||||||||||
Application Software (2.95%) |
| |||||||||||
350,000 | Guidewire Software, Inc. 1 | 34,820,618 | 21,553,000 | |||||||||
Internet Services & Infrastructure (0.74%) |
| |||||||||||
200,000 | Shopify, Inc., Cl A 1,2 | 6,746,955 | 5,388,000 | |||||||||
|
|
|
| |||||||||
Total Information Technology | 41,567,573 | 26,941,000 | ||||||||||
|
|
|
| |||||||||
Real Estate (1.05%) | ||||||||||||
Residential REITs (1.05%) |
| |||||||||||
235,000 | American Homes 4 Rent, Cl A | 5,062,679 | 7,710,350 | |||||||||
|
|
|
| |||||||||
Total Common Stocks | 357,821,376 | 594,428,231 | ||||||||||
|
|
|
|
Shares | Cost | Value | ||||||||||
Private Common Stocks (6.35%) | ||||||||||||
Industrials (6.35%) | ||||||||||||
Aerospace & Defense (6.35%) |
| |||||||||||
629,570 | Space Exploration | $ | 26,390,845 | $ | 37,781,982 | |||||||
143,170 | Space Exploration | 6,808,820 | 8,591,970 | |||||||||
|
|
|
| |||||||||
Total Private Common Stocks | 33,199,665 | 46,373,952 | ||||||||||
|
|
|
| |||||||||
Private Preferred Stocks (3.32%) | ||||||||||||
Industrials (3.32%) | ||||||||||||
Aerospace & Defense (3.32%) |
| |||||||||||
29,630 | Space Exploration | 4,000,050 | 17,781,662 | |||||||||
1,479 | Space Exploration | 249,951 | 887,583 | |||||||||
9,259 | Space Exploration | 2,499,930 | 5,556,544 | |||||||||
|
|
|
| |||||||||
Total Private Preferred Stocks | 6,749,931 | 24,225,789 | ||||||||||
|
|
|
| |||||||||
Principal Amount | ||||||||||||
Short Term Investments (8.35%) | ||||||||||||
$61,037,835 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $61,042,057; (Fully Collateralized by $70,252,600 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $62,258,592) 6 | 61,037,835 | 61,037,835 | |||||||||
|
|
|
| |||||||||
Total Investments (99.38%) | $ | 458,808,807 | 726,065,807 | |||||||||
|
| |||||||||||
Cash and Other Assets Less Liabilities (0.62%) | 4,513,515 | |||||||||||
|
| |||||||||||
Net Assets | $ | 730,579,322 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $29.98 per share | $ | 178,427,498 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $31.22 per share | $ | 290,176,322 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $31.25 per share | $ | 261,975,502 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | At September 30, 2022, the market value of restricted and fair valued securities amounted to $70,599,741 or 9.66% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. |
4 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
5 | Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness. |
6 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
7 | Level 3 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments.
Baron International Growth Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (90.15%) | ||||||||||||
Australia (0.47%) | ||||||||||||
191,475 | Newcrest Mining Limited 3 | $ | 3,876,693 | $ | 2,102,239 | |||||||
|
|
|
| |||||||||
Brazil (3.70%) | ||||||||||||
267,840 | Afya Ltd., Cl A 1 | 4,407,371 | 3,631,910 | |||||||||
679,736 | B3 S.A. - Brasil, Bolsa, Balcao | 1,636,121 | 1,644,416 | |||||||||
1,205,978 | Hapvida Participacoes | 1,806,233 | 1,692,373 | |||||||||
222,496 | StoneCo Ltd., Cl A 1 | 2,207,645 | 2,120,387 | |||||||||
737,768 | Suzano SA | 7,221,286 | 6,086,123 | |||||||||
72,818 | XP, Inc., Cl A 1 | 2,083,822 | 1,384,270 | |||||||||
|
|
|
| |||||||||
Total Brazil | 19,362,478 | 16,559,479 | ||||||||||
|
|
|
| |||||||||
Canada (2.60%) | ||||||||||||
98,668 | Agnico Eagle Mines Ltd. | 4,813,753 | 4,166,749 | |||||||||
5,360 | Constellation Software, Inc. | 1,302,936 | 7,458,213 | |||||||||
|
|
|
| |||||||||
Total Canada | 6,116,689 | 11,624,962 | ||||||||||
|
|
|
| |||||||||
China (10.46%) | ||||||||||||
58,280 | Alibaba Group Holding Limited, ADR 1 | 6,245,447 | 4,661,817 | |||||||||
48,717 | Baidu, Inc., ADR 1 | 6,834,678 | 5,723,760 | |||||||||
3,717,939 | China Conch Environment Protection Holdings Ltd. 1,3 | 2,927,672 | 1,902,626 | |||||||||
476,017 | China Conch Venture Holdings Ltd. 3 | 1,767,379 | 756,934 | |||||||||
64,730 | China Tourism Group Duty Free Corporation Ltd., Cl A 3 | 864,200 | 1,788,496 | |||||||||
1,119,047 | Estun Automation Co. Ltd., Cl A 3 | 4,447,078 | 2,958,625 | |||||||||
570,014 | Full Truck Alliance Co. Ltd., ADR 1 | 4,259,872 | 3,733,592 | |||||||||
56,318 | GDS Holdings Limited, ADR 1 | 2,750,104 | 994,576 | |||||||||
418,050 | Han’s Laser Technology | 2,286,132 | 1,530,102 | |||||||||
563,670 | Hua Hong Semiconductor | 1,255,246 | 1,276,725 | |||||||||
28,608 | JD.com, Inc., ADR 1 | 1,961,385 | 1,438,983 | |||||||||
18,506 | JD.com, Inc., Cl A 1,3 | 603,389 | 466,873 | |||||||||
1,264,744 | Kingdee International | 882,318 | 1,648,412 | |||||||||
1,000,553 | Kingsoft Corp. Ltd. 3 | 3,985,962 | 2,647,401 | |||||||||
401,658 | Midea Group Co., Ltd., Cl A 3 | 3,282,522 | 2,784,436 | |||||||||
43,888 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3 | 1,126,319 | 1,846,082 | |||||||||
68,299 | Tencent Holdings Limited 3 | 2,068,594 | 2,306,888 | |||||||||
29,893 | Tencent Holdings Limited, ADR | 1,870,476 | 1,010,981 | |||||||||
273,603 | Wuxi Biologics Cayman, Inc., 144A 1,3 | 2,004,879 | 1,628,716 | |||||||||
71,204 | Yum China Holdings, Inc. | 3,467,542 | 3,370,085 | |||||||||
67,288 | Zai Lab Limited, ADR 1 | 1,571,827 | 2,301,250 | |||||||||
|
|
|
| |||||||||
Total China | 56,463,021 | 46,777,360 | ||||||||||
|
|
|
| |||||||||
Denmark (1.11%) | ||||||||||||
154,879 | Genmab A/S, ADR 1 | 6,150,648 | 4,976,262 | |||||||||
|
|
|
|
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
France (8.04%) | ||||||||||||
147,879 | BNP Paribas S.A. 3 | $ | 5,529,943 | $ | 6,246,295 | |||||||
97,330 | Eurofins Scientific SE 3 | 2,721,696 | 5,777,928 | |||||||||
8,907 | LVMH Moët Hennessy Louis Vuitton SE 3 | 2,802,671 | 5,251,342 | |||||||||
42,700 | Pernod Ricard SA 3 | 8,253,649 | 7,833,490 | |||||||||
418,139 | Vivendi SE 3 | 8,416,052 | 3,243,326 | |||||||||
242,654 | Waga Energy SA 1 | 6,991,693 | 7,610,018 | |||||||||
|
|
|
| |||||||||
Total France | 34,715,704 | 35,962,399 | ||||||||||
|
|
|
| |||||||||
Germany (2.28%) | ||||||||||||
118,236 | Befesa SA, 144A 3 | 5,206,698 | 3,588,149 | |||||||||
235,944 | Mister Spex SE 1 | 6,633,159 | 656,713 | |||||||||
60,859 | Symrise AG 3 | 5,295,422 | 5,934,505 | |||||||||
|
|
|
| |||||||||
Total Germany | 17,135,279 | 10,179,367 | ||||||||||
|
|
|
| |||||||||
Hong Kong (1.55%) | ||||||||||||
261,056 | AIA Group Ltd. 3 | 2,180,464 | 2,173,527 | |||||||||
73,850 | Hong Kong Exchanges & Clearing Ltd. 3 | 3,085,285 | 2,524,371 | |||||||||
233,058 | Techtronic Industries Co. Ltd. 3 | 1,968,624 | 2,223,868 | |||||||||
|
|
|
| |||||||||
Total Hong Kong | 7,234,373 | 6,921,766 | ||||||||||
|
|
|
| |||||||||
India (7.53%) | ||||||||||||
83,765 | Bajaj Finance Limited 3 | 4,071,251 | 7,484,233 | |||||||||
670,497 | Bharti Airtel Ltd. PP 3 | 3,462,100 | 3,296,180 | |||||||||
2,775,632 | Edelweiss Financial Services Ltd. 3 | 2,338,220 | 2,074,197 | |||||||||
192,887 | Godrej Properties Ltd. 1,3 | 2,367,567 | 2,801,233 | |||||||||
186,948 | HDFC Bank Ltd. 3 | 2,931,967 | 3,238,966 | |||||||||
2,195,498 | JM Financial Limited 3 | 2,636,593 | 2,018,935 | |||||||||
343,286 | Max Financial Services Limited 1,3 | 2,274,921 | 3,204,623 | |||||||||
688,913 | Nippon Life India Asset | 2,429,190 | 2,264,180 | |||||||||
251,616 | Reliance Industries Limited 3 | 5,490,484 | 7,302,418 | |||||||||
|
|
|
| |||||||||
Total India | 28,002,293 | 33,684,965 | ||||||||||
|
|
|
| |||||||||
Israel (1.59%) | ||||||||||||
361,350 | Innovid Corp. 1 | 3,586,055 | 979,259 | |||||||||
151,660 | ION Acquisition Corp. 3 Ltd., Cl A 1 | 1,516,227 | 1,496,884 | |||||||||
80,314 | SimilarWeb Ltd. 1 | 1,597,156 | 470,640 | |||||||||
398,398 | Taboola.com Ltd. 1 | 3,771,018 | 721,100 | |||||||||
44,017 | Wix.com Ltd. 1 | 2,886,338 | 3,443,450 | |||||||||
|
|
|
| |||||||||
Total Israel | 13,356,794 | 7,111,333 | ||||||||||
|
|
|
| |||||||||
Italy (2.27%) | ||||||||||||
304,151 | Stevanato Group SpA | 6,373,893 | 5,152,318 | |||||||||
195,212 | Tenaris SA 3 | 2,464,144 | 2,525,861 | |||||||||
96,347 | Tenaris SA, ADR | 2,546,390 | 2,489,607 | |||||||||
|
|
|
| |||||||||
Total Italy | 11,384,427 | 10,167,786 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron International Growth Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Japan (8.05%) | ||||||||||||
22,724 | Keyence Corporation 3 | $ | 8,191,936 | $ | 7,511,652 | |||||||
224,800 | MonotaRO Co, Ltd. 3 | 2,117,422 | 3,449,522 | |||||||||
105,520 | Okamoto Industries, Inc. 3 | 4,831,807 | 2,591,864 | |||||||||
153,600 | Recruit Holdings Co, Ltd. 3 | 3,788,290 | 4,424,545 | |||||||||
565,360 | Renesas Electronics Corp. 1,3 | 6,943,128 | 4,739,547 | |||||||||
285,300 | SMS Co. Ltd. 3 | 8,001,168 | 5,763,782 | |||||||||
9,906 | Tokyo Electron Limited 3 | 2,233,763 | 2,440,788 | |||||||||
1,922,790 | Z Holdings Corporation 3 | 11,109,619 | 5,096,670 | |||||||||
|
|
|
| |||||||||
Total Japan | 47,217,133 | 36,018,370 | ||||||||||
|
|
|
| |||||||||
Korea, Republic of (3.03%) | ||||||||||||
140,709 | Coupang, Inc., Cl A 1 | 1,631,288 | 2,345,619 | |||||||||
61,657 | Hyundai Heavy Industries Co. Ltd. 1,3 | 5,701,992 | 4,900,259 | |||||||||
125,204 | Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3 | 11,608,141 | 6,320,190 | |||||||||
|
|
|
| |||||||||
Total Korea, Republic of | 18,941,421 | 13,566,068 | ||||||||||
|
|
|
| |||||||||
Mexico (0.74%) | ||||||||||||
982,287 | Grupo Mexico S.A.B. de C.V., Series B | 2,636,648 | 3,317,618 | |||||||||
|
|
|
| |||||||||
Netherlands (5.60%) | ||||||||||||
148,091 | AMG Advanced Metallurgical | 3,833,296 | 3,328,977 | |||||||||
31,524 | argenx SE, ADR 1 | 1,346,356 | 11,129,548 | |||||||||
56,691 | Koninklijke DSM NV 3 | 8,276,192 | 6,450,899 | |||||||||
221,130 | Universal Music Group NV 3 | 6,534,986 | 4,141,773 | |||||||||
|
|
|
| |||||||||
Total Netherlands | 19,990,830 | 25,051,197 | ||||||||||
|
|
|
| |||||||||
Norway (0.61%) | ||||||||||||
2,144,373 | Aker Carbon Capture ASA 1,3 | 4,327,385 | 2,741,723 | |||||||||
|
|
|
| |||||||||
Peru (0.83%) | ||||||||||||
30,082 | Credicorp, Ltd. | 4,319,698 | 3,694,069 | |||||||||
|
|
|
| |||||||||
Poland (1.71%) | ||||||||||||
55,785 | Dino Polska SA, 144A 1,3 | 4,025,150 | 3,378,948 | |||||||||
732,637 | InPost SA 1,3 | 10,196,922 | 4,262,814 | |||||||||
|
|
|
| |||||||||
Total Poland | 14,222,072 | 7,641,762 | ||||||||||
|
|
|
| |||||||||
Russia (0.00%) | ||||||||||||
487,800 | Sberbank of Russia PJSC 1,2,4 | 1,644,868 | 469 | |||||||||
|
|
|
| |||||||||
South Africa (0.24%) | ||||||||||||
8,532 | Naspers Limited, Cl N 3 | 1,259,513 | 1,058,169 | |||||||||
|
|
|
| |||||||||
Spain (3.16%) | ||||||||||||
85,854 | Cellnex Telecom S.A., 144A 3 | 4,589,734 | 2,648,301 | |||||||||
1,267,072 | eDreams ODIGEO SA 1,3 | 10,287,024 | 5,062,443 | |||||||||
310,534 | Industria de Diseno Textil, S.A. 3 | 9,881,964 | 6,408,375 | |||||||||
|
|
|
| |||||||||
Total Spain | 24,758,722 | 14,119,119 | ||||||||||
|
|
|
|
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Sweden (1.18%) | ||||||||||||
242,993 | Epiroc AB, Cl A 3 | $ | 3,569,281 | $ | 3,476,134 | |||||||
20,978 | Spotify Technology SA 1 | 2,916,562 | 1,810,402 | |||||||||
|
|
|
| |||||||||
Total Sweden | 6,485,843 | 5,286,536 | ||||||||||
|
|
|
| |||||||||
Switzerland (4.71%) | ||||||||||||
360,168 | Clariant AG 3 | 7,368,152 | 5,753,224 | |||||||||
29,849 | Compagnie Financiere | 3,494,052 | 2,817,609 | |||||||||
12,705,654 | Meyer Burger Technology AG 1,3 | 5,831,753 | 5,021,598 | |||||||||
68,981 | Nestle S.A. 3 | 7,389,937 | 7,460,800 | |||||||||
|
|
|
| |||||||||
Total Switzerland | 24,083,894 | 21,053,231 | ||||||||||
|
|
|
| |||||||||
Taiwan (1.40%) | ||||||||||||
91,150 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 9,886,417 | 6,249,244 | |||||||||
|
|
|
| |||||||||
United Kingdom (13.05%) | ||||||||||||
202,571 | AstraZeneca PLC, ADR | 8,867,929 | 11,108,994 | |||||||||
1,029,418 | B&M European Value Retail S.A. 3 | 4,655,825 | 3,501,292 | |||||||||
533,221 | Ceres Power Holdings PLC 1,3 | 5,154,085 | 2,152,609 | |||||||||
85,286 | Dechra Pharmaceuticals PLC 3 | 2,771,384 | 2,476,788 | |||||||||
36,289 | Endava plc, ADR 1 | 725,780 | 2,925,982 | |||||||||
170,217 | Experian plc 3 | 3,928,940 | 4,982,692 | |||||||||
363,682 | Future PLC 3 | 6,100,714 | 5,257,713 | |||||||||
901,912 | Glencore PLC 3 | 3,799,703 | 4,739,559 | |||||||||
348,545 | J D Wetherspoon PLC 1,3 | 4,083,151 | 1,552,055 | |||||||||
34,980 | Linde Public Limited Company 3 | 6,288,750 | 9,470,223 | |||||||||
4,462,095 | Lloyds Banking Group 3 | 1,537,604 | 2,016,810 | |||||||||
1,714,858 | S4 Capital PLC 1,3 | 4,619,099 | 2,762,986 | |||||||||
440,020 | WANdisco plc 1 | 3,792,714 | 2,456,521 | |||||||||
401,433 | Watches of Switzerland | 3,513,893 | 2,966,905 | |||||||||
|
|
|
| |||||||||
Total United Kingdom | 59,839,571 | 58,371,129 | ||||||||||
|
|
|
| |||||||||
United States (3.79%) | ||||||||||||
46,611 | Agilent Technologies, Inc. | 2,015,891 | 5,665,567 | |||||||||
247,670 | Arch Capital Group Ltd. 1 | 6,317,413 | 11,278,892 | |||||||||
|
|
|
| |||||||||
Total United States | 8,333,304 | 16,944,459 | ||||||||||
|
|
|
| |||||||||
Uruguay (0.45%) | ||||||||||||
98,299 | Dlocal Ltd. 1 | 2,460,533 | 2,017,095 | |||||||||
|
|
|
| |||||||||
Total Common Stocks | 454,206,251 | 403,198,176 | ||||||||||
|
|
|
| |||||||||
Warrants (0.00%) | ||||||||||||
Israel (0.00%) | ||||||||||||
16,052 | Innovid Corp. Exp 12/31/2027 1 | 27,444 | 7,724 | |||||||||
56,745 | Taboola.com Ltd. Exp 6/29/2026 1 | 104,540 | 23,266 | |||||||||
|
|
|
| |||||||||
Total Warrants | 131,984 | 30,990 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron International Growth Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Principal Amount | Cost | Value | ||||||||||
Short Term Investments (9.40%) | ||||||||||||
$42,035,649 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $42,038,557; (Fully Collateralized by $48,381,700 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $42,876,371) 3 | $ | 42,035,649 | $ | 42,035,649 | |||||||
|
|
|
| |||||||||
Total Investments (99.55%) | $ | 496,373,884 | 445,264,815 | |||||||||
|
| |||||||||||
Cash and Other Assets Less Liabilities (0.45%) | 1,990,425 | |||||||||||
|
| |||||||||||
Net Assets | $ | 447,255,240 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $20.73 per share | $ | 64,420,219 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $21.15 per share | $ | 284,504,704 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $21.14 per share | $ | 98,330,317 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | At September 30, 2022, the market value of restricted and fair valued securities amounted to $469 or 0.00% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities. |
3 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
4 | Level 3 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
144A | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $19,444,297 or 4.35% of net assets. |
All securities are Level 1, unless otherwise noted. |
Summary of Investments by Sector as of September 30, 2022 | Percentage of Net Assets | |||
Industrials | 13.2% | |||
Materials | 12.1% | |||
Health Care | 12.0% | |||
Financials | 11.5% | |||
Information Technology | 11.4% | |||
Consumer Discretionary | 11.1% | |||
Communication Services | 9.3% | |||
Energy | 4.5% | |||
Consumer Staples | 4.2% | |||
Real Estate | 0.6% | |||
Special Purpose Acquisition Company | 0.3% | |||
Cash and Cash Equivalents * | 9.8% | |||
| ||||
100.0%** | ||||
|
* | Includes short term investments. |
** | Individual weights may not sum to displayed total due to rounding. |
See Notes to Schedules of Investments.
Baron Real Estate Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (86.83%) | ||||||||||||
Consumer Discretionary (28.30%) | ||||||||||||
Casinos & Gaming (10.97%) |
| |||||||||||
537,750 | Boyd Gaming Corporation | $ | 11,031,219 | $ | 25,623,788 | |||||||
1,494,076 | Las Vegas Sands Corp. 1 | 53,032,765 | 56,057,732 | |||||||||
1,033,156 | MGM Resorts International | 38,499,129 | 30,705,396 | |||||||||
725,490 | Red Rock Resorts, Inc., Cl A | 5,842,391 | 24,855,287 | |||||||||
|
|
|
| |||||||||
108,405,504 | 137,242,203 | |||||||||||
Distributors (2.40%) |
| |||||||||||
94,450 | Pool Corp. | 34,738,576 | 30,054,935 | |||||||||
Home Improvement Retail (3.94%) |
| |||||||||||
274,700 | Floor & Decor Holdings, Inc., Cl A 1 | 20,820,629 | 19,300,422 | |||||||||
22,300 | The Home Depot, Inc. | 2,879,401 | 6,153,462 | |||||||||
126,500 | Lowe’s Companies, Inc. | 14,468,257 | 23,757,965 | |||||||||
|
|
|
| |||||||||
38,168,287 | 49,211,849 | |||||||||||
Homebuilding (5.24%) |
| |||||||||||
305,197 | D.R. Horton, Inc. | 19,274,023 | 20,555,018 | |||||||||
296,299 | Lennar Corp., Cl A | 18,411,838 | 22,089,090 | |||||||||
543,400 | Toll Brothers, Inc. | 25,246,666 | 22,822,800 | |||||||||
|
|
|
| |||||||||
62,932,527 | 65,466,908 | |||||||||||
Hotels, Resorts & Cruise Lines (2.94%) |
| |||||||||||
163,800 | Hyatt Hotels Corp., Cl A 1 | 12,203,100 | 13,261,248 | |||||||||
192,686 | Marriott Vacations Worldwide Corp. | 15,332,416 | 23,480,716 | |||||||||
|
|
|
| |||||||||
27,535,516 | 36,741,964 | |||||||||||
Leisure Facilities (2.81%) |
| |||||||||||
163,050 | Vail Resorts, Inc. | 44,699,056 | 35,160,102 | |||||||||
|
|
|
| |||||||||
Total Consumer Discretionary | 316,479,466 | 353,877,961 | ||||||||||
|
|
|
| |||||||||
Financials (8.64%) | ||||||||||||
Asset Management & Custody Banks (8.64%) |
| |||||||||||
535,050 | Blackstone, Inc. | 56,295,650 | 44,783,685 | |||||||||
1,548,975 | Brookfield Asset | 57,434,453 | 63,337,588 | |||||||||
|
|
|
| |||||||||
Total Financials | 113,730,103 | 108,121,273 | ||||||||||
|
|
|
| |||||||||
Industrials (11.46%) | ||||||||||||
Building Products (3.87%) |
| |||||||||||
516,800 | Fortune Brands Home & Security, Inc. | 34,480,215 | 27,746,992 | |||||||||
470,150 | Trex Co., Inc. 1 | 28,028,550 | 20,658,391 | |||||||||
|
|
|
| |||||||||
62,508,765 | 48,405,383 | |||||||||||
Research & Consulting Services (4.90%) |
| |||||||||||
878,800 | CoStar Group, Inc. 1 | 47,961,154 | 61,208,420 | |||||||||
Trading Companies & Distributors (2.69%) |
| |||||||||||
323,135 | SiteOne Landscape Supply, Inc. 1 | 39,653,087 | 33,651,279 | |||||||||
|
|
|
| |||||||||
Total Industrials | 150,123,006 | 143,265,082 | ||||||||||
|
|
|
|
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Materials (2.21%) | ||||||||||||
Construction Materials (2.21%) |
| |||||||||||
175,050 | Vulcan Materials Co. | $ | 24,309,626 | $ | 27,607,135 | |||||||
|
|
|
| |||||||||
Real Estate (33.93%) | ||||||||||||
Industrial REITs (6.27%) |
| |||||||||||
480,000 | Prologis, Inc. | 48,774,380 | 48,768,000 | |||||||||
569,909 | Rexford Industrial Realty, Inc. | 29,208,440 | 29,635,268 | |||||||||
|
|
|
| |||||||||
77,982,820 | 78,403,268 | |||||||||||
Real Estate Services (6.36%) |
| |||||||||||
589,150 | CBRE Group, Inc., Cl A 1 | 31,140,429 | 39,773,516 | |||||||||
263,357 | Jones Lang LaSalle, Inc. 1 | 36,072,496 | 39,785,342 | |||||||||
|
|
|
| |||||||||
67,212,925 | 79,558,858 | |||||||||||
Residential REITs (6.19%) |
| |||||||||||
69,361 | AvalonBay Communities, Inc. | 16,461,972 | 12,775,602 | |||||||||
197,550 | Equity LifeStyle Properties, Inc. | 10,295,271 | 12,414,042 | |||||||||
283,095 | Equity Residential | 18,321,213 | 19,029,646 | |||||||||
983,900 | Invitation Homes, Inc. | 28,455,253 | 33,226,303 | |||||||||
|
|
|
| |||||||||
73,533,709 | 77,445,593 | |||||||||||
Retail REITs (1.22%) |
| |||||||||||
853,023 | NETSTREIT Corp. | 17,298,090 | 15,192,340 | |||||||||
Specialized REITs (13.89%) |
| |||||||||||
105,800 | Alexandria Real Estate Equities, Inc. 3 | 10,268,606 | 14,832,102 | |||||||||
216,700 | American Tower Corp. | 39,069,829 | 46,525,490 | |||||||||
31,900 | Digital Realty Trust, Inc. | 4,018,673 | 3,163,842 | |||||||||
62,590 | Equinix, Inc. | 28,487,626 | 35,603,696 | |||||||||
395,348 | Gaming and Leisure Properties, Inc. | 13,270,025 | 17,490,196 | |||||||||
109,804 | Public Storage | 39,519,547 | 32,151,709 | |||||||||
84,250 | SBA Communications Corp. | 27,092,122 | 23,981,762 | |||||||||
|
|
|
| |||||||||
161,726,428 | 173,748,797 | |||||||||||
|
|
|
| |||||||||
Total Real Estate | 397,753,972 | 424,348,856 | ||||||||||
|
|
|
| |||||||||
Special Purpose Acquisition Company (2.29%) | ||||||||||||
1,250,000 | Fifth Wall Acquisition | 12,500,000 | 12,300,000 | |||||||||
1,290,554 | RXR Acquisition Corp. 1 | 12,905,540 | 12,686,146 | |||||||||
375,000 | Tishman Speyer | 3,750,000 | 3,693,750 | |||||||||
|
|
|
| |||||||||
Total Special Purpose Acquisition Company | 29,155,540 | 28,679,896 | ||||||||||
|
|
|
| |||||||||
Total Common Stocks | 1,031,551,713 | 1,085,900,203 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron Real Estate Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Principal Amount | Cost | Value | ||||||||||
Short Term Investments (12.03%) | ||||||||||||
$150,459,045 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $150,469,451; (Fully Collateralized by $173,173,600 U.S.Treasury Note, 0.375% due 12/31/2025 Market value – $153,468,263) 4 | $ | 150,459,045 | $ | 150,459,045 | |||||||
|
|
|
| |||||||||
Total Investments (98.86%) | $ | 1,182,010,758 | 1,236,359,248 | |||||||||
|
| |||||||||||
Cash and Other Assets Less Liabilities (1.14%) | 14,243,270 | |||||||||||
|
| |||||||||||
Net Assets | $ | 1,250,602,518 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $26.28 per share | $ | 313,253,157 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $27.08 per share | $ | 913,150,846 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $27.08 per share | $ | 24,198,515 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments.
Baron Emerging Markets Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (90.74%) | ||||||||||||
Brazil (6.16%) | ||||||||||||
20,412,292 | Aeris Indústria E Comércio De Equipamentos Para Geracão De Energia SA | $ | 21,984,032 | $ | 7,605,867 | |||||||
2,070,577 | Afya Ltd., Cl A 1 | 49,426,833 | 28,077,024 | |||||||||
2,711,966 | Azul SA 1 | 11,162,641 | 7,400,362 | |||||||||
604,802 | Azul SA, ADR 1 | 6,917,008 | 4,923,088 | |||||||||
10,636,727 | B3 S.A. - Brasil, Bolsa, Balcao | 24,674,404 | 25,732,347 | |||||||||
23,279,401 | Hapvida Participacoes e Investimentos SA, 144A | 30,128,919 | 32,668,452 | |||||||||
2,336,064 | Inter & Co., Inc. BDR 1 | 9,369,116 | 7,535,200 | |||||||||
3,823,518 | Localiza Rent a Car SA | 22,859,966 | 43,300,623 | |||||||||
3,268,102 | StoneCo Ltd., Cl A 1 | 38,208,195 | 31,145,012 | |||||||||
10,911,757 | Suzano SA | 104,880,359 | 90,015,143 | |||||||||
1,196,336 | XP, Inc., Cl A 1 | 34,632,349 | 22,742,347 | |||||||||
|
|
|
| |||||||||
Total Brazil | 354,243,822 | 301,145,465 | ||||||||||
|
|
|
| |||||||||
China (30.79%) | ||||||||||||
1,699,297 | Alibaba Group Holding Limited, ADR 1 | 156,622,394 | 135,926,767 | |||||||||
800,798 | Baidu, Inc., ADR 1 | 111,442,542 | 94,085,757 | |||||||||
8,007,198 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Cl A 3 | 35,907,261 | 29,716,078 | |||||||||
44,349,805 | China Conch Environment | 23,530,718 | 22,695,666 | |||||||||
17,978,195 | China Conch Venture Holdings Ltd. 3 | 60,793,627 | 28,587,867 | |||||||||
14,713,752 | China Mengniu Dairy Co. Ltd. 3 | 32,213,810 | 58,164,981 | |||||||||
1,527,390 | China Tourism Group Duty Free Corporation Ltd., Cl A 3 | 17,921,501 | 42,201,919 | |||||||||
22,767,593 | Estun Automation Co. Ltd., Cl A 3 | 88,683,775 | 60,194,765 | |||||||||
9,502,938 | Full Truck Alliance Co. Ltd., ADR 1 | 80,156,964 | 62,244,244 | |||||||||
9,272,493 | Galaxy Entertainment Group Ltd. 1,3 | 66,236,285 | 54,502,684 | |||||||||
911,255 | GDS Holdings Limited, ADR 1 | 32,137,655 | 16,092,763 | |||||||||
3,022,258 | GDS Holdings Limited, Cl A 1,3 | 28,363,625 | 6,649,451 | |||||||||
3,044,217 | Glodon Co. Ltd., Cl A 3 | 13,775,946 | 19,547,870 | |||||||||
10,898,289 | Han’s Laser Technology Industry Group Co., Ltd., Cl A 3 | 60,398,409 | 39,888,760 | |||||||||
2,986,143 | Hangzhou Tigermed | 38,125,376 | 38,226,491 | |||||||||
10,344,990 | Hua Hong Semiconductor | 20,913,947 | 23,431,626 | |||||||||
750,348 | JD.com, Inc., ADR 1 | 50,579,055 | 37,742,504 | |||||||||
222,633 | JD.com, Inc., Cl A 1,3 | 8,121,691 | 5,616,626 | |||||||||
4,504,603 | Jiangsu Hengli | 36,035,982 | 28,623,547 | |||||||||
21,681,687 | Kingdee International | 8,927,132 | 28,258,967 | |||||||||
19,272,136 | Kingsoft Corp. Ltd. 3 | 75,131,108 | 50,992,879 | |||||||||
135,419 | Kweichow Moutai Co. Ltd., Cl A 3 | 37,713,674 | 35,639,729 | |||||||||
6,646,659 | Lufax Holding Ltd., ADR | 39,687,263 | 16,882,514 | |||||||||
8,846,355 | Midea Group Co., Ltd., Cl A 3 | 62,954,486 | 61,326,074 | |||||||||
13,202,437 | NARI Technology Co. Ltd., Cl A 3 | 51,911,323 | 46,041,773 | |||||||||
3,808,061 | Shanghai Henlius | 23,563,058 | 5,516,239 |
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
China (continued) | ||||||||||||
947,208 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3 | $ | 24,924,202 | $ | 39,842,872 | |||||||
3,990,881 | Shenzhou International Group Holdings Ltd. 3 | 18,149,216 | 30,815,820 | |||||||||
3,535,794 | Tencent Holdings Limited 3 | 100,262,917 | 119,426,070 | |||||||||
339,574 | Tencent Holdings Limited, ADR | 17,444,282 | 11,484,393 | |||||||||
11,260,534 | Venustech Group, Inc., Cl A 3 | 56,929,000 | 31,986,870 | |||||||||
5,089,896 | Wuxi Biologics | 38,898,118 | 30,299,346 | |||||||||
1,095,400 | Yum China Holdings, Inc. | 57,121,857 | 51,845,282 | |||||||||
616,271 | Yum China Holdings, Inc. | 33,027,115 | 29,250,353 | |||||||||
5,564,978 | Yunnan Baiyao | 57,908,146 | 41,018,909 | |||||||||
1,099,577 | Zai Lab Limited, ADR1 | 22,908,940 | 37,605,533 | |||||||||
6,584,435 | Zhejiang Dingli | 59,561,247 | 33,552,116 | |||||||||
|
|
|
| |||||||||
Total China | 1,748,983,647 | 1,505,926,105 | ||||||||||
|
|
|
| |||||||||
Hong Kong (4.04%) | ||||||||||||
5,649,745 | AIA Group Ltd. 3 | 60,868,809 | 47,039,229 | |||||||||
21,361,000 | Budweiser Brewing Co. | 66,603,040 | 55,625,275 | |||||||||
1,555,557 | Hong Kong Exchanges & Clearing Ltd. 3 | 66,426,289 | 53,172,684 | |||||||||
4,357,474 | Techtronic Industries Co. Ltd. 3 | 21,364,001 | 41,579,555 | |||||||||
|
|
|
| |||||||||
Total Hong Kong | 215,262,139 | 197,416,743 | ||||||||||
|
|
|
| |||||||||
India (23.18%) | ||||||||||||
4,192,223 | AARTI Industries Ltd. 3 | 47,958,882 | 38,172,660 | |||||||||
584,753 | Asian Paints Ltd. 3 | 13,068,859 | 23,905,652 | |||||||||
1,542,312 | Bajaj Finance Limited 3 | 55,222,734 | 137,802,449 | |||||||||
9,102,003 | Bharti Airtel Ltd. 3 | 68,209,296 | 89,081,100 | |||||||||
896,680 | Bharti Airtel Ltd. PP 3 | 1,601,815 | 4,408,101 | |||||||||
856,892 | Divi’s Laboratories Ltd. 3 | 8,294,665 | 38,795,496 | |||||||||
36,733,636 | Edelweiss Financial Services Ltd. 3 | 52,337,971 | 27,450,608 | |||||||||
4,282,290 | Godrej Consumer Products Ltd. 1,3 | 53,499,879 | 47,689,657 | |||||||||
2,245,782 | Godrej Properties Ltd. 1,3 | 43,406,555 | 32,614,738 | |||||||||
3,313,260 | HDFC Bank Ltd. 3 | 50,148,860 | 57,403,861 | |||||||||
6,746,777 | ICICI Bank Ltd. 3 | 67,918,469 | 70,836,118 | |||||||||
1,365,551 | ICICI Lombard General Insurance Co. Ltd., 144A 3 | 23,224,851 | 19,242,141 | |||||||||
44,593,120 | JM Financial Limited 3 | 64,578,896 | 41,006,928 | |||||||||
4,359,731 | Jubilant FoodWorks Ltd. 3 | 36,031,886 | 33,051,895 | |||||||||
6,270,721 | Max Financial Services Ltd. 1,3 | 48,596,835 | 58,538,058 | |||||||||
3,212,707 | Muthoot Finance Ltd. 3 | 48,730,087 | 40,766,131 | |||||||||
11,427,423 | Nippon Life India Asset Management Ltd., 144A 3 | 40,551,326 | 37,557,339 | |||||||||
4,499,771 | Reliance Industries Limited 3 | 85,253,365 | 130,592,693 | |||||||||
4,537,322 | SBI Life Insurance Company Limited, 144A 3 | 47,660,156 | 69,342,638 | |||||||||
4,479,660 | Tata Communications Ltd. 3 | 29,381,437 | 62,929,773 | |||||||||
3,843,024 | Tata Consumer Products Ltd. 3 | 14,898,570 | 37,781,172 | |||||||||
1,106,368 | Titan Co. Ltd. 3 | 15,776,495 | 35,179,603 | |||||||||
|
|
|
| |||||||||
Total India | 916,351,889 | 1,134,148,811 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron Emerging Markets Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Indonesia (2.57%) | ||||||||||||
265,837,871 | Bank Rakyat Indonesia | $ | 78,026,009 | $ | 77,803,439 | |||||||
103,116,257 | Merdeka Copper Gold Tbk PT 1,3 | 31,236,768 | 26,542,583 | |||||||||
36,147,771 | PT Bank Negara Indonesia (Persero) Tbk PT 3 | 21,813,942 | 21,142,748 | |||||||||
|
|
|
| |||||||||
Total Indonesia | 131,076,719 | 125,488,770 | ||||||||||
|
|
|
| |||||||||
Italy (1.14%) | ||||||||||||
2,171,418 | Tenaris SA 3 | 27,331,634 | 28,096,124 | |||||||||
1,069,315 | Tenaris SA, ADR | 27,883,070 | 27,631,099 | |||||||||
|
|
|
| |||||||||
Total Italy | 55,214,704 | 55,727,223 | ||||||||||
|
|
|
| |||||||||
Japan (0.98%) | ||||||||||||
144,425 | Keyence Corporation 3 | 54,950,579 | 47,741,172 | |||||||||
|
|
|
| |||||||||
Korea, Republic of (7.35%) | ||||||||||||
2,193,759 | Coupang, Inc., Cl A 1 | 25,405,057 | 36,569,962 | |||||||||
688,184 | Hyundai Heavy | 38,951,417 | 54,694,192 | |||||||||
995,323 | Korea Aerospace Industries Ltd. 3 | 32,798,883 | 33,544,604 | |||||||||
1,640,521 | Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3 | 163,563,465 | 82,812,082 | |||||||||
4,136,176 | Samsung Electronics Co., Ltd. 3 | 142,624,085 | 151,877,247 | |||||||||
|
|
|
| |||||||||
Total Korea, Republic of | 403,342,907 | 359,498,087 | ||||||||||
|
|
|
| |||||||||
Mexico (2.42%) | ||||||||||||
11,533,486 | Grupo Mexico S.A.B. | 29,214,315 | 38,953,684 | |||||||||
22,642,648 | Wal-Mart de Mexico, | 54,416,174 | 79,521,065 | |||||||||
|
|
|
| |||||||||
Total Mexico | 83,630,489 | 118,474,749 | ||||||||||
|
|
|
| |||||||||
Peru (1.16%) | ||||||||||||
461,894 | Credicorp, Ltd. | 58,665,495 | 56,720,583 | |||||||||
|
|
|
| |||||||||
Philippines (1.51%) | ||||||||||||
67,695,765 | Ayala Land, Inc. 3 | 50,252,954 | 26,282,356 | |||||||||
25,240,536 | BDO Unibank, Inc. 3 | 53,947,047 | 47,820,681 | |||||||||
|
|
|
| |||||||||
Total Philippines | 104,200,001 | 74,103,037 | ||||||||||
|
|
|
| |||||||||
Poland (0.88%) | ||||||||||||
7,393,433 | InPost SA 1,3 | 116,819,119 | 43,018,347 | |||||||||
|
|
|
| |||||||||
Russia (0.02%) | ||||||||||||
2,384,838 | Fix Price Group Ltd., GDR 1,2,4 | 20,761,023 | 95,394 | |||||||||
4,746,202 | Fix Price Group Ltd., | 46,272,864 | 189,848 | |||||||||
1,873,612 | Ozon Holdings PLC, ADR 1,2,4 | 76,824,628 | 374,722 | |||||||||
17,949,100 | Sberbank of Russia PJSC 1,2,4 | 64,206,206 | 17,263 | |||||||||
809,897 | Yandex N.V., Cl A 1,2,4 | 16,974,482 | 299,662 | |||||||||
|
|
|
| |||||||||
Total Russia | 225,039,203 | 976,889 | ||||||||||
|
|
|
| |||||||||
South Africa (1.27%) | ||||||||||||
1,430,738 | Gold Fields Ltd. 3 | 15,503,219 | 11,539,697 | |||||||||
3,722,191 | Gold Fields Ltd., ADR | 39,893,919 | 30,112,525 | |||||||||
166,728 | Naspers Limited, Cl N 3 | 24,936,076 | 20,678,197 | |||||||||
|
|
|
| |||||||||
Total South Africa | 80,333,214 | 62,330,419 | ||||||||||
|
|
|
|
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Spain (0.11%) | ||||||||||||
1,791,760 | Codere Online Luxembourg, S.A. Forward Shares 1 | $ | 17,917,600 | $ | 4,604,823 | |||||||
358,352 | Codere Online Luxembourg, S.A. Founders Share 1,2,4 | 3,116 | 827,793 | |||||||||
26,518 | Codere Online Luxembourg, S.A. Private Shares 1 | 265,181 | 68,152 | |||||||||
|
|
|
| |||||||||
Total Spain | 18,185,897 | 5,500,768 | ||||||||||
|
|
|
| |||||||||
Taiwan (5.44%) | ||||||||||||
7,402,012 | Delta Electronics, Inc. 3 | 28,100,890 | 58,795,066 | |||||||||
3,025,556 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 132,516,861 | 207,432,119 | |||||||||
|
|
|
| |||||||||
Total Taiwan | 160,617,751 | 266,227,185 | ||||||||||
|
|
|
| |||||||||
United Arab Emirates (0.30%) | ||||||||||||
4,376,717 | Network International | 26,352,648 | 14,807,074 | |||||||||
|
|
|
| |||||||||
United Kingdom (1.18%) | ||||||||||||
11,022,417 | Glencore PLC 3 | 32,435,026 | 57,922,936 | |||||||||
|
|
|
| |||||||||
United States (0.24%) | ||||||||||||
943,762 | ACM Research, Inc., Cl A 1 | 27,868,729 | 11,759,274 | |||||||||
|
|
|
| |||||||||
Total Common Stocks | 4,813,573,978 | 4,438,933,637 | ||||||||||
|
|
|
| |||||||||
Private Common Stocks (1.23%) | ||||||||||||
India (1.23%) | ||||||||||||
27,027 | Pine Labs PTE. Ltd., Series 1 1,2,4 | 10,077,362 | 15,143,769 | |||||||||
6,833 | Pine Labs PTE. Ltd., Series A 1,2,4 | 2,547,771 | 3,828,667 | |||||||||
7,600 | Pine Labs PTE. Ltd., Series B 1,2,4 | 2,833,757 | 4,258,432 | |||||||||
6,174 | Pine Labs PTE. Ltd., Series B2 1,2,4 | 2,302,055 | 3,459,416 | |||||||||
9,573 | Pine Labs PTE. Ltd., Series C 1,2,4 | 3,569,416 | 5,363,943 | |||||||||
1,932 | Pine Labs PTE. Ltd., Series C1 1,2,4 | 720,371 | 1,082,538 | |||||||||
2,459 | Pine Labs PTE. Ltd., Series D 1,2,4 | 916,870 | 1,377,827 | |||||||||
45,680 | Pine Labs PTE. Ltd., Series J 1,2,4 | 17,032,398 | 25,595,418 | |||||||||
|
|
|
| |||||||||
Total Private Common Stocks | 40,000,000 | 60,110,010 | ||||||||||
|
|
|
| |||||||||
Private Convertible Preferred Stocks (2.47%) | ||||||||||||
India (2.47%) | ||||||||||||
11,578 | Bundl Technologies | 76,776,872 | 52,989,138 | |||||||||
15,334 | Think & Learn Private | 49,776,072 | 67,877,891 | |||||||||
|
|
|
| |||||||||
Total Private Convertible Preferred Stocks | 126,552,944 | 120,867,029 | ||||||||||
|
|
|
| |||||||||
Rights (0.00%) | ||||||||||||
Brazil (0.00%) | ||||||||||||
13,439 | Localiza Rent a Car SA, 10/31/2022 1 | 0 | 27,404 | �� | ||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron Emerging Markets Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Warrants (0.00%) | ||||||||||||
Spain (0.00%) | ||||||||||||
13,259 | Codere Online Luxembourg S.A. Private Shares, | $ | 0 | $ | 3,713 | |||||||
|
|
|
| |||||||||
Principal Amount |
|
| ||||||||||
Short Term Investments (5.28%) | ||||||||||||
$258,288,334 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $258,306,199; (Fully Collateralized by $273,884,000 U.S. Treasury Note, 0.375% due 11/30/2025 Market value – $243,403,724) and ($22,624,900 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $20,050,424) 3 | 258,288,334 | 258,288,334 | |||||||||
|
|
|
| |||||||||
Total Investments (99.72%) | $ | 5,238,415,256 | 4,878,230,127 | |||||||||
|
| |||||||||||
Cash and Other Assets Less Liabilities (0.28%) | 13,639,969 | |||||||||||
|
| |||||||||||
Net Assets | $ | 4,891,870,096 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $11.94 per share | $ | 273,319,098 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $12.01 per share | $ | 4,607,911,189 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $12.02 per share | $ | 10,639,809 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | At September 30, 2022, the market value of restricted and fair valued securities amounted to $182,781,721 or 3.74% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. |
3 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
4 | Level 3 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
GDR | Global Depositary Receipt. |
144A | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $288,679,978 or 5.90% of net assets. |
All securities are Level 1, unless otherwise noted. |
Summary of Investments by Sector as of September 30, 2022 | Percentage of Net Assets | |||
Financials | 19.1% | |||
Consumer Discretionary | 14.9% | |||
Information Technology | 14.5% | |||
Industrials | 13.1% | |||
Communication Services | 8.8% | |||
Materials | 7.1% | |||
Consumer Staples | 6.4% | |||
Health Care | 5.4% | |||
Energy | 3.8% | |||
Real Estate | 1.2% | |||
Cash and Cash Equivalents * | 5.6% | |||
| ||||
100.0%** | ||||
|
* | Includes short term investments. |
** | Individual weights may not sum to displayed total due to rounding. |
See Notes to Schedules of Investments.
Baron Global Advantage Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (91.46%) | ||||||||||||
Argentina (6.25%) | ||||||||||||
83,710 | Globant S.A. 1 | $ | 7,081,800 | $ | 15,660,467 | |||||||
54,822 | MercadoLibre, Inc. 1 | 42,859,814 | 45,380,555 | |||||||||
|
|
|
| |||||||||
Total Argentina | 49,941,614 | 61,041,022 | ||||||||||
|
|
|
| |||||||||
Brazil (1.96%) | ||||||||||||
1,411,896 | Afya Ltd., Cl A 1,3 | 31,349,923 | 19,145,310 | |||||||||
|
|
|
| |||||||||
Canada (3.02%) | ||||||||||||
366,605 | Nuvei Corp., 144A 1 | 13,148,151 | 9,916,665 | |||||||||
727,369 | Shopify, Inc., Cl A 1 | 27,502,905 | 19,595,321 | |||||||||
|
|
|
| |||||||||
Total Canada | 40,651,056 | 29,511,986 | ||||||||||
|
|
|
| |||||||||
China (2.07%) | ||||||||||||
959,865 | Meituan Inc., Cl B, 144A 1,3 | 12,096,383 | 20,172,947 | |||||||||
|
|
|
| |||||||||
India (4.92%) | ||||||||||||
475,005 | Bajaj Finance Limited 3 | 29,538,367 | 42,440,733 | |||||||||
7,379,067 | Zomato Ltd. 1,3 | 12,454,605 | 5,583,868 | |||||||||
|
|
|
| |||||||||
Total India | 41,992,972 | 48,024,601 | ||||||||||
|
|
|
| |||||||||
Israel (3.21%) | ||||||||||||
326,882 | Fiverr International Ltd. 1 | 7,503,852 | 9,999,320 | |||||||||
3,375,264 | Innovid Corp. 1 | 32,939,278 | 9,146,966 | |||||||||
2,753,705 | Taboola.com Ltd. 1 | 26,501,176 | 4,984,206 | |||||||||
92,553 | Wix.com Ltd.1 | 7,477,921 | 7,240,421 | |||||||||
|
|
|
| |||||||||
Total Israel | 74,422,227 | 31,370,913 | ||||||||||
|
|
|
| |||||||||
Korea, Republic of (3.38%) | ||||||||||||
1,980,023 | Coupang, Inc., Cl A 1 | 43,625,101 | 33,006,984 | |||||||||
|
|
|
| |||||||||
Netherlands (8.18%) | ||||||||||||
16,186 | Adyen N.V., 144A 1,3 | 16,437,273 | 20,186,554 | |||||||||
124,158 | argenx SE, ADR 1 | 13,657,256 | 43,833,982 | |||||||||
38,227 | ASML Holding N.V. 3 | 8,394,703 | 15,836,636 | |||||||||
|
|
|
| |||||||||
Total Netherlands | 38,489,232 | 79,857,172 | ||||||||||
|
|
|
| |||||||||
Poland (1.26%) | ||||||||||||
2,105,278 | InPost SA 1,3 | 33,641,809 | 12,249,462 | |||||||||
|
|
|
| |||||||||
Spain (0.45%) | ||||||||||||
996,069 | Codere Online Luxembourg S.A. 1 | 9,115,057 | 2,559,897 | |||||||||
584,567 | Codere Online Luxembourg, S.A. Forward Shares 1 | 5,845,670 | 1,502,337 | |||||||||
116,913 | Codere Online Luxembourg, S.A. Founders Share 1,2,4 | 1,017 | 270,069 | |||||||||
8,652 | Codere Online Luxembourg, S.A. Private Shares 1 | 86,516 | 22,236 | |||||||||
|
|
|
| |||||||||
Total Spain | 15,048,260 | 4,354,539 | ||||||||||
|
|
|
| |||||||||
United Kingdom (5.96%) | ||||||||||||
721,002 | Endava plc, ADR 1 | 31,527,890 | 58,134,391 | |||||||||
|
|
|
| |||||||||
United States (48.81%) | ||||||||||||
236,872 | 10X Genomics, Inc., Cl A 1 | 18,461,130 | 6,746,115 | |||||||||
452,494 | Amazon.com, Inc. 1 | 42,853,147 | 51,131,822 | |||||||||
141,583 | Bill.Com Holdings, Inc. 1 | 6,149,064 | 18,741,342 | |||||||||
204,952 | Block, Inc., Cl A 1 | 16,736,676 | 11,270,310 | |||||||||
371,841 | Cloudflare, Inc., Cl A 1 | 9,123,087 | 20,566,526 | |||||||||
290,494 | Crowdstrike Holdings, Inc., Cl A 1 | 33,053,591 | 47,876,316 | |||||||||
358,515 | Datadog, Inc., Cl A 1 | 28,000,451 | 31,828,962 | |||||||||
94,351 | EPAM Systems, Inc. 1 | 16,578,071 | 34,172,989 |
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
United States (continued) | ||||||||||||
235,971 | Guardant Health, Inc. 1 | $ | 17,013,961 | $ | 12,702,319 | |||||||
101,704 | Illumina, Inc. 1 | 31,551,398 | 19,404,106 | |||||||||
1,797,894 | MaxCyte, Inc. 1 | 22,078,432 | 11,686,311 | |||||||||
146,664 | NVIDIA Corp. | 31,174,401 | 17,803,543 | |||||||||
660,574 | Rivian Automotive, Inc., Cl A 1 | 14,000,003 | 21,739,490 | |||||||||
459,455 | Schrödinger, Inc. 1 | 16,988,489 | 11,477,186 | |||||||||
243,176 | Snowflake, Inc., Cl A 1 | 39,428,659 | 41,330,193 | |||||||||
120,215 | Tesla, Inc. 1 | 34,613,214 | 31,887,029 | |||||||||
166,505 | Veeva Systems, Inc., Cl A 1 | 27,451,463 | 27,453,344 | |||||||||
930,540 | ZoomInfo Technologies, Inc., Cl A 1 | 29,973,797 | 38,766,296 | |||||||||
120,116 | Zscaler, Inc. 1 | 8,008,433 | 19,743,467 | |||||||||
|
|
|
| |||||||||
Total United States | 443,237,467 | 476,327,666 | ||||||||||
|
|
|
| |||||||||
Uruguay (1.99%) | ||||||||||||
944,510 | Dlocal Ltd. 1 | 21,122,036 | 19,381,345 | |||||||||
|
|
|
| |||||||||
Total Common Stocks | 877,145,970 | 892,578,338 | ||||||||||
|
|
|
| |||||||||
Private Common Stocks (2.01%) | ||||||||||||
United States (2.01%) | ||||||||||||
252,130 | Space Exploration | 11,571,518 | 15,130,916 | |||||||||
75,250 | Space Exploration | 3,428,124 | 4,515,930 | |||||||||
|
|
|
| |||||||||
Total Private Common Stocks | 14,999,642 | 19,646,846 | ||||||||||
|
|
|
| |||||||||
Private Convertible Preferred Stocks (5.28%) | ||||||||||||
India (4.17%) | ||||||||||||
9,201 | Think & Learn Private Limited, Series F 1,2,4 | 29,867,591 | 40,729,391 | |||||||||
|
|
|
| |||||||||
United States (1.11%) | ||||||||||||
219,321 | Farmers Business Network, Inc., Series F 1,2,4 | 7,250,006 | 7,009,499 | |||||||||
80,440 | Farmers Business Network, Inc., Series G 1,2,4 | 5,000,000 | 2,701,175 | |||||||||
69,926 | Resident Home, Inc., Series B1 1,2,4 | 4,999,968 | 1,076,161 | |||||||||
|
|
|
| |||||||||
Total United States | 17,249,974 | 10,786,835 | ||||||||||
|
|
|
| |||||||||
Total Private Convertible Preferred Stocks | 47,117,565 | 51,516,226 | ||||||||||
|
|
|
| |||||||||
Private Preferred Stocks (1.24%) | ||||||||||||
United States (1.24%) | ||||||||||||
461,004 | GM Cruise Holdings, Cl G 1,2,4 | 12,147,455 | 12,073,695 | |||||||||
|
|
|
| |||||||||
Warrants (0.03%) | ||||||||||||
Israel (0.01%) | ||||||||||||
68,986 | Innovid Corp. 1 | 117,942 | 33,196 | |||||||||
228,748 | Taboola.com Ltd., Exp 6/29/2026 1 | 417,100 | 93,786 | |||||||||
|
|
|
| |||||||||
Total Israel | 535,042 | 126,982 | ||||||||||
|
|
|
| |||||||||
Spain (0.02%) | ||||||||||||
498,034 | Codere Online Luxembourg S.A. Private Shares, Exp 11/30/2026 1 | 845,632 | 139,450 | |||||||||
4,326 | Codere Online Luxembourg, S.A. Private Shares, Exp 11/30/2026 1 | 0 | 1,211 | |||||||||
|
|
|
| |||||||||
Total Spain | 845,632 | 140,661 | ||||||||||
|
|
|
| |||||||||
Total Warrants | 1,380,674 | 267,643 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron Global Advantage Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Principal Amount | Cost | Value | ||||||||||
Short Term Investments (0.44%) | ||||||||||||
$4,311,124 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $4,311,422; (Fully Collateralized by $4,948,100 U.S. Treasury Note, 0.375% 11/30/2025 Market value – $4,397,431) 3 | $ | 4,311,124 | $ | 4,311,124 | |||||||
|
|
|
| |||||||||
Total Investments (100.46%) | $ | 957,102,430 | 980,393,872 | |||||||||
|
| |||||||||||
Liabilities Less Cash and Other Assets (-0.46%) | (4,477,471 | ) | ||||||||||
|
| |||||||||||
Net Assets | $ | 975,916,401 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $26.92 per share | $ | 274,712,597 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $27.53 per share | $ | 690,956,944 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $27.55 per share | $ | 10,246,860 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | At September 30, 2022, the market value of restricted and fair valued securities amounted to $83,506,836 or 8.56% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. |
3 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
4 | Level 3 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
144A | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $50,276,166 or 5.15% of net assets. |
All securities are Level 1, unless otherwise noted. |
Summary of Investments by Sector as of September 30, 2022 | Percentage of Net Assets | |||
Information Technology | 41.9% | |||
Consumer Discretionary | 29.1% | |||
Health Care | 13.7% | |||
Communication Services | 5.4% | |||
Industrials | 4.5% | |||
Financials | 4.3% | |||
Materials | 1.0% | |||
Cash and Cash Equivalents ** | 0.0%* | |||
| ||||
100.0%*** | ||||
|
* | Less than 0.1%. |
** | Includes short term investments. |
*** | Individual weights may not sum to displayed total due to rounding. |
See Notes to Schedules of Investments.
Baron Real Estate Income Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (90.94%) | ||||||||||||
Consumer Discretionary (5.13%) | ||||||||||||
Casinos & Gaming (3.64%) |
| |||||||||||
82,426 | Las Vegas Sands Corp. 1 | $ | 2,973,978 | $ | 3,092,624 | |||||||
Leisure Facilities (1.49%) |
| |||||||||||
5,852 | Vail Resorts, Inc. | 1,462,974 | 1,261,925 | |||||||||
|
|
|
| |||||||||
Total Consumer Discretionary | 4,436,952 | 4,354,549 | ||||||||||
|
|
|
| |||||||||
Financials (3.04%) | ||||||||||||
Asset Management & Custody Banks (3.04%) |
| |||||||||||
10,674 | Blackstone, Inc. | 1,093,962 | 893,414 | |||||||||
41,224 | Brookfield Asset | 1,896,073 | 1,685,649 | |||||||||
|
|
|
| |||||||||
Total Financials | 2,990,035 | 2,579,063 | ||||||||||
|
|
|
| |||||||||
Real Estate (79.76%) | ||||||||||||
Health Care REITs (1.00%) |
| |||||||||||
13,254 | Welltower, Inc. | 1,085,371 | 852,497 | |||||||||
Hotel & Resort REITs (1.01%) |
| |||||||||||
91,173 | Sunstone Hotel Investors, Inc. | 917,631 | 858,850 | |||||||||
Industrial REITs (14.94%) |
| |||||||||||
75,291 | Duke Realty Corp. | 3,785,469 | 3,629,026 | |||||||||
66,582 | Prologis, Inc. | 7,786,258 | 6,764,731 | |||||||||
43,916 | Rexford Industrial Realty, Inc. | 2,356,036 | 2,283,632 | |||||||||
|
|
|
| |||||||||
13,927,763 | 12,677,389 | |||||||||||
Residential REITs (23.20%) |
| |||||||||||
128,892 | American Homes 4 Rent, Cl A | 4,406,254 | 4,228,946 | |||||||||
12,666 | AvalonBay Communities, Inc. | 2,805,260 | 2,332,951 | |||||||||
35,618 | Equity LifeStyle Properties, Inc. | 2,281,129 | 2,238,235 | |||||||||
54,095 | Equity Residential | 3,965,120 | 3,636,266 | |||||||||
148,705 | Invitation Homes, Inc. | 4,896,627 | 5,021,768 | |||||||||
16,455 | Sun Communities, Inc. | 2,386,779 | 2,226,855 | |||||||||
|
|
|
| |||||||||
20,741,169 | 19,685,021 | |||||||||||
Retail REITs (3.50%) |
| |||||||||||
112,840 | NETSTREIT Corp. | 2,208,994 | 2,009,680 | |||||||||
10,730 | Simon Property Group, Inc. | 1,168,820 | 963,018 | |||||||||
|
|
|
| |||||||||
3,377,814 | 2,972,698 | |||||||||||
Specialized REITs (36.11%) |
| |||||||||||
13,225 | Alexandria Real Estate Equities, Inc. 3 | 1,849,750 | 1,854,013 | |||||||||
28,576 | American Tower Corp. | 6,698,677 | 6,135,267 | |||||||||
15,567 | Crown Castle, Inc. | 2,502,731 | 2,250,210 | |||||||||
4,339 | Digital Realty Trust, Inc. | 539,238 | 430,342 | |||||||||
9,735 | Equinix, Inc. | 6,205,897 | 5,537,658 | |||||||||
29,120 | Extra Space Storage, Inc. | 4,970,717 | 5,029,315 | |||||||||
45,796 | Gaming and Leisure Properties, Inc. | 2,018,688 | 2,026,015 | |||||||||
17,840 | Public Storage | 5,144,495 | 5,223,730 | |||||||||
7,571 | SBA Communications Corp. | 2,441,908 | 2,155,085 | |||||||||
|
|
|
| |||||||||
32,372,101 | 30,641,635 | |||||||||||
|
|
|
| |||||||||
Total Real Estate | 72,421,849 | 67,688,090 | ||||||||||
|
|
|
| |||||||||
Utilities (3.01%) | ||||||||||||
Multi-Utilities (3.01%) |
| |||||||||||
71,055 | Brookfield Infrastructure Partners L.P. 2 | 2,408,233 | 2,550,875 | |||||||||
|
|
|
| |||||||||
Total Common Stocks | 82,257,069 | 77,172,577 | ||||||||||
|
|
|
|
Principal Amount | Cost | Value | ||||||||||
Short Term Investments (8.19%) | ||||||||||||
$6,950,242 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity – $6,950,723; (Fully collateralized by $7,999,600 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $7,089,330) 4 | $ | 6,950,242 | $ | 6,950,242 | |||||||
|
|
|
| |||||||||
Total Investments (99.13%) | $ | 89,207,311 | 84,122,819 | |||||||||
|
| |||||||||||
Cash and Other Assets Less Liabilities (0.87%) | 736,297 | |||||||||||
|
| |||||||||||
Net Assets | $ | 84,859,116 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $12.48 per share | $ | 13,917,886 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $12.61 per share | $ | 70,354,201 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $12.59 per share | $ | 587,029 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments.
Baron Health Care Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (86.97%) | ||||||||||||
Health Care (86.23%) | ||||||||||||
Biotechnology (15.23%) |
| |||||||||||
48,100 | AbbVie, Inc. | $ | 6,872,898 | $ | 6,455,501 | |||||||
10,400 | Alnylam Pharmaceuticals, Inc. 1 | 2,175,491 | 2,081,664 | |||||||||
18,878 | argenx SE, ADR 1,2 | 4,611,455 | 6,664,878 | |||||||||
10,000 | Arrowhead Pharmaceuticals, Inc. 1 | 301,388 | 330,500 | |||||||||
7,500 | Ascendis Pharma A/S, ADR 1,2 | 781,810 | 774,450 | |||||||||
28,000 | Cytokinetics, Incorporated 1 | 1,028,909 | 1,356,600 | |||||||||
37,814 | Genmab A/S, ADR 1,2 | 1,289,376 | 1,214,964 | |||||||||
16,200 | Intellia Therapeutics, Inc. 1 | 1,043,898 | 906,552 | |||||||||
17,000 | Moderna, Inc. 1 | 2,488,797 | 2,010,250 | |||||||||
20,000 | Rocket Pharmaceuticals, Inc. 1 | 319,743 | 319,200 | |||||||||
16,600 | Vertex Pharmaceuticals Incorporated 1 | 4,047,722 | 4,806,364 | |||||||||
27,500 | Xenon Pharmaceuticals, Inc. 1,2 | 847,097 | 992,750 | |||||||||
16,000 | Zai Lab Limited, ADR 1,2 | 531,486 | 547,200 | |||||||||
|
|
|
| |||||||||
26,340,070 | 28,460,873 | |||||||||||
Health Care Distributors (3.57%) |
| |||||||||||
19,600 | McKesson Corp. | 4,478,355 | 6,661,452 | |||||||||
Health Care Equipment (14.57%) |
| |||||||||||
36,662 | Abbott Laboratories | 3,793,720 | 3,547,415 | |||||||||
16,588 | DexCom, Inc. 1 | 1,251,833 | 1,335,998 | |||||||||
50,351 | Edwards Lifesciences Corp. 1 | 4,209,496 | 4,160,503 | |||||||||
5,195 | IDEXX Laboratories, Inc. 1 | 2,089,355 | 1,692,531 | |||||||||
40,000 | Inari Medical, Inc. 1 | 2,736,440 | 2,905,600 | |||||||||
18,336 | Inspire Medical Systems, Inc. 1 | 2,937,644 | 3,252,256 | |||||||||
5,615 | Insulet Corp. 1 | 1,078,991 | 1,288,081 | |||||||||
22,433 | Intuitive Surgical, Inc. 1 | 5,299,857 | 4,204,841 | |||||||||
1,387,480 | Opsens, Inc. (Canada)1,2 | 2,019,084 | 2,611,538 | |||||||||
8,000 | Shockwave Medical, Inc. 1 | 430,320 | 2,224,560 | |||||||||
|
|
|
| |||||||||
25,846,740 | 27,223,323 | |||||||||||
Health Care Technology (1.22%) |
| |||||||||||
25,000 | Definitive Healthcare Corp. 1 | 623,908 | 388,500 | |||||||||
39,000 | Schrödinger, Inc. 1 | 1,094,730 | 974,220 | |||||||||
5,560 | Veeva Systems, Inc., Cl A 1 | 1,009,148 | 916,733 | |||||||||
|
|
|
| |||||||||
2,727,786 | 2,279,453 | |||||||||||
Life Sciences Tools & Services (17.01%) |
| |||||||||||
27,730 | Bio-Techne Corporation | 10,844,423 | 7,875,320 | |||||||||
7,200 | Danaher Corp. | 1,967,087 | 1,859,688 | |||||||||
17,000 | ICON plc 1,2 | 3,087,754 | 3,124,260 | |||||||||
16,337 | Illumina, Inc. 1 | 3,555,948 | 3,116,936 | |||||||||
125,000 | MaxCyte, Inc. 1 | 1,377,031 | 812,500 | |||||||||
3,010 | Mettler-Toledo International, Inc. 1 | 3,201,753 | 3,263,201 | |||||||||
6,800 | Repligen Corp. 1 | 1,379,288 | 1,272,348 | |||||||||
17,699 | Thermo Fisher Scientific, Inc. | 8,604,797 | 8,976,756 | |||||||||
6,000 | West Pharmaceutical Services, Inc. | 1,662,484 | 1,476,480 | |||||||||
|
|
|
| |||||||||
35,680,565 | 31,777,489 | |||||||||||
Managed Health Care (16.48%) |
| |||||||||||
11,600 | Elevance Health, Inc. | 5,256,969 | 5,269,184 | |||||||||
15,150 | Humana, Inc. | 6,889,609 | 7,350,628 | |||||||||
35,972 | UnitedHealth Group, Incorporated | 13,092,572 | 18,167,299 | |||||||||
|
|
|
| |||||||||
25,239,150 | 30,787,111 |
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Health Care (continued) | ||||||||||||
Pharmaceuticals (18.14%) |
| |||||||||||
134,300 | AstraZeneca PLC, ADR 2 | $ | 8,132,829 | $ | 7,365,012 | |||||||
40,000 | Bristol-Myers Squibb Co. | 2,999,710 | 2,843,600 | |||||||||
81,614 | Dechra Pharmaceuticals PLC (United Kingdom) 2,4 | 3,932,491 | 2,370,150 | |||||||||
32,892 | Eli Lilly & Co. | 7,598,264 | 10,635,628 | |||||||||
54,500 | Merck & Co., Inc. | 4,622,161 | 4,693,540 | |||||||||
37,500 | Revance Therapeutics, Inc. 1 | 937,500 | 1,012,500 | |||||||||
30,750 | Roche Holding AG, ADR 2 | 1,460,730 | 1,249,065 | |||||||||
25,185 | Zoetis, Inc. | 4,072,249 | 3,734,684 | |||||||||
|
|
|
| |||||||||
33,755,934 | 33,904,179 | |||||||||||
|
|
|
| |||||||||
Total Health Care | 154,068,600 | 161,093,880 | ||||||||||
|
|
|
| |||||||||
Real Estate (0.75%) | ||||||||||||
Specialized REITs (0.75%) |
| |||||||||||
10,000 | Alexandria Real Estate Equities, Inc. 3 | 1,565,749 | 1,401,900 | |||||||||
|
|
|
| |||||||||
Total Common Stocks | 155,634,349 | 162,495,780 | ||||||||||
|
|
|
| |||||||||
Principal Amount | ||||||||||||
Short Term Investments (11.79%) | ||||||||||||
$22,017,241 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $22,018,764; (Fully Collateralized by $25,341,200 U.S Treasury Note, 0.375% due 12/31/2025 Market value – $22,457,638) 4 | 22,017,241 | 22,017,241 | |||||||||
|
|
|
| |||||||||
Total Investments (98.76%) | $ | 177,651,590 | 184,513,021 | |||||||||
|
| |||||||||||
Cash and Other Assets Less Liabilities (1.24%) | 2,319,283 | |||||||||||
|
| |||||||||||
Net Assets | $ | 186,832,304 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $16.22 per share | $ | 50,868,844 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $16.41 per share | $ | 130,714,821 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $16.40 per share | $ | 5,248,639 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments.
Baron FinTech Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (96.76%) | ||||||||||||
Communication Services (1.46%) | ||||||||||||
Interactive Media & Services (1.46%) |
| |||||||||||
14,600 | ZoomInfo Technologies, Inc., Cl A 1 | $ | 820,726 | $ | 608,236 | |||||||
|
|
|
| |||||||||
Consumer Discretionary (2.38%) | ||||||||||||
Internet & Direct Marketing Retail (2.38%) |
| |||||||||||
1,200 | MercadoLibre, Inc. 1 | 1,841,556 | 993,336 | |||||||||
|
|
|
| |||||||||
Financials (34.26%) | ||||||||||||
Asset Management & Custody Banks (2.37%) |
| |||||||||||
1,800 | BlackRock, Inc. | 1,549,469 | 990,504 | |||||||||
Financial Exchanges & Data (16.78%) |
| |||||||||||
4,600 | CME Group, Inc. | 983,175 | 814,798 | |||||||||
2,000 | FactSet Research Systems, Inc. | 842,097 | 800,220 | |||||||||
1,600 | MarketAxess Holdings, Inc. | 690,718 | 355,984 | |||||||||
4,000 | Moody’s Corp. | 1,407,880 | 972,440 | |||||||||
3,300 | MSCI, Inc. | 1,495,792 | 1,391,907 | |||||||||
5,800 | S&P Global, Inc. | 2,297,968 | 1,771,030 | |||||||||
16,000 | Tradeweb Markets, Inc., Cl A | 1,359,703 | 902,720 | |||||||||
|
|
|
| |||||||||
9,077,333 | 7,009,099 | |||||||||||
Insurance Brokers (1.17%) |
| |||||||||||
18,500 | BRP Group, Inc., Cl A 1 | 552,407 | 487,475 | |||||||||
Investment Banking & Brokerage (10.60%) |
| |||||||||||
9,600 | Houlihan Lokey, Inc. | 712,661 | 723,648 | |||||||||
12,200 | LPL Financial Holdings, Inc. | 2,015,771 | 2,665,456 | |||||||||
14,500 | The Charles Schwab Corp. | 1,004,233 | 1,042,115 | |||||||||
|
|
|
| |||||||||
3,732,665 | 4,431,219 | |||||||||||
Property & Casualty Insurance (3.34%) |
| |||||||||||
2,600 | Kinsale Capital Group, Inc. | 458,703 | 664,092 | |||||||||
6,300 | The Progressive Corp. | 724,807 | 732,123 | |||||||||
|
|
|
| |||||||||
1,183,510 | 1,396,215 | |||||||||||
|
|
|
| |||||||||
Total Financials | 16,095,384 | 14,314,512 | ||||||||||
|
|
|
| |||||||||
Industrials (7.19%) | ||||||||||||
Research & Consulting Services (7.19%) |
| |||||||||||
10,000 | CoStar Group, Inc. 1 | 863,804 | 696,500 | |||||||||
6,000 | Equifax, Inc. | 1,349,848 | 1,028,580 | |||||||||
10,000 | TransUnion | 1,034,937 | 594,900 | |||||||||
4,000 | Verisk Analytics, Inc. | 754,922 | 682,120 | |||||||||
|
|
|
| |||||||||
Total Industrials | 4,003,511 | 3,002,100 | ||||||||||
|
|
|
| |||||||||
Information Technology (51.47%) | ||||||||||||
Application Software (14.63%) |
| |||||||||||
10,000 | Alkami Technology, Inc. 1 | 273,107 | 150,500 | |||||||||
4,000 | Bill.Com Holdings, Inc. 1 | 482,722 | 529,480 | |||||||||
7,000 | Ceridian HCM Holding, Inc. 1 | 786,103 | 391,160 | |||||||||
27,000 | Clearwater Analytics | 635,932 | 453,330 | |||||||||
16,000 | Expensify, Inc., Cl A 1 | 455,818 | 238,080 | |||||||||
2,900 | Fair Isaac Corp. 1 | 1,351,873 | 1,194,829 | |||||||||
12,000 | Guidewire Software, Inc. 1 | 1,367,684 | 738,960 | |||||||||
5,100 | Intuit, Inc. | 1,893,149 | 1,975,332 | |||||||||
13,000 | nCino, Inc. 1 | 944,004 | 443,430 | |||||||||
|
|
|
| |||||||||
8,190,392 | 6,115,101 | |||||||||||
Data Processing & Outsourced Services (24.61%) |
| |||||||||||
600 | Adyen N.V., 144A (Netherlands) 1,2.3 | 1,306,284 | 748,297 | |||||||||
12,000 | Block, Inc., Cl A 1 | 2,404,198 | 659,880 | |||||||||
22,000 | Dlocal Ltd. 1,2 | 570,023 | 451,440 | |||||||||
10,000 | Fidelity National Information Services, Inc. | 1,327,297 | 755,700 |
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Information Technology (continued) | ||||||||||||
Data Processing & Outsourced Services (continued) |
| |||||||||||
2,000 | Fiserv, Inc. 1 | $ | 211,380 | $ | 187,140 | |||||||
6,000 | Global Payments, Inc. | 830,207 | 648,300 | |||||||||
3,700 | Jack Henry & Associates, Inc. | 617,174 | 674,399 | |||||||||
6,700 | MasterCard Incorporated, Cl A | 2,325,005 | 1,905,078 | |||||||||
170,000 | Network International Holdings plc, 144A (United Kingdom) 1,2 | 645,003 | 575,135 | |||||||||
15,000 | Nuvei Corp., 144A (Canada) 1,2 | 660,043 | 405,750 | |||||||||
18,000 | Paymentus Holdings, Inc., Cl A 1 | 409,901 | 174,960 | |||||||||
15,000 | Repay Holdings Corporation 1 | 290,606 | 105,900 | |||||||||
12,100 | Visa, Inc., Cl A | 2,604,565 | 2,149,565 | |||||||||
115,000 | Wise PLC, Cl A (United Kingdom) 1,2,3 | 1,400,081 | 839,311 | |||||||||
|
|
|
| |||||||||
15,601,767 | 10,280,855 | |||||||||||
Internet Services & Infrastructure (0.97%) |
| |||||||||||
15,000 | Shopify, Inc., Cl A 1,2 | 2,048,592 | 404,100 | |||||||||
IT Consulting & Other Services (11.26%) |
| |||||||||||
6,200 | Accenture plc, Cl A 2 | 1,784,551 | 1,595,260 | |||||||||
35,000 | CI&T, Inc., Cl A 1,2 | 517,710 | 328,650 | |||||||||
18,700 | Endava plc, ADR 1,2 | 1,339,729 | 1,507,781 | |||||||||
6,800 | Globant S.A. 1,2 | 1,704,456 | 1,272,144 | |||||||||
|
|
|
| |||||||||
5,346,446 | 4,703,835 | |||||||||||
|
|
|
| |||||||||
Total Information Technology | 31,187,197 | 21,503,891 | ||||||||||
|
|
|
| |||||||||
Total Common Stocks | 53,948,374 | 40,422,075 | ||||||||||
|
|
|
| |||||||||
Principal Amount | ||||||||||||
Short Term Investments (3.35%) | ||||||||||||
$1,401,244 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $1,401,341; (Fully Collateralized by $1,612,800 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $1,429,280) 3 | 1,401,244 | 1,401,244 | |||||||||
|
|
|
| |||||||||
Total Investments (100.11%) | $ | 55,349,618 | 41,823,319 | |||||||||
|
| |||||||||||
Liabilities Less Cash and Other Assets (-0.11%) | (45,386 | ) | ||||||||||
|
| |||||||||||
Net Assets | $ | 41,777,933 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $10.57 per share | $ | 7,011,272 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $10.64 per share | $ | 30,477,332 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $10.64 per share | $ | 4,289,329 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
144A | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $1,729,182 or 4.14% of net assets. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments.
Baron New Asia Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (93.91%) | ||||||||||||
China (32.76%) | ||||||||||||
1,250 | Alibaba Group Holding Limited, ADR 1 | $ | 164,123 | $ | 99,987 | |||||||
569 | Baidu, Inc., ADR 1 | 84,937 | 66,852 | |||||||||
1,100 | Baidu, Inc., Cl A 1,2 | 18,059 | 16,193 | |||||||||
5,040 | Beijing Oriental Yuhong Waterproof | 35,281 | 18,704 | |||||||||
38,341 | China Conch Environment | 28,322 | 19,621 | |||||||||
11,474 | China Conch Venture Holdings Ltd. 2 | 45,189 | 18,245 | |||||||||
1,064 | China Tourism Group Duty Free | 39,996 | 29,398 | |||||||||
15,816 | Estun Automation Co. Ltd., Cl A 2 | 63,437 | 41,816 | |||||||||
6,790 | Full Truck Alliance Co. Ltd., ADR 1 | 47,692 | 44,474 | |||||||||
7,386 | Galaxy Entertainment Group Ltd. 1,2 | 46,414 | 43,414 | |||||||||
7,544 | GDS Holdings Limited, Cl A 1,2 | 49,599 | 16,598 | |||||||||
7,994 | Han’s Laser Technology Industry | 57,979 | 29,259 | |||||||||
1,960 | Hangzhou Tigermed Consulting Co. Ltd., Cl A 2 | 38,252 | 25,091 | |||||||||
7,165 | Hua Hong Semiconductor Limited, 144A 1,2 | 44,144 | 16,229 | |||||||||
676 | JD.com, Inc., ADR 1 | 49,632 | 34,003 | |||||||||
3,308 | Jiangsu Hengli Hydraulic Co. Ltd., Cl A 2 | 26,353 | 21,020 | |||||||||
15,038 | Kingdee International Software | 37,739 | 19,600 | |||||||||
14,297 | Kingsoft Corp. Ltd. 2 | 64,852 | 37,829 | |||||||||
303 | Kweichow Moutai Co. Ltd., Cl A 2 | 81,547 | 79,744 | |||||||||
4,681 | Lufax Holding Ltd., ADR | 28,701 | 11,890 | |||||||||
6,098 | Midea Group Co., Ltd., Cl A 2 | 67,692 | 42,273 | |||||||||
10,264 | NARI Technology Co. Ltd., Cl A 2 | 44,737 | 35,794 | |||||||||
684 | Shenzhen Mindray Bio-Medical | 37,004 | 28,771 | |||||||||
2,836 | Tencent Holdings Limited, ADR | 170,177 | 95,914 | |||||||||
8,536 | Venustech Group, Inc., Cl A 2 | 35,643 | 24,248 | |||||||||
2,143 | WuXi AppTec Co. Ltd., Cl H, 144A 2 | 41,762 | 17,115 | |||||||||
3,181 | Wuxi Biologics Cayman, Inc., 144A 1,2 | 45,200 | 18,936 | |||||||||
1,857 | Yum China Holdings, Inc. 2 | 103,911 | 88,140 | |||||||||
3,693 | Yunnan Baiyao Group Co. Ltd., Cl A 2 | 38,725 | 27,221 | |||||||||
760 | Zai Lab Limited, ADR 1 | 62,767 | 25,992 | |||||||||
4,592 | Zhejiang Dingli Machinery Co. Ltd., Cl A 2 | 45,807 | 23,399 | |||||||||
|
|
|
| |||||||||
Total China | 1,745,673 | 1,117,770 | ||||||||||
|
|
|
| |||||||||
Hong Kong (5.79%) | ||||||||||||
7,327 | AIA Group Ltd. 2 | 78,762 | 61,004 | |||||||||
18,945 | Budweiser Brewing Co. APAC Ltd., 144A 2 | 51,368 | 49,334 | |||||||||
1,502 | Hong Kong Exchanges & Clearing Ltd. 2 | 74,272 | 51,342 | |||||||||
3,748 | Techtronic Industries Co. Ltd. 2 | 58,664 | 35,764 | |||||||||
|
|
|
| |||||||||
Total Hong Kong | 263,066 | 197,444 | ||||||||||
|
|
|
| |||||||||
India (34.51%) | ||||||||||||
6,116 | AARTI Industries Ltd. 2 | 78,851 | 55,690 | |||||||||
702 | Amber Enterprises India Ltd. 1,2 | 29,431 | 20,283 | |||||||||
662 | Apollo Hospitals Enterprise Ltd. 2 | 41,603 | 35,419 | |||||||||
556 | Asian Paints Ltd. 2 | 24,656 | 22,730 | |||||||||
1,332 | Bajaj Finance Limited 2 | 116,451 | 119,012 | |||||||||
8,265 | Bharti Airtel Ltd. 2 | 74,023 | 80,889 | |||||||||
582 | Bharti Airtel Ltd. PP 2 | 1,202 | 2,861 | |||||||||
633 | Divi’s Laboratories Ltd. 2 | 42,833 | 28,659 |
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
India (continued) | ||||||||||||
527 | Dixon Technologies India Ltd. 2 | $ | 31,911 | $ | 28,082 | |||||||
22,673 | Edelweiss Financial Services Ltd. 2 | 20,210 | 16,943 | |||||||||
5,035 | Godrej Consumer Products Ltd. 1,2 | 63,178 | 56,072 | |||||||||
2,069 | Godrej Properties Ltd. 1,2 | 46,827 | 30,047 | |||||||||
3,972 | HDFC Bank Ltd. 2 | 80,544 | 68,817 | |||||||||
9,475 | ICICI Bank Ltd. 2 | 91,331 | 99,481 | |||||||||
1,001 | ICICI Lombard General | 21,174 | 14,105 | |||||||||
6,156 | Jubilant FoodWorks Ltd. 2 | 59,249 | 46,670 | |||||||||
4,623 | Max Financial Services Ltd. 1,2 | 69,485 | 43,156 | |||||||||
1,853 | Neogen Chemicals Ltd. 2 | 28,765 | 33,491 | |||||||||
767 | PI Industries Ltd. 2 | 32,464 | 28,105 | |||||||||
3,642 | Reliance Industries Limited 2 | 111,352 | 105,698 | |||||||||
5,278 | SBI Life Insurance Company | 83,975 | 80,662 | |||||||||
2,208 | Tata Communications Ltd. 2 | 41,543 | 31,018 | |||||||||
5,532 | Tata Consumer Products Ltd. 2 | 57,802 | 54,386 | |||||||||
1,697 | Titan Co. Ltd. 2 | 46,088 | 53,960 | |||||||||
27,943 | Zomato Ltd. 1,2 | 40,960 | 21,145 | |||||||||
|
|
|
| |||||||||
Total India | 1,335,908 | 1,177,381 | ||||||||||
|
|
|
| |||||||||
Indonesia (2.72%) | ||||||||||||
214,500 | Bank Rakyat Indonesia | 63,131 | 62,779 | |||||||||
51,300 | PT Bank Negara Indonesia | 30,681 | 30,005 | |||||||||
|
|
|
| |||||||||
Total Indonesia | 93,812 | 92,784 | ||||||||||
|
|
|
| |||||||||
Japan (3.07%) | ||||||||||||
372 | Hoya Corp. 2 | 54,035 | 35,845 | |||||||||
160 | Keyence Corporation 2 | 91,935 | 52,890 | |||||||||
65 | Tokyo Electron Limited 2 | 30,347 | 16,016 | |||||||||
|
|
|
| |||||||||
Total Japan | 176,317 | 104,751 | ||||||||||
|
|
|
| |||||||||
Korea, Republic of (7.45%) | ||||||||||||
1,630 | Coupang, Inc., Cl A 1 | 20,755 | 27,172 | |||||||||
684 | Hyundai Heavy Industries Co. Ltd. 1,2 | 52,318 | 54,362 | |||||||||
832 | Korea Aerospace Industries Ltd. 2 | 28,168 | 28,040 | |||||||||
805 | Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,2 | 70,071 | 40,636 | |||||||||
2,834 | Samsung Electronics Co., Ltd. 2 | 165,673 | 104,062 | |||||||||
|
|
|
| |||||||||
Total Korea, Republic of | 336,985 | 254,272 | ||||||||||
|
|
|
| |||||||||
Taiwan (6.24%) | ||||||||||||
603 | Airtac International Group 2 | 21,407 | 13,796 | |||||||||
979 | MediaTek, Inc. 2 | 29,756 | 16,894 | |||||||||
1,691 | Silergy Corp. 2 | 43,975 | 22,054 | |||||||||
2,337 | Taiwan Semiconductor | 268,565 | 160,225 | |||||||||
|
|
|
| |||||||||
Total Taiwan | 363,703 | 212,969 | ||||||||||
|
|
|
| |||||||||
Thailand (1.06%) | ||||||||||||
15,400 | Energy Absolute PCL Foreign | 37,594 | 36,030 | |||||||||
|
|
|
| |||||||||
United States (0.31%) | ||||||||||||
861 | ACM Research, Inc., Cl A 1 | 13,657 | 10,728 | |||||||||
|
|
|
| |||||||||
Total Common Stocks | 4,366,715 | 3,204,129 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron New Asia Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Principal Amount | Cost | Value | ||||||||||
Short Term Investments (7.78%) | ||||||||||||
$265,432 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $265,451; (Fully Collateralized by $313,400 U.S. Treasury Note, 1.25% due 3/31/2028 Market value – $270,822) 2 | $ | 265,432 | $ | 265,432 | |||||||
|
|
|
| |||||||||
Total Investments (101.69%) | $ | 4,632,147 | 3,469,561 | |||||||||
|
| |||||||||||
Liabilities Less Cash and Other Assets (-1.69%) | (57,658 | ) | ||||||||||
|
| |||||||||||
Net Assets | $ | 3,411,903 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $6.95 per share | $ | 841,819 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $6.98 per share | $ | 2,404,942 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $6.98 per share | $ | 165,142 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
144A | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $196,381 or 5.76% of net assets. |
All securities are Level 1, unless otherwise noted. |
Summary of Investments by Sector as of September 30, 2022 | Percentage of Net Assets | |||
Financials | 19.3% | |||
Consumer Discretionary | 15.7% | |||
Information Technology | 13.5% | |||
Industrials | 11.9% | |||
Communication Services | 9.7% | |||
Health Care | 7.1% | |||
Consumer Staples | 7.0% | |||
Materials | 4.7% | |||
Energy | 3.1% | |||
Utilities | 1.1% | |||
Real Estate | 0.9% | |||
Cash and Cash Equivalents * | 6.1% | |||
| ||||
100.0%** | ||||
|
* | Includes short term investments. |
** | Individual weights may not sum to displayed total due to rounding. |
See Notes to Schedules of Investments.
Baron Technology Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Shares | Cost | Value | ||||||||||
Common Stocks (95.99%) | ||||||||||||
Communication Services (9.96%) | ||||||||||||
Advertising (2.57%) |
| |||||||||||
12,360 | S4 Capital PLC (United Kingdom) 1,2,4 | $ | 88,799 | $ | 19,915 | |||||||
1,155 | The Trade Desk, Inc., Cl A 1 | 84,586 | 69,011 | |||||||||
|
|
|
| |||||||||
173,385 | 88,926 | |||||||||||
Interactive Media & Services (6.43%) |
| |||||||||||
1,000 | Alphabet, Inc., Cl C 1 | 142,533 | 96,150 | |||||||||
3,024 | ZoomInfo Technologies, Inc., Cl A 1 | 167,381 | 125,980 | |||||||||
|
|
|
| |||||||||
309,914 | 222,130 | |||||||||||
Movies & Entertainment (0.96%) |
| |||||||||||
384 | Spotify Technology SA 1,2 | 79,582 | 33,139 | |||||||||
|
|
|
| |||||||||
Total Communication Services | 562,881 | 344,195 | ||||||||||
|
|
|
| |||||||||
Consumer Discretionary (16.23%) | ||||||||||||
Automobile Manufacturers (4.46%) |
| |||||||||||
1,098 | Rivian Automotive, Inc., Cl A 1 | 74,012 | 36,135 | |||||||||
445 | Tesla, Inc. 1 | 144,808 | 118,037 | |||||||||
|
|
|
| |||||||||
218,820 | 154,172 | |||||||||||
Hotels, Resorts & Cruise Lines (0.67%) |
| |||||||||||
5,839 | eDreams ODIGEO SA (Spain) 1,2,4 | 55,378 | 23,329 | |||||||||
Internet & Direct Marketing Retail (11.10%) |
| |||||||||||
372 | Alibaba Group Holding Limited, ADR 1,2 | 42,999 | 29,756 | |||||||||
3,131 | Amazon.com, Inc. 1 | 481,351 | 353,803 | |||||||||
|
|
|
| |||||||||
524,350 | 383,559 | |||||||||||
|
|
|
| |||||||||
Total Consumer Discretionary | 798,548 | 561,060 | ||||||||||
|
|
|
| |||||||||
Health Care (0.47%) | ||||||||||||
Health Care Supplies (0.47%) |
| |||||||||||
1,991 | Figs, Inc., Cl A 1 | 37,477 | 16,426 | |||||||||
|
|
|
| |||||||||
Industrials (4.18%) | ||||||||||||
Research & Consulting Services (4.18%) |
| |||||||||||
2,074 | CoStar Group, Inc. 1 | 145,959 | 144,454 | |||||||||
|
|
|
| |||||||||
Information Technology (65.15%) | ||||||||||||
Application Software (13.70%) |
| |||||||||||
207 | Atlassian Corp. PLC, Cl A 1,2 | 62,227 | 43,592 | |||||||||
1,209 | Braze, Inc., Cl A 1 | 47,706 | 42,109 | |||||||||
1,720 | Ceridian HCM Holding, Inc. 1 | 148,433 | 96,114 | |||||||||
177 | HubSpot, Inc. 1 | 97,654 | 47,811 | |||||||||
209 | Intuit, Inc. | 118,879 | 80,950 | |||||||||
324 | ServiceNow, Inc. 1,3 | 178,280 | 122,346 | |||||||||
267 | Workday, Inc., Cl A 1 | 66,344 | 40,643 | |||||||||
|
|
|
| |||||||||
719,523 | 473,565 | |||||||||||
Data Processing & Outsourced Services (6.40%) |
| |||||||||||
17 | Adyen N.V., 144A (Netherlands) 1,2,4 | 40,430 | 21,202 | |||||||||
884 | Dlocal Ltd. 1,2 | 28,627 | 18,140 | |||||||||
312 | MasterCard Incorporated, Cl A | 115,627 | 88,714 | |||||||||
524 | Visa, Inc., Cl A | 115,693 | 93,088 | |||||||||
|
|
|
| |||||||||
300,377 | 221,144 |
Shares | Cost | Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Information Technology (continued) | ||||||||||||
Electronic Equipment & |
| |||||||||||
1,859 | PAR Technology Corp. 1 | $ | 88,821 | $ | 54,896 | |||||||
Internet Services & |
| |||||||||||
1,095 | Shopify, Inc., Cl A 1,2 | 112,363 | 29,499 | |||||||||
IT Consulting & Other Services (7.47%) |
| |||||||||||
1,569 | Endava plc, ADR 1,2 | 194,170 | 126,509 | |||||||||
476 | Gartner, Inc. 1 | 144,901 | 131,704 | |||||||||
|
|
|
| |||||||||
339,071 | 258,213 | |||||||||||
Semiconductor Equipment (3.18%) |
| |||||||||||
162 | ASML Holding N.V. 2 | 113,217 | 67,287 | |||||||||
117 | Lam Research Corp. | 82,822 | 42,822 | |||||||||
|
|
|
| |||||||||
196,039 | 110,109 | |||||||||||
Semiconductors (10.96%) |
| |||||||||||
1,026 | Advanced Micro Devices, Inc. 1 | 132,639 | 65,007 | |||||||||
128 | Broadcom, Inc. | 83,031 | 56,833 | |||||||||
6,139 | indie Semiconductor, Inc., Cl A 1 | 46,591 | 44,937 | |||||||||
449 | Marvell Technology, Inc. | 38,914 | 19,267 | |||||||||
95 | Monolithic Power Systems, Inc. | 45,155 | 34,523 | |||||||||
769 | NVIDIA Corp. | 199,954 | 93,349 | |||||||||
4,285 | Taiwan Semiconductor | 93,710 | 56,799 | |||||||||
117 | Taiwan Semiconductor | 10,090 | 8,022 | |||||||||
|
|
|
| |||||||||
650,084 | 378,737 | |||||||||||
Systems Software (18.04%) |
| |||||||||||
875 | Cloudflare, Inc., Cl A 1,3 | 49,608 | 48,396 | |||||||||
463 | Crowdstrike Holdings, Inc., Cl A 1 | 84,323 | 76,307 | |||||||||
452 | Datadog, Inc., Cl A 1,3 | 61,508 | 40,129 | |||||||||
1,477 | Microsoft Corporation | 473,904 | 343,993 | |||||||||
249 | MongoDB, Inc. 1,3 | 98,586 | 49,441 | |||||||||
384 | Snowflake, Inc., Cl A 1,3 | 96,574 | 65,265 | |||||||||
|
|
|
| |||||||||
864,503 | 623,531 | |||||||||||
Technology Hardware, |
| |||||||||||
740 | Apple, Inc. | 107,630 | 102,268 | |||||||||
|
|
|
| |||||||||
Total Information Technology | 3,378,411 | 2,251,962 | ||||||||||
|
|
|
| |||||||||
Total Common Stocks | 4,923,276 | 3,318,097 | ||||||||||
|
|
|
|
See Notes to Schedules of Investments.
Baron Technology Fund |
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022 (UNAUDITED)
Principal Amount | Cost | Value | ||||||||||
Short Term Investments (6.72%) | ||||||||||||
$232,281 | Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $232,297; (Fully Collateralized by $266,600 U.S.Treasury Note, 0.375% due 11/30/2025 Market | $ | 232,281 | $ | 232,281 | |||||||
|
|
|
| |||||||||
Total Investments (102.71%) | $ | 5,155,557 | 3,550,378 | |||||||||
|
| |||||||||||
Liabilities Less Cash and Other Assets (-2.71%) | (93,551 | ) | ||||||||||
|
| |||||||||||
Net Assets | $ | 3,456,827 | ||||||||||
|
| |||||||||||
| Retail Shares (Equivalent to $5.90 per share | $ | 1,288,231 | |||||||||
|
| |||||||||||
| Institutional Shares (Equivalent to $5.91 per share | $ | 1,737,602 | |||||||||
|
| |||||||||||
| R6 Shares (Equivalent to $5.91 per share | $ | 430,994 | |||||||||
|
|
% | Represents percentage of net assets. |
1 | Non-income producing securities. |
2 | Foreign corporation. |
3 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 | Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR | American Depositary Receipt. |
144A | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $21,202 or 0.61% of net assets. |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments.
Baron Select Funds | September 30, 2022 |
NOTESTO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION
Baron Select Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Delaware statutory trust on April 30, 2003, and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The Trust currently offers 12 series (individually, a “Fund” and collectively, the “Funds”): Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund. Baron WealthBuilder Fund is presented in a separate report.
The investment goals of the Funds are as follows:
Baron Partners Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. growth companies. The Fund may employ “leverage” by borrowing money and using it to purchase additional securities. Borrowing for investments increases both investment opportunity and investment risk.
Baron Focused Growth Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. small- and mid-sized growth companies.
Baron International Growth Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in non-U.S. growth companies.
Baron Real Estate Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in U.S. and non-U.S. real estate and real estate-related companies.
Baron Emerging Markets Fund is a diversified fund that seeks capital appreciation through investments primarily in growth companies in developing countries.
Baron Global Advantage Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities of established and emerging markets companies located throughout the world.
Baron Real Estate Income Fund is a non-diversified fund that seeks both capital appreciation and current income through investments primarily in real estate income-producing securities and other real estate securities.
Baron Health Care Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities engaged in research, development, production, sale, delivery or distribution of products and services related to the health care industry.
Baron FinTech Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities that develop, use, or rely on innovative technologies or services, in a significant way, for banking, lending, capital markets, financial data analytics, insurance, payments, asset management, or wealth management.
Baron New Asia Fund is a diversified fund seeks capital appreciation through investments primarily in equity securities located in Asia, but including all other developed, developing, and frontier countries in the Asian region.
Baron Technology Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities of U.S and non-U.S. technology companies, selected for their durable growth potential from the development, advancement, and use of technology.
Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms, or other platforms. R6 Shares are available only to qualified 401(a) plans (including 401(k) plans, Keogh plans, profit sharing plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans) (collectively, “Qualified Plans”), endowment funds and foundations, any state, county or city, or its instrumentality, department, authority, or agency, 457 plans, including 457(a) governmental entity plans and tax-exempt plans, accounts registered to insurance companies, trust companies and bank trust departments, investment companies, both affiliated and not affiliated with BAMCO, Inc. (the “Adviser”), and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. There is no minimum initial investment for Qualified Plans. All other R6 eligible investors must meet a minimum initial investment of at least $5 million per Fund. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Fund’s investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class.
Baron Partners Fund was organized originally as a limited partnership in January 1992 under the laws of the State of Delaware. Effective as of the close of business on April 30, 2003, the predecessor partnership was reorganized into a series of the Trust. Baron Partners Fund commenced operations on April 30, 2003 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.
Baron Focused Growth Fund was organized originally as a limited partnership in May 1996 under the laws of the State of Delaware. Effective as of the close of business on June 30, 2008, the predecessor partnership was reorganized into a series of the Trust. Baron Focused Growth Fund commenced operations on June 30, 2008 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.
Baron Select Funds | September 30, 2022 |
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
a) Security Valuation. The Funds’ share prices or net asset values (“NAV”) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the “NAV Calculation Time”)) on the New York Stock Exchange (the “Exchange”) on any day the Exchange is scheduled to be open. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in the Adviser’s judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the “Board”). Some of the more common reasons that may necessitate that a security be valued using “fair value” pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the “Committee”) comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market.
U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds’ investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.
Non-U.S. equity securities traded on foreign securities exchanges are generally valued using an independent pricing vendor that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.
In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Board has designated the Adviser as the Funds’ valuation designee to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act, which requires a fund to fair value when market quotations are not readily available. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds adopted a valuation policy conforming to the new rules, effective September 8, 2022, and there was no material impact to the Funds.
b) Single Issuer. Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer’s securities and therefore the NAV of the Fund. Due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, Inc. (“Tesla”), 52% and 22%, respectively, of these Fund’s net assets as of September 30, 2022, the NAVs of these Funds will be materially impacted by the price of Tesla stock.
c) Non-Diversified Portfolio. Certain Funds are non-diversified, which means they will likely have a greater percentage of their assets in a single issuer than a diversified fund. As a result, a non-diversified Fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund’s performance compared to a diversified fund. Thus, a non-diversified Fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund. Additionally, non-diversified Funds may encounter difficulty liquidating securities.
d) Industry Concentration. From time to time, market fluctuations in the value of a Fund’s investments, combined with a Fund’s non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, which represent about 52% and 22%, respectively, of these Funds’ net assets as of September 30, 2022, these Funds will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.
Baron Select Funds | September 30, 2022 |
e) Foreign Currency Translations. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized gain (loss) on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.
f) Securities Lending. The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders’ fees. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The collateral is marked-to-market daily and settled on the next business day. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities.
There were no securities on loan at September 30, 2022.
g) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds’ investments in repurchase agreements at September 30, 2022, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Schedule of Investments.
h) Master Limited Partnerships. The Funds may invest in master limited partnerships (“MLPs”). MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended. These qualifying sources include interest, dividend, real property rent, gain from sale or other disposition of real property and income from activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources.
i) Special Purpose Acquisition Company. The Funds may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering (“IPO”), via a private placement or a secondary market transaction. A SPAC is typically a publicly traded company that raises investment capital via an IPO for the purpose of acquiring the equity securities of one or more existing companies via merger, combination, acquisition or other similar transactions. To the extent the SPAC is invested in cash or similar securities, this may negatively affect a Fund’s performance if the Fund is invested in the SPAC during such period. There is no guarantee that the SPACs will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. These transactions will require the approval of the respective shareholders and are subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the SPAC’s acquisition may not close and, to the extent a Fund had committed to participate in a private placement (i.e., PIPE transaction, defined below), the Fund will no longer be obligated to fulfill its commitment.
j) Private Investment in Public Equity. The Funds may acquire equity securities of an issuer that are issued through a private investment in public equity (“PIPE”) transaction, including through commitments to purchase securities on a when-issued basis. A Fund will generally earmark an amount of cash or high quality securities equal to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company in a private placement transaction, including securities issued by a SPAC, typically at a discount to the market price of the company’s securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of a Fund’s investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restriction can last an uncertain amount of time and may be many months. Until the public registration process is completed, securities acquired via a PIPE are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause these securities to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.
Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2 or Level 3 in the fair value hierarchy depending on the significance of the unobservable inputs. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security.
Baron Select Funds | September 30, 2022 |
As of September 30, 2022, Baron Partners Fund had a commitment to purchase a when-issued security through a private transaction. Unrealized appreciation (depreciation) on this commitment is separately presented as a footnote on the Fund’s Schedule of Investments.
3. RESTRICTED SECURITIES
At September 30, 2022, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of the Liquidity Rule governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At September 30, 2022, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:
Baron Partners Fund | ||||||||
Name of Issuer | Acquisition Date(s) | Value | ||||||
Common Stocks | ||||||||
Private Common Stocks | ||||||||
Space Exploration Technologies Corp. | 9/13/2017 | $ | 151,142,329 | |||||
StubHub Holdings, Inc. | 12/22/2021 | 24,543,535 | ||||||
Private Convertible Preferred Stocks | ||||||||
Northvolt AB | 5/19/2021 | 8,081,894 | ||||||
Private Preferred Stocks | ||||||||
Space Exploration Technologies Corp. | 11/15/2017-8/4/2020 | 332,395,859 | ||||||
|
| |||||||
Total Restricted Securities: | $ | 516,163,617 | ||||||
|
| |||||||
(Cost $186,093,669)† (8.36% of Net Assets) | ||||||||
Baron Focused Growth Fund | ||||||||
Name of Issuer | Acquisition Date(s) | Value | ||||||
Private Common Stocks | ||||||||
Space Exploration Technologies Corp. | 9/13/2017 | $ | 46,373,952 | |||||
Private Preferred Stocks | ||||||||
Space Exploration Technologies Corp. | 11/15/2017-12/3/2021 | 24,225,789 | ||||||
|
| |||||||
Total Restricted Securities: | $ | 70,599,741 | ||||||
|
| |||||||
(Cost $39,949,596)† (9.66% of Net Assets) | ||||||||
Baron International Growth Fund | ||||||||
Name of Issuer | Acquisition Date(s) | Value | ||||||
Common Stocks | ||||||||
Sberbank of Russia PJSC | 1/24/2017-10/29/2021 | 469 | ||||||
|
| |||||||
Total Restricted Securities: | $ | 469 | ||||||
|
| |||||||
(Cost $1,644,868) (0.00% of Net Assets) | ||||||||
Baron Emerging Markets Fund | ||||||||
Name of Issuer | Acquisition Date(s) | Value | ||||||
Common Stocks | ||||||||
Codere Online Luxembourg, S.A., Founders Shares | 12/10/2020 | $ | 827,793 | |||||
Fix Price Group Ltd. | 3/5/2021-9/14/2021 | 285,242 | ||||||
Ozon Holdings PLC | 11/24/2020-2/7/2022 | 374,722 | ||||||
Sberbank of Russia PJSC | 2/11/2016-11/10/2021 | 17,263 | ||||||
Yandex N.V. | 2/3/16-10/28/2021 | 299,662 | ||||||
Private Common Stocks | ||||||||
Pine Labs PTE. Ltd. | 5/17/2021 | 60,110,010 | ||||||
Private Convertible Preferred Stocks | ||||||||
Bundl Technologies Private Ltd. | 1/3/2022 | 52,989,138 | ||||||
Think & Learn Private Limited | 3/31/2021 | 67,877,891 | ||||||
|
| |||||||
Total Restricted Securities: | $ | 182,781,721 | ||||||
|
| |||||||
(Cost $391,595,263)† (3.74% of Net Assets) |
† | See Schedules of Investments for cost of individual securities. |
Baron Select Funds | September 30, 2022 |
Baron Global Advantage Fund | ||||||||
Name of Issuer | Acquisition Date(s) | Value | ||||||
Common Stocks | ||||||||
Codere Online Luxembourg, S.A., Founders Shares | 12/10/2020 | $ | 270,069 | |||||
Private Common Stocks | ||||||||
Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | 19,646,846 | ||||||
Private Convertible Preferred Stocks | ||||||||
Farmers Business Network, Inc. | 7/31/2020-9/15/2021 | 9,710,674 | ||||||
Resident Home, Inc. | 12/3/2020 | 1,076,161 | ||||||
Think & Learn Private Limited | 3/31/2021 | 40,729,391 | ||||||
Private Preferred Stocks | ||||||||
GM Cruise Holdings LLC | 1/19/2021 | 12,073,695 | ||||||
|
| |||||||
Total Restricted Securities: | $ | 83,506,836 | ||||||
|
| |||||||
(Cost $74,265,679)† ( 8.56% of Net Assets) |
† | See Schedules of Investments for cost of individual securities. |
4. FAIR VALUE MEASUREMENTS
Fair value is defined by GAAP as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds’ own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• | Level 1 – quoted prices in active markets for identical assets or liabilities; |
• | Level 2 – prices determined using other inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); |
• | Level 3 – prices determined using unobservable inputs when quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair value. Since these values obtained from quoted prices in an active market are adjusted, such securities are reflected as Level 2.
The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.
The following is a summary of the inputs used as of September 30, 2022 in valuing the Funds’ investments carried at fair value:
Baron Partners Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 6,500,748,404 | $ | 73,889,321 | $ | — | $ | 6,574,637,725 | ||||||||
Private Common Stocks† | — | — | 175,685,864 | 175,685,864 | ||||||||||||
Private Convertible Preferred Stocks | — | — | 8,081,894 | 8,081,894 | ||||||||||||
Private Preferred Stocks† | — | — | 332,395,859 | 332,395,859 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 6,500,748,404 | $ | 73,889,321 | $ | 516,163,617 | $ | 7,090,801,342 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unrealized appreciation (depreciation) on unfunded commitments | $ | 0 | $ | 0 | $ | (157,520) | $ | (157,520) | ||||||||
|
|
|
|
|
|
|
|
† | See Schedules of Investments for additional detailed categorizations. |
Baron Select Funds | September 30, 2022 |
Baron Focused Growth Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 594,428,231 | $ | — | $ | — | $ | 594,428,231 | ||||||||
Private Common Stocks† | — | — | 46,373,952 | 46,373,952 | ||||||||||||
Private Preferred Stocks† | — | — | 24,225,789 | 24,225,789 | ||||||||||||
Short Term Investments | — | 61,037,835 | — | 61,037,835 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 594,428,231 | $ | 61,037,835 | $ | 70,599,741 | $ | 726,065,807 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron International Growth Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 143,415,287 | $ | 259,782,420 | $ | 469 | $ | 403,198,176 | ||||||||
Warrants† | 30,990 | — | — | 30,990 | ||||||||||||
Short Term Investments | — | 42,035,649 | — | 42,035,649 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 143,446,277 | $ | 301,818,069 | $ | 469 | $ | 445,264,815 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron Real Estate Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 1,085,900,203 | $ | — | $ | — | $ | 1,085,900,203 | ||||||||
Short Term Investments | — | 150,459,045 | — | 150,459,045 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,085,900,203 | $ | 150,459,045 | $ | — | $ | 1,236,359,248 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron Emerging Markets Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 1,273,235,582 | $ | 3,163,893,373 | $ | 1,804,682 | $ | 4,438,933,637 | ||||||||
Private Common Stocks† | — | — | 60,110,010 | 60,110,010 | ||||||||||||
Private Convertible Preferred Stocks† | — | — | 120,867,029 | 120,867,029 | ||||||||||||
Rights | 27,404 | — | — | 27,404 | ||||||||||||
Warrants | 3,713 | — | — | 3,713 | ||||||||||||
Short Term Investments | — | 258,288,334 | — | 258,288,334 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,273,266,699 | $ | 3,422,181,707 | $ | 182,781,721 | $ | 4,878,230,127 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron Global Advantage Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 775,838,069 | $ | 116,470,200 | $ | 270,069 | $ | 892,578,338 | ||||||||
Private Common Stocks† | — | — | 19,646,846 | 19,646,846 | ||||||||||||
Private Convertible Preferred Stocks† | — | — | 51,516,226 | 51,516,226 | ||||||||||||
Private Preferred Stocks | — | — | 12,073,695 | 12,073,695 | ||||||||||||
Warrants† | 267,643 | — | — | 267,643 | ||||||||||||
Short Term Investments | — | 4,311,124 | — | 4,311,124 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 776,105,712 | $ | 120,781,324 | $ | 83,506,836 | $ | 980,393,872 | ||||||||
|
|
|
|
|
|
|
|
† | See Schedules of Investments for additional detailed categorizations. |
Baron Select Funds | September 30, 2022 |
Baron Real Estate Income Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 77,172,577 | $ | — | $ | — | $ | 77,172,577 | ||||||||
Short Term Investments | — | 6,950,242 | — | 6,950,242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 77,172,577 | $ | 6,950,242 | $ | — | $ | 84,122,819 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron Health Care Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 160,125,630 | $ | 2,370,150 | $ | — | $ | 162,495,780 | ||||||||
Short Term Investments | — | 22,017,241 | — | 22,017,241 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 160,125,630 | $ | 24,387,391 | $ | — | $ | 184,513,021 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron FinTech Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 38,834,467 | $ | 1,587,608 | $ | — | $ | 40,422,075 | ||||||||
Short Term Investments | — | 1,401,244 | — | 1,401,244 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 38,834,467 | $ | 2,988,852 | $ | — | $ | 41,823,319 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron New Asia Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 613,267 | $ | 2,590,862 | $ | — | $ | 3,204,129 | ||||||||
Short Term Investments | — | 265,432 | — | 265,432 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 613,267 | $ | 2,856,294 | $ | — | $ | 3,469,561 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Baron Technology Fund | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks† | $ | 3,196,852 | $ | 121,245 | $ | — | $ | 3,318,097 | ||||||||
Short Term Investments | — | 232,281 | — | 232,281 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 3,196,852 | $ | 353,526 | $ | — | $ | 3,550,378 | ||||||||
|
|
|
|
|
|
|
|
† | See Schedules of Investments for additional detailed categorizations. |
Baron Select Funds | September 30, 2022 |
The following is a reconciliation of investments in which unobservable inputs (Level 3) were used in determining fair value:
Baron Partners Fund | ||||||||||||||||||||||||||||||||||||||||
Investments in Securities | Balance as of December 31, 2021 | Accrued Premiums/ Discounts | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers Into Level 3 | Transfers Out of Level 3 | Balance as of September 30, 2022 | Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022 | ||||||||||||||||||||||||||||||
Private Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
Consumer Discretionary | $ | 46,367,914 | $ | — | $ | — | $ | (21,824,379) | $ | — | $ | — | $ | — | $ | — | $ | 24,543,535 | $ | (21,824,379) | ||||||||||||||||||||
Industrials | 139,906,305 | — | — | 11,236,024 | — | — | — | — | 151,142,329 | 11,236,024 | ||||||||||||||||||||||||||||||
Private Convertible Preferred Stocks |
| |||||||||||||||||||||||||||||||||||||||
Industrials | 7,562,202 | — | — | 519,692 | — | — | — | — | 8,081,894 | 519,692 | ||||||||||||||||||||||||||||||
Private Preferred Stocks |
| |||||||||||||||||||||||||||||||||||||||
Industrials | 307,685,323 | — | — | 24,710,536 | — | — | — | — | 332,395,859 | 24,710,536 | ||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 501,521,744 | $ | — | $ | — | $ | 14,641,873 | — | $ | — | $ | — | $ | — | $ | 516,163,617 | $ | 14,641,873 | |||||||||||||||||||||
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|
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|
|
| |||||||||||||||||||||
Unfunded Commitment | $ | — | $ | — | $ | — | $ | (157,520) | $ | — | $ | — | $ | — | $ | — | $ | (157,520) | $ | (157,520) | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Baron Focused Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Investments in Securities | Balance as of December 31, 2021 | Accrued Premiums/ Discounts | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers Into Level 3 | Transfers Out of Level 3 | Balance as of September 30, 2022 | Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022 | ||||||||||||||||||||||||||||||
Private Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
Industrials | $ | 42,926,480 | $ | — | $ | — | $ | 3,447,472 | $ | — | $ | — | $ | — | $ | — | $ | 46,373,952 | $ | 3,447,472 | ||||||||||||||||||||
Private Preferred Stocks |
| |||||||||||||||||||||||||||||||||||||||
Industrials | 22,424,828 | — | — | 1,800,961 | — | — | — | — | 24,225,789 | 1,800,961 | ||||||||||||||||||||||||||||||
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|
|
|
|
|
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|
|
|
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|
|
| |||||||||||||||||||||
Total | $ | 65,351,308 | $ | — | $ | — | $ | 5,248,433 | $ | — | $ | — | $ | — | $ | — | $ | 70,599,741 | $ | 5,248,433 | ||||||||||||||||||||
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|
| |||||||||||||||||||||
Baron International Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Investments in Securities | Balance as of December 31, 2021 | Accrued Premiums/ Discounts | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers Into Level 3 | Transfers Out of Level 3 | Balance as of September 30, 2022 | Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022 | ||||||||||||||||||||||||||||||
Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
Financials1 | $ | — | $ | — | $ | — | $ | (63,719) | $ | — | $ | — | $ | 64,188 | $ | — | $ | 469 | $ | (2,580,065) | ||||||||||||||||||||
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|
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|
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|
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|
|
| |||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | (63,719) | $ | — | $ | — | $ | 64,188 | $ | — | $ | 469 | $ | (2,580,065) | ||||||||||||||||||||
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|
1 | Russian securities transferred into Level 3 on February 28, 2022 due to imposed sanctions. |
Baron Select Funds | September 30, 2022 |
Baron Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||||||
Investments in Securities | Balance as of December 31, 2021 | Accrued Premiums/ Discounts | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers Into Level 3 | Transfers Out of Level 3 | Balance as of September 30 2022 | Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30 2022 | ||||||||||||||||||||||||||||||
Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
Communication Services1 | $ | — | $ | — | $ | — | $ | (8,754,986) | $ | — | $ | — | $ | 9,054,648 | $ | — | $ | 299,662 | $ | (48,066,655) | ||||||||||||||||||||
Consumer Discretionary1,2 | 12,456,029 | — | — | (20,987,256) | — | — | 15,492,001 | (5,473,017) | 1,487,757 | (105,203,792) | ||||||||||||||||||||||||||||||
Financials1 | — | — | — | (2,340,425) | — | — | 2,357,688 | — | 17,263 | (90,857,940) | ||||||||||||||||||||||||||||||
Private Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
Information Technology | 49,281,368 | — | — | 10,828,642 | — | — | — | — | 60,110,010 | 10,828,642 | ||||||||||||||||||||||||||||||
Private Convertible Preferred Stocks |
| |||||||||||||||||||||||||||||||||||||||
Consumer Discretionary | 56,938,929 | — | — | (12,848,772) | 76,776,872 | — | — | — | 120,867,029 | (12,848,772) | ||||||||||||||||||||||||||||||
Warrants |
| |||||||||||||||||||||||||||||||||||||||
Consumer Discretionary2 | 12,331 | — | — | (7,690) | — | — | — | (4,641) | — | — | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | 118,688,657 | $ | — | $ | — | $ | (34,110,487) | $ | 76,776,872 | $ | — | $ | 26,904,337 | $ | (5,477,658) | $ | 182,781,721 | $ | (246,148,517) | ||||||||||||||||||||
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| |||||||||||||||||||||
Baron Global Advantage Fund | ||||||||||||||||||||||||||||||||||||||||
Investments in Securities | Balance as of December 31, 2021 | Accrued Premiums/ Discounts | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers Into Level 3 | Transfers Out of Level 3 | Balance as of September 30 2022 | Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022 | ||||||||||||||||||||||||||||||
Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
Consumer Discretionary2,3 | $ | 68,813,281 | $ | — | $ | — | $ | (51,709,746) | $ | — | $ | — | $ | — | $ | (16,833,466) | $ | 270,069 | $ | (353,077) | ||||||||||||||||||||
Private Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
Industrials | 18,186,286 | — | — | 1,460,560 | — | — | — | — | 19,646,846 | 1,460,560 | ||||||||||||||||||||||||||||||
Private Convertible Preferred Stocks |
| |||||||||||||||||||||||||||||||||||||||
Consumer Discretionary | 37,523,432 | — | — | 4,282,120 | — | — | — | — | 41,805,552 | 4,282,120 | ||||||||||||||||||||||||||||||
Materials | 16,908,507 | — | — | (7,197,833) | — | — | — | — | 9,710,674 | (7,197,833) | ||||||||||||||||||||||||||||||
Private Preferred Stocks |
| |||||||||||||||||||||||||||||||||||||||
Industrials | 12,105,965 | — | — | (32,270) | — | — | — | — | 12,073,695 | (32,270) | ||||||||||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||||||||||
Consumer Discretionary2 | 4,023 | — | — | (2,509) | — | — | — | (1,514) | — | — | ||||||||||||||||||||||||||||||
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|
| |||||||||||||||||||||
Total | $ | 153,541,494 | $ | — | $ | — | $ | (53,199,678) | $ | — | $ | — | $ | — | $ | (16,834,980) | $ | 83,506,836 | $ | (1,840,500) | ||||||||||||||||||||
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|
1 | Russian securities transferred into Level 3 on February 28, 2022 due to imposed sanctions. |
2 | Codere Online Luxembourg, S.A. Forward, Private shares, and Private Warrants restriction on resale was lifted on May 31, 2022. |
3 | Rivian Automotive restriction on resale was lifted on May 9, 2022. |
Baron Select Funds | September 30, 2022 |
Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of September 30, 2022 were as follows:
Baron Partners Fund | ||||||||||||||
Sector | Company | Fair Value as of September 30, 2022 | Valuation Technique | Unobservable Input | Weighted Average used on September 30, 2022 | Range used on September 30, 2022 | ||||||||
Private Common Stocks: Consumer Discretionary | StubHub Holdings, Inc. | $ | 24,543,535 | Combination of recent transaction, current value via comparable companies, and option- pricing and scenario analysis methods | Change in the composite equity index of comparable companies | (1.08)% | (2.13)% – 1.04% | |||||||
Discount for lack of marketability | 7.98% | 6.75% – 11.67% | ||||||||||||
Estimated volatility of the returns of equity1 | 58.35% | 43.19% – 74.16% | ||||||||||||
Scenario Probabilities: Scenario A / Scenario B / Scenario C27 | 90% / 9% / 1% | 1% – 90% | ||||||||||||
Private Common Stocks and Private Preferred Stocks: Industrials | Space Exploration Technologies Corp. | $ | 483,538,188 | Combination of recent transaction, current value via comparable companies, and option- pricing methods | Change in the composite equity index of comparable companies | 0.45% | (3.39)% – 6.07% | |||||||
Discount for lack of marketability | 4.22% | 4.22% | ||||||||||||
Estimated volatility of the returns of equity3 | 36.94% | 22.25% – 53.52% | ||||||||||||
Private Convertible Preferred Stocks: Industrials | Northvolt AB | $ | 8,081,894 | Combination of recent transaction, current value via comparable companies, and option- pricing methods | Change in the composite equity index of comparable companies | (0.80)% | (3.19)% – 2.55% | |||||||
Discount for lack of marketability | 14.92% | 14.92% | ||||||||||||
Estimated volatility of the returns of equity4 | 57.34% | 26.65% – 86.28% | ||||||||||||
Baron Focused Growth Fund | ||||||||||||||
Sector | Company | Fair Value as of September 30, 2022 | Valuation Technique | Unobservable Input | Weighted Average used on September 30, 2022 | Range used on September 30, 2022 | ||||||||
Private Common Stocks and Private Preferred Stocks: Industrials | Space Exploration Technologies Corp. | $ | 70,599,741 | Combination of recent transaction, current value via comparable companies, and option- pricing methods | Change in the composite equity index of comparable companies | 0.45% | (3.39)% – 6.07% | |||||||
Discount for lack of marketability | 4.22% | 4.22% | ||||||||||||
Estimated volatility of the returns of equity1 | 36.94% | 22.25% – 53.52% |
See Footnotes on page 32.
Baron Select Funds | September 30, 2022 |
Baron Emerging Markets Fund | ||||||||||||||
Sector | Company | Fair Value as of September 30, 2022 | Valuation Technique | Unobservable Input | Weighted Average used on September 30, 2022 | Range used on September 30, 2022 | ||||||||
Common Stocks: Consumer Discretionary | Codere Online Luxembourg, S.A. | $ | 827,793 | Discount for lack of marketability calculated using option pricing | Discount for lack of marketability | 10.26% | 10.26% | |||||||
Estimated volatility of the returns of equity5 | 84.31% | 84.31% | ||||||||||||
Common Stocks: Consumer Discretionary | Fix Price Group Ltd. | $ | 285,242 | Combination of performance adjustment via market proxies and discount for lack of marketability | Discount for lack of marketability | 95.00% | 95.00% | |||||||
Performance adjustment via market proxy (3/3/22 – 3/4/22) | (24.37)% | (24.37)% | ||||||||||||
Common Stocks: Consumer Discretionary | Ozon Holdings PLC | $ | 374,722 | Combination of performance adjustment via market proxies and discount for lack of marketability | Discount for lack of marketability | 95.00% | 95.00% | |||||||
Performance adjustment via market proxy (2/28/22 – 3/4/22) | (65.05)% | (65.05)% | ||||||||||||
Common Stocks: Financials | Sberbank of Russia PJSC | $ | 17,263 | Combination of performance adjustment via market proxies and discount for lack of marketability | Discount for lack of marketability | 95.00% | 95.00% | |||||||
Performance adjustment via market proxy (3/3/22 – 3/4/22) | (24.37)% | (24.37)% | ||||||||||||
Common Stocks: Communication Services | Yandex N.V. | $ | 299,662 | Combination of performance adjustment via market proxies and discount for lack of marketability | Discount for lack of marketability | 95.00% | 95.00% | |||||||
Performance adjustment via market proxy (3/1/22 – 3/4/22) | (50.65)% | (50.65)% | ||||||||||||
Private Common Stocks: Information Technology | Pine Labs PTE. Ltd. | $ | 60,110,010 | Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods | Change in the composite equity index of comparable | 1.18% | (1.87)% – 1.43% | |||||||
Discount for lack of marketability | 3.74% | 3.74% | ||||||||||||
Estimated volatility of the returns of equity2 | 18.83% | 16.23% – 42.23% | ||||||||||||
Scenario Probabilities: Scenario A / Scenario B6 | 100% / 0% | 0% – 100% | ||||||||||||
Private Convertible Preferred Stocks: Consumer Discretionary | Bundl Technologies Private Ltd. | $ | 52,989,138 | Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods | Change in the composite equity index of comparable | 1.87% | 1.43% – 3.16% | |||||||
Discount for lack of marketability | 5.02% | 5.02% | ||||||||||||
Estimated volatility of the returns of equity2 | 53.81% | 17.38% – 74.56% | ||||||||||||
Scenario Probabilities: Scenario A / Scenario B6 | 100% / 0% | 0% – 100% | ||||||||||||
Private Convertible Preferred Stocks: Consumer Discretionary | Think & Learn Private Limited | $ | 67,877,891 | Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods | Change in the composite equity index of comparable | 1.45% | (4.25)% – 3.85% | |||||||
Discount for lack of marketability | 7.06% | 7.06% | ||||||||||||
Estimated volatility of the returns of equity2 | 23.15% | 16.23% – 119.11% |
See Footnotes on page 32.
Baron Select Funds | September 30, 2022 |
Baron Global Advantage Fund | ||||||||||||||
Sector | Company | Fair Value as of September 30, 2022 | Valuation Technique | Unobservable Input | Weighted Average used on September 30, 2022 | Range used on September 30, 2022 | ||||||||
Common Stocks: Consumer Discretionary | Codere Online Luxembourg, S.A. | $ | 270,069 | Discount for lack of marketability calculated using option pricing and comparable companies | Discount for lack of marketability | 10.26% | 10.26% | |||||||
Estimated volatility of the returns of equity5 | 84.31% | 84.31% | ||||||||||||
Private Common Stocks: Industrials | Space Exploration Technologies Corp. | $ | 19,646,846 | Combination of recent transaction, current value via comparable companies, and option-pricing methods | Change in the composite equity index of comparable companies | 0.45% | (3.39)% – 6.07% | |||||||
Discount for lack of marketability | 4.22% | 4.22% | ||||||||||||
Estimated volatility of the returns of equity3 | 36.94% | 22.25% – 53.52% | ||||||||||||
Private Convertible Preferred Stocks: Materials | Farmers Business Network, Inc. | $ | 9,710,674 | Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods. | Change in the composite equity index of comparable | (0.96)% | (5.89)% – 2.24% | |||||||
Discount for lack of marketability | 15.25% | 15.25% | ||||||||||||
Estimated volatility of the returns of equity3 | 58.58% | 27.92% – 123.55% | ||||||||||||
Scenario Probabilities: Scenario A / Scenario B6 | 90% / 10% | 10% – 90% | ||||||||||||
Private Convertible Preferred Stocks: Consumer Discretionary | Resident Home, Inc. | $ | 1,076,161 | Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods | Change in the composite equity index of comparable | (2.13)% | (5.82)% – 0.65% | |||||||
Discount for lack of marketability | 23.69% | 23.69% | ||||||||||||
Estimated volatility of the returns of equity1 | 77.63% | 46.23% – 90.63% | ||||||||||||
Scenario Probabilities: Scenario A / Scenario B6 | 90% / 10% | 10% – 90% | ||||||||||||
Private Convertible Preferred Stocks: Consumer Discretionary | Think & Learn Private Limited. | $ | 40,729,391 | Combination of recent transaction, current value via comparable companies, and option-pricing methods | Change in the composite equity index of comparable companies | 1.45% | (4.25)% – 3.85% | |||||||
Discount for lack of marketability | 7.06% | 7.06% | ||||||||||||
Estimated volatility of the returns of equity2 | 23.15% | 16.23% – 119.11% | ||||||||||||
Private Preferred Stocks: Industrials | GM Cruise Holdings | $ | 12,073,695 | Combination of recent transaction, current value via comparable companies, scenario analysis | Change in the composite equity index of comparable | 13.36% | 13.36% | |||||||
Discount for lack of marketability | 38.33% | 30.51% – 81.90% | ||||||||||||
Estimated volatility of the returns of equity2 | 70% / 30% | 30% – 70% | ||||||||||||
Scenario Probabilities: Scenario A / Scenario B6 | 13.36% | 13.36% |
1) | The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies. Some companies have a higher weight in the calculation than others. |
2) | The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies and an ETF. Some companies have a higher weight in the calculation than others. |
3) | The volatility was calculated as a weighted-average of the volatilities of two groups of comparable companies with different industry focus. Each group’s volatility was calculated as the simple average volatilities of comparable companies in the group. |
4) | The volatility was calculated as a simple-average of the volatilities of the individual comparable companies. |
5) | The volatility was calculated using the daily returns of the publicly traded stock of the company. |
6) | Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event. |
7) | Scenario A represents a Direct Listing/ IPO Event, Scenario B represents an Other Sale Event, and Scenario C represents a Liquidation Event. |
A significant change in the EV/EBITDA multiple ratio may result in a directionally similar significant change in the fair value measurement, while a significant change in the discount for lack of marketability and equity index of comparable companies may not result in a materially higher or lower fair value measurement.
Baron Select Funds | September 30, 2022 |
5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES
As of September 30, 2022, the components of net assets on a tax basis were as follows:
Baron Partners Fund | Baron Focused Growth Fund | Baron International Growth Fund | Baron Real Estate Fund | Baron Emerging Markets Fund | Baron Global Advantage Fund | |||||||||||||||||||
Cost of investments | $ | 2,171,931,617 | $ | 458,808,807 | $ | 496,373,884 | $ | 1,182,010,758 | $ | 5,238,415,256 | $ | 957,102,430 | ||||||||||||
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Gross tax unrealized appreciation | $ | 5,297,595,014 | $ | 324,388,321 | $ | 56,942,388 | $ | 129,533,220 | $ | 740,524,211 | $ | 217,753,476 | ||||||||||||
Gross tax unrealized depreciation | (378,725,289) | (57,131,321) | (108,051,457) | (75,184,730) | (1,100,709,340) | (194,462,034) | ||||||||||||||||||
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Net tax unrealized appreciation (depreciation) | $ | 4,918,869,725 | $ | 267,257,000 | $ | (51,109,069) | $ | 54,348,490 | $ | (360,185,129) | $ | 23,291,442 | ||||||||||||
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Net unrealized appreciation (depreciation) on unfunded commitments | $ | (157,520) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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Baron Real Estate Income Fund | Baron Health Care Fund | Baron FinTech Fund | Baron New Asia Fund | Baron Technology Fund | ||||||||||||||||||||
Cost of investments | $ | 89,207,311 | $ | 177,651,590 | $ | 55,349,618 | $ | 4,632,147 | $ | 5,155,557 | ||||||||||||||
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Gross tax unrealized appreciation | $ | 535,851 | $ | 17,878,670 | $ | 1,265,478 | $ | 40,296 | $ | — | ||||||||||||||
Gross tax unrealized depreciation | $ | (5,620,343) | (11,017,239) | (14,791,777) | (1,202,882) | (1,605,179) | ||||||||||||||||||
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Net tax unrealized appreciation (depreciation) | $ | (5,084,492) | $ | 6,861,431 | $ | (13,526,299) | $ | (1,162,586) | $ | (1,605,179) | ||||||||||||||
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Net unrealized appreciation (depreciation) on unfunded commitments | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
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6. TRANSACTIONS IN “AFFILIATED” COMPANIES1
Baron Global Advantage Fund |
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Name of issuer | Value at December 31, 2021 | Purchase Cost/ Transfer In | Sales Proceeds/ Transfer Out | Change in Net Unrealized Appreciation (Depreciation) | Realized Gains/ (Losses) | Dividend Income | Shares Held at September 30, 2022 | Value at September 30, 2022 | % of Net Assets at September 30, 2022 | |||||||||||||||||||||||||||
No longer “Affiliated” Company |
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Sarissa Capital Acquisition Corp. | $ | 15,057,242 | $ | — | $ | (14,728,871) | $ | (119,502) | $ | (208,869) | $ | — | — | $ | — | 0.00% | ||||||||||||||||||||
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1 | An “Affiliated” company (“affiliated person” as defined in the 1940 Act) is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the nine months ended September 30, 2022. |
7. RUSSIA/UKRAINE RISK
Certain Funds invested in securities and instruments that are economically tied to Russia. Due to the uncertainty of the geopolitical tension in Russia/Ukraine, investments in Russia are subject to political, economic, legal, market and currency risks, as well as the risk that further economic sanctions may be imposed by the United States and/or other countries. Such sanctions – which may impact companies in many sectors, including energy, financial services and defense, among others – may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain transactions may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.