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BARON PARTNERS FUND

TYPEMutual fund (non-diversified)

SYMBOLBPTRX (Retail)

DISTRIB. (2025)$8.49

NAV (9/30/26)264.56

NAV RANGE (52-WK)297.78–201.56

EXPENSE RATIO1.91%

AGGRESSIVE GROWTH. AN OUTSTANDING LONG-TERM RECORD BUILT ON CONCENTRATION AND LEVERAGE; TODAY HALF THE FUND IS SPACEX AND TESLA, HELD THROUGH A 1.91% SHARE CLASS.

RET. = total return %; DIST. = distributions per share ($). Total return and distributions from the N-CSR financial highlights; 2026 YTD and the 9/22/26 distribution from Baron and Yahoo Finance. Prices: Yahoo Finance, retrieved 4 Oct 2026.

FUND FACTS:

Net assets, all classes (8/31/26)	$16.53 bill.
Holdings; invested (9/18/26)	24; 109.4%
Mgmt. fee; 12b-1 (Retail)	1.00%; 0.25%
Other; interest expense	0.05%; 0.61%
Total exp. ratio (Retail)	1.91%
Min. initial inv.; inception	$2,000; 1/31/92

Fees: 2026 prospectus. Net assets, holdings, exposure: Baron Capital; borrowing = 9.4% of net assets.

TOP HOLDINGS: (9/18/26, % of net assets)

	%		%
SpaceX	35.6	Spotify	4.0
Tesla	14.8	Hyatt Hotels	3.9
Charles Schwab	5.0	FactSet	3.8
Shopify	4.9	Arch Capital	3.8
MSCI	4.6	Gartner	3.4

Top ten = 83.8% of net assets (Pathos sum of Baron's 9/18/26 holdings list).

DISTRIBUTIONS:

PER SH.	EX-DATE
$1.888	9/22/26
$4.169	12/16/25
$4.326	9/23/25

Amounts and ex-dates: Yahoo Finance. 2025 distributions ($8.49) were from net realized gains (N-CSR).

BACKGROUND:

Baron Partners Fund is a concentrated, non-diversified U.S. growth fund advised by BAMCO, Inc., part of Baron Capital. It began in 1992 as a private partnership, became a mutual fund in 2003 and has been a series of Baron Select Funds since 2008. It holds about two dozen companies and borrows to invest more than 100% of its assets. Long-term results have been outstanding: 25.2% a year over the ten years to 6/30/26, against 13.0% for the Russell Midcap Growth benchmark, though with a 42.6% loss in 2022.

RECENT DEVELOPMENTS:

At 9/18/26 SpaceX was 35.6% of net assets and Tesla 14.8%, together just over half the fund; SpaceX, which the fund held as a private company before its June 2026 listing, supplied most recent gains. NAV was $264.56 at 9/30/26, up 5.39% for the year to date, after a $1.888 distribution on 9/22/26. Net assets of all share classes were $16.53 billion at 8/31/26. The total expense ratio of 1.91% includes 0.61% of interest on the fund's borrowing.

PROSPECTS:

Owning BPTRX today is mainly a leveraged, fee-bearing position in SpaceX and Tesla, two very richly valued companies, with high-quality compounders (about 24× look-through current earnings) attached. On our look-through projection, which holds SpaceX flat and charges the 1.91% fee, the base case returns about 6.5% a year, below our 10% hurdle. In our view investors who want that exposure should compare owning SPCX and TSLA directly, without the fee and the leverage.

STATISTICS:

YEAR	NAV BEGIN. $	NAV END $	TOTAL RETURN %	DISTRIB. PER SH.$	TOTAL EXP. RATIO %	NET ASSETS RETAIL ($MILL.)	TURN- OVER %	NAV RANGE (DAILY)	DIST. YIELD %
16	35.62	37.06	4.04	Nil	1.78	913.9	15.59	38.57–27.16	Nil
17	37.06	48.75	31.54	Nil	1.79	1,101.7	26.19	50.03–37.38	Nil
18	48.75	47.77	(2.01)	Nil	2.03	1,016.2	8.09	60.70–43.53	Nil
19	47.77	69.04	44.97	0.18	2.22	1,353.6	7.97	69.69–45.19	0.3
20	69.04	164.18	148.56	6.03	1.56	3,219.4	10.7	164.18–44.02	5.8
21	164.18	199.00	31.39	15.36	1.36	3,903.2	9	226.70–152.40	8.1
22	199.00	111.55	(42.56)	3.56	1.69	2,136.4	6	211.86–107.12	2.2
23	111.55	159.63	43.10	Nil	2.24	2,959.9	5	172.12–107.34	Nil
24	159.63	210.43	32.74	1.60	2.24	3,300.9	1	230.56–130.55	0.9
25	210.43	252.78	24.55	8.49	1.91	3,759.0	5	261.79–153.68	4.1

Retail Shares; fiscal year = calendar year. NAV, total return, distributions, total expense ratio (incl. interest expense), Retail net assets and portfolio turnover from the N-CSR financial highlights (2016–20: FY2020 report; 2021–25: FY2025 report). NAV range = high–low of daily NAV (Yahoo Finance); dist. yield = distributions ÷ mid-range NAV (Pathos calculation).

ORGANIZED:

Series of Baron Select Funds, a Delaware statutory trust, since 6/30/08; predecessor partnership began 1/31/92; mutual fund since 4/30/03

PRINCIPAL OFFICE:

767 Fifth Avenue, 49th Floor, New York, NY 10153
Tel.: (212) 583-2000

ADVISER / DISTRIBUTOR:

BAMCO, Inc. / Baron Capital, Inc.

NUMBER OF SHAREHOLDERS:

Not disclosed

TRANSFER AGENT:

SS&C Global Investor & Distribution Solutions, Inc., Kansas City, Mo.; Tel.: 1-800-442-3814

CUSTODIAN:

State Street Bank and Trust Company

SUPERINVESTOR HOLDINGS (DATAROMA):

n/a (mutual fund; not a 13F security)

PORTFOLIO MANAGERS:

Lead Portfolio Mgr., since inceptionRonald Baron

Co-Portfolio Mgr., since 8/28/18Michael Baron

Sources: N-CSR FY2025 (2021–25 financial highlights) · N-CSR FY2020 (2016–20 financial highlights) · Prospectus (485BPOS 2026) (fees, minimums, managers, history, service providers) · Baron Capital (net assets, performance) · holdings 9/18/26 · Yahoo Finance (NAV and distributions, retrieved 4 Oct 2026) · Pathos note (look-through valuation). Distribution yield, NAV ranges and the top-ten sum are Pathos calculations. The rating line and Prospects are Pathos opinion.