0001193125-16-466779.txt : 20160217 0001193125-16-466779.hdr.sgml : 20160217 20160217134936 ACCESSION NUMBER: 0001193125-16-466779 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 31 FILED AS OF DATE: 20160217 DATE AS OF CHANGE: 20160217 EFFECTIVENESS DATE: 20160217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) CENTRAL INDEX KEY: 0000810902 IRS NUMBER: 136891420 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-12112 FILM NUMBER: 161432585 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2125832000 MAIL ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 FORMER COMPANY: FORMER CONFORMED NAME: BARON ASSET FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) CENTRAL INDEX KEY: 0000810902 IRS NUMBER: 136891420 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05032 FILM NUMBER: 161432586 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2125832000 MAIL ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 FORMER COMPANY: FORMER CONFORMED NAME: BARON ASSET FUND DATE OF NAME CHANGE: 19920703 0000810902 S000000582 BARON ASSET FUND C000001635 BARON ASSET FUND BARAX C000077818 Institutional Shares BARIX C000165210 Class R6 0000810902 S000000583 BARON GROWTH FUND C000001636 BARON GROWTH FUND BGRFX C000077819 Institutional Shares BGRIX C000165211 Class R6 0000810902 S000000584 BARON SMALL CAP FUND C000001637 BARON SMALL CAP FUND BSCFX C000077820 Institutional Shares BSFIX C000165212 Class R6 0000810902 S000000585 BARON OPPORTUNITY FUND C000001638 BARON OPPORTUNITY FUND BIOPX C000077821 Institutional Shares BIOIX 0000810902 S000000586 BARON FIFTH AVENUE GROWTH FUND C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX C000077822 Institutional Shares BFTIX C000165213 Class R6 0000810902 S000042178 BARON DISCOVERY FUND C000130959 BARON DISCOVERY FUND BDFFX C000130960 Institutional Shares BDFIX 485BPOS 1 d65657d485bpos.htm BARON INVESTMENT FUNDS TRUST Baron Investment Funds Trust

As filed with the Securities and Exchange Commission on February 17, 2016

Securities Act File No. 033-12112

Investment Company Act File No. 811-05032

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933         x
Pre-Effective Amendment No.       ¨
Post-Effective Amendment No. 53       x

and/or

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1940       x
Amendment No. 54       x

(Check appropriate box or boxes)

 

 

BARON INVESTMENT FUNDS TRUST
f/k/a BARON ASSET FUND

(Exact Name of Registrant as Specified in Charter)

 

 

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s Telephone Number, including Area Code): 212-583-2000

 

 

Patrick M. Patalino, General Counsel

c/o Baron Investment Funds Trust

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Name and Address of Agent for Service)

 

 

It is proposed that this filing will become effective (check appropriate box):

  x Immediately upon filing pursuant to paragraph (b) of Rule 485
  ¨ On (date) pursuant to paragraph (b)(1)(iii) of Rule 485
  ¨ 60 days after filing pursuant to paragraph (a)(1) of Rule 485
  ¨ On (date) pursuant to paragraph (a)(1) of Rule 485
  ¨ 75 days after filing pursuant to paragraph (a)(2) of Rule 485
  ¨ On (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 


EXPLANATORY NOTE

This Post-Effective Amendment No. 53 relates solely to the following Funds, each a series of Baron Investment Funds Trust:

Baron Asset Fund

Baron Growth Fund

Baron Small Cap Fund

Baron Opportunity Fund

Baron Fifth Avenue Growth Fund

Baron Discovery Fund


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 (the “Securities Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York, and the State of New York, on this 17th day of February, 2016.

 

BARON INVESTMENT FUNDS TRUST
By:   /s/ Ronald Baron
  Ronald Baron
  Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 53 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

 

SIGNATURES

  

TITLE

 

DATE

/s/ Ronald Baron

Ronald Baron

  

Chief Executive Officer and

Trustee

  February 17, 2016

/s/ Linda S. Martinson

Linda S. Martinson

  

Chairman, President, Chief Operating

Officer and Trustee

  February 17, 2016

/*s/ Norman S. Edelcup

Norman S. Edelcup

   Trustee   February 17, 2016

/s/ Patrick M. Patalino

Patrick M. Patalino

  

Vice President,

General Counsel and Secretary

  February 17, 2016

/*s/ Harold Milner

Harold Milner

   Trustee   February 17, 2016

/*s/ Raymond Noveck

Raymond Noveck

   Trustee   February 17, 2016


/*s/ David A. Silverman

David A. Silverman

   Trustee   February 17, 2016

/s/ Peggy Wong

Peggy Wong

   Treasurer and Chief Financial Officer   February 17, 2016

/*s/ Alex Yemenidjian

Alex Yemenidjian

   Trustee   February 17, 2016

/*s/ Anita Rosenberg

Anita Rosenberg

   Trustee   February 17, 2016

 

By:   /s/ Patrick M. Patalino
  Patrick M. Patalino
 

(Attorney-in-fact)

 

  * Attorney-in-fact pursuant to a power of attorney previously filed.

Dated: February 17, 2016


Exhibit Index

 

Exhibit

  

Description

EX-101.INS

   XBRL Instance Document

EX-101.SCH

   XBRL Taxonomy Extension Schema Document

EX-101.CAL

   XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

   XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

   XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

   XBRL Taxonomy Extension Presentation Linkbase
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The Adviser may invest in companies in any sector or industry that it believes will benefit from innovations and advances in technology. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. <b>General Stock Market.</b> &nbsp;Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Technology.</b> &nbsp;Technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Some technology companies may be newly formed and have limited operating history and experience. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. The securities of these companies may also experience significant price movements caused by disproportionate investor optimism or pessimism, with little or no basis in the companies' fundamentals or economic conditions.<br /><br /><b>Small- and Mid-Sized Companies.</b> &nbsp;The Adviser believes there is more potential for capital appreciation in small- and mid-sized companies, but there also may be more risk. Securities of small- and mid-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small- and mid-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small- and mid-sized companies rely more on the skills of management and on their continued tenure. Investing in small- and mid-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /><b>Growth Investing.</b> &nbsp;Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. <b>Portfolio Turnover.</b> The Fund invests primarily in equity securities in the form of common stock of small-sized growth companies. The Adviser defines small-sized companies as those, at the time of purchase, with market capitalizations up to the weighted median market capitalization of the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $1.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the weighted median market cap of the Russell 2000 Growth Index was $2.01 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. <b>General Stock Market.</b> &nbsp;Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Small-Sized Companies.</b> &nbsp;The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /><b>Special Situations.</b> &nbsp;The Funds may invest in "special situations." A special situation arises when, in the opinion of the Adviser, the securities of a company will be recognized and appreciate in value due to a specific anticipated development at that company. Such developments might include a new product, a management change, an acquisition or a technological advancement. The risk of investing in special situations is that the anticipated development does not occur or its impact is not what the Adviser expected.<br /><br /><b>Growth Investing.</b> &nbsp;Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. <b>Portfolio Turnover.</b> The Fund invests primarily in equity securities in the form of common stock of large-sized growth companies. The Adviser defines large-sized companies as those, at the time of purchase, with market capitalizations above the smallest market cap stock in the top 85% of the Russell 1000 Growth Index at reconstitution, or companies with market capitalizations above $10 billion, whichever is smaller. At the last reconstitution by Russell on June 30, 2015, the smallest market cap stock in the top 85% of the Russell 1000 Growth Index was $11.88 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. <b>General Stock Market.</b> &nbsp;Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Growth Investing.</b> &nbsp;Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. <b>Baron Opportunity Fund</b> <b>Investment Goal </b> The investment goal of Baron Opportunity Fund (the &#8220;Fund&#8221;) is capital appreciation through investments primarily in growth companies that benefit from technology advances. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year ended September 30, 2015, the Fund&#8217;s portfolio turnover rate was 41.87% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund Principal Risks of Investing in the Fund <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left">&nbsp;06/30/09:&nbsp; 23.97% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left">&nbsp;12/31/08: (28.08%)</td></tr></table> <b>Average Annual Total Returns</b> (for periods ended 12/31/15) The Russell 3000<sup>&#174;</sup> Growth Index is an unmanaged index of companies classified as growth among the largest 3,000 U.S. companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. The Russell Midcap<sup>&#174;</sup> Growth Index is an unmanaged index of mid-cap growth companies. <b>Baron Fifth Avenue Growth Fund</b> <b>Investment Goal </b> The investment goal of Baron Fifth Avenue Growth Fund (the &#8220;Fund&#8221;) is capital appreciation through investments primarily in securities of large-sized growth companies. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same at 1.30% for the Retail Shares, 1.04% for the Institutional Shares and 1.02% for the R6 Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year ended September 30, 2015, the Fund&#8217;s portfolio turnover rate was 14.54% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund Principal Risks of Investing in the Fund <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left">&nbsp;03/31/12:&nbsp; 22.69% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left">&nbsp;12/31/08: (25.16%)</td></tr></table> <b>Average Annual Total Returns</b> (for periods ended 12/31/15) The table below shows the Fund&#8217;s Retail Shares&#8217; annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund&#8217;s Institutional Shares, but it does not show after-tax returns.<br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. <b>Baron Discovery Fund</b> <b>Investment Goal </b> The investment goal of Baron Discovery Fund (the &#8220;Fund&#8221;) is capital appreciation through investments primarily in securities of small-sized growth companies. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same at 1.35% for the Retail Shares and 1.10% for the Institutional Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year ended September 30, 2015, the Fund&#8217;s portfolio turnover rate was 114.82% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund Principal Risks of Investing in the Fund <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left">&nbsp;12/31/14:&nbsp;13.36% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left">&nbsp;9/30/15:&nbsp; (19.87%)</td></tr></table> <b>Average Annual Total Returns</b> (for periods ended 12/31/15) The table below shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund's Institutional Shares, but it does not show after-tax returns.<br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. The Russell 2000<sup>&#174;</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. 133 106 106 415 331 331 718 574 574 1579 1271 1271 The Adviser may invest in companies in any sector or industry that it believes will benefit from innovations and advances in technology. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. Baron Opportunity Fund no longer considers the Russell Midcap<sup>&#174;</sup> Growth Index an appropriate benchmark index. The Russell Midcap<sup>&#174;</sup> Growth Index is included in the table above for comparison purposes for the period before Baron Opportunity Fund converted to an all-cap fund. Prior to February 20, 2015, the Fund invested in companies with market capitalizations between $1 billion and $15 billion at the time of purchase. Since then, the Fund may invest in companies of all market capitalizations. The Adviser believes that the Russell 3000<sup>&#174;</sup> Growth Index is more representative of the Fund's current investable universe. Best Quarter: 2009-06-30 Worst Quarter: 2008-12-31 <b>Portfolio Turnover.</b> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div> <b>Baron Growth Fund</b> 140 112 437 350 755 606 1657 1340 1987-06-12 1987-06-12 1987-06-12 2009-05-29 <b>Investment Goal </b> The investment goal of Baron Asset Fund (the &#8220;Fund&#8221;) is capital appreciation through long-term investments primarily in securities of mid-sized companies with undervalued assets or favorable growth prospects. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year ended September 30, 2015, the Fund&#8217;s portfolio turnover rate was 13.53% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund <b>Investment Goal </b> The Fund invests for the long term primarily in equity securities in the form of common stock of mid-sized growth companies. BAMCO, Inc. (&#8220;BAMCO&#8221; or the &#8220;Adviser&#8221;) defines mid-sized companies as those, at the time of purchase, with market capitalizations above $2.5 billion or the smallest market cap stock in the Russell Midcap Growth Index at reconstitution, whichever is larger, and below the largest market cap stock in the Russell Midcap Growth Index at reconstitution. At the last reconstitution by Russell on June 30, 2015, the market cap range of stocks in the Russell Midcap Growth Index was $2.18 billion and $28.09 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund&#8217;s investment. The investment goal of Baron Growth Fund (the &#8220;Fund&#8221;) is capital appreciation through long-term investments primarily in securities of small-sized growth companies. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Principal Risks of Investing in the Fund Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) <b>General Stock Market.</b> &nbsp;Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Mid-Sized Companies.</b> &nbsp;The Adviser believes there is more potential for capital appreciation in mid-sized companies, but there also may be more risk. Securities of mid-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of mid-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Mid-sized companies rely more on the skills of management and on their continued tenure. Investing in mid-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /><b>Growth Investing.</b> &nbsp;Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. Example <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year ended September 30, 2015, the Fund&#8217;s portfolio turnover rate was 6.95% of the average value of its portfolio. <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left">&nbsp;06/30/09:&nbsp; 20.73% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left">&nbsp;12/31/08: (27.51%)</td></tr></table> <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund The Fund invests for the long term primarily in equity securities in the form of common stock of small-sized growth companies. BAMCO, Inc. (&#8220;BAMCO&#8221; or the &#8220;Adviser&#8221;) defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the largest market cap stock in the Russell 2000 Growth Index was $4.71 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund&#8217;s investment. <b>Average Annual Total Returns</b> (for periods ended 12/31/15) Principal Risks of Investing in the Fund <b>General Stock Market.</b> Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Small-Sized Companies.</b> &nbsp;The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /><b>Growth Investing.</b> &nbsp;Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. The table below shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund's Institutional Shares, but it does not show after-tax returns.<br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.<br /><br />The Russell Midcap<sup>&#174;</sup> Growth Index is an unmanaged index of mid-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. 2000-02-29 2000-02-29 2000-02-29 2009-05-29 <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000043 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualTotalReturnsBarChart000046 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000047 column period compact * ~</div> Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. 132 106 104 412 331 325 713 574 563 1568 1271 1248 The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. Best Quarter: 2009-06-30 Worst Quarter: 2008-12-31 2004-04-30 2004-04-30 2004-04-30 2009-05-29 <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000013 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> 137 112 428 350 739 606 1624 1340 <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left">&nbsp;06/30/09:&nbsp; 20.76% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left">&nbsp;12/31/08: (26.10%)</td></tr></table> <b>Average Annual Total Returns</b> (for periods ended 12/31/15) The table below shows the Fund&#8217;s Retail Shares&#8217; annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund&#8217;s Institutional Shares, but it does not show after-tax returns.<br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.<br /><br />The Russell 2000<sup>&#174;</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. <b>Portfolio Turnover.</b> The Fund invests 80% of its net assets in equity securities in the form of common stock of small-sized growth companies. BAMCO, Inc. (&#8220;BAMCO&#8221; or the &#8220;Adviser&#8221;) defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the largest market cap stock in the Russell 2000 Growth Index was $4.71 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund&#8217;s investment. <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div> 131 106 106 409 331 331 708 574 574 1556 1271 1271 The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.<br /><br />The Russell 1000<sup>&#174;</sup> Growth Index is an unmanaged index of larger-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. 1994-12-31 1994-12-31 1994-12-31 2009-05-29 132 106 106 412 331 331 713 574 574 1568 1271 1271 Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. Best Quarter: 2012-03-31 Worst Quarter: 2008-12-31 The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. Best Quarter: 2009-06-30 Worst Quarter: 2008-12-31 <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000053 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleExpenseExampleTransposed000054 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div> <b>Baron Small Cap Fund</b> The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. <b>Investment Goal </b> The investment goal of Baron Small Cap Fund (the &#8220;Fund&#8221;) is capital appreciation through investments primarily in securities of small-sized growth companies. Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year. The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000023 column period compact * ~</div> Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year ended September 30, 2015, the Fund&#8217;s portfolio turnover rate was 14.66% of the average value of its portfolio. <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund Principal Risks of Investing in the Fund <b>General Stock Market.</b> &nbsp;Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Small-Sized Companies.</b> &nbsp;The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /><b>Special Situations. &nbsp;</b>The Funds may invest in &#8220;special situations.&#8221; A special situation arises when, in the opinion of the Adviser, the securities of a company will be recognized and appreciate in value due to a specific anticipated development at that company. Such developments might include a new product, a management change, an acquisition or a technological advancement. The risk of investing in special situations is that the anticipated development does not occur or its impact is not what the Adviser expected.<br /><br /><b>Growth Investing.</b> &nbsp;Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left">&nbsp;06/30/09:&nbsp; 20.31% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left">&nbsp;12/31/08: (23.85%)</td></tr></table> <b>Average Annual Total Returns</b> (for periods ended 12/31/15) The table below shows the Fund&#8217;s Retail Shares&#8217; annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund&#8217;s Institutional Shares, but it does not show after-tax returns.<br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.<br/><br/>The Russell 2000<sup>&#174;</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. 1997-09-30 1997-09-30 1997-09-30 2009-05-29 Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund&#8217;s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. Best Quarter: Worst Quarter: 2009-06-30 2008-12-31 2013-09-30 2013-09-30 2013-09-30 2013-09-30 After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000033 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div> Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. Best Quarter: 2014-12-31 Worst Quarter: 2015-09-30 <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000063 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleExpenseExampleTransposed000064 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualTotalReturnsBarChart000066 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000067 column period compact * ~</div> The Russell 2000<sup>&#174;</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. <b>Average Annual Total Returns for the periods ended December 31, 2015 </b> The Russell 2000<sup>&#174;</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. <b>Average Annual Total Returns for the periods ended December 31, 2015 </b> The Russell 1000<sup>&#174;</sup> Growth Index is an unmanaged index of larger-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. <b>Average Annual Total Returns for the periods ended December 31, 2015 </b> <b>Average Annual Total Returns for the periods ended December 31, 2015 </b> The Russell Midcap<sup>&#174;</sup> Growth Index is an unmanaged index of mid-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. The Russell 2000<sup>&#174;</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. <b>Average Annual Total Returns for the periods ended December 31, 2015 </b> The table below shows the Fund&#8217;s Retail Shares&#8217; annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund&#8217;s Institutional Shares, but it does not show after-tax returns.<br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund&#8217;s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. <b>Average Annual Total Returns for the periods ended December 31, 2015 </b> The Russell 3000<sup>&#174;</sup> Growth Index is an unmanaged index of companies classified as growth among the largest 3,000 U.S. companies. The S&amp;P 500 Index is an unmanaged index of larger-cap companies. The Russell Midcap<sup>&#174;</sup> Growth Index is an unmanaged index of mid-cap growth companies. 0.01 0.01 0.01 0.0025 0 0 0.0006 0.0004 0.0004 0.0131 0.0104 0.0104 0.4187 0.2397 0.1464 0.1013 -0.2808 -0.4075 0.317 0.2129 -0.0294 0.1531 0.3888 0.0948 -0.0008 0.01 0.01 -0.0008 -0.0253 0.0198 0.002 -0.002 0.0138 0.0025 0 0.112 0.0914 0.0891 0.115 0.1154 0.1257 0.0013 0.001 0.0138 0.011 0.0735 0.0604 0.0593 0.0754 0.0816 0.0731 0.1114 0.1015 0.0976 0.1121 0.0975 0.0937 0.1214 0.211 -0.4606 0.618 0.2543 -0.0616 0.1369 0.3755 -0.0167 0.012 0.012 -0.0115 0.0265 0.0145 0.0509 0.0138 -0.002 0.0787 0.066 0.0607 0.0815 0.133 0.1257 0.1154 0.0806 0.0742 0.0652 0.0825 0.0849 0.0731 0.0816 0.0485 0.0445 0.0392 0.0497 0.0246 0.0457 0.0345 0.1353 0.0633 0.0633 0.0358 0.0661 0.0567 0.0138 0.1288 0.1288 0.1032 0.1317 0.1353 0.1257 0.0657 0.0626 0.0527 0.0674 0.0853 0.0731 0.0719 0.0693 0.0586 0.0734 0.0835 0.0761 0.2073 -0.2751 0.01 0.01 0.01 0.0025 0 0 0.0004 0.0004 0.0004 0.0129 0.0104 0.0104 0.01 0.01 0.01 0.0025 0 0 0.0005 0.0004 0.0004 0.013 0.0104 0.0104 0.155 0.0659 -0.3918 0.3424 0.2401 0.0124 0.1643 0.3832 0.044 -0.0431 -0.0431 -0.0626 -0.0079 -0.0406 -0.0138 0.0138 0.1025 0.0906 0.0823 0.1054 0.1257 0.1067 0.0734 0.066 0.0601 0.0752 0.0795 0.0731 0.1277 0.1207 0.1126 0.1287 0.0737 0.0943 0.009 0.009 0.009 0.0025 0 0 0.0017 0.0014 0.0012 0.0132 0.0104 0.0102 -0.0002 0.013 0.0104 0.0102 -0.0524 -0.0765 -0.0094 -0.0501 -0.0138 0.0138 0.0904 0.0782 0.072 0.0931 0.1067 0.1257 0.0675 0.0585 0.055 0.0692 0.0795 0.0731 0.0919 0.0858 0.0792 0.0929 0.0511 0.0626 0.0695 0.1017 0.0564 -0.3892 0.3115 0.1057 -0.0258 0.2085 0.3544 0.0808 0.0633 0.1454 0.2269 -0.2516 0.2076 -0.261 0.01 0.01 0.0025 0 0.0032 0.0025 0.0157 0.0125 -0.0022 -0.0015 0.0135 0.011 0.1183 0.1169 -0.4024 0.3526 0.2347 -0.0158 0.1798 0.3777 0.0169 -0.0524 0.1466 0.1345 -0.1473 -0.1473 -0.1473 -0.0834 -0.1453 -0.0138 0.0138 0.2031 0.0554 0.0554 0.0426 0.0579 0.0544 0.1136 -0.2385 1.1482 0.1336 -0.1987 Based on fiscal year ended September 30, 2015. Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year. BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.30% of average daily net assets of Retail Shares, 1.05% of average daily net assets of Institutional Shares and 1.04% of average daily net assets of R6 shares. Based on the fiscal year ended September 30, 2015. Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. For the period June 30, 1987 to December 31, 2015. Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. Baron Opportunity Fund no longer considers the Russell Midcap<sup>®</sup> Growth Index an appropriate benchmark index. The Russell Midcap<sup>®</sup> Growth Index is included in the table above for comparison purposes for the period before Baron Opportunity Fund converted to an all-cap fund. Prior to February 20, 2015, the Fund invested in companies with market capitalizations between $1 billion and $15 billion at the time of purchase. Since then, the Fund may invest in companies of all market capitalizations. The Adviser believes that the Russell 3000<sup>®</sup> Growth Index is more representative of the Fund's current investable universe. Based on the fiscal year ended September 30, 2015. BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.35% of average daily net assets of Retail Shares and 1.10% of average daily net assets of Institutional Shares. Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 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"/$$(((22.8/!'""&$$!)',/@CA!!""(DC&/P10@@AA,01 6_P\KH XML 11 R2.htm IDEA: XBRL DOCUMENT v3.3.1.900
BARON ASSET FUND
Baron Asset Fund
Investment Goal
The investment goal of Baron Asset Fund (the “Fund”) is capital appreciation through long-term investments primarily in securities of mid-sized companies with undervalued assets or favorable growth prospects.
Fees and Expenses of the Fund
The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - BARON ASSET FUND
Management Fee
Distribution (12b-1) Fee
Other Expenses
Total Annual Fund Operating Expenses
Retail Shares [1] 1.00% 0.25% 0.06% 1.31%
Institutional Shares [1] 1.00% none 0.04% 1.04%
R6 Shares [2] 1.00% none 0.04% 1.04%
[1] Based on fiscal year ended September 30, 2015.
[2] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON ASSET FUND - USD ($)
1
3
5
10
Retail Shares 133 415 718 1,579
Institutional Shares 106 331 574 1,271
R6 Shares 106 331 574 1,271
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 13.53% of the average value of its portfolio.
Investments, Risks, and Performance

Principal Investment Strategies of the Fund
The Fund invests for the long term primarily in equity securities in the form of common stock of mid-sized growth companies. BAMCO, Inc. (“BAMCO” or the “Adviser”) defines mid-sized companies as those, at the time of purchase, with market capitalizations above $2.5 billion or the smallest market cap stock in the Russell Midcap Growth Index at reconstitution, whichever is larger, and below the largest market cap stock in the Russell Midcap Growth Index at reconstitution. At the last reconstitution by Russell on June 30, 2015, the market cap range of stocks in the Russell Midcap Growth Index was $2.18 billion and $28.09 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund’s investment.
Principal Risks of Investing in the Fund
General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Mid-Sized Companies.  The Adviser believes there is more potential for capital appreciation in mid-sized companies, but there also may be more risk. Securities of mid-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of mid-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Mid-sized companies rely more on the skills of management and on their continued tenure. Investing in mid-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart

 

Best Quarter:  06/30/09:  20.73%
Worst Quarter:  12/31/08: (27.51%)
Average Annual Total Returns (for periods ended 12/31/15)
The table below shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund's Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Average Annual Total Returns for the periods ended December 31, 2015
Average Annual Total Returns - BARON ASSET FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares (0.08%) 11.20% 7.35% 11.14% Jun. 12, 1987
Retail Shares | Return after taxes on distributions (2.53%) 9.14% 6.04% 10.15% Jun. 12, 1987
Retail Shares | Return after taxes on distributions and sale of Fund shares 1.98% 8.91% 5.93% 9.76% Jun. 12, 1987
Institutional Shares [1] 0.20% 11.50% 7.54% 11.21% May 29, 2009
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes) (0.20%) 11.54% 8.16% 9.75% [2]  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% 9.37%  
[1] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[2] For the period June 30, 1987 to December 31, 2015.
The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell Midcap® Growth Index is an unmanaged index of mid-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.

XML 12 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
Prospectus Date rr_ProspectusDate Jan. 28, 2016
BARON ASSET FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Baron Asset Fund
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment goal of Baron Asset Fund (the “Fund”) is capital appreciation through long-term investments primarily in securities of mid-sized companies with undervalued assets or favorable growth prospects.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 13.53% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 13.53%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests for the long term primarily in equity securities in the form of common stock of mid-sized growth companies. BAMCO, Inc. (“BAMCO” or the “Adviser”) defines mid-sized companies as those, at the time of purchase, with market capitalizations above $2.5 billion or the smallest market cap stock in the Russell Midcap Growth Index at reconstitution, whichever is larger, and below the largest market cap stock in the Russell Midcap Growth Index at reconstitution. At the last reconstitution by Russell on June 30, 2015, the market cap range of stocks in the Russell Midcap Growth Index was $2.18 billion and $28.09 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund’s investment.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Mid-Sized Companies.  The Adviser believes there is more potential for capital appreciation in mid-sized companies, but there also may be more risk. Securities of mid-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of mid-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Mid-sized companies rely more on the skills of management and on their continued tenure. Investing in mid-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Risk Lose Money [Text] rr_RiskLoseMoney Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell Midcap® Growth Index is an unmanaged index of mid-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-99BARON (1-800-992-2766)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.BaronFunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

 

Best Quarter:  06/30/09:  20.73%
Worst Quarter:  12/31/08: (27.51%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/15)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The table below shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund's Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell Midcap® Growth Index is an unmanaged index of mid-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the periods ended December 31, 2015
BARON ASSET FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31% [1]
1 rr_ExpenseExampleYear01 $ 133
3 rr_ExpenseExampleYear03 415
5 rr_ExpenseExampleYear05 718
10 rr_ExpenseExampleYear10 $ 1,579
2006 rr_AnnualReturn2006 14.64%
2007 rr_AnnualReturn2007 10.13%
2008 rr_AnnualReturn2008 (40.75%)
2009 rr_AnnualReturn2009 31.70%
2010 rr_AnnualReturn2010 21.29%
2011 rr_AnnualReturn2011 (2.94%)
2012 rr_AnnualReturn2012 15.31%
2013 rr_AnnualReturn2013 38.88%
2014 rr_AnnualReturn2014 9.48%
2015 rr_AnnualReturn2015 (0.08%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.73%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.51%)
1 year rr_AverageAnnualReturnYear01 (0.08%)
5 years rr_AverageAnnualReturnYear05 11.20%
10 years rr_AverageAnnualReturnYear10 7.35%
Since Inception rr_AverageAnnualReturnSinceInception 11.14%
Inception date rr_AverageAnnualReturnInceptionDate Jun. 12, 1987
BARON ASSET FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04% [1]
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
1 year rr_AverageAnnualReturnYear01 0.20% [2]
5 years rr_AverageAnnualReturnYear05 11.50% [2]
10 years rr_AverageAnnualReturnYear10 7.54% [2]
Since Inception rr_AverageAnnualReturnSinceInception 11.21% [2]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [2]
BARON ASSET FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [3]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [3]
Other Expenses rr_OtherExpensesOverAssets 0.04% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04% [3]
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
BARON ASSET FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (2.53%)
5 years rr_AverageAnnualReturnYear05 9.14%
10 years rr_AverageAnnualReturnYear10 6.04%
Since Inception rr_AverageAnnualReturnSinceInception 10.15%
Inception date rr_AverageAnnualReturnInceptionDate Jun. 12, 1987
BARON ASSET FUND | Return after taxes on distributions and sale of Fund shares | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 1.98%
5 years rr_AverageAnnualReturnYear05 8.91%
10 years rr_AverageAnnualReturnYear10 5.93%
Since Inception rr_AverageAnnualReturnSinceInception 9.76%
Inception date rr_AverageAnnualReturnInceptionDate Jun. 12, 1987
BARON ASSET FUND | Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (0.20%)
5 years rr_AverageAnnualReturnYear05 11.54%
10 years rr_AverageAnnualReturnYear10 8.16%
Since Inception rr_AverageAnnualReturnSinceInception 9.75% [4]
BARON ASSET FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 1.38%
5 years rr_AverageAnnualReturnYear05 12.57%
10 years rr_AverageAnnualReturnYear10 7.31%
Since Inception rr_AverageAnnualReturnSinceInception 9.37%
[1] Based on fiscal year ended September 30, 2015.
[2] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[3] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
[4] For the period June 30, 1987 to December 31, 2015.
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BARON GROWTH FUND
Baron Growth Fund
Investment Goal
The investment goal of Baron Growth Fund (the “Fund”) is capital appreciation through long-term investments primarily in securities of small-sized growth companies.
Fees and Expenses of the Fund
The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - BARON GROWTH FUND
Management Fee
Distribution (12b-1) Fee
Other Expenses
Total Annual Fund Operating Expenses
Retail Shares [1] 1.00% 0.25% 0.04% 1.29%
Institutional Shares [1] 1.00% none 0.04% 1.04%
R6 Shares [2] 1.00% none 0.04% 1.04%
[1] Based on the fiscal year ended September 30, 2015.
[2] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON GROWTH FUND - USD ($)
1
3
5
10
Retail Shares 131 409 708 1,556
Institutional Shares 106 331 574 1,271
R6 Shares 106 331 574 1,271
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 6.95% of the average value of its portfolio.
Investments, Risks, and Performance

Principal Investment Strategies of the Fund
The Fund invests for the long term primarily in equity securities in the form of common stock of small-sized growth companies. BAMCO, Inc. (“BAMCO” or the “Adviser”) defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the largest market cap stock in the Russell 2000 Growth Index was $4.71 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund’s investment.
Principal Risks of Investing in the Fund
General Stock Market. Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Small-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart

 

Best Quarter:  06/30/09:  20.76%
Worst Quarter:  12/31/08: (26.10%)
Average Annual Total Returns (for periods ended 12/31/15)
The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Average Annual Total Returns for the periods ended December 31, 2015
Average Annual Total Returns - BARON GROWTH FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares (4.31%) 10.25% 7.34% 12.77% Dec. 31, 1994
Retail Shares | Return after taxes on distributions (6.26%) 9.06% 6.60% 12.07% Dec. 31, 1994
Retail Shares | Return after taxes on distributions and sale of Fund shares (0.79%) 8.23% 6.01% 11.26% Dec. 31, 1994
Institutional Shares [1] (4.06%) 10.54% 7.52% 12.87% May 29, 2009
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) (1.38%) 10.67% 7.95% 7.37%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% 9.43%  
[1] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
XML 15 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
Prospectus Date rr_ProspectusDate Jan. 28, 2016
BARON GROWTH FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Baron Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment goal of Baron Growth Fund (the “Fund”) is capital appreciation through long-term investments primarily in securities of small-sized growth companies.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 6.95% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 6.95%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests for the long term primarily in equity securities in the form of common stock of small-sized growth companies. BAMCO, Inc. (“BAMCO” or the “Adviser”) defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the largest market cap stock in the Russell 2000 Growth Index was $4.71 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund’s investment.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock General Stock Market. Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Small-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Risk Lose Money [Text] rr_RiskLoseMoney Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-99BARON (1-800-992-2766)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.BaronFunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

 

Best Quarter:  06/30/09:  20.76%
Worst Quarter:  12/31/08: (26.10%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/15)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the periods ended December 31, 2015
BARON GROWTH FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.29% [1]
1 rr_ExpenseExampleYear01 $ 131
3 rr_ExpenseExampleYear03 409
5 rr_ExpenseExampleYear05 708
10 rr_ExpenseExampleYear10 $ 1,556
2006 rr_AnnualReturn2006 15.50%
2007 rr_AnnualReturn2007 6.59%
2008 rr_AnnualReturn2008 (39.18%)
2009 rr_AnnualReturn2009 34.24%
2010 rr_AnnualReturn2010 24.01%
2011 rr_AnnualReturn2011 1.24%
2012 rr_AnnualReturn2012 16.43%
2013 rr_AnnualReturn2013 38.32%
2014 rr_AnnualReturn2014 4.40%
2015 rr_AnnualReturn2015 (4.31%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (26.10%)
1 year rr_AverageAnnualReturnYear01 (4.31%)
5 years rr_AverageAnnualReturnYear05 10.25%
10 years rr_AverageAnnualReturnYear10 7.34%
Since Inception rr_AverageAnnualReturnSinceInception 12.77%
Inception date rr_AverageAnnualReturnInceptionDate Dec. 31, 1994
BARON GROWTH FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04% [1]
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
1 year rr_AverageAnnualReturnYear01 (4.06%) [2]
5 years rr_AverageAnnualReturnYear05 10.54% [2]
10 years rr_AverageAnnualReturnYear10 7.52% [2]
Since Inception rr_AverageAnnualReturnSinceInception 12.87% [2]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [2]
BARON GROWTH FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [3]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [3]
Other Expenses rr_OtherExpensesOverAssets 0.04% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04% [3]
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
BARON GROWTH FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (6.26%)
5 years rr_AverageAnnualReturnYear05 9.06%
10 years rr_AverageAnnualReturnYear10 6.60%
Since Inception rr_AverageAnnualReturnSinceInception 12.07%
Inception date rr_AverageAnnualReturnInceptionDate Dec. 31, 1994
BARON GROWTH FUND | Return after taxes on distributions and sale of Fund shares | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (0.79%)
5 years rr_AverageAnnualReturnYear05 8.23%
10 years rr_AverageAnnualReturnYear10 6.01%
Since Inception rr_AverageAnnualReturnSinceInception 11.26%
Inception date rr_AverageAnnualReturnInceptionDate Dec. 31, 1994
BARON GROWTH FUND | Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (1.38%)
5 years rr_AverageAnnualReturnYear05 10.67%
10 years rr_AverageAnnualReturnYear10 7.95%
Since Inception rr_AverageAnnualReturnSinceInception 7.37%
BARON GROWTH FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 1.38%
5 years rr_AverageAnnualReturnYear05 12.57%
10 years rr_AverageAnnualReturnYear10 7.31%
Since Inception rr_AverageAnnualReturnSinceInception 9.43%
[1] Based on the fiscal year ended September 30, 2015.
[2] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[3] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
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BARON SMALL CAP FUND
Baron Small Cap Fund
Investment Goal
The investment goal of Baron Small Cap Fund (the “Fund”) is capital appreciation through investments primarily in securities of small-sized growth companies.
Fees and Expenses of the Fund
The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - BARON SMALL CAP FUND
Management Fee
Distribution (12b-1) Fee
Other Expenses
Total Annual Fund Operating Expenses
Retail Shares [1] 1.00% 0.25% 0.05% 1.30%
Institutional Shares [1] 1.00% none 0.04% 1.04%
R6 Shares [2] 1.00% none 0.04% 1.04%
[1] Based on the fiscal year ended September 30, 2015.
[2] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON SMALL CAP FUND - USD ($)
1
3
5
10
Retail Shares 132 412 713 1,568
Institutional Shares 106 331 574 1,271
R6 Shares 106 331 574 1,271
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 14.66% of the average value of its portfolio.
Investments, Risks, and Performance

Principal Investment Strategies of the Fund
The Fund invests 80% of its net assets in equity securities in the form of common stock of small-sized growth companies. BAMCO, Inc. (“BAMCO” or the “Adviser”) defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the largest market cap stock in the Russell 2000 Growth Index was $4.71 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund’s investment.
Principal Risks of Investing in the Fund
General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Small-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Special Situations.  The Funds may invest in “special situations.” A special situation arises when, in the opinion of the Adviser, the securities of a company will be recognized and appreciate in value due to a specific anticipated development at that company. Such developments might include a new product, a management change, an acquisition or a technological advancement. The risk of investing in special situations is that the anticipated development does not occur or its impact is not what the Adviser expected.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart

 

Best Quarter:  06/30/09:  20.31%
Worst Quarter:  12/31/08: (23.85%)
Average Annual Total Returns (for periods ended 12/31/15)
The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Average Annual Total Returns for the periods ended December 31, 2015
Average Annual Total Returns - BARON SMALL CAP FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares (5.24%) 9.04% 6.75% 9.19% Sep. 30, 1997
Retail Shares | Return after taxes on distributions (7.65%) 7.82% 5.85% 8.58% Sep. 30, 1997
Retail Shares | Return after taxes on distributions and sale of Fund shares (0.94%) 7.20% 5.50% 7.92% Sep. 30, 1997
Institutional Shares [1] (5.01%) 9.31% 6.92% 9.29% May 29, 2009
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) (1.38%) 10.67% 7.95% 5.11%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% 6.26%  
[1] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.

XML 18 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
Prospectus Date rr_ProspectusDate Jan. 28, 2016
BARON SMALL CAP FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Baron Small Cap Fund
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment goal of Baron Small Cap Fund (the “Fund”) is capital appreciation through investments primarily in securities of small-sized growth companies.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 14.66% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 14.66%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests 80% of its net assets in equity securities in the form of common stock of small-sized growth companies. BAMCO, Inc. (“BAMCO” or the “Adviser”) defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the largest market cap stock in the Russell 2000 Growth Index was $4.71 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund’s investment.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Small-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Special Situations.  The Funds may invest in “special situations.” A special situation arises when, in the opinion of the Adviser, the securities of a company will be recognized and appreciate in value due to a specific anticipated development at that company. Such developments might include a new product, a management change, an acquisition or a technological advancement. The risk of investing in special situations is that the anticipated development does not occur or its impact is not what the Adviser expected.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Risk Lose Money [Text] rr_RiskLoseMoney Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-99BARON (1-800-992-2766)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.BaronFunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

 

Best Quarter:  06/30/09:  20.31%
Worst Quarter:  12/31/08: (23.85%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/15)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the periods ended December 31, 2015
BARON SMALL CAP FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.05% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30% [1]
1 rr_ExpenseExampleYear01 $ 132
3 rr_ExpenseExampleYear03 412
5 rr_ExpenseExampleYear05 713
10 rr_ExpenseExampleYear10 $ 1,568
2006 rr_AnnualReturn2006 11.83%
2007 rr_AnnualReturn2007 11.69%
2008 rr_AnnualReturn2008 (40.24%)
2009 rr_AnnualReturn2009 35.26%
2010 rr_AnnualReturn2010 23.47%
2011 rr_AnnualReturn2011 (1.58%)
2012 rr_AnnualReturn2012 17.98%
2013 rr_AnnualReturn2013 37.77%
2014 rr_AnnualReturn2014 1.69%
2015 rr_AnnualReturn2015 (5.24%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.31%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.85%)
1 year rr_AverageAnnualReturnYear01 (5.24%)
5 years rr_AverageAnnualReturnYear05 9.04%
10 years rr_AverageAnnualReturnYear10 6.75%
Since Inception rr_AverageAnnualReturnSinceInception 9.19%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 1997
BARON SMALL CAP FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04% [1]
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
1 year rr_AverageAnnualReturnYear01 (5.01%) [2]
5 years rr_AverageAnnualReturnYear05 9.31% [2]
10 years rr_AverageAnnualReturnYear10 6.92% [2]
Since Inception rr_AverageAnnualReturnSinceInception 9.29% [2]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [2]
BARON SMALL CAP FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [3]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [3]
Other Expenses rr_OtherExpensesOverAssets 0.04% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04% [3]
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
BARON SMALL CAP FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (7.65%)
5 years rr_AverageAnnualReturnYear05 7.82%
10 years rr_AverageAnnualReturnYear10 5.85%
Since Inception rr_AverageAnnualReturnSinceInception 8.58%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 1997
BARON SMALL CAP FUND | Return after taxes on distributions and sale of Fund shares | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (0.94%)
5 years rr_AverageAnnualReturnYear05 7.20%
10 years rr_AverageAnnualReturnYear10 5.50%
Since Inception rr_AverageAnnualReturnSinceInception 7.92%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 1997
BARON SMALL CAP FUND | Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (1.38%)
5 years rr_AverageAnnualReturnYear05 10.67%
10 years rr_AverageAnnualReturnYear10 7.95%
Since Inception rr_AverageAnnualReturnSinceInception 5.11%
BARON SMALL CAP FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 1.38%
5 years rr_AverageAnnualReturnYear05 12.57%
10 years rr_AverageAnnualReturnYear10 7.31%
Since Inception rr_AverageAnnualReturnSinceInception 6.26%
[1] Based on the fiscal year ended September 30, 2015.
[2] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[3] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
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BARON OPPORTUNITY FUND
Baron Opportunity Fund
Investment Goal
The investment goal of Baron Opportunity Fund (the “Fund”) is capital appreciation through investments primarily in growth companies that benefit from technology advances.
Fees and Expenses of the Fund
The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - BARON OPPORTUNITY FUND
Management Fee
Distribution (12b-1) Fee
Other Expenses
Total Annual Fund Operating Expenses
Retail Shares [1] 1.00% 0.25% 0.13% 1.38%
Institutional Shares [1] 1.00% none 0.10% 1.10%
[1] Based on the fiscal year ended September 30, 2015.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON OPPORTUNITY FUND - USD ($)
1
3
5
10
Retail Shares 140 437 755 1,657
Institutional Shares 112 350 606 1,340
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 41.87% of the average value of its portfolio.
Investments, Risks, and Performance

Principal Investment Strategies of the Fund
The Fund invests primarily in equity securities in the form of common stock of high growth businesses of any market capitalization selected for their capital appreciation potential. The Adviser may invest in companies in any sector or industry that it believes will benefit from innovations and advances in technology. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.
Principal Risks of Investing in the Fund
General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Technology.  Technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Some technology companies may be newly formed and have limited operating history and experience. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. The securities of these companies may also experience significant price movements caused by disproportionate investor optimism or pessimism, with little or no basis in the companies' fundamentals or economic conditions.

Small- and Mid-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small- and mid-sized companies, but there also may be more risk. Securities of small- and mid-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small- and mid-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small- and mid-sized companies rely more on the skills of management and on their continued tenure. Investing in small- and mid-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart

 

Best Quarter:  06/30/09:  23.97%
Worst Quarter:  12/31/08: (28.08%)
Average Annual Total Returns (for periods ended 12/31/15)
The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Average Annual Total Returns for the periods ended December 31, 2015
Average Annual Total Returns - BARON OPPORTUNITY FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares 1.20% 7.87% 8.06% 4.85% Feb. 29, 2000
Retail Shares | Return after taxes on distributions (1.15%) 6.60% 7.42% 4.45% Feb. 29, 2000
Retail Shares | Return after taxes on distributions and sale of Fund shares 2.65% 6.07% 6.52% 3.92% Feb. 29, 2000
Institutional Shares [1] 1.45% 8.15% 8.25% 4.97% May 29, 2009
Russell 3000® Growth Index (reflects no deduction for fees, expenses or taxes) 5.09% 13.30% 8.49% 2.46%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% 4.57%  
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes) [2] (0.20%) 11.54% 8.16% 3.45%  
[1] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[2] Baron Opportunity Fund no longer considers the Russell Midcap® Growth Index an appropriate benchmark index. The Russell Midcap® Growth Index is included in the table above for comparison purposes for the period before Baron Opportunity Fund converted to an all-cap fund. Prior to February 20, 2015, the Fund invested in companies with market capitalizations between $1 billion and $15 billion at the time of purchase. Since then, the Fund may invest in companies of all market capitalizations. The Adviser believes that the Russell 3000® Growth Index is more representative of the Fund's current investable universe.
The Russell 3000® Growth Index is an unmanaged index of companies classified as growth among the largest 3,000 U.S. companies. The S&P 500 Index is an unmanaged index of larger-cap companies. The Russell Midcap® Growth Index is an unmanaged index of mid-cap growth companies.
XML 21 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
Prospectus Date rr_ProspectusDate Jan. 28, 2016
BARON OPPORTUNITY FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Baron Opportunity Fund
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment goal of Baron Opportunity Fund (the “Fund”) is capital appreciation through investments primarily in growth companies that benefit from technology advances.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 41.87% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 41.87%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in equity securities in the form of common stock of high growth businesses of any market capitalization selected for their capital appreciation potential. The Adviser may invest in companies in any sector or industry that it believes will benefit from innovations and advances in technology. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration The Adviser may invest in companies in any sector or industry that it believes will benefit from innovations and advances in technology.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Technology.  Technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Some technology companies may be newly formed and have limited operating history and experience. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. The securities of these companies may also experience significant price movements caused by disproportionate investor optimism or pessimism, with little or no basis in the companies' fundamentals or economic conditions.

Small- and Mid-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small- and mid-sized companies, but there also may be more risk. Securities of small- and mid-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small- and mid-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small- and mid-sized companies rely more on the skills of management and on their continued tenure. Investing in small- and mid-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Risk Lose Money [Text] rr_RiskLoseMoney Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell 3000® Growth Index is an unmanaged index of companies classified as growth among the largest 3,000 U.S. companies. The S&P 500 Index is an unmanaged index of larger-cap companies. The Russell Midcap® Growth Index is an unmanaged index of mid-cap growth companies.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-99BARON (1-800-992-2766)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.BaronFunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

 

Best Quarter:  06/30/09:  23.97%
Worst Quarter:  12/31/08: (28.08%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/15)
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged Baron Opportunity Fund no longer considers the Russell Midcap® Growth Index an appropriate benchmark index. The Russell Midcap® Growth Index is included in the table above for comparison purposes for the period before Baron Opportunity Fund converted to an all-cap fund. Prior to February 20, 2015, the Fund invested in companies with market capitalizations between $1 billion and $15 billion at the time of purchase. Since then, the Fund may invest in companies of all market capitalizations. The Adviser believes that the Russell 3000® Growth Index is more representative of the Fund's current investable universe.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Russell 3000® Growth Index is an unmanaged index of companies classified as growth among the largest 3,000 U.S. companies. The S&P 500 Index is an unmanaged index of larger-cap companies. The Russell Midcap® Growth Index is an unmanaged index of mid-cap growth companies.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the periods ended December 31, 2015
BARON OPPORTUNITY FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.13% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.38% [1]
1 rr_ExpenseExampleYear01 $ 140
3 rr_ExpenseExampleYear03 437
5 rr_ExpenseExampleYear05 755
10 rr_ExpenseExampleYear10 $ 1,657
2006 rr_AnnualReturn2006 12.14%
2007 rr_AnnualReturn2007 21.10%
2008 rr_AnnualReturn2008 (46.06%)
2009 rr_AnnualReturn2009 61.80%
2010 rr_AnnualReturn2010 25.43%
2011 rr_AnnualReturn2011 (6.16%)
2012 rr_AnnualReturn2012 13.69%
2013 rr_AnnualReturn2013 37.55%
2014 rr_AnnualReturn2014 (1.67%)
2015 rr_AnnualReturn2015 1.20%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.97%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (28.08%)
1 year rr_AverageAnnualReturnYear01 1.20%
5 years rr_AverageAnnualReturnYear05 7.87%
10 years rr_AverageAnnualReturnYear10 8.06%
Since Inception rr_AverageAnnualReturnSinceInception 4.85%
Inception date rr_AverageAnnualReturnInceptionDate Feb. 29, 2000
BARON OPPORTUNITY FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.10% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.10% [1]
1 rr_ExpenseExampleYear01 $ 112
3 rr_ExpenseExampleYear03 350
5 rr_ExpenseExampleYear05 606
10 rr_ExpenseExampleYear10 $ 1,340
1 year rr_AverageAnnualReturnYear01 1.45% [2]
5 years rr_AverageAnnualReturnYear05 8.15% [2]
10 years rr_AverageAnnualReturnYear10 8.25% [2]
Since Inception rr_AverageAnnualReturnSinceInception 4.97% [2]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [2]
BARON OPPORTUNITY FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (1.15%)
5 years rr_AverageAnnualReturnYear05 6.60%
10 years rr_AverageAnnualReturnYear10 7.42%
Since Inception rr_AverageAnnualReturnSinceInception 4.45%
Inception date rr_AverageAnnualReturnInceptionDate Feb. 29, 2000
BARON OPPORTUNITY FUND | Return after taxes on distributions and sale of Fund shares | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 2.65%
5 years rr_AverageAnnualReturnYear05 6.07%
10 years rr_AverageAnnualReturnYear10 6.52%
Since Inception rr_AverageAnnualReturnSinceInception 3.92%
Inception date rr_AverageAnnualReturnInceptionDate Feb. 29, 2000
BARON OPPORTUNITY FUND | Russell 3000® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 5.09%
5 years rr_AverageAnnualReturnYear05 13.30%
10 years rr_AverageAnnualReturnYear10 8.49%
Since Inception rr_AverageAnnualReturnSinceInception 2.46%
BARON OPPORTUNITY FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 1.38%
5 years rr_AverageAnnualReturnYear05 12.57%
10 years rr_AverageAnnualReturnYear10 7.31%
Since Inception rr_AverageAnnualReturnSinceInception 4.57%
BARON OPPORTUNITY FUND | Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (0.20%) [3]
5 years rr_AverageAnnualReturnYear05 11.54% [3]
10 years rr_AverageAnnualReturnYear10 8.16% [3]
Since Inception rr_AverageAnnualReturnSinceInception 3.45% [3]
[1] Based on the fiscal year ended September 30, 2015.
[2] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[3] Baron Opportunity Fund no longer considers the Russell Midcap® Growth Index an appropriate benchmark index. The Russell Midcap® Growth Index is included in the table above for comparison purposes for the period before Baron Opportunity Fund converted to an all-cap fund. Prior to February 20, 2015, the Fund invested in companies with market capitalizations between $1 billion and $15 billion at the time of purchase. Since then, the Fund may invest in companies of all market capitalizations. The Adviser believes that the Russell 3000® Growth Index is more representative of the Fund's current investable universe.
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BARON FIFTH AVENUE GROWTH FUND
Baron Fifth Avenue Growth Fund
Investment Goal
The investment goal of Baron Fifth Avenue Growth Fund (the “Fund”) is capital appreciation through investments primarily in securities of large-sized growth companies.
Fees and Expenses of the Fund
The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - BARON FIFTH AVENUE GROWTH FUND
Management Fee
Distribution (12b-1) Fee
Other Expenses
Total Annual Fund Operating Expenses
Expense Waivers
Total Annual Fund Operating Expenses After Expense Waivers
[2]
Retail Shares [1] 0.90% 0.25% 0.17% 1.32% (0.02%) 1.30%
Institutional Shares [1] 0.90% none 0.14% 1.04% 1.04%
R6 Shares [3] 0.90% none 0.12% 1.02% 1.02%
[1] Based on the fiscal year ended September 30, 2015.
[2] BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.30% of average daily net assets of Retail Shares, 1.05% of average daily net assets of Institutional Shares and 1.04% of average daily net assets of R6 shares.
[3] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same at 1.30% for the Retail Shares, 1.04% for the Institutional Shares and 1.02% for the R6 Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON FIFTH AVENUE GROWTH FUND - USD ($)
1
3
5
10
Retail Shares 132 412 713 1,568
Institutional Shares 106 331 574 1,271
R6 Shares 104 325 563 1,248
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 14.54% of the average value of its portfolio.
Investments, Risks, and Performance

Principal Investment Strategies of the Fund
The Fund invests primarily in equity securities in the form of common stock of large-sized growth companies. The Adviser defines large-sized companies as those, at the time of purchase, with market capitalizations above the smallest market cap stock in the top 85% of the Russell 1000 Growth Index at reconstitution, or companies with market capitalizations above $10 billion, whichever is smaller. At the last reconstitution by Russell on June 30, 2015, the smallest market cap stock in the top 85% of the Russell 1000 Growth Index was $11.88 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.
Principal Risks of Investing in the Fund
General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart

 

Best Quarter:  03/31/12:  22.69%
Worst Quarter:  12/31/08: (25.16%)
Average Annual Total Returns (for periods ended 12/31/15)
The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Average Annual Total Returns for the periods ended December 31, 2015
Average Annual Total Returns - BARON FIFTH AVENUE GROWTH FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares 6.33% 12.88% 6.57% 7.19% Apr. 30, 2004
Retail Shares | Return after taxes on distributions 6.33% 12.88% 6.26% 6.93% Apr. 30, 2004
Retail Shares | Return after taxes on distributions and sale of Fund shares 3.58% 10.32% 5.27% 5.86% Apr. 30, 2004
Institutional Shares [1] 6.61% 13.17% 6.74% 7.34% May 29, 2009
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) 5.67% 13.53% 8.53% 8.35%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% 7.61%  
[1] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell 1000® Growth Index is an unmanaged index of larger-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
XML 24 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
Prospectus Date rr_ProspectusDate Jan. 28, 2016
BARON FIFTH AVENUE GROWTH FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Baron Fifth Avenue Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment goal of Baron Fifth Avenue Growth Fund (the “Fund”) is capital appreciation through investments primarily in securities of large-sized growth companies.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 14.54% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 14.54%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same at 1.30% for the Retail Shares, 1.04% for the Institutional Shares and 1.02% for the R6 Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in equity securities in the form of common stock of large-sized growth companies. The Adviser defines large-sized companies as those, at the time of purchase, with market capitalizations above the smallest market cap stock in the top 85% of the Russell 1000 Growth Index at reconstitution, or companies with market capitalizations above $10 billion, whichever is smaller. At the last reconstitution by Russell on June 30, 2015, the smallest market cap stock in the top 85% of the Russell 1000 Growth Index was $11.88 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Risk Lose Money [Text] rr_RiskLoseMoney Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell 1000® Growth Index is an unmanaged index of larger-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-99BARON (1-800-992-2766)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.BaronFunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

 

Best Quarter:  03/31/12:  22.69%
Worst Quarter:  12/31/08: (25.16%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/15)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Fund’s R6 Shares are newly issued and therefore have no performance as of the date of this prospectus. The performance of R6 Shares will differ from that shown above only to the extent that the classes do not have the same expenses.

The Russell 1000® Growth Index is an unmanaged index of larger-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the periods ended December 31, 2015
BARON FIFTH AVENUE GROWTH FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.90% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.17% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.32% [1]
Expense Waivers rr_FeeWaiverOrReimbursementOverAssets (0.02%) [1]
Total Annual Fund Operating Expenses After Expense Waivers rr_NetExpensesOverAssets 1.30% [1],[2]
1 rr_ExpenseExampleYear01 $ 132
3 rr_ExpenseExampleYear03 412
5 rr_ExpenseExampleYear05 713
10 rr_ExpenseExampleYear10 $ 1,568
2006 rr_AnnualReturn2006 10.17%
2007 rr_AnnualReturn2007 5.64%
2008 rr_AnnualReturn2008 (38.92%)
2009 rr_AnnualReturn2009 31.15%
2010 rr_AnnualReturn2010 10.57%
2011 rr_AnnualReturn2011 (2.58%)
2012 rr_AnnualReturn2012 20.85%
2013 rr_AnnualReturn2013 35.44%
2014 rr_AnnualReturn2014 8.08%
2015 rr_AnnualReturn2015 6.33%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 22.69%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (25.16%)
1 year rr_AverageAnnualReturnYear01 6.33%
5 years rr_AverageAnnualReturnYear05 12.88%
10 years rr_AverageAnnualReturnYear10 6.57%
Since Inception rr_AverageAnnualReturnSinceInception 7.19%
Inception date rr_AverageAnnualReturnInceptionDate Apr. 30, 2004
BARON FIFTH AVENUE GROWTH FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.90% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.14% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04% [1]
Expense Waivers rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Fund Operating Expenses After Expense Waivers rr_NetExpensesOverAssets 1.04% [1],[2]
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
1 year rr_AverageAnnualReturnYear01 6.61% [3]
5 years rr_AverageAnnualReturnYear05 13.17% [3]
10 years rr_AverageAnnualReturnYear10 6.74% [3]
Since Inception rr_AverageAnnualReturnSinceInception 7.34% [3]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [3]
BARON FIFTH AVENUE GROWTH FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.90% [4]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [4]
Other Expenses rr_OtherExpensesOverAssets 0.12% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.02% [4]
Expense Waivers rr_FeeWaiverOrReimbursementOverAssets [4]
Total Annual Fund Operating Expenses After Expense Waivers rr_NetExpensesOverAssets 1.02% [2],[4]
1 rr_ExpenseExampleYear01 $ 104
3 rr_ExpenseExampleYear03 325
5 rr_ExpenseExampleYear05 563
10 rr_ExpenseExampleYear10 $ 1,248
BARON FIFTH AVENUE GROWTH FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 6.33%
5 years rr_AverageAnnualReturnYear05 12.88%
10 years rr_AverageAnnualReturnYear10 6.26%
Since Inception rr_AverageAnnualReturnSinceInception 6.93%
Inception date rr_AverageAnnualReturnInceptionDate Apr. 30, 2004
BARON FIFTH AVENUE GROWTH FUND | Return after taxes on distributions and sale of Fund shares | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 3.58%
5 years rr_AverageAnnualReturnYear05 10.32%
10 years rr_AverageAnnualReturnYear10 5.27%
Since Inception rr_AverageAnnualReturnSinceInception 5.86%
Inception date rr_AverageAnnualReturnInceptionDate Apr. 30, 2004
BARON FIFTH AVENUE GROWTH FUND | Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 5.67%
5 years rr_AverageAnnualReturnYear05 13.53%
10 years rr_AverageAnnualReturnYear10 8.53%
Since Inception rr_AverageAnnualReturnSinceInception 8.35%
BARON FIFTH AVENUE GROWTH FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 1.38%
5 years rr_AverageAnnualReturnYear05 12.57%
10 years rr_AverageAnnualReturnYear10 7.31%
Since Inception rr_AverageAnnualReturnSinceInception 7.61%
[1] Based on the fiscal year ended September 30, 2015.
[2] BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.30% of average daily net assets of Retail Shares, 1.05% of average daily net assets of Institutional Shares and 1.04% of average daily net assets of R6 shares.
[3] Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[4] Because R6 Shares are newly issued, the Other Expenses are based on estimated amounts for the current fiscal year.
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BARON DISCOVERY FUND
Baron Discovery Fund
Investment Goal
The investment goal of Baron Discovery Fund (the “Fund”) is capital appreciation through investments primarily in securities of small-sized growth companies.
Fees and Expenses of the Fund
The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - BARON DISCOVERY FUND
Management Fee
Distribution (12b-1) Fee
Other Expenses
Total Annual Fund Operating Expenses
Expense Waivers
Total Annual Fund Operating Expenses After Expense Waivers
[2]
Retail Shares [1] 1.00% 0.25% 0.32% 1.57% (0.22%) 1.35%
Institutional Shares [1] 1.00% none 0.25% 1.25% (0.15%) 1.10%
[1] Based on the fiscal year ended September 30, 2015.
[2] BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.35% of average daily net assets of Retail Shares and 1.10% of average daily net assets of Institutional Shares.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same at 1.35% for the Retail Shares and 1.10% for the Institutional Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON DISCOVERY FUND - USD ($)
1
3
5
10
Retail Shares 137 428 739 1,624
Institutional Shares 112 350 606 1,340
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 114.82% of the average value of its portfolio.
Investments, Risks, and Performance

Principal Investment Strategies of the Fund
The Fund invests primarily in equity securities in the form of common stock of small-sized growth companies. The Adviser defines small-sized companies as those, at the time of purchase, with market capitalizations up to the weighted median market capitalization of the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $1.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the weighted median market cap of the Russell 2000 Growth Index was $2.01 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.
Principal Risks of Investing in the Fund
General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Small-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Special Situations.  The Funds may invest in "special situations." A special situation arises when, in the opinion of the Adviser, the securities of a company will be recognized and appreciate in value due to a specific anticipated development at that company. Such developments might include a new product, a management change, an acquisition or a technological advancement. The risk of investing in special situations is that the anticipated development does not occur or its impact is not what the Adviser expected.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart

 

Best Quarter:  12/31/14: 13.36%
Worst Quarter:  9/30/15:  (19.87%)
Average Annual Total Returns (for periods ended 12/31/15)
The table below shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund's Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Average Annual Total Returns for the periods ended December 31, 2015
Average Annual Total Returns - BARON DISCOVERY FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares (14.73%) 5.54% Sep. 30, 2013
Retail Shares | Return after taxes on distributions (14.73%) 5.54% Sep. 30, 2013
Retail Shares | Return after taxes on distributions and sale of Fund shares (8.34%) 4.26% Sep. 30, 2013
Institutional Shares (14.53%) 5.79% Sep. 30, 2013
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) (1.38%) 5.44%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 11.36%  
The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
Prospectus Date rr_ProspectusDate Jan. 28, 2016
BARON DISCOVERY FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Baron Discovery Fund
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment goal of Baron Discovery Fund (the “Fund”) is capital appreciation through investments primarily in securities of small-sized growth companies.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2015, the Fund’s portfolio turnover rate was 114.82% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 114.82%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same at 1.35% for the Retail Shares and 1.10% for the Institutional Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in equity securities in the form of common stock of small-sized growth companies. The Adviser defines small-sized companies as those, at the time of purchase, with market capitalizations up to the weighted median market capitalization of the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $1.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2015, the weighted median market cap of the Russell 2000 Growth Index was $2.01 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock General Stock Market.  Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.

Small-Sized Companies.  The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

Special Situations.  The Funds may invest in "special situations." A special situation arises when, in the opinion of the Adviser, the securities of a company will be recognized and appreciate in value due to a specific anticipated development at that company. Such developments might include a new product, a management change, an acquisition or a technological advancement. The risk of investing in special situations is that the anticipated development does not occur or its impact is not what the Adviser expected.

Growth Investing.  Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.
Risk Lose Money [Text] rr_RiskLoseMoney Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-99BARON (1-800-992-2766)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.BaronFunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

 

Best Quarter:  12/31/14: 13.36%
Worst Quarter:  9/30/15:  (19.87%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/15)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The table below shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2015. The table also shows the average annual returns of the Fund's Institutional Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Russell 2000® Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the periods ended December 31, 2015
BARON DISCOVERY FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.32% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.57% [1]
Expense Waivers rr_FeeWaiverOrReimbursementOverAssets (0.22%) [1]
Total Annual Fund Operating Expenses After Expense Waivers rr_NetExpensesOverAssets 1.35% [1],[2]
1 rr_ExpenseExampleYear01 $ 137
3 rr_ExpenseExampleYear03 428
5 rr_ExpenseExampleYear05 739
10 rr_ExpenseExampleYear10 $ 1,624
2014 rr_AnnualReturn2014 13.45%
2015 rr_AnnualReturn2015 (14.73%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2014
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.36%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.87%)
1 year rr_AverageAnnualReturnYear01 (14.73%)
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 5.54%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2013
BARON DISCOVERY FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.25% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.25% [1]
Expense Waivers rr_FeeWaiverOrReimbursementOverAssets (0.15%) [1]
Total Annual Fund Operating Expenses After Expense Waivers rr_NetExpensesOverAssets 1.10% [1],[2]
1 rr_ExpenseExampleYear01 $ 112
3 rr_ExpenseExampleYear03 350
5 rr_ExpenseExampleYear05 606
10 rr_ExpenseExampleYear10 $ 1,340
1 year rr_AverageAnnualReturnYear01 (14.53%)
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 5.79%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2013
BARON DISCOVERY FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (14.73%)
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 5.54%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2013
BARON DISCOVERY FUND | Return after taxes on distributions and sale of Fund shares | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (8.34%)
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 4.26%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2013
BARON DISCOVERY FUND | Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (1.38%)
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 5.44%
BARON DISCOVERY FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 1.38%
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 11.36%
[1] Based on the fiscal year ended September 30, 2015.
[2] BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.35% of average daily net assets of Retail Shares and 1.10% of average daily net assets of Institutional Shares.
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