0001193125-17-044807.txt : 20170215 0001193125-17-044807.hdr.sgml : 20170215 20170215114036 ACCESSION NUMBER: 0001193125-17-044807 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 31 FILED AS OF DATE: 20170215 DATE AS OF CHANGE: 20170215 EFFECTIVENESS DATE: 20170215 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: 17613571 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: 17613572 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 BARUX 0000810902 S000000583 BARON GROWTH FUND C000001636 BARON GROWTH FUND BGRFX C000077819 Institutional Shares BGRIX C000165211 Class R6 BGRUX 0000810902 S000000584 BARON SMALL CAP FUND C000001637 BARON SMALL CAP FUND BSCFX C000077820 Institutional Shares BSFIX C000165212 Class R6 BSCUX 0000810902 S000000585 BARON OPPORTUNITY FUND C000001638 BARON OPPORTUNITY FUND BIOPX C000077821 Institutional Shares BIOIX C000174753 R6 Shares BIOUX 0000810902 S000000586 BARON FIFTH AVENUE GROWTH FUND C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX C000077822 Institutional Shares BFTIX C000165213 Class R6 BFTUX 0000810902 S000042178 BARON DISCOVERY FUND C000130959 BARON DISCOVERY FUND BDFFX C000130960 Institutional Shares BDFIX C000174754 R6 Shares BDFUX 485BPOS 1 d308694d485bpos.htm BARON INVESTMENT FUNDS TRUST Baron Investment Funds Trust

As filed with the Securities and Exchange Commission on February 15, 2017

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        
Pre-Effective Amendment No.      
Post-Effective Amendment No. 57      

and/or

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1940      
Amendment No. 58      

(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):

  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. 57 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. 57 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 15th day of February, 2017.

 

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. 57 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 15, 2017

/s/ Linda S. Martinson

Linda S. Martinson

  

Chairman, President, Chief Operating

Officer and Trustee

  February 15, 2017

/*s/ Norman S. Edelcup

Norman S. Edelcup

   Trustee   February 15, 2017

/s/ Patrick M. Patalino

Patrick M. Patalino

  

Vice President,

General Counsel and Secretary

  February 15, 2017

/*s/ Harold Milner

Harold Milner

   Trustee   February 15, 2017

/*s/ Raymond Noveck

Raymond Noveck

   Trustee   February 15, 2017


/*s/ David A. Silverman

David A. Silverman

   Trustee   February 15, 2017

/s/ Peggy Wong

Peggy Wong

   Treasurer and Chief Financial Officer   February 15, 2017

/*s/ Alex Yemenidjian

Alex Yemenidjian

   Trustee   February 15, 2017

/*s/ Anita Rosenberg

Anita Rosenberg

   Trustee   February 15, 2017

 

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

(Attorney-in-fact)

 

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

Dated: February 15, 2017


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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Fund</b> <b>Baron Growth Fund</b> <b>Baron Small Cap Fund</b> <b>Baron Opportunity Fund</b> <b>Baron Fifth Avenue Growth Fund</b> <b>Baron Discovery Fund</b> <b>Investment Goal </b> <b>Investment Goal </b> <b>Investment Goal </b> <b>Investment Goal </b> <b>Investment Goal </b> <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. 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. 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. 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. 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. 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> <b>Fees and Expenses of the Fund </b> <b>Fees and Expenses of the Fund </b> <b>Fees and Expenses of the Fund </b> <b>Fees and Expenses of the Fund </b> <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. The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. The table below describes the fees and expenses that you would pay if you bought and held shares 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<br />(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br />(Expenses that you pay each year as a percentage of the value of your investment) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.007 0.007 0.007 0.01 0.01 0.01 0.0025 0 0 0.0025 0 0 0.0025 0 0 0.0025 0 0 0.0025 0 0 0.0025 0 0 0.0006 0.0004 0.0004 0.0005 0.0005 0.0005 0.0007 0.0006 0.0006 0.0016 0.0013 0.0012 0.0019 0.0015 0.0014 0.0063 0.0049 0.0048 0.0131 0.0104 0.0104 0.013 0.0105 0.0105 0.0132 0.0106 0.0106 0.0141 0.0113 0.0112 0.0114 0.0085 0.0084 0.0188 0.0149 0.0148 -0.0004 -0.0053 -0.0039 -0.0039 0.011 0.0085 0.0084 0.0135 0.011 0.0109 Example Example Example Example Example 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: 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: 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: 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: 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: 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: 133 106 106 132 107 107 134 108 108 144 115 114 112 87 86 137 112 111 415 331 331 412 334 334 418 337 337 446 359 356 350 271 268 428 350 347 718 574 574 713 579 579 723 585 585 771 622 617 606 471 466 739 606 601 1579 1271 1271 1568 1283 1283 1590 1294 1294 1691 1375 1363 1340 1049 1037 1624 1340 1329 <b>Portfolio Turnover.</b> <b>Portfolio Turnover.</b> <b>Portfolio Turnover.</b> <b>Portfolio Turnover.</b> <b>Portfolio Turnover.</b> <b>Portfolio Turnover.</b> 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, 2016, the Fund&#8217;s portfolio turnover rate was 12.54% of the average value of its portfolio. 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, 2016, the Fund&#8217;s portfolio turnover rate was 4.68% of the average value of its portfolio. 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, 2016, the Fund&#8217;s portfolio turnover rate was 10.25% of the average value of its portfolio. 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, 2016, the Fund&#8217;s portfolio turnover rate was 32.38% of the average value of its portfolio. 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, 2016, the Fund&#8217;s portfolio turnover rate was 19.30% of the average value of its portfolio. 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, 2016, the Fund&#8217;s portfolio turnover rate was 90.74% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund <b>Investments, Risks, and Performance </b><br /><br />Principal Investment Strategies of the Fund <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 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, 2016, the market cap range of stocks in the Russell Midcap Growth Index was $1.59 billion and $28.58 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 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, 2016, the largest market cap stock in the Russell 2000 Growth Index was $4.25 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 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, 2016, the largest market cap stock in the Russell 2000 Growth Index was $4.25 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 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. BAMCO, Inc. (&#8220;BAMCO&#8221; or the &#8220;Adviser&#8221;) 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. 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, 2016, the smallest market cap stock in the top 85% of the Russell 1000 Growth Index was $12.04 billion. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. 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, 2016, the weighted median market cap of the Russell 2000 Growth Index was $1.79 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 0.1254 0.0468 0.1025 0.3238 0.193 0.9074 Principal Risks of Investing in the Fund Principal Risks of Investing in the Fund Principal Risks of Investing in the Fund Principal Risks of Investing in 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>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. <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. <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>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&#8217; 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>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>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 &#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. 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. 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. 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. <b>Performance </b> <b>Performance </b> <b>Performance </b> <b>Performance </b> <b>Performance </b> <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). 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). 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). 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). 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). 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). 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 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 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 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 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 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. 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 past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 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 past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.BaronFunds.com/performance www.BaronFunds.com/performance www.BaronFunds.com/performance www.BaronFunds.com/performance www.BaronFunds.com/performance www.BaronFunds.com/performance 1-800-99BARON (1-800-992-2766) 1-800-99BARON (1-800-992-2766) 1-800-99BARON (1-800-992-2766) 1-800-99BARON (1-800-992-2766) 1-800-99BARON (1-800-992-2766) 1-800-99BARON (1-800-992-2766) <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) 0.1013 0.0659 0.1169 0.211 0.0564 0.1345 -0.4075 -0.3918 -0.4024 -0.4606 -0.3892 -0.1473 0.317 0.3424 0.3526 0.618 0.3115 0.214 0.2129 0.2401 0.2347 0.2543 0.1057 -0.0294 0.0124 -0.0158 -0.0616 -0.0258 0.1531 0.1643 0.1798 0.1369 0.2085 0.3888 0.3832 0.3777 0.3755 0.3544 0.0948 0.044 0.0169 -0.0167 0.0808 -0.0008 -0.0431 -0.0524 0.012 0.0633 0.0623 0.0604 0.0994 -0.0484 -0.0206 Best Quarter: Best Quarter: Best Quarter: Best Quarter: Best Quarter: Best Quarter: 2009-06-30 2009-06-30 2009-06-30 2012-03-31 2016-09-30 0.2073 0.2076 0.2031 2009-06-30 0.2397 0.2269 0.1522 Worst Quarter: Worst Quarter: Worst Quarter: Worst Quarter: Worst Quarter: Worst Quarter: 2008-12-31 2008-12-31 2008-12-31 2008-12-31 2008-12-31 2015-09-30 -0.2751 -0.261 -0.2385 -0.2308 -0.2516 -0.1987 <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> <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> <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> <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: (23.08)%</td></tr></table> <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> <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;9/30/16:&nbsp; 15.22% </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 12/31/16) <b>Average Annual Total Returns</b> (for periods ended 12/31/16) <b>Average Annual Total Returns</b> (for periods ended 12/31/16) <b>Average Annual Total Returns</b> (for periods ended 12/31/16) <b>Average Annual Total Returns</b> (for periods ended 12/31/16) <b>Average Annual Total Returns</b> (for periods ended 12/31/16) 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, 2016. 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 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, 2016. 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 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&nbsp;31, 2016. 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 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, 2016. 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 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, 2016. 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 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, 2016. 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. 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 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 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 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 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 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. 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. 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. 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. 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. 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, 2016 </b> <b>Average Annual Total Returns for the periods ended December 31, 2016 </b> <b>Average Annual Total Returns for the periods ended December 31, 2016 </b> <b>Average Annual Total Returns for the periods ended December 31, 2016 </b> <b>Average Annual Total Returns for the periods ended December 31, 2016 </b> <b>Average Annual Total Returns for the periods ended December 31, 2016 </b> 0.0623 0.0506 0.045 0.0651 0.0651 0.0733 0.1196 0.0604 0.032 0.058 0.0631 0.0633 0.1132 0.1196 0.0994 0.0517 0.0959 0.1026 0.1026 0.1132 0.1196 -0.0484 -0.0748 -0.0048 -0.0456 -0.0456 0.0739 0.1196 -0.0206 -0.0206 -0.0116 -0.0176 -0.0176 0.0708 0.1196 0.214 0.2073 0.1251 0.2173 0.2173 0.1132 0.1196 0.1323 0.1138 0.1053 0.1353 0.1353 0.1351 0.1466 0.1127 0.0954 0.0902 0.1156 0.1157 0.1374 0.1466 0.1148 0.0933 0.0912 0.1177 0.1177 0.1466 0.1374 0.0817 0.063 0.0638 0.0847 0.0847 0.1444 0.1466 0.13 0.13 0.1042 0.1329 0.1329 0.145 0.1466 0.0653 0.0524 0.0519 0.0675 0.0675 0.0783 0.0695 0.0643 0.0549 0.0521 0.0663 0.0664 0.0776 0.0695 0.0657 0.054 0.0529 0.0677 0.0677 0.0776 0.0695 0.063 0.0538 0.0505 0.0652 0.0652 0.0828 0.0695 0.0532 0.0502 0.0423 0.0552 0.0552 0.0833 0.0695 0.1097 0.0998 0.0961 0.1105 0.1105 0.0966 0.0945 0.1246 0.1165 0.1099 0.1256 0.1256 0.0755 0.0955 0.0923 0.084 0.0795 0.0934 0.0934 0.0542 0.0655 0.0425 0.037 0.0344 0.0438 0.0438 0.0275 0.05 0.0643 0.0619 0.0524 0.0659 0.0659 0.0825 0.0795 0.1019 0.1 0.0791 0.1046 0.1046 0.0721 0.1154 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. 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. 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 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. 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. Based on the fiscal year ended September 30, 2016 (restated to reflect management fee reduction from 0.90% to 0.70%). 1987-06-12 1987-06-12 1987-06-12 2009-05-29 2016-01-29 1994-12-31 1994-12-31 1994-12-31 2009-05-29 2016-01-29 1997-09-30 1997-09-30 1997-09-30 2009-05-29 2016-01-29 2000-02-29 2009-05-29 2000-02-29 2016-08-31 2004-04-30 2004-04-30 2004-04-30 2009-05-29 2016-01-29 2000-02-29 2013-09-30 2013-09-30 2013-09-30 2016-08-31 2013-09-30 <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> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000023 column period compact * ~</div> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> <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> <div style="display:none">~ http://www.BaronFunds.com/role/ScheduleAnnualFundOperatingExpensesTransposed000043 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/ScheduleAnnualFundOperatingExpensesTransposed000053 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/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> 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. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 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, 2016. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares. Based on the fiscal year ended September 30, 2016 (restated to reflect management fee reduction from 0.90% to 0.70%). 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 1.10% of average daily net assets of Retail Shares, 0.85% of average daily net assets of Institutional Shares and 0.84% of average daily net assets of R6 shares. 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, 1.10% of average daily net assets of Institutional Shares, and 1.09% of average daily net assets of R6 Shares. 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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 1.00% 0.25% 0.06% 1.31%
Institutional Shares 1.00% none 0.04% 1.04%
R6 Shares 1.00% none 0.04% 1.04%
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, 2016, the Fund’s portfolio turnover rate was 12.54% 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, 2016, the market cap range of stocks in the Russell Midcap Growth Index was $1.59 billion and $28.58 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 12/31/16)
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, 2016. 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, 2016
Average Annual Total Returns - BARON ASSET FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares 6.23% 13.23% 6.53% 10.97% Jun. 12, 1987
Retail Shares | Return after taxes on distributions 5.06% 11.38% 5.24% 9.98% Jun. 12, 1987
Retail Shares | Return after taxes on distributions and sale of Fund shares 4.50% 10.53% 5.19% 9.61% Jun. 12, 1987
Institutional Shares [1] 6.51% 13.53% 6.75% 11.05% May 29, 2009
R6 Shares [2] 6.51% 13.53% 6.75% 11.05% Jan. 29, 2016
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes) 7.33% 13.51% 7.83% 9.66% [3]  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.96% 14.66% 6.95% 9.45%  
[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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[3] For the period June 30, 1987 to December 31, 2016.
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 v3.6.0.2
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. 27, 2017
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, 2016, the Fund’s portfolio turnover rate was 12.54% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 12.54%
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, 2016, the market cap range of stocks in the Russell Midcap Growth Index was $1.59 billion and $28.58 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 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 12/31/16)
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, 2016. 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 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, 2016
BARON ASSET FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31%
1 rr_ExpenseExampleYear01 $ 133
3 rr_ExpenseExampleYear03 415
5 rr_ExpenseExampleYear05 718
10 rr_ExpenseExampleYear10 $ 1,579
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%)
2016 rr_AnnualReturn2016 6.23%
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 6.23%
5 years rr_AverageAnnualReturnYear05 13.23%
10 years rr_AverageAnnualReturnYear10 6.53%
Since Inception rr_AverageAnnualReturnSinceInception 10.97%
Inception date rr_AverageAnnualReturnInceptionDate Jun. 12, 1987
BARON ASSET FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04%
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
1 year rr_AverageAnnualReturnYear01 6.51% [1]
5 years rr_AverageAnnualReturnYear05 13.53% [1]
10 years rr_AverageAnnualReturnYear10 6.75% [1]
Since Inception rr_AverageAnnualReturnSinceInception 11.05% [1]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [1]
BARON ASSET FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04%
1 rr_ExpenseExampleYear01 $ 106
3 rr_ExpenseExampleYear03 331
5 rr_ExpenseExampleYear05 574
10 rr_ExpenseExampleYear10 $ 1,271
1 year rr_AverageAnnualReturnYear01 6.51% [2]
5 years rr_AverageAnnualReturnYear05 13.53% [2]
10 years rr_AverageAnnualReturnYear10 6.75% [2]
Since Inception rr_AverageAnnualReturnSinceInception 11.05% [2]
Inception date rr_AverageAnnualReturnInceptionDate Jan. 29, 2016 [2]
BARON ASSET FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 5.06%
5 years rr_AverageAnnualReturnYear05 11.38%
10 years rr_AverageAnnualReturnYear10 5.24%
Since Inception rr_AverageAnnualReturnSinceInception 9.98%
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 4.50%
5 years rr_AverageAnnualReturnYear05 10.53%
10 years rr_AverageAnnualReturnYear10 5.19%
Since Inception rr_AverageAnnualReturnSinceInception 9.61%
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 7.33%
5 years rr_AverageAnnualReturnYear05 13.51%
10 years rr_AverageAnnualReturnYear10 7.83%
Since Inception rr_AverageAnnualReturnSinceInception 9.66% [3]
BARON ASSET FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 11.96%
5 years rr_AverageAnnualReturnYear05 14.66%
10 years rr_AverageAnnualReturnYear10 6.95%
Since Inception rr_AverageAnnualReturnSinceInception 9.45%
[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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
[3] For the period June 30, 1987 to December 31, 2016.
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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 1.00% 0.25% 0.05% 1.30%
Institutional Shares 1.00% none 0.05% 1.05%
R6 Shares 1.00% none 0.05% 1.05%
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 132 412 713 1,568
Institutional Shares 107 334 579 1,283
R6 Shares 107 334 579 1,283
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, 2016, the Fund’s portfolio turnover rate was 4.68% 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, 2016, the largest market cap stock in the Russell 2000 Growth Index was $4.25 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 12/31/16)
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, 2016. 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, 2016
Average Annual Total Returns - BARON GROWTH FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares 6.04% 11.27% 6.43% 12.46% Dec. 31, 1994
Retail Shares | Return after taxes on distributions 3.20% 9.54% 5.49% 11.65% Dec. 31, 1994
Retail Shares | Return after taxes on distributions and sale of Fund shares 5.80% 9.02% 5.21% 10.99% Dec. 31, 1994
Institutional Shares [1] 6.31% 11.56% 6.63% 12.56% May 29, 2009
R6 Shares [2] 6.33% 11.57% 6.64% 12.56% Jan. 29, 2016
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) 11.32% 13.74% 7.76% 7.55%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.96% 14.66% 6.95% 9.55%  
[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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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 v3.6.0.2
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. 27, 2017
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, 2016, the Fund’s portfolio turnover rate was 4.68% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 4.68%
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, 2016, the largest market cap stock in the Russell 2000 Growth Index was $4.25 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 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 12/31/16)
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, 2016. 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, 2016
BARON GROWTH FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30%
1 rr_ExpenseExampleYear01 $ 132
3 rr_ExpenseExampleYear03 412
5 rr_ExpenseExampleYear05 713
10 rr_ExpenseExampleYear10 $ 1,568
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%)
2016 rr_AnnualReturn2016 6.04%
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 6.04%
5 years rr_AverageAnnualReturnYear05 11.27%
10 years rr_AverageAnnualReturnYear10 6.43%
Since Inception rr_AverageAnnualReturnSinceInception 12.46%
Inception date rr_AverageAnnualReturnInceptionDate Dec. 31, 1994
BARON GROWTH FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05%
1 rr_ExpenseExampleYear01 $ 107
3 rr_ExpenseExampleYear03 334
5 rr_ExpenseExampleYear05 579
10 rr_ExpenseExampleYear10 $ 1,283
1 year rr_AverageAnnualReturnYear01 6.31% [1]
5 years rr_AverageAnnualReturnYear05 11.56% [1]
10 years rr_AverageAnnualReturnYear10 6.63% [1]
Since Inception rr_AverageAnnualReturnSinceInception 12.56% [1]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [1]
BARON GROWTH FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05%
1 rr_ExpenseExampleYear01 $ 107
3 rr_ExpenseExampleYear03 334
5 rr_ExpenseExampleYear05 579
10 rr_ExpenseExampleYear10 $ 1,283
1 year rr_AverageAnnualReturnYear01 6.33% [2]
5 years rr_AverageAnnualReturnYear05 11.57% [2]
10 years rr_AverageAnnualReturnYear10 6.64% [2]
Since Inception rr_AverageAnnualReturnSinceInception 12.56% [2]
Inception date rr_AverageAnnualReturnInceptionDate Jan. 29, 2016 [2]
BARON GROWTH FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 3.20%
5 years rr_AverageAnnualReturnYear05 9.54%
10 years rr_AverageAnnualReturnYear10 5.49%
Since Inception rr_AverageAnnualReturnSinceInception 11.65%
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 5.80%
5 years rr_AverageAnnualReturnYear05 9.02%
10 years rr_AverageAnnualReturnYear10 5.21%
Since Inception rr_AverageAnnualReturnSinceInception 10.99%
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 11.32%
5 years rr_AverageAnnualReturnYear05 13.74%
10 years rr_AverageAnnualReturnYear10 7.76%
Since Inception rr_AverageAnnualReturnSinceInception 7.55%
BARON GROWTH FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 11.96%
5 years rr_AverageAnnualReturnYear05 14.66%
10 years rr_AverageAnnualReturnYear10 6.95%
Since Inception rr_AverageAnnualReturnSinceInception 9.55%
[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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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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 1.00% 0.25% 0.07% 1.32%
Institutional Shares 1.00% none 0.06% 1.06%
R6 Shares 1.00% none 0.06% 1.06%
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 134 418 723 1,590
Institutional Shares 108 337 585 1,294
R6 Shares 108 337 585 1,294
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, 2016, the Fund’s portfolio turnover rate was 10.25% 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, 2016, the largest market cap stock in the Russell 2000 Growth Index was $4.25 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 12/31/16)
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, 2016. 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, 2016
Average Annual Total Returns - BARON SMALL CAP FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares 9.94% 11.48% 6.57% 9.23% Sep. 30, 1997
Retail Shares | Return after taxes on distributions 5.17% 9.33% 5.40% 8.40% Sep. 30, 1997
Retail Shares | Return after taxes on distributions and sale of Fund shares 9.59% 9.12% 5.29% 7.95% Sep. 30, 1997
Institutional Shares [1] 10.26% 11.77% 6.77% 9.34% May 29, 2009
R6 Shares [2] 10.26% 11.77% 6.77% 9.34% Jan. 29, 2016
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) 11.32% 13.74% 7.76% 5.42%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.96% 14.66% 6.95% 6.55%  
[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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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 v3.6.0.2
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. 27, 2017
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, 2016, the Fund’s portfolio turnover rate was 10.25% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 10.25%
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, 2016, the largest market cap stock in the Russell 2000 Growth Index was $4.25 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 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 12/31/16)
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, 2016. 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, 2016
BARON SMALL CAP FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.32%
1 rr_ExpenseExampleYear01 $ 134
3 rr_ExpenseExampleYear03 418
5 rr_ExpenseExampleYear05 723
10 rr_ExpenseExampleYear10 $ 1,590
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%)
2016 rr_AnnualReturn2016 9.94%
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 9.94%
5 years rr_AverageAnnualReturnYear05 11.48%
10 years rr_AverageAnnualReturnYear10 6.57%
Since Inception rr_AverageAnnualReturnSinceInception 9.23%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 1997
BARON SMALL CAP FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06%
1 rr_ExpenseExampleYear01 $ 108
3 rr_ExpenseExampleYear03 337
5 rr_ExpenseExampleYear05 585
10 rr_ExpenseExampleYear10 $ 1,294
1 year rr_AverageAnnualReturnYear01 10.26% [1]
5 years rr_AverageAnnualReturnYear05 11.77% [1]
10 years rr_AverageAnnualReturnYear10 6.77% [1]
Since Inception rr_AverageAnnualReturnSinceInception 9.34% [1]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [1]
BARON SMALL CAP FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06%
1 rr_ExpenseExampleYear01 $ 108
3 rr_ExpenseExampleYear03 337
5 rr_ExpenseExampleYear05 585
10 rr_ExpenseExampleYear10 $ 1,294
1 year rr_AverageAnnualReturnYear01 10.26% [2]
5 years rr_AverageAnnualReturnYear05 11.77% [2]
10 years rr_AverageAnnualReturnYear10 6.77% [2]
Since Inception rr_AverageAnnualReturnSinceInception 9.34% [2]
Inception date rr_AverageAnnualReturnInceptionDate Jan. 29, 2016 [2]
BARON SMALL CAP FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 5.17%
5 years rr_AverageAnnualReturnYear05 9.33%
10 years rr_AverageAnnualReturnYear10 5.40%
Since Inception rr_AverageAnnualReturnSinceInception 8.40%
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 9.59%
5 years rr_AverageAnnualReturnYear05 9.12%
10 years rr_AverageAnnualReturnYear10 5.29%
Since Inception rr_AverageAnnualReturnSinceInception 7.95%
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 11.32%
5 years rr_AverageAnnualReturnYear05 13.74%
10 years rr_AverageAnnualReturnYear10 7.76%
Since Inception rr_AverageAnnualReturnSinceInception 5.42%
BARON SMALL CAP FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 11.96%
5 years rr_AverageAnnualReturnYear05 14.66%
10 years rr_AverageAnnualReturnYear10 6.95%
Since Inception rr_AverageAnnualReturnSinceInception 6.55%
[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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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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 1.00% 0.25% 0.16% 1.41%
Institutional Shares 1.00% none 0.13% 1.13%
R6 Shares 1.00% none 0.12% 1.12%
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 144 446 771 1,691
Institutional Shares 115 359 622 1,375
R6 Shares 114 356 617 1,363
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, 2016, the Fund’s portfolio turnover rate was 32.38% 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. BAMCO, Inc. (“BAMCO” or 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: (23.08)%
Average Annual Total Returns (for periods ended 12/31/16)
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, 2016. 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, 2016
Average Annual Total Returns - BARON OPPORTUNITY FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares (4.84%) 8.17% 6.30% 4.25% Feb. 29, 2000
Retail Shares | Return after taxes on distributions (7.48%) 6.30% 5.38% 3.70% Feb. 29, 2000
Retail Shares | Return after taxes on distributions and sale of Fund shares (0.48%) 6.38% 5.05% 3.44% Feb. 29, 2000
Institutional Shares [1] (4.56%) 8.47% 6.52% 4.38% May 29, 2009
R6 Shares [2] (4.56%) 8.47% 6.52% 4.38% Aug. 31, 2016
Russell 3000® Growth Index (reflects no deduction for fees, expenses or taxes) 7.39% 14.44% 8.28% 2.75%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.96% 14.66% 6.95% 5.00%  
[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] Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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.
XML 21 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
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. 27, 2017
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, 2016, the Fund’s portfolio turnover rate was 32.38% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 32.38%
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. BAMCO, Inc. (“BAMCO” or 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.
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 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: (23.08)%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/16)
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, 2016. 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.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the periods ended December 31, 2016
BARON OPPORTUNITY FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.16%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.41%
1 rr_ExpenseExampleYear01 $ 144
3 rr_ExpenseExampleYear03 446
5 rr_ExpenseExampleYear05 771
10 rr_ExpenseExampleYear10 $ 1,691
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%
2016 rr_AnnualReturn2016 (4.84%)
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 (23.08%)
1 year rr_AverageAnnualReturnYear01 (4.84%)
5 years rr_AverageAnnualReturnYear05 8.17%
10 years rr_AverageAnnualReturnYear10 6.30%
Since Inception rr_AverageAnnualReturnSinceInception 4.25%
Inception date rr_AverageAnnualReturnInceptionDate Feb. 29, 2000
BARON OPPORTUNITY FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.13%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.13%
1 rr_ExpenseExampleYear01 $ 115
3 rr_ExpenseExampleYear03 359
5 rr_ExpenseExampleYear05 622
10 rr_ExpenseExampleYear10 $ 1,375
1 year rr_AverageAnnualReturnYear01 (4.56%) [1]
5 years rr_AverageAnnualReturnYear05 8.47% [1]
10 years rr_AverageAnnualReturnYear10 6.52% [1]
Since Inception rr_AverageAnnualReturnSinceInception 4.38% [1]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [1]
BARON OPPORTUNITY FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.12%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.12%
1 rr_ExpenseExampleYear01 $ 114
3 rr_ExpenseExampleYear03 356
5 rr_ExpenseExampleYear05 617
10 rr_ExpenseExampleYear10 $ 1,363
1 year rr_AverageAnnualReturnYear01 (4.56%) [2]
5 years rr_AverageAnnualReturnYear05 8.47% [2]
10 years rr_AverageAnnualReturnYear10 6.52% [2]
Since Inception rr_AverageAnnualReturnSinceInception 4.38% [2]
Inception date rr_AverageAnnualReturnInceptionDate Aug. 31, 2016 [2]
BARON OPPORTUNITY FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (7.48%)
5 years rr_AverageAnnualReturnYear05 6.30%
10 years rr_AverageAnnualReturnYear10 5.38%
Since Inception rr_AverageAnnualReturnSinceInception 3.70%
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 (0.48%)
5 years rr_AverageAnnualReturnYear05 6.38%
10 years rr_AverageAnnualReturnYear10 5.05%
Since Inception rr_AverageAnnualReturnSinceInception 3.44%
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 7.39%
5 years rr_AverageAnnualReturnYear05 14.44%
10 years rr_AverageAnnualReturnYear10 8.28%
Since Inception rr_AverageAnnualReturnSinceInception 2.75%
BARON OPPORTUNITY FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 11.96%
5 years rr_AverageAnnualReturnYear05 14.66%
10 years rr_AverageAnnualReturnYear10 6.95%
Since Inception rr_AverageAnnualReturnSinceInception 5.00%
[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] Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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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 Reimbursements
Total Annual Fund Operating Expenses After Expense Reimbursements
[2]
Retail Shares [1] 0.70% 0.25% 0.19% 1.14% (0.04%) 1.10%
Institutional Shares [1] 0.70% none 0.15% 0.85% 0.85%
R6 Shares [1] 0.70% none 0.14% 0.84% 0.84%
[1] Based on the fiscal year ended September 30, 2016 (restated to reflect management fee reduction from 0.90% to 0.70%).
[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 1.10% of average daily net assets of Retail Shares, 0.85% of average daily net assets of Institutional Shares and 0.84% of average daily net assets of R6 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON FIFTH AVENUE GROWTH FUND - USD ($)
1
3
5
10
Retail Shares 112 350 606 1,340
Institutional Shares 87 271 471 1,049
R6 Shares 86 268 466 1,037
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, 2016, the Fund’s portfolio turnover rate was 19.30% 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, 2016, the smallest market cap stock in the top 85% of the Russell 1000 Growth Index was $12.04 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 12/31/16)
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, 2016. 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, 2016
Average Annual Total Returns - BARON FIFTH AVENUE GROWTH FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares (2.06%) 13.00% 5.32% 6.43% Apr. 30, 2004
Retail Shares | Return after taxes on distributions (2.06%) 13.00% 5.02% 6.19% Apr. 30, 2004
Retail Shares | Return after taxes on distributions and sale of Fund shares (1.16%) 10.42% 4.23% 5.24% Apr. 30, 2004
Institutional Shares [1] (1.76%) 13.29% 5.52% 6.59% May 29, 2009
R6 Shares [2] (1.76%) 13.29% 5.52% 6.59% Jan. 29, 2016
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) 7.08% 14.50% 8.33% 8.25%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.96% 14.66% 6.95% 7.95%  
[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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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 v3.6.0.2
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. 27, 2017
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, 2016, the Fund’s portfolio turnover rate was 19.30% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 19.30%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Based on the fiscal year ended September 30, 2016 (restated to reflect management fee reduction from 0.90% to 0.70%).
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 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, 2016, the smallest market cap stock in the top 85% of the Russell 1000 Growth Index was $12.04 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 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 12/31/16)
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, 2016. 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 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, 2016
BARON FIFTH AVENUE GROWTH FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.70% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.19% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.14% [1]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.04%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursements rr_NetExpensesOverAssets 1.10% [1],[2]
1 rr_ExpenseExampleYear01 $ 112
3 rr_ExpenseExampleYear03 350
5 rr_ExpenseExampleYear05 606
10 rr_ExpenseExampleYear10 $ 1,340
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%
2016 rr_AnnualReturn2016 (2.06%)
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 (2.06%)
5 years rr_AverageAnnualReturnYear05 13.00%
10 years rr_AverageAnnualReturnYear10 5.32%
Since Inception rr_AverageAnnualReturnSinceInception 6.43%
Inception date rr_AverageAnnualReturnInceptionDate Apr. 30, 2004
BARON FIFTH AVENUE GROWTH FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.70% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.15% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.85% [1]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Fund Operating Expenses After Expense Reimbursements rr_NetExpensesOverAssets 0.85% [1],[2]
1 rr_ExpenseExampleYear01 $ 87
3 rr_ExpenseExampleYear03 271
5 rr_ExpenseExampleYear05 471
10 rr_ExpenseExampleYear10 $ 1,049
1 year rr_AverageAnnualReturnYear01 (1.76%) [3]
5 years rr_AverageAnnualReturnYear05 13.29% [3]
10 years rr_AverageAnnualReturnYear10 5.52% [3]
Since Inception rr_AverageAnnualReturnSinceInception 6.59% [3]
Inception date rr_AverageAnnualReturnInceptionDate May 29, 2009 [3]
BARON FIFTH AVENUE GROWTH FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.70% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.14% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.84% [1]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Fund Operating Expenses After Expense Reimbursements rr_NetExpensesOverAssets 0.84% [1],[2]
1 rr_ExpenseExampleYear01 $ 86
3 rr_ExpenseExampleYear03 268
5 rr_ExpenseExampleYear05 466
10 rr_ExpenseExampleYear10 $ 1,037
1 year rr_AverageAnnualReturnYear01 (1.76%) [4]
5 years rr_AverageAnnualReturnYear05 13.29% [4]
10 years rr_AverageAnnualReturnYear10 5.52% [4]
Since Inception rr_AverageAnnualReturnSinceInception 6.59% [4]
Inception date rr_AverageAnnualReturnInceptionDate Jan. 29, 2016 [4]
BARON FIFTH AVENUE GROWTH FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (2.06%)
5 years rr_AverageAnnualReturnYear05 13.00%
10 years rr_AverageAnnualReturnYear10 5.02%
Since Inception rr_AverageAnnualReturnSinceInception 6.19%
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 (1.16%)
5 years rr_AverageAnnualReturnYear05 10.42%
10 years rr_AverageAnnualReturnYear10 4.23%
Since Inception rr_AverageAnnualReturnSinceInception 5.24%
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 7.08%
5 years rr_AverageAnnualReturnYear05 14.50%
10 years rr_AverageAnnualReturnYear10 8.33%
Since Inception rr_AverageAnnualReturnSinceInception 8.25%
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 11.96%
5 years rr_AverageAnnualReturnYear05 14.66%
10 years rr_AverageAnnualReturnYear10 6.95%
Since Inception rr_AverageAnnualReturnSinceInception 7.95%
[1] Based on the fiscal year ended September 30, 2016 (restated to reflect management fee reduction from 0.90% to 0.70%).
[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 1.10% of average daily net assets of Retail Shares, 0.85% of average daily net assets of Institutional Shares and 0.84% 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] Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.
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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 Reimbursements
Total Annual Fund Operating Expenses After Expense Reimbursements
[1]
Retail Shares 1.00% 0.25% 0.63% 1.88% (0.53%) 1.35%
Institutional Shares 1.00% none 0.49% 1.49% (0.39%) 1.10%
R6 Shares 1.00% none 0.48% 1.48% (0.39%) 1.09%
[1] 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, 1.10% of average daily net assets of Institutional Shares, and 1.09% of average daily net assets of R6 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - BARON DISCOVERY FUND - USD ($)
1
3
5
10
Retail Shares 137 428 739 1,624
Institutional Shares 112 350 606 1,340
R6 Shares 111 347 601 1,329
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, 2016, the Fund’s portfolio turnover rate was 90.74% 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, 2016, the weighted median market cap of the Russell 2000 Growth Index was $1.79 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:  9/30/16:  15.22%
Worst Quarter:  9/30/15: (19.87)%
Average Annual Total Returns (for periods ended 12/31/16)
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, 2016. 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, 2016
Average Annual Total Returns - BARON DISCOVERY FUND
1 year
5 years
10 years
Since Inception
Inception date
Retail Shares 21.40% 10.19% Sep. 30, 2013
Retail Shares | Return after taxes on distributions 20.73% 10.00% Sep. 30, 2013
Retail Shares | Return after taxes on distributions and sale of Fund shares 12.51% 7.91% Sep. 30, 2013
Institutional Shares 21.73% 10.46% Sep. 30, 2013
R6 Shares [1] 21.73% 10.46% Aug. 31, 2016
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) 11.32% 7.21%  
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.96% 11.54%  
[1] Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.
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 27 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
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. 27, 2017
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, 2016, the Fund’s portfolio turnover rate was 90.74% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 90.74%
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 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, 2016, the weighted median market cap of the Russell 2000 Growth Index was $1.79 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 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:  9/30/16:  15.22%
Worst Quarter:  9/30/15: (19.87)%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for periods ended 12/31/16)
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, 2016. 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, 2016
BARON DISCOVERY FUND | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.63%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.88%
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.53%)
Total Annual Fund Operating Expenses After Expense Reimbursements rr_NetExpensesOverAssets 1.35% [1]
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%)
2016 rr_AnnualReturn2016 21.40%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.22%
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 21.40%
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 10.19%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2013
BARON DISCOVERY FUND | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.49%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.49%
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.39%)
Total Annual Fund Operating Expenses After Expense Reimbursements rr_NetExpensesOverAssets 1.10% [1]
1 rr_ExpenseExampleYear01 $ 112
3 rr_ExpenseExampleYear03 350
5 rr_ExpenseExampleYear05 606
10 rr_ExpenseExampleYear10 $ 1,340
1 year rr_AverageAnnualReturnYear01 21.73%
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 10.46%
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2013
BARON DISCOVERY FUND | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.48%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.48%
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.39%)
Total Annual Fund Operating Expenses After Expense Reimbursements rr_NetExpensesOverAssets 1.09% [1]
1 rr_ExpenseExampleYear01 $ 111
3 rr_ExpenseExampleYear03 347
5 rr_ExpenseExampleYear05 601
10 rr_ExpenseExampleYear10 $ 1,329
1 year rr_AverageAnnualReturnYear01 21.73% [2]
5 years rr_AverageAnnualReturnYear05 [2]
10 years rr_AverageAnnualReturnYear10 [2]
Since Inception rr_AverageAnnualReturnSinceInception 10.46% [2]
Inception date rr_AverageAnnualReturnInceptionDate Aug. 31, 2016 [2]
BARON DISCOVERY FUND | Return after taxes on distributions | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 20.73%
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 10.00%
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 12.51%
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 7.91%
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 11.32%
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 7.21%
BARON DISCOVERY FUND | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 11.96%
5 years rr_AverageAnnualReturnYear05
10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 11.54%
[1] 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, 1.10% of average daily net assets of Institutional Shares, and 1.09% of average daily net assets of R6 Shares.
[2] Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.
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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. 27, 2017
Document Creation Date dei_DocumentCreationDate Jan. 27, 2017
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