Ron Baron runs the best mutual fund of the last five years — Here are his top picks

Longtime investor Ron Baron's mutual fund has been the the biggest winner over the last five years as his top growth picks reaped outsized returns. The Baron Partners Fund , with more than $6 billion in assets under management, has notched a five-year total return of 25.7% on an annualized basis, making it the top-performing U.S. equity fund over the period, according to MorningStar. The fund is focused on U.S. companies of any size with significant growth potential.

His second biggest holding is CoStar Group , a data and analytics provider for the commercial real estate sector. The company reported 11.6% growth in revenue and a 12.4% increase in net profit for the latest quarter compared with last year. The stock is up 2% this year, outperforming the broader market. CoStar is "armed to the teeth" with a great balance sheet and cash for any acquisitions it will make in the future, according to a note last month from Gordon Haskett.

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