Verdicts genuinely change. Free email alert the moment BFIIX's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Baron FinTech Fund · BARON SELECT FUNDS
45 holdings
NON-COMPLIANT 42.14% of portfolio weight is in non-compliant holdings, over the 5% threshold.
45 holdings, 41 matched (93% of weight). Portfolio as of 2025-09-30, filed 2025-11-26. Source: SEC Form N-PORT.
2.42% of this portfolio’s income is non-permissible — weighted across holdings, computed over 85% of portfolio weight (38 of 45 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
42.0% compliant 7.3% questionable 42.1% non-compliant 7.0% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| MA Mastercard Inc | COMPLIANT | 4.61% | AAOIFI4.9% Usmani42.7% Dow Jones Islamic37.5% S&P Shariah40.1% MSCI Islamic42.7% MSCI Islamic M-Series40.1% FTSE Shariah42.7% |
| V Visa Inc | COMPLIANT | 4.58% | AAOIFI3.5% Usmani25.2% Dow Jones Islamic15.5% S&P Shariah16.7% MSCI Islamic25.2% MSCI Islamic M-Series16.7% FTSE Shariah25.2% |
| MELI MercadoLibre Inc | COMPLIANT | 4.39% | AAOIFI20.1% Usmani38.5% Dow Jones Islamic19.0% S&P Shariah20.6% MSCI Islamic38.3% MSCI Islamic M-Series20.6% FTSE Shariah33.3% |
| SPGI S&P Global Inc | COMPLIANT | 4.33% | AAOIFI10.6% Usmani22.9% Dow Jones Islamic9.4% S&P Shariah9.8% MSCI Islamic22.9% MSCI Islamic M-Series9.8% FTSE Shariah21.9% |
| HOOD Robinhood Markets Inc | NON_COMPLIANT | 4.24% | AAOIFI0.2% Usmani0.4% Dow Jones Islamic0.3% S&P Shariah0.4% MSCI Islamic0.4% MSCI Islamic M-Series0.4% FTSE Shariah0.0% |
| GWRE Guidewire Software Inc | QUESTIONABLE | 4.12% | AAOIFI3.2% Usmani16.9% Dow Jones Islamic2.8% S&P Shariah3.2% MSCI Islamic16.9% MSCI Islamic M-Series3.2% FTSE Shariah15.5% |
| IBKR Interactive Brokers Group Inc | NON_COMPLIANT | 4.08% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| INTU Intuit Inc | COMPLIANT | 3.85% | AAOIFI9.9% Usmani22.9% Dow Jones Islamic5.4% S&P Shariah5.3% MSCI Islamic22.9% MSCI Islamic M-Series5.3% FTSE Shariah20.8% |
| LPLA LPL Financial Holdings Inc | NON_COMPLIANT | 3.76% | AAOIFI27.1% Usmani37.7% Dow Jones Islamic28.8% S&P Shariah32.0% MSCI Islamic37.7% MSCI Islamic M-Series32.0% FTSE Shariah37.7% |
| KKR KKR & Co Inc | NON_COMPLIANT | 3.34% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| NU Holdings Ltd/Cayman Islands | UNSCREENED | 2.94% | no in-house ratios for this holding |
| APO Apollo Global Management Inc | NON_COMPLIANT | 2.91% | AAOIFI17.4% Usmani2.8% Dow Jones Islamic17.8% S&P Shariah19.6% MSCI Islamic2.8% MSCI Islamic M-Series19.6% FTSE Shariah2.8% |
| HLI Houlihan Lokey Inc | NON_COMPLIANT | 2.90% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| TW Tradeweb Markets Inc | COMPLIANT | 2.82% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| FICO Fair Isaac Corp | COMPLIANT | 2.74% | AAOIFI27.8% Usmani274.8% Dow Jones Islamic14.4% S&P Shariah15.5% MSCI Islamic274.8% MSCI Islamic M-Series15.5% FTSE Shariah274.0% |
| Moody's Corp | UNSCREENED | 2.69% | no in-house ratios for this holding |
| CME CME Group Inc | NON_COMPLIANT | 2.67% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| MSCI MSCI Inc | COMPLIANT | 2.64% | AAOIFI15.7% Usmani116.8% Dow Jones Islamic15.3% S&P Shariah15.6% MSCI Islamic116.8% MSCI Islamic M-Series15.6% FTSE Shariah113.9% |
| SCHW Charles Schwab Corp/The | NON_COMPLIANT | 2.63% | AAOIFI14.6% Usmani5.3% Dow Jones Islamic18.7% S&P Shariah22.0% MSCI Islamic5.3% MSCI Islamic M-Series22.0% FTSE Shariah5.3% |
| SHOP Shopify Inc | COMPLIANT | 2.52% | AAOIFI0.1% Usmani1.2% Dow Jones Islamic0.1% S&P Shariah0.1% MSCI Islamic1.2% MSCI Islamic M-Series0.1% FTSE Shariah0.0% |
| 5955.T Wise PLC | NON_COMPLIANT | 2.44% | AAOIFI17.1% Usmani10.7% Dow Jones Islamicfail S&P Shariahpass MSCI Islamic10.2% MSCI Islamic M-Seriesfail FTSE Shariah10.2% |
| PGR Progressive Corp/The | NON_COMPLIANT | 2.30% | AAOIFI6.5% Usmani6.7% Dow Jones Islamic6.3% S&P Shariah6.9% MSCI Islamic6.7% MSCI Islamic M-Series6.9% FTSE Shariah6.7% |
| VRSK Verisk Analytics Inc | QUESTIONABLE | 2.20% | AAOIFI18.2% Usmani101.0% Dow Jones Islamic13.7% S&P Shariah13.5% MSCI Islamic100.6% MSCI Islamic M-Series13.5% FTSE Shariah97.3% |
| BLK Blackrock Inc | NON_COMPLIANT | 1.81% | AAOIFI7.0% Usmani7.2% Dow Jones Islamic8.1% S&P Shariah8.9% MSCI Islamic7.2% MSCI Islamic M-Series8.9% FTSE Shariah7.2% |
| ACGL Arch Capital Group Ltd | NON_COMPLIANT | 1.79% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| MORN Morningstar Inc | COMPLIANT | 1.70% | AAOIFI25.6% Usmani48.7% Dow Jones Islamic18.5% S&P Shariah17.7% MSCI Islamic48.7% MSCI Islamic M-Series17.7% FTSE Shariah43.9% |
| XYZ Block Inc | NON_COMPLIANT | 1.33% | AAOIFI12.2% Usmani15.3% Dow Jones Islamic14.3% S&P Shariah14.7% MSCI Islamic15.3% MSCI Islamic M-Series14.7% FTSE Shariah14.6% |
| EFX Equifax Inc | COMPLIANT | 1.27% | AAOIFI27.1% Usmani45.6% Dow Jones Islamic19.8% S&P Shariah19.6% MSCI Islamic45.6% MSCI Islamic M-Series19.6% FTSE Shariah45.6% |
| JKHY Jack Henry & Associates Inc | COMPLIANT | 1.26% | AAOIFI1.1% Usmani4.1% Dow Jones Islamic1.1% S&P Shariah1.1% MSCI Islamic4.1% MSCI Islamic M-Series1.1% FTSE Shariah2.9% |
| FDS FactSet Research Systems Inc | COMPLIANT | 1.21% | AAOIFI14.6% Usmani37.5% Dow Jones Islamic12.1% S&P Shariah11.2% MSCI Islamic37.5% MSCI Islamic M-Series11.2% FTSE Shariah33.2% |
| COF Capital One Financial Corp | NON_COMPLIANT | 1.20% | AAOIFI38.5% Usmani7.6% Dow Jones Islamic49.3% S&P Shariah60.5% MSCI Islamic7.6% MSCI Islamic M-Series60.5% FTSE Shariah7.6% |
| TRU TransUnion | NON_COMPLIANT | 1.18% | AAOIFI38.2% Usmani47.2% Dow Jones Islamic34.6% S&P Shariah36.4% MSCI Islamic47.2% MSCI Islamic M-Series36.4% FTSE Shariah46.5% |
| PRI Primerica Inc | NON_COMPLIANT | 1.10% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| TTAN ServiceTitan Inc | COMPLIANT | 1.10% | AAOIFI2.7% Usmani8.5% Dow Jones Islamic1.7% S&P Shariahpass MSCI Islamic8.5% MSCI Islamic M-Seriespass FTSE Shariah5.8% |
| ALKT Alkami Technology Inc | COMPLIANT | 1.09% | AAOIFIpass Usmani— Dow Jones Islamicpass S&P Shariahpass MSCI Islamic— MSCI Islamic M-Seriespass FTSE Shariah— |
| CSGP CoStar Group Inc | QUESTIONABLE | 1.01% | AAOIFI9.1% Usmani11.4% Dow Jones Islamic4.2% S&P Shariah3.9% MSCI Islamic11.3% MSCI Islamic M-Series3.9% FTSE Shariah9.8% |
| KNSL Kinsale Capital Group Inc | NON_COMPLIANT | 0.96% | AAOIFI2.6% Usmani3.5% Dow Jones Islamic2.3% S&P Shariah2.3% MSCI Islamic3.5% MSCI Islamic M-Series2.3% FTSE Shariah3.5% |
| INTA Intapp Inc | COMPLIANT | 0.95% | AAOIFI0.7% Usmani3.0% Dow Jones Islamic0.7% S&P Shariah0.7% MSCI Islamic3.0% MSCI Islamic M-Series0.7% FTSE Shariah0.0% |
| FISV Fiserv Inc | NON_COMPLIANT | 0.91% | AAOIFI99.4% Usmani34.6% Dow Jones Islamic38.9% S&P Shariah36.9% MSCI Islamic34.6% MSCI Islamic M-Series36.9% FTSE Shariah34.5% |
| Clearwater Analytics Holdings Inc | UNSCREENED | 0.71% | no in-house ratios for this holding |
| Ategrity Specialty Holdings LLC | UNSCREENED | 0.64% | no in-house ratios for this holding |
| TWFG TWFG Inc | COMPLIANT | 0.58% | AAOIFI0.5% Usmani2.1% Dow Jones Islamic2.1% S&P Shariahpass MSCI Islamic2.1% MSCI Islamic M-Seriesfail FTSE Shariah0.8% |
| BWIN Baldwin Insurance Group Inc/The | COMPLIANT | 0.40% | AAOIFI2.7% Usmani1.8% Dow Jones Islamic10.0% S&P Shariah10.5% MSCI Islamic1.8% MSCI Islamic M-Series10.5% FTSE Shariah0.3% |
| ARX Accelerant Holdings | NON_COMPLIANT | 0.38% | AAOIFI2.8% Usmani1.3% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic1.3% MSCI Islamic M-Seriesfail FTSE Shariah1.3% |
| BILL BILL Holdings Inc | NON_COMPLIANT | 0.22% | AAOIFI45.5% Usmani18.6% Dow Jones Islamic36.1% S&P Shariah31.5% MSCI Islamic18.6% MSCI Islamic M-Series31.5% FTSE Shariah18.0% |
The published standards disagree about this fund by 29 points of portfolio weight — 54.8% of it passes AAOIFI, 25.4% passes Usmani. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 54.8% ratios fail on 34.0% 9.6% not rated under AAOIFI
ratios pass on 25.4% ratios fail on 46.7% 26.4% not rated under Usmani
ratios pass on 49.2% ratios fail on 39.6% 9.6% not rated under Dow Jones Islamic
ratios pass on 52.2% ratios fail on 36.6% 9.6% not rated under S&P Shariah
ratios pass on 27.2% ratios fail on 51.8% 19.4% not rated under MSCI Islamic
ratios pass on 49.2% ratios fail on 39.6% 9.6% not rated under MSCI Islamic M-Series
ratios pass on 33.5% ratios fail on 45.5% 19.4% not rated under FTSE Shariah
41 of 45 listed holdings carry our own per-methodology verdicts (92% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 39 (88% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| HOOD Robinhood Markets Inc | 4.24% |
| IBKR Interactive Brokers Group Inc | 4.08% |
| LPLA LPL Financial Holdings Inc | 3.76% |
| KKR KKR & Co Inc | 3.34% |
| APO Apollo Global Management Inc | 2.91% |
| HLI Houlihan Lokey Inc | 2.90% |
| CME CME Group Inc | 2.67% |
| SCHW Charles Schwab Corp/The | 2.63% |
| 5955.T Wise PLC | 2.44% |
| PGR Progressive Corp/The | 2.30% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Baron FinTech Fund (BFIIX) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| MAMastercard Inc | 4.61% | Compliant |
| VVisa Inc | 4.58% | Compliant |
| MELIMercadoLibre Inc | 4.39% | Compliant |
| SPGIS&P Global Inc | 4.33% | Compliant |
| HOODRobinhood Markets Inc | 4.24% | Non-compliant |
| GWREGuidewire Software Inc | 4.12% | Questionable |
| IBKRInteractive Brokers Group Inc | 4.08% | Non-compliant |
| INTUIntuit Inc | 3.85% | Compliant |
| LPLALPL Financial Holdings Inc | 3.76% | Non-compliant |
| KKRKKR & Co Inc | 3.34% | Non-compliant |
Top 10 of 45 holdings, 41.3% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for BFIIX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
Tracked since 2026-09-07.
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.