Baron Energy and Resources Fund (BENFX)

Portfolio Management

James H. Stone

Fund Manager since 2011

Objective & Strategy

The Fund invests mainly in U.S. energy and resource companies of any market capitalization and may invest up to 25% in non-U.S. securities. Non-diversified.

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Fund Description

Baron Energy and Resources Fund invests in securities of energy and resources companies and related companies of all sizes.


Performance Summary as of December 31, 2016

  Annualized Returns Since Inception
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
28.02% 28.02% -8.71% -2.04% N/A -2.04% -9.80%
Growth of $10,000 Chart

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Top Ten Holdings as of December 31, 2016

Holding Sector Percentage
RSP Permian, Inc. Energy 6.9%
Parsley Energy, Inc. Energy 6.5%
Encana Corp. Energy 5.9%
Concho Resources, Inc. Energy 5.8%
Newfield Exploration Co. Energy 4.8%
Halliburton Co. Energy 3.9%
Flotek Industries, Inc. Materials 3.4%
Targa Resources Corp. Energy 3.4%
Schlumberger Limited Energy 3.0%
U.S. Silica Holdings, Inc. Energy 2.9%
Total 46.5%
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Performance Based Characteristics as of December 31, 2016

Characteristics 3 Years 5 Years Since Inception
Standard Deviation (%) 25.22 21.59 21.59
Sharpe Ratio -0.35 -0.10 -0.10
Alpha (%) -4.07 -2.83 -2.83
Beta 1.12 1.06 1.06
R-Squared (%) 85.49 82.61 82.61
Tracking Error (%) 9.78 8.99 8.99
Information Ratio -0.52 -0.37 -0.37
Upside Capture (%) 109.24 100.24 100.24
Downside Capture (%) 124.29 112.89 112.89

Daily Price (NAV)

Prices for Jan 13 , 2017
NAV $9.20
Daily Change ($) $0.04
Daily Change (%) 0.44%
MTD 2.22%
YTD 2.22%
52-Week High $9.31
52-Week Low $5.55

Fund Facts

Inception Date December 30, 2011
Net Assets^ $103.90 million
CUSIP 06828M868
Expense Ratio* 1.58% / 1.35%
Risk/Return Comparison
Risk Return Graph

The Fund is non-diversified, which means the volatility of the Fund’s returns may increase and expose the Fund to greater risk of loss in any given period. Energy companies can be affected by fluctuations in energy prices and supply and demand of energy fuels. Resources industries can be affected by international political and economic developments, the success of exploration projects, and meteorological events.


Morningstar Ratings
Ratings based on risk-adjusted returns as of 12/31/2016
Category: US Fund Equity Energy
Overall 3 Stars out of 102 funds
3 Year 3 Stars out of 102 funds
5 Year 3 Stars out of 84 funds

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Lipper Rankings
Rankings based on total returns as of 12/31/2016
Category: Global Natural Resources Funds
1 Year 51 out of 139 funds
3 Year 89 out of 130 funds
5 Year 54 out of 122 funds


Baron Category: Specialty
Large Value Large Core Large Growth Large
Mid Value Mid Core Mid Growth Mid
Small Value Small Core Small Growth Small
Value Core Growth  
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Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain Fund expenses and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above. For performance information current to the most recent month end, click here.

The Fund may not achieve its objectives

The Fund’s historical performance was impacted by gains from IPOs and/or secondary offerings, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs and secondary offerings will be the same in the future.

^All share classes combined. As of most recent quarter end.

*As of fiscal year ended 12/31/2015, the gross expense ratio of the Fund's Retail Shares was 1.58% but the net expense ratio was 1.35% (net of the Adviser's fee waivers).

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time
Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard ("GICS"), developed and exclusively owned by MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties.

Definitions (provided by BAMCO, Inc.): The Standard & Poor’s (S&P) North American Natural Resources Sector Index is a modified capitalization-weighted equity index of U.S.- traded natural resources-related stocks, including mining, energy, paper and forest products, and plantation owning companies. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Baron Energy and Resources Fund are with dividends, which positively impacts the performance results. The Morningstar Equity Energy Category Average is not weighted and represents the straight average of annualized returns of each of the funds in the category. The Fund's Retail Shares have been included in the category since inception. © 2014 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.