Baron Energy and Resources Fund (BENFX)

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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.
 

    

Facts & Characteristics as of June 30, 2015

Inception Date December 30, 2011
Net Assets (All share classes combined) $93.24 million
# of Equity Securities / % of Net Assets 52/95.7%
Turnover (3 Year Average) 23.50%
Median Market Cap $3.15 billion
Weighted Average Market Cap $7.90 billion
CUSIP 06828M868
Gross Expense Ratio (as of FYE 12/14) 1.79%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.44)%
Net Expense Ratio (as of FYE 12/14) 1.35%
EPS Growth (3-5 year forecast) 22.1%
Price/Earnings Ratio (trailing 12-month) 15.3
Price/Book Ratio 1.7
Price/Sales Ratio 1.4

Top Ten Holdings as of June 30, 2015

Holding Sector Percentage*
Concho Resources, Inc. (CXO) is an independent oil and natural gas company engaged in the acquisition, development, exploitation, and exploration of oil and natural gas properties focused on the Permian basin in West Texas and New Mexico.
Energy 4.0%
Parsley Energy, Inc. (PE) is an independent oil & gas exploration & production company based in Austin, TX that owns and operates oil & gas assets in the Permian Basin in West Texas. The company was founded in 2008, and its properties are largely in the Midland and Delaware sub-areas of the greater Permian.
Energy 3.8%
Newfield Exploration Co. (NFX) is an independent E&P company with operations that are primarily focused on shale oil fields in Oklahoma, Utah, and North Dakota. The company has recently focused its capital allocation to its highest return Cana-Woodford assets in the Anadarko basin (Oklahoma).
Energy 3.6%
SunEdison, Inc. (SUNE) is the world's largest renewable energy development company.
Information Technology 3.5%
TerraForm Global is the second yieldco of SunEdison, the world's largest renewable energy developer. The company is a globally diversified dividend growth-oriented company comprised of clean power generation assets, including wind, solar, and hydro in attractive high-growth emerging markets.
Utilities 3.0%
SM Energy Co. (SM) is an independent oil and gas company engaged in the exploration, exploitation, development, acquisition, and production of natural gas and crude oil in North America.
Energy 2.9%
Flotek Industries, Inc. (FTK) is a diversified global supplier of drilling and production-related products and services. The company’s strategic focus includes oilfield specialty chemicals and logistics, downhole drilling tools, and downhole production tools used in the energy and mining industries.
Materials 2.9%
Tallgrass Energy Partners GP, LP (TEGP), is the General Partner of a fast growing Master Limited Partnership that owns transport, storage and processing assets primarily in the Appalachian Basin. The GP receives distributions from its MLP and incentive distributions as the MLP grows.
Energy 2.8%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry. The company is merging with its second largest competitor, Baker Hughes, which should have a profound impact on its business in the years to come.
Energy 2.7%
SemGroup Corp. (SEMG) is a midstream company engaged in the operation of hydrocarbon pipelines, terminals, trucking, and storage. The company purchases, sells, processes, transports, and stores gas, liquids, asphalt and refined products.
Energy 2.6%
Total 31.8%
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Portfolio Holdings as of June 30, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 4.3%
Concho Resources, Inc. Energy $13.665 4.0%
Parsley Energy, Inc. Energy $2.455 3.8%
Newfield Exploration Co. Energy $5.880 3.6%
SunEdison, Inc. Information Technology $9.376 3.5%
TerraForm Global, Inc. Utilities - 3.0%
SM Energy Co. Energy $3.112 2.9%
Flotek Industries, Inc. Materials $0.670 2.9%
Tallgrass Energy GP, LP Class A Energy $5.055 2.8%
Halliburton Co. Energy $36.647 2.7%
Cabot Oil & Gas Corp. Energy $13.045 2.6%
SemGroup Corporation - Cl A Energy $3.489 2.6%
Targa Resources Corp. Energy $4.998 2.5%
Gulfport Energy Corp. Energy $4.293 2.5%
Noble Energy, Inc. Energy $16.517 2.3%
Bonanza Creek Energy, Inc. Energy $0.907 2.3%
RSP Permian, Inc. Energy $2.362 2.2%
Laredo Petroleum Inc. Energy $2.691 2.2%
Superior Energy Services, Inc. Energy $3.166 2.1%
Scorpio Tankers Inc. Energy $1.826 2.1%
Globe Specialty Metals, Inc. Materials $1.305 2.0%
C & J Energy Services, Ltd. Energy $1.570 2.0%
Marathon Petroleum Corp. Energy $28.419 2.0%
Columbia Pipeline Partners LP Energy $2.536 2.0%
TerraForm Power, Inc. Utilities $5.536 1.9%
Tallgrass Energy Partners, LP Energy $2.896 1.8%
Energy Transfer Equity, L.P. Energy $34.603 1.8%
Western Refining Logistics, LP Energy $1.376 1.7%
Shell Midstream Partners, L.P. Energy $6.511 1.7%
Golar LNG Ltd. Energy $4.366 1.6%
Anadarko Petroleum Corporation Energy $39.650 1.6%
Forum Energy Technologies, Inc. Energy $1.826 1.6%
Westlake Chemical Partners LP Materials $0.589 1.5%
Helmerich & Payne, Inc. Energy $7.581 1.4%
EOG Resources, Inc. Energy $48.059 1.4%
Abengoa Yield plc Utilities $3.139 1.4%
Core Laboratories N.V. Energy $4.882 1.3%
Primoris Services Corp. Industrials $1.023 1.3%
Oasis Petroleum, Inc. Energy $2.206 1.2%
Western Gas Equity Partners LP Energy $13.135 1.2%
Phillips 66 Partners LP Energy $5.781 1.2%
Valero Energy Partners LP Energy $3.039 1.2%
Dominion Midstream Partners, L.P. Energy $2.646 1.2%
Methanex Corporation Materials $5.070 1.1%
MRC Global, Inc. Industrials $1.577 0.8%
Antero Resources Corporation Energy $9.512 0.8%
Flowserve Corp. Industrials $7.080 0.7%
RigNet, Inc. Energy $0.540 0.7%
Oil States International, Inc. Energy $1.921 0.7%
Whiting Petroleum Corp. Energy $6.859 0.5%
Rose Rock Midstream, L.P. Energy $1.720 0.5%
Lekoil, Ltd. Energy $0.168 0.5%
Atlas Energy Group, LLC Energy $0.130 0.5%
Shell Midstream Partners, L.P. - Rest Energy - 0.3%
Total 100.0%
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Sector Breakdown as of June 30, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.3%
Energy
  • Oil & Gas Exploration & Production 35.0%
  • Oil & Gas Storage & Transportation 26.4%
  • Oil & Gas Equipment & Services 11.0%
  • Oil & Gas Refining & Marketing 2.0%
  • Oil & Gas Drilling 1.4%
75.6%
Industrials
  • Construction & Engineering 1.3%
  • Trading Companies & Distributors 0.7%
  • Industrial Machinery 0.6%
2.7%
Information Technology
  • Semiconductor Equipment 3.5%
3.5%
Materials
  • Specialty Chemicals 2.9%
  • Commodity Chemicals 2.6%
  • Diversified Metals & Mining 2.0%
7.6%
Utilities
  • Renewable Electricity 6.3%
6.3%
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Top Contributors & Detractors as of June 30, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 25.92% 0.82%
Semiconductor Equipment 3.41% 0.70%
Oil & Gas Equipment & Services 12.55% 0.24%
Trading Companies & Distributors 0.75% 0.18%
Construction & Engineering 0.97% 0.13%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 36.24% -0.73%
Specialty Chemicals 2.68% -0.36%
Commodity Chemicals 2.80% -0.24%
Renewable Electricity^ 4.41% -0.21%
Diversified Metals & Mining 1.87% -0.12%
By Holdings
Top Contributors Average Weight Contribution
SunEdison, Inc. 3.41% 0.70%
Golar LNG Ltd. 1.46% 0.45%
Parsley Energy, Inc. 3.62% 0.32%
Shell Midstream Partners, L.P. 1.81% 0.28%
RSP Permian, Inc. 2.29% 0.25%
Top Detractors Average Weight Contribution
Bonanza Creek Energy, Inc. 2.61% -0.68%
Flotek Industries, Inc. 2.68% -0.36%
Gulfport Energy Corp. 2.71% -0.31%
SM Energy Co. 3.21% -0.31%
Westlake Chemical Partners LP 1.62% -0.29%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Semiconductor Equipment 2.50% 1.11%
Oil & Gas Refining & Marketing 1.58% 0.42%
Renewable Electricity^ 3.12% 0.40%
Electrical Components & Equipment 0.30% 0.12%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 33.32% -10.89%
Oil & Gas Equipment & Services 14.59% -8.75%
Specialty Chemicals 2.90% -2.41%
Industrial Machinery 1.60% -1.38%
Construction & Engineering 1.71% -1.04%
By Holdings
Top Contributors Average Weight Contribution
SunEdison, Inc. 2.50% 1.11%
Shell Midstream Partners, L.P. 1.21% 0.96%
Tallgrass Energy Partners, LP 2.81% 0.80%
Dominion Midstream Partners, L.P. 0.98% 0.73%
Newfield Exploration Co. 1.44% 0.73%
Top Detractors Average Weight Contribution
Bonanza Creek Energy, Inc. 3.22% -3.18%
Flotek Industries, Inc. 2.90% -2.41%
Oasis Petroleum, Inc. 1.94% -2.35%
Halliburton Co. 3.31% -1.49%
Forum Energy Technologies, Inc. 2.15% -1.40%
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Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

*Top Ten Holdings, Portfolio Holdings, and Sector Breakdown based on net assets. Positions smaller than 0.05% round to 0.0%. 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.

^The Adviser has reclassified/classified certain securities in or out of this Sub-Industry. Such reclassifications/classifications are not supported by S&P or MSCI.
 
Top Contributors & Detractors Source: FactSet PA.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.