Baron Energy and Resources Fund (BENFX)

Invest In Baron Funds Today

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 December 31, 2015

Inception Date December 30, 2011
Net Assets (All share classes combined) $79.24 million
# of Equity Securities / % of Net Assets 35/85.3%
Turnover (3 Year Average) 32.30%
Median Market Cap $3.32 billion
Weighted Average Market Cap $12.65 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) 15.4%
Price/Earnings Ratio (trailing 12-month) 16.7
Price/Book Ratio 1.5
Price/Sales Ratio 1.3

Top Ten Holdings as of January 31, 2016

Holding Sector Percentage*
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 6.3%
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 6.2%
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 5.1%
RSP Permian (RSPP) is an independent E&P company with 46,738 net acres in the Midland Basin of the Permian Basin in West Texas. The company was formed in 2010 by its management team and Natural Gas Partners, a $10 billion energy-focused private equity firm.
Energy 4.9%
Noble Energy, Inc. (NBL) is an independent oil & gas exploration and production company with operations in six core areas: the DJ Basin, Permian Basin, Eagle Ford Shale, deepwater Gulf of Mexico, offshore West Africa, and offshore Eastern Mediterranean.
Energy 3.9%
Valero Energy Corporation
Energy 3.9%
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 3.6%
Marathon Petroleum Corp. (MPC) refines, markets, and transports petroleum products in the United States. The company operates through three business segments: Refining & Marketing (Gulf Coast and Mid-West refiners), Speedway (Retail), and Pipeline Transportation. The company is headquartered in Findlay, OH.
Energy 3.1%
Columbia Pipeline Partners LP
Energy 3.1%
Schlumberger Limited
Energy 3.0%
Total 43.1%
Back to Top

Portfolio Holdings as of December 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 14.7%
Concho Resources, Inc. Energy $11.992 5.7%
Parsley Energy, Inc. Energy $3.083 5.7%
RSP Permian, Inc. Energy $2.459 4.7%
Newfield Exploration Co. Energy $5.321 4.6%
Noble Energy, Inc. Energy $14.095 3.6%
Flotek Industries, Inc. Materials $0.614 3.6%
Marathon Petroleum Corp. Energy $27.629 3.5%
Halliburton Co. Energy $29.132 3.4%
VALERO ENERGY CORP Energy $34.047 3.4%
Energy Transfer Equity, L.P. Energy $14.355 3.4%
Columbia Pipeline Partners LP Energy $1.759 3.3%
Tesla Motors, Inc. Consumer Discretionary $31.430 3.1%
Core Laboratories N.V. Energy $4.607 2.7%
SCHLUMBERGER LTD COM Energy $87.962 2.5%
EOG Resources, Inc. Energy $38.914 2.4%
Tallgrass Energy Partners, LP Energy $2.496 2.4%
Shell Midstream Partners, L.P. Energy $5.923 2.3%
Hess Corporation Energy $13.870 2.1%
Valero Energy Partners LP Energy $3.371 2.1%
Aspen Technology, Inc. Information Technology $3.145 2.0%
Dominion Midstream Partners, L.P. Energy $2.382 2.0%
Scorpio Tankers Inc. Energy $1.452 1.9%
Primoris Services Corp. Industrials $1.138 1.8%
Memorial Resource Group Corp. Energy $3.316 1.8%
Western Refining Logistics, LP Energy $1.159 1.4%
TerraForm Global, Inc. Cl - A-RESTRICTED Utilities $0.995 1.4%
Oil States International, Inc. Energy $1.385 1.3%
MPLX LP Energy $11.983 1.2%
TerraForm Power, Inc. Utilities $1.766 1.2%
Helmerich & Payne, Inc. Energy $5.772 1.1%
Methanex Corporation Materials $2.959 1.0%
Western Gas Equity Partners LP Energy $7.944 0.9%
Westlake Chemical Partners LP Materials $0.600 0.9%
Lekoil, Ltd. Energy $0.134 0.5%
Golar LNG Ltd. Energy $1.473 0.4%
Total 100.0%
Back to Top

Sector Breakdown as of January 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
18.9%
Consumer Discretionary
  • Automobile Manufacturers 2.5%
2.5%
Energy
  • Oil & Gas Exploration & Production 31.6%
  • Oil & Gas Storage & Transportation 19.1%
  • Oil & Gas Equipment & Services 10.7%
  • Oil & Gas Refining & Marketing 7.0%
  • Oil & Gas Drilling 1.1%
69.5%
Industrials
  • Construction & Engineering 1.8%
1.8%
Information Technology
  • Application Software 1.7%
1.7%
Materials
  • Specialty Chemicals 2.6%
  • Commodity Chemicals 0.8%
3.4%
Utilities
  • Renewable Electricity 2.2%
2.2%
Back to Top

Top Contributors & Detractors as of December 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Construction & Engineering 1.75% 0.27%
Commodity Chemicals 2.56% 0.26%
Trading Companies & Distributors 0.53% 0.19%
Oil & Gas Refining & Marketing 3.55% 0.17%
Automobile Manufacturers 0.74% 0.12%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 35.70% -1.42%
Specialty Chemicals 3.81% -0.85%
Semiconductor Equipment 0.99% -0.72%
Oil & Gas Storage & Transportation 23.35% -0.51%
Oil & Gas Equipment & Services 10.81% -0.28%
By Holdings
Top Contributors Average Weight Contribution
Parsley Energy, Inc. 5.03% 0.89%
Columbia Pipeline Partners LP 2.27% 0.84%
Shell Midstream Partners, L.P. 1.92% 0.71%
Valero Energy Partners LP 1.73% 0.30%
Westlake Chemical Partners LP 1.32% 0.30%
Top Detractors Average Weight Contribution
SM Energy Co. 2.30% -0.93%
Flotek Industries, Inc. 3.81% -0.85%
Energy Transfer Equity, L.P. 2.38% -0.80%
Targa Resources Corp. 1.71% -0.77%
SunEdison, Inc. 0.99% -0.72%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Automobile Manufacturers 0.19% 0.12%
Electrical Components & Equipment 0.07% 0.08%
Oil & Gas Refining & Marketing 2.27% 0.06%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 34.63% -8.75%
Oil & Gas Storage & Transportation 25.90% -8.30%
Oil & Gas Equipment & Services 11.43% -4.23%
Renewable Electricity 4.46% -3.45%
Semiconductor Equipment 2.54% -3.14%
By Holdings
Top Contributors Average Weight Contribution
Parsley Energy, Inc. 4.09% 0.83%
Valero Energy Partners LP 1.30% 0.27%
MPLX LP 0.04% 0.18%
Memorial Resource Development Corp. 0.09% 0.15%
Shell Midstream Partners, L.P. 1.90% 0.14%
Top Detractors Average Weight Contribution
SunEdison, Inc. 2.54% -3.14%
Targa Resources Corp. 2.33% -2.22%
TerraForm Global, Inc. 1.26% -2.01%
Bonanza Creek Energy, Inc. 2.10% -1.84%
SemGroup Corporation 2.07% -1.47%
Back to Top

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.