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, 2016

Inception Date December 30, 2011
Net Assets (All share classes combined) $103.90 million
# of Equity Securities / % of Net Assets 40 / 99.4%
Turnover (3 Year Average) 41.61%
Median Market Cap $5.16 billion
Weighted Average Market Cap $15.00 billion
CUSIP 06828M868
Gross Expense Ratio (as of FYE 12/15) 1.58%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/15) (0.23)%
Net Expense Ratio (as of FYE 12/15) 1.35%
EPS Growth (3-5 year forecast) 14.3%
Price/Earnings Ratio (trailing 12-month) 16.8
Price/Book Ratio 2.1
Price/Sales Ratio 2.6

Top Ten Holdings as of December 31, 2016

Holding Sector Percentage*
RSP Permian (RSPP) is an independent exploration and production company with 63,000 net acres in the Midland sub-area 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 6.9%
Parsley Energy, Inc. (PE) is an independent oil & gas exploration & production company based in Austin, TX that owns and operates over 133,000 net acres in the Permian Basin in West Texas. Parsley was founded in 2008, and its properties are largely in the Midland and Delaware sub-areas of the greater Permian.
Energy 6.5%
Encana Corp (ECA) is a leading Canadian exploration and production company with main operations in the Montney and Duvernay basins in Western Canada as well as the Permian and Eagle Ford basins in Texas.
Energy 5.9%
Concho Resources, Inc. (CXO) is an independent oil and natural gas company engaged in the acquisition, development, exploitation, and exploration of properties focused on the Permian basin in West Texas and New Mexico.
Energy 5.8%
Newfield Exploration Co. (NFX) is an independent exploration and production company with operations that are primarily focused on shale oil fields in Oklahoma, Utah, and North Dakota. The company has focused its capital allocation to its highest return Cana-Woodford assets in the Anadarko basin in Oklahoma.
Energy 4.8%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry.
Energy 3.9%
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, down-hole drilling tools, and down-hole production tools used in the energy and mining industries.
Materials 3.4%
Targa Resources Corp. (TRGP) is a growth oriented midstream company focused on gas and natural gas liquids gathering, processing, and fractionation.
Energy 3.4%
Schlumberger Limited (SLB) is the largest and most diversified oilfield services & equipment company in the world. The company added to its strong position with the recent acquisition of Cameron International.
Energy 3.0%
U.S. Silica Holdings, Inc.
Energy 2.9%
Total 46.5%
Back to Top

Portfolio Holdings as of December 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
RSP Permian, Inc. Energy $6.333 6.9%
Parsley Energy, Inc. Energy $7.316 6.5%
Encana Corp. Energy $11.421 5.9%
Concho Resources, Inc. Energy $19.366 5.8%
Newfield Exploration Co. Energy $8.055 4.8%
Halliburton Co. Energy $46.758 3.9%
Targa Resources Corp. Energy $10.139 3.4%
Flotek Industries, Inc. Materials $0.533 3.4%
Schlumberger Limited Energy $116.800 3.0%
Valero Energy Corporation Energy $30.926 2.9%
Golar LNG Ltd. Energy $2.296 2.9%
Tesla Motors, Inc. Consumer Discretionary $34.423 2.9%
U.S. Silica Holdings, Inc. Energy $4.514 2.9%
WPX Energy, Inc. COM Energy $5.019 2.8%
Energy Transfer Equity, L.P. Energy $20.217 2.7%
Aspen Technology, Inc. Information Technology $4.223 2.5%
Rice Energy Inc. Energy $4.325 2.5%
EOG Resources, Inc. Energy $58.280 2.2%
Valero Energy Partners LP Energy $2.982 2.2%
SemGroup Corporation - Cl A Energy $2.760 2.1%
Core Laboratories N.V. Energy $5.295 2.0%
Tallgrass Energy Partners, LP Energy $3.422 2.0%
Antero Resources Corporation Energy $7.425 1.9%
Nabors Industries Ltd. Energy $4.648 1.9%
Anadarko Petroleum Corporation Energy $38.972 1.7%
Forum Energy Technologies, Inc. Energy $2.089 1.6%
Noble Midstream Partners LP Energy $1.145 1.6%
Jones Energy Inc - a Energy $0.434 1.6%
Kraton Corporation Materials $0.881 1.5%
Energen Corporation Energy $5.598 1.5%
Sanchez Production Partners LP Energy $0.156 1.4%
FMC Technologies, Inc. Energy $8.019 1.2%
Noble Energy, Inc. Energy $16.355 1.1%
MPLX LP Energy $12.203 1.1%
Infraestructura Energetica Nova S.A.B. de C.V. Utilities $6.685 1.1%
Westlake Chemical Partners LP Materials $0.586 1.0%
Scorpio Tankers Inc. Energy $0.794 0.9%
Lekoil, Ltd. Energy $0.174 0.8%
TerraForm Global, Inc. Cl - A Utilities $0.690 0.8%
PRINCIPAL CASH Cash & Cash Equivalents - 0.6%
TerraForm Power, Inc. Utilities $1.788 0.5%
Total 100.0%
Back to Top

Sector Breakdown as of December 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
0.6%
Consumer Discretionary
  • Automobile Manufacturers 2.9%
2.9%
Energy
  • Oil & Gas Exploration & Production 47.5%
  • Oil & Gas Storage & Transportation 18.8%
  • Oil & Gas Equipment & Services 14.6%
  • Oil & Gas Refining & Marketing 2.9%
  • Oil & Gas Drilling 1.9%
85.7%
Information Technology
  • Application Software 2.5%
2.5%
Materials
  • Specialty Chemicals 4.9%
  • Commodity Chemicals 1.0%
5.9%
Utilities
  • Renewable Electricity 1.3%
  • Gas Utilities 1.1%
2.4%
Back to Top

Top Contributors & Detractors as of December 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Equipment & Services 14.01% 1.96%
Oil & Gas Storage & Transportation 18.60% 1.77%
Oil & Gas Exploration & Production 45.16% 1.62%
Oil & Gas Refining & Marketing 3.16% 0.64%
Oil & Gas Drilling 1.55% 0.47%
Top Detractors Average Weight Contribution
Specialty Chemicals 5.58% -1.98%
Gold 1.48% -0.42%
Semiconductor Equipment 0.47% -0.34%
Renewable Electricity 1.70% -0.09%
Commodity Chemicals 0.95% -0.04%
By Holdings
Top Contributors Average Weight Contribution
RSP Permian, Inc. 6.21% 0.96%
Encana Corp. 5.76% 0.72%
Halliburton Co. 3.67% 0.71%
Valero Energy Corporation 2.34% 0.60%
Targa Resources Corp. 3.09% 0.51%
Top Detractors Average Weight Contribution
Flotek Industries, Inc. 4.08% -1.67%
Rice Energy Inc. 2.94% -0.49%
Newfield Exploration Co. 5.19% -0.41%
SolarEdge Technologies, Inc. 0.47% -0.34%
Kraton Corporation 1.50% -0.30%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 40.45% 23.71%
Oil & Gas Equipment & Services 12.68% 5.76%
Oil & Gas Storage & Transportation 19.55% 3.73%
Oil & Gas Drilling 1.17% 0.93%
Application Software 2.11% 0.82%
Top Detractors Average Weight Contribution
Oil & Gas Refining & Marketing 4.41% -1.89%
Semiconductor Equipment 1.30% -1.13%
Renewable Electricity 1.72% -0.79%
Gold 0.99% -0.55%
Automobile Manufacturers 2.84% -0.53%
By Holdings
Top Contributors Average Weight Contribution
Parsley Energy, Inc. 6.78% 5.43%
Rice Energy Inc. 3.36% 4.52%
RSP Permian, Inc. 5.64% 4.42%
Encana Corp. 3.51% 3.14%
Concho Resources, Inc. 6.10% 3.01%
Top Detractors Average Weight Contribution
Marathon Petroleum Corp. 1.94% -1.27%
SolarEdge Technologies, Inc. 1.30% -1.13%
Scorpio Tankers Inc. 1.17% -0.93%
Columbia Pipeline Partners LP 0.70% -0.90%
TerraForm Global, Inc. 0.82% -0.69%
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.