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.
 

    

Fund Resources

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Jamie Stone seeks long-term growth in energy and materials.

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Standard Fact Sheet

Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares

 

Facts & Characteristics as of March 31, 2014

Inception Date December 30, 2011
Net Assets (All share classes combined) $43.45 million
# of Equity Securities / % of Net Assets 53/93.2%
Turnover (2 Year) 31.08%
Median Market Cap $3.36 billion
Weighted Average Market Cap $8.26 billion
CUSIP 06828M868
Gross Expense Ratio (as of FYE 12/12) 9.07%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/12) (7.72)%
Net Expense Ratio (as of FYE 12/12) 1.35%
EPS Growth (3-5 year forecast) 24.0%
Price/Earnings Ratio (trailing 12-month) 25.7
Price/Book Ratio 2.9
Price/Sales Ratio 1.6

Top Ten Holdings as of March 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Atlas Energy, L.P. (ATLS) is the General Partner of Atlas Resource Partners (ARP), which is an exploration and production MLP, and Atlas Pipeline Partners L.P. (APL), which is a midstream MLP. Through this ownership structure, ATLS is eligible for incentive distribution rights from both MLPs.
Energy 3.9%
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 3.6%
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 3.6%
Bonanza Creek Energy, Inc. (BCEI) is an oil & gas exploration & production company with assets concentrated in the Rocky Mountain and Mid-Continent regions. The company is primarily focused on developing new resources in the Niobrara shale play in Northeast Colorado.
Energy 3.5%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry.
Energy 3.3%
Gulfport Energy Corp. (GPOR) is an independent exploration and production company based in the United States. The company primarily operates in Ohio, where it is active in the Utica Shale, and Louisiana, on more conventional fields. It also has a 25% stake in Grizzly Energy, a Canadian oil sands company.
Energy 3.3%
Forum Energy Technologies, Inc. (FET) is a global oilfield products company, serving the subsea, drilling, completion, production, and infrastructure sectors of the oil and natural gas industry. Forum is focused on capital equipment and consumable products.
Energy 3.2%
Superior Energy Services, Inc.
Energy 3.0%
Tallgrass Energy Partners, LP
Energy 3.0%
RSP Permian, Inc.
Energy 2.9%
Total 33.3%
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Portfolio Holdings as of March 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 6.8%
Atlas Energy, L.P. Energy $2.215 3.9%
Concho Resources, Inc. Energy $12.882 3.6%
Flotek Industries, Inc. Materials $1.445 3.6%
Bonanza Creek Energy, Inc. Energy $1.788 3.5%
Halliburton Co. Energy $50.108 3.3%
Gulfport Energy Corp. Energy $6.066 3.3%
Forum Energy Technologies, Inc. Energy $2.878 3.2%
Superior Energy Services, Inc. Energy $4.879 3.0%
Tallgrass Energy Partners, LP Energy $1.475 3.0%
RSP Permian, Inc. Energy $2.095 2.9%
SM Energy Co. Energy $4.781 2.6%
Oil States International, Inc. Energy $5.259 2.5%
Western Refining Logistics, LP Energy $1.421 2.5%
Oasis Petroleum, Inc. Energy $4.223 2.4%
Tesoro Logistics LP Energy $3.279 2.4%
CARBO Ceramics, Inc. Energy $3.188 2.3%
Chart Industries, Inc. Industrials $2.415 1.9%
Rose Rock Midstream, L.P. Energy $1.205 1.9%
Athlon Energy Inc. Energy $2.912 1.9%
Core Laboratories N.V. Energy $8.903 1.8%
Helmerich & Payne, Inc. Energy $11.566 1.8%
Golar LNG Ltd. Energy $3.359 1.8%
Scorpio Tankers Inc. Energy $1.982 1.8%
Targa Resources Corp. Energy $4.186 1.7%
Noble Energy, Inc. Energy $25.621 1.6%
Kodiak Oil & Gas Corp. Energy $3.232 1.6%
Flowserve Corp. Industrials $10.779 1.5%
Marathon Petroleum Corp. Energy $25.490 1.5%
Primoris Services Corp. Industrials $1.546 1.4%
Antero Resources Corporation Energy $16.404 1.4%
Valero Energy Partners LP Energy $2.280 1.4%
EOG Resources, Inc. Energy $53.580 1.3%
SunCoke Energy Partners, LP Materials $0.919 1.3%
SunCoke Energy, Inc. Materials $1.593 1.3%
Western Gas Partners, LP Energy $7.937 1.2%
Susser Petroleum Partners LP Energy $0.772 1.2%
Phillips 66 Partners LP Energy $3.421 1.2%
SunEdison, Inc. Information Technology $5.033 1.2%
Cobalt International Energy, Inc. Energy $7.556 1.1%
Badger Daylighting Ltd. Industrials $1.392 1.1%
National Oilwell Varco, Inc. Energy $33.369 1.0%
RigNet, Inc. Energy $0.934 1.0%
Seadrill Partners, LLC Energy $2.236 1.0%
Western Gas Equity Partners LP Energy $10.750 1.0%
Frank's International N.V. Energy $3.804 0.9%
Anadarko Petroleum Corporation Energy $43.404 0.8%
Cabot Oil & Gas Corp. Energy $14.138 0.8%
MRC Global, Inc. Industrials $2.755 0.8%
Freeport-McMoRan Copper & Gold, Inc. Materials $34.341 0.6%
Polypore International, Inc. Industrials $1.539 0.5%
Tesoro Corporation Energy $6.627 0.5%
Africa Oil Corp. Energy $2.081 0.4%
Agrinos AS Materials $0.065 0.0%
Total 100.0%
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Sector Breakdown as of March 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
6.8%
Energy
  • Oil & Gas Exploration & Production 29.2%
  • Oil & Gas Storage & Transportation 25.0%
  • Oil & Gas Equipment & Services 19.1%
  • Oil & Gas Drilling 2.8%
  • Oil & Gas Refining & Marketing 2.0%
78.0%
Industrials
  • Industrial Machinery 3.4%
  • Construction & Engineering 2.4%
  • Trading Companies & Distributors 0.8%
  • Electrical Components & Equipment 0.5%
7.1%
Information Technology
  • Semiconductor Equipment 1.2%
1.3%
Materials
  • Specialty Chemicals 3.6%
  • Steel 2.6%
  • Diversified Metals & Mining 0.6%
  • Fertilizers & Agricultural Chemicals 0.0%
6.8%
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Top Contributors & Detractors as of March 31, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 24.88% 3.10%
Oil & Gas Exploration & Production 30.93% 1.76%
Specialty Chemicals 3.52% 1.27%
Oil & Gas Equipment & Services 20.01% 1.21%
Oil & Gas Drilling 3.01% 0.42%
Top Detractors Average Weight Contribution
Industrial Machinery 3.44% -0.44%
Oil & Gas Refining & Marketing 2.51% -0.34%
Trading Companies & Distributors 0.83% -0.16%
Semiconductor Equipment 0.40% -0.14%
Diversified Metals & Mining 0.72% -0.11%
By Holdings
Top Contributors Average Weight Contribution
Flotek Industries, Inc. 3.52% 1.27%
RSP Permian, Inc. 2.22% 1.04%
Tallgrass Energy Partners, LP 2.57% 0.99%
Western Refining Logistics, LP 2.64% 0.53%
Halliburton Co. 3.16% 0.49%
Top Detractors Average Weight Contribution
SM Energy Co. 2.99% -0.46%
Oasis Petroleum, Inc. 2.74% -0.45%
Chart Industries, Inc. 2.11% -0.42%
Scorpio Tankers Inc. 1.71% -0.29%
Frank's International N.V. 1.33% -0.26%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 22.92% 6.78%
Oil & Gas Exploration & Production 30.23% 6.66%
Oil & Gas Equipment & Services 22.95% 4.64%
Steel 2.35% 1.27%
Oil & Gas Drilling 4.27% 1.25%
Top Detractors Average Weight Contribution
Trading Companies & Distributors 1.19% -0.61%
Oil & Gas Refining & Marketing 2.46% -0.46%
Forest Products 0.37% -0.28%
Diversified Metals & Mining 1.00% -0.25%
Fertilizers & Agricultural Chemicals 0.14% -0.25%
By Holdings
Top Contributors Average Weight Contribution
Tallgrass Energy Partners, LP 2.09% 1.51%
Concho Resources, Inc. 3.97% 1.37%
Halliburton Co. 2.94% 1.35%
Helmerich & Payne, Inc. 1.71% 1.09%
SM Energy Co. 3.64% 1.08%
Top Detractors Average Weight Contribution
Halcon Resources Corp. 1.34% -1.76%
MRC Global, Inc. 1.19% -0.61%
C&J Energy Services, Inc. 0.22% -0.58%
Cobalt International Energy, Inc. 1.17% -0.49%
Subsea 7 SA 1.29% -0.43%
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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.