Baron Energy and Resources Fund (BENIX)

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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, 2016

Inception Date December 30, 2011
Net Assets (All share classes combined) $100.47 million
# of Equity Securities / % of Net Assets 41/98.2%
Turnover (3 Year Average) 36.58%
Median Market Cap $4.68 billion
Weighted Average Market Cap $13.35 billion
CUSIP 06828M850
Gross Expense Ratio (as of FYE 12/15) 1.29%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/15) (0.19)%
Net Expense Ratio (as of FYE 12/15) 1.10%
EPS Growth (3-5 year forecast) 5.6%
Price/Earnings Ratio (trailing 12-month) 18.3
Price/Book Ratio 1.9
Price/Sales Ratio 2.0

Top Ten Holdings as of August 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 7.7%
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 5.9%
RSP Permian (RSPP) is an independent E&P company with 64,000 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 5.8%
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 5.5%
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 5.2%
Encana Corp (ECA) is a leading Canadian-based E&P company with main operations in the Montney and Duvernay Basins in Western Canada as well as the Permian and the Eagle Ford Basins in Texas.
Energy 5.0%
Rice Energy, Inc. (RICE) is an independent E&P company focused on the Marcellus and Utica shales in Pennsylvania and Ohio.
Energy 5.0%
Schlumberger Limited (SLB) is the largest and most diversified oilfield service & equipment company in the world. The company added to its strong position with the recent acquisition of Cameron International.
Energy 3.3%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry.
Energy 3.3%
Tallgrass Energy Partners, LP (TEP) is a Master Limited Partnership that provides natural gas transportation and storage services in the Rockies and Midwest, as well as processing services in Wyoming.
Energy 2.9%
Total 49.6%
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Portfolio Holdings as of June 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Parsley Energy, Inc. Energy $5.358 6.5%
Newfield Exploration Co. Energy $8.769 6.0%
Concho Resources, Inc. Energy $15.690 5.8%
RSP Permian, Inc. Energy $3.546 5.5%
Rice Energy Inc. Energy $3.449 4.9%
Flotek Industries, Inc. Materials $0.711 4.7%
Encana Corporation US Energy $6.611 4.0%
Halliburton Co. Energy $38.916 3.7%
Schlumberger Limited Energy $110.018 3.5%
Targa Resources Corp. Energy $6.947 3.0%
Noble Energy, Inc. Energy $15.410 3.0%
Tesla Motors, Inc. Consumer Discretionary $31.264 3.0%
Tallgrass Energy Partners, LP Energy $3.318 3.0%
Core Laboratories N.V. Energy $5.463 2.7%
Valero Energy Partners LP Energy $3.105 2.5%
Energy Transfer Equity, L.P. Energy $15.014 2.5%
Aspen Technology, Inc. Information Technology $3.294 2.1%
Solaredge Technologies Inc Information Technology $0.798 2.1%
EOG Resources, Inc. Energy $45.904 2.0%
Antero Resources Corporation Energy $7.902 1.9%
U.S. Silica Holdings, Inc. Energy $2.189 1.9%
PRINCIPAL CASH Cash & Cash Equivalents - 1.8%
SemGroup Corporation - Cl A Energy $1.683 1.8%
Golar LNG Ltd. Energy $1.442 1.7%
Marathon Petroleum Corp. Energy $20.113 1.7%
Oil States International, Inc. Energy $1.689 1.6%
MPLX LP Energy $11.409 1.6%
PBF Logistics LP Energy $0.858 1.6%
Valero Energy Corporation Energy $23.960 1.5%
Barrick Gold Corp. Materials $24.877 1.5%
KRATON PERFORMANCE POLYMERS, INC. Materials $0.861 1.3%
Energen Corporation Energy $4.680 1.3%
Helmerich & Payne, Inc. Energy $7.253 1.2%
NEWMONT MINING CORP COM Materials $20.754 1.0%
Westlake Chemical Partners LP Materials $0.541 1.0%
Dominion Midstream Partners, L.P. Energy $2.186 1.0%
Scorpio Tankers Inc. Energy $0.736 0.9%
TerraForm Power, Inc. Utilities $1.520 0.9%
Western Gas Equity Partners LP Energy $8.374 0.8%
TerraForm Global, Inc. Cl - A Utilities $0.581 0.8%
Lekoil, Ltd. Energy $0.117 0.6%
Primoris Services Corp. Industrials $0.980 0.1%
Total 100.0%
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Sector Breakdown as of August 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.7%
Consumer Discretionary
  • Automobile Manufacturers 2.8%
2.8%
Energy
  • Oil & Gas Exploration & Production 43.1%
  • Oil & Gas Storage & Transportation 19.0%
  • Oil & Gas Equipment & Services 14.2%
  • Oil & Gas Refining & Marketing 3.8%
80.0%
Information Technology
  • Application Software 2.2%
  • Semiconductor Equipment 1.7%
3.9%
Materials
  • Specialty Chemicals 6.8%
  • Gold 1.9%
  • Commodity Chemicals 1.0%
9.8%
Utilities
  • Renewable Electricity 1.8%
1.8%
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Top Contributors & Detractors as of June 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 41.22% 9.91%
Oil & Gas Storage & Transportation 20.77% 3.94%
Specialty Chemicals 4.56% 2.36%
Oil & Gas Equipment & Services 12.27% 1.94%
Renewable Electricity 1.46% 0.44%
Top Detractors Average Weight Contribution
Oil & Gas Refining & Marketing 4.75% -0.65%
Semiconductor Equipment 2.18% -0.45%
Construction & Engineering 1.00% -0.27%
Automobile Manufacturers 3.23% -0.21%
By Holdings
Top Contributors Average Weight Contribution
Energy Transfer Equity, L.P. 2.78% 2.54%
Flotek Industries, Inc. 3.87% 2.28%
Rice Energy Inc. 4.56% 2.22%
Newfield Exploration Co. 5.49% 1.75%
Memorial Resource Development Corp. 1.72% 1.45%
Top Detractors Average Weight Contribution
Valero Energy Corporation 2.47% -0.64%
Bonanza Creek Energy, Inc. 0.25% -0.52%
SolarEdge Technologies, Inc. 2.18% -0.45%
Dominion Midstream Partners, L.P. 1.71% -0.37%
Golar LNG Ltd. 1.62% -0.35%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 35.68% 2.61%
Specialty Chemicals 3.90% 0.68%
Construction & Engineering 1.52% 0.18%
Oil & Gas Drilling 1.19% 0.10%
Gold 0.03% 0.06%
Top Detractors Average Weight Contribution
Oil & Gas Storage & Transportation 22.66% -10.86%
Renewable Electricity 3.25% -5.34%
Semiconductor Equipment 1.72% -4.92%
Oil & Gas Refining & Marketing 4.17% -2.57%
Oil & Gas Equipment & Services 11.00% -1.01%
By Holdings
Top Contributors Average Weight Contribution
Rice Energy Inc. 1.41% 3.65%
Parsley Energy, Inc. 5.51% 3.60%
RSP Permian, Inc. 4.10% 2.11%
Newfield Exploration Co. 4.73% 1.52%
Concho Resources, Inc. 5.48% 0.93%
Top Detractors Average Weight Contribution
SunEdison, Inc. 0.98% -4.53%
TerraForm Global, Inc. 1.49% -2.83%
Bonanza Creek Energy, Inc. 0.79% -2.15%
SM Energy Co. 1.26% -1.90%
TerraForm Power, Inc. 1.21% -1.85%
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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.