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 March 31, 2015

Inception Date December 30, 2011
Net Assets (All share classes combined) $81.66 million
# of Equity Securities / % of Net Assets 54/94.1%
Turnover (3 Year Average) 29.89%
Median Market Cap $3.23 billion
Weighted Average Market Cap $8.31 billion
CUSIP 06828M850
Gross Expense Ratio (as of FYE 12/13) 2.84%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (1.74)%
Net Expense Ratio (as of FYE 12/13) 1.10%
EPS Growth (3-5 year forecast) 13.3%
Price/Earnings Ratio (trailing 12-month) 14.3
Price/Book Ratio 1.7
Price/Sales Ratio 1.3

Top Ten Holdings as of May 31, 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 3.7%
SunEdison, Inc. (SUNE) is the world's largest renewable energy development company.
Information Technology 3.6%
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 3.5%
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 3.0%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry. The company is merging with its 2nd largest competitor, Baker Hughes, which should have a profound impact on its business in the years to come.
Energy 2.9%
Tallgrass Energy GP, LP
Energy 2.9%
Cabot Oil & Gas Corp.
Energy 2.7%
Targa Resources Corp. (TRGP) owns LP units and is the General Partner of Targa Resources Partners, a growth oriented master limited partnership focused on gas and natural gas liquids gathering, processing, and fractionation.
Energy 2.6%
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 2.6%
Total 31.5%
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Portfolio Holdings as of March 31, 2015

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.9%
Concho Resources, Inc. Energy $13.911 4.2%
Newfield Exploration Co. Energy $5.709 3.6%
Parsley Energy, Inc. Energy $2.252 3.5%
SM Energy Co. Energy $3.487 3.4%
SunEdison, Inc. Information Technology $6.537 3.2%
Halliburton Co. Energy $37.284 3.1%
Targa Resources Corp. Energy $5.365 3.0%
Bonanza Creek Energy, Inc. Energy $1.217 2.9%
Gulfport Energy Corp. Energy $3.934 2.9%
Superior Energy Services, Inc. Energy $3.346 2.5%
Tallgrass Energy Partners, LP Energy $3.046 2.5%
Flotek Industries, Inc. Materials $0.805 2.5%
SemGroup Corporation - Cl A Energy $3.565 2.5%
Laredo Petroleum Inc. Energy $2.789 2.5%
Cabot Oil & Gas Corp. Energy $12.214 2.4%
RSP Permian, Inc. Energy $2.098 2.2%
TerraForm Power, Inc. Utilities $4.549 2.1%
Energy Transfer Equity, L.P. Energy $34.137 2.0%
Anadarko Petroleum Corporation Energy $42.687 1.9%
Western Refining Logistics, LP Energy $1.358 1.9%
Westlake Chemical Partners LP Materials $0.726 1.9%
Noble Energy, Inc. Energy $18.966 1.8%
Forum Energy Technologies, Inc. Energy $1.762 1.8%
Abengoa Yield plc Utilities $2.702 1.8%
Columbia Pipeline Partners LP Energy $2.787 1.8%
Globe Specialty Metals, Inc. Materials $1.395 1.7%
EOG Resources, Inc. Energy $50.289 1.7%
Marathon Petroleum Corp. Energy $27.951 1.7%
Shell Midstream Partners, L.P. Energy $5.262 1.7%
Helmerich & Payne, Inc. Energy $7.327 1.5%
Scorpio Tankers Inc. Energy $1.622 1.5%
Dominion Midstream Partners, L.P. Energy $2.655 1.5%
C & J Energy Services, Ltd. Energy $1.310 1.4%
Oasis Petroleum, Inc. Energy $1.980 1.3%
Golar LNG Ltd. Energy $3.104 1.3%
Phillips 66 Partners LP Energy $5.674 1.3%
Core Laboratories N.V. Energy $4.506 1.2%
Methanex Corporation Materials $4.918 1.2%
Rose Rock Midstream, L.P. Energy $1.748 1.0%
Valero Energy Partners LP Energy $2.787 1.0%
Western Gas Equity Partners LP Energy $13.135 0.9%
Flowserve Corp. Industrials $7.610 0.8%
Tesoro Logistics LP Energy $4.312 0.8%
Oil States International, Inc. Energy $2.043 0.8%
Western Gas Partners, LP Energy $8.569 0.8%
Tesco Corporation Energy $0.443 0.8%
RigNet, Inc. Energy $0.505 0.7%
MRC Global, Inc. Industrials $1.213 0.7%
Primoris Services Corp. Industrials $0.887 0.7%
Antero Resources Corporation Energy $9.719 0.7%
Whiting Petroleum Corp. Energy $6.319 0.5%
Lekoil, Ltd. Energy $0.127 0.5%
Atlas Energy Group, LLC Energy $0.156 0.4%
PBF Logistics LP Energy $0.746 0.1%
Total 100.0%
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Sector Breakdown as of May 31, 2015

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.9%
Energy
  • Oil & Gas Exploration & Production 35.8%
  • Oil & Gas Storage & Transportation 26.7%
  • Oil & Gas Equipment & Services 12.4%
  • Oil & Gas Refining & Marketing 1.5%
  • Oil & Gas Drilling 1.4%
77.9%
Industrials
  • Construction & Engineering 1.3%
  • Industrial Machinery 0.7%
  • Trading Companies & Distributors 0.7%
2.7%
Information Technology
  • Semiconductor Equipment 3.6%
3.6%
Materials
  • Commodity Chemicals 2.7%
  • Specialty Chemicals 2.6%
  • Diversified Metals & Mining 1.9%
7.1%
Utilities
  • Renewable Electricity 3.8%
3.8%
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Top Contributors & Detractors as of March 31, 2015

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 33.32% 2.60%
Oil & Gas Storage & Transportation 27.39% 0.93%
Renewable Electricity 3.87% 0.82%
Semiconductor Equipment 2.89% 0.62%
Diversified Metals & Mining 1.22% 0.23%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 12.46% -1.32%
Specialty Chemicals 2.69% -0.66%
Construction & Engineering 1.20% -0.62%
Trading Companies & Distributors 0.77% -0.25%
Steel 0.80% -0.24%
By Holdings
Top Contributors Average Weight Contribution
SM Energy Co. 2.86% 0.92%
Concho Resources, Inc. 4.29% 0.75%
Newfield Exploration Co. 2.21% 0.62%
SunEdison, Inc. 2.89% 0.62%
Tallgrass Energy Partners, LP 3.07% 0.46%
Top Detractors Average Weight Contribution
Flotek Industries, Inc. 2.69% -0.66%
Primoris Services Corp. 0.98% -0.41%
Canyon Services Group Inc. 0.26% -0.34%
RigNet, Inc. 0.88% -0.33%
Tesco Corporation 1.22% -0.28%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 25.85% 2.74%
Renewable Electricity 2.05% 0.70%
Semiconductor Equipment 2.02% 0.63%
Oil & Gas Refining & Marketing 1.65% 0.27%
Electrical Components & Equipment 0.42% 0.25%
Top Detractors Average Weight Contribution
Oil & Gas Equipment & Services 16.24% -7.23%
Oil & Gas Exploration & Production 32.17% -6.07%
Specialty Chemicals 3.17% -1.61%
Industrial Machinery 2.22% -1.31%
Construction & Engineering 2.08% -1.29%
By Holdings
Top Contributors Average Weight Contribution
Tallgrass Energy Partners, LP 2.96% 1.02%
Athlon Energy Inc. 1.26% 0.98%
Dominion Midstream Partners, L.P. 0.65% 0.83%
Shell Midstream Partners, L.P. 0.76% 0.68%
SunEdison, Inc. 2.02% 0.63%
Top Detractors Average Weight Contribution
Oasis Petroleum, Inc. 2.32% -1.83%
Bonanza Creek Energy, Inc. 3.56% -1.64%
Flotek Industries, Inc. 3.17% -1.61%
Forum Energy Technologies, Inc. 2.44% -1.12%
Tesco Corporation 1.92% -1.07%
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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.