Baron Energy and Resources Fund (BENIX)

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 September 30, 2016

Inception Date December 30, 2011
Net Assets (All share classes combined) $110.11 million
# of Equity Securities / % of Net Assets 42/97.5%
Turnover (3 Year Average) 36.51%
Median Market Cap $5.04 billion
Weighted Average Market Cap $13.89 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) -3.1%
Price/Earnings Ratio (trailing 12-month) 14.7
Price/Book Ratio 2.2
Price/Sales Ratio 2.3

Top Ten Holdings as of October 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 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 7.3%
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 6.0%
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 5.5%
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 5.3%
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 5.2%
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 4.1%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry.
Energy 3.6%
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 3.4%
Targa Resources Corp. (TRGP) is a growth oriented midstream company focused on gas and natural gas liquids gathering, processing, and fractionation.
Energy 2.9%
Tesla Motors, Inc. (TSLA) manufactures luxury automobiles powered by purely electric drivetrains. It offers a sedan (Model S), a CUV (Model X), and battery-based energy storage. Tesla expects to start delivering its mass market vehicle, Model 3, in 2017 for a base price of $35k.
Consumer Discretionary 2.7%
Total 46.0%
Back to Top

Portfolio Holdings as of September 30, 2016

Holding Sector Market Cap ($Bn) Percentage*
Parsley Energy, Inc. Energy $6.921 6.9%
Concho Resources, Inc. Energy $19.337 6.1%
RSP Permian, Inc. Energy $3.942 5.5%
Newfield Exploration Co. Energy $8.631 5.3%
Encana Corp. Energy $10.000 5.3%
Rice Energy Inc. Energy $5.132 4.8%
Flotek Industries, Inc. Materials $0.823 4.7%
Halliburton Co. Energy $38.646 3.3%
Schlumberger Limited Energy $109.364 3.2%
Targa Resources Corp. Energy $8.183 3.0%
Tesla Motors, Inc. Consumer Discretionary $30.338 2.6%
PRINCIPAL CASH Cash & Cash Equivalents - 2.5%
Tallgrass Energy Partners, LP Energy $3.476 2.4%
Energy Transfer Equity, L.P. Energy $17.542 2.4%
U.S. Silica Holdings, Inc. Energy $2.960 2.4%
Golar LNG Ltd. Energy $1.973 2.3%
Aspen Technology, Inc. Information Technology $3.731 2.2%
EOG Resources, Inc. Energy $53.253 2.2%
Antero Resources Corporation Energy $8.279 2.2%
Valero Energy Partners LP Energy $2.886 2.2%
Core Laboratories N.V. Energy $4.955 1.9%
Marathon Petroleum Corp. Energy $21.462 1.8%
SemGroup Corporation - Cl A Energy $1.868 1.8%
Valero Energy Corporation Energy $24.451 1.7%
Kraton Corporation Materials $1.081 1.6%
Energen Corporation Energy $5.603 1.6%
Noble Midstream Partners LP Energy $0.887 1.6%
Anadarko Petroleum Corporation Energy $35.077 1.5%
Forum Energy Technologies, Inc. Energy $1.814 1.4%
MPLX LP Energy $11.500 1.4%
PBF Logistics LP Energy $0.827 1.3%
SolarEdge Technologies, Inc. Information Technology $0.705 1.2%
FMC Technologies, Inc. Energy $6.694 1.0%
Barrick Gold Corporation Materials $20.650 1.0%
Noble Energy, Inc. Energy $15.357 1.0%
TerraForm Power, Inc. Utilities $1.940 1.0%
Westlake Chemical Partners LP Materials $0.618 1.0%
Newmont Mining Corporation Materials $20.847 0.9%
Scorpio Tankers Inc. Energy $0.812 0.9%
TerraForm Global, Inc. Cl - A Utilities $0.732 0.9%
Oil States International, Inc. Energy $1.621 0.7%
Nabors Industries Ltd. Energy $3.446 0.7%
Lekoil, Ltd. Energy $0.138 0.6%
Total 100.0%
Back to Top

Sector Breakdown as of October 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
1.9%
Consumer Discretionary
  • Automobile Manufacturers 2.7%
2.7%
Energy
  • Oil & Gas Exploration & Production 42.5%
  • Oil & Gas Storage & Transportation 18.8%
  • Oil & Gas Equipment & Services 13.8%
  • Oil & Gas Refining & Marketing 4.1%
  • Oil & Gas Drilling 1.5%
80.7%
Information Technology
  • Application Software 2.5%
  • Semiconductor Equipment 1.0%
3.5%
Materials
  • Specialty Chemicals 5.3%
  • Gold 2.0%
  • Commodity Chemicals 1.0%
8.2%
Utilities
  • Renewable Electricity 1.8%
  • Gas Utilities 1.1%
3.0%
Back to Top

Top Contributors & Detractors as of September 30, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 42.75% 6.07%
Oil & Gas Storage & Transportation 19.34% 2.07%
Specialty Chemicals 6.36% 0.84%
Oil & Gas Equipment & Services 13.41% 0.44%
Renewable Electricity 1.77% 0.44%
Top Detractors Average Weight Contribution
Semiconductor Equipment 1.74% -0.33%
Gold 2.36% -0.19%
Automobile Manufacturers 2.93% -0.08%
By Holdings
Top Contributors Average Weight Contribution
Parsley Energy, Inc. 7.16% 1.61%
Encana Corp 4.73% 1.42%
Concho Resources, Inc. 5.89% 0.90%
Rice Energy Inc. 4.84% 0.82%
U.S. Silica Holdings, Inc. 2.09% 0.69%
Top Detractors Average Weight Contribution
SolarEdge Technologies, Inc. 1.74% -0.33%
Core Laboratories N.V. 2.26% -0.24%
Barrick Gold Corporation 1.32% -0.22%
PBF Logistics LP 1.42% -0.19%
Valero Energy Partners LP 2.23% -0.19%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 38.07% 19.51%
Oil & Gas Equipment & Services 11.87% 3.32%
Oil & Gas Storage & Transportation 20.74% 1.21%
Specialty Chemicals 4.41% 0.59%
Oil & Gas Drilling 1.07% 0.58%
Top Detractors Average Weight Contribution
Oil & Gas Refining & Marketing 4.51% -2.23%
Semiconductor Equipment 1.44% -1.65%
Renewable Electricity 2.20% -0.89%
Automobile Manufacturers 2.38% -0.44%
Diversified Metals & Mining 0.23% -0.31%
By Holdings
Top Contributors Average Weight Contribution
Parsley Energy, Inc. 6.30% 6.01%
Rice Energy Inc. 2.62% 4.83%
RSP Permian, Inc. 4.96% 3.64%
Concho Resources, Inc. 5.87% 2.56%
Encana Corp 2.07% 2.33%
Top Detractors Average Weight Contribution
Valero Energy Corporation 2.09% -1.19%
Scorpio Tankers Inc. 1.52% -1.15%
SM Energy Co. 0.58% -1.15%
Marathon Petroleum Corp. 2.41% -1.04%
TerraForm Global, Inc. 1.01% -0.90%
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.