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, 2016

Inception Date December 30, 2011
Net Assets (All share classes combined) $86.21 million
# of Equity Securities / % of Net Assets 36/92.3%
Turnover (3 Year Average) 33.95%
Median Market Cap $3.81 billion
Weighted Average Market Cap $12.00 billion
CUSIP 06828M850
Gross Expense Ratio (as of FYE 12/14) 1.52%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/14) (0.42)%
Net Expense Ratio (as of FYE 12/14) 1.10%
EPS Growth (3-5 year forecast) 17.9%
Price/Earnings Ratio (trailing 12-month) 16.0
Price/Book Ratio 1.6
Price/Sales Ratio 1.3

Top Ten Holdings as of May 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 6.9%
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 6.5%
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 5.7%
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%
Rice Energy, Inc. (RICE) is an independent E&P company focused on the Marcellus and Utica shales in Pennsylvania and Ohio.
Energy 4.8%
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 4.2%
Encana Corp
Energy 4.1%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry. The company is merging with its second largest competitor, Baker Hughes, which should have a profound impact on its business in the years to come.
Energy 3.4%
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 3.4%
Noble Energy, Inc. (NBL) is an independent oil & gas exploration and production company with operations in six core areas: the DJ Basin, Permian Basin, Eagle Ford Shale, deepwater Gulf of Mexico, offshore West Africa, and offshore Eastern Mediterranean.
Energy 3.4%
Total 47.9%
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Portfolio Holdings as of March 31, 2016

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 7.7%
Parsley Energy, Inc. Energy $3.814 7.0%
Concho Resources, Inc. Energy $13.070 6.3%
RSP Permian, Inc. Energy $2.952 5.9%
Newfield Exploration Co. Energy $6.588 5.6%
Halliburton Co. Energy $30.660 3.9%
Rice Energy Inc. Energy $1.904 3.9%
Noble Energy, Inc. Energy $13.619 3.7%
Valero Energy Corporation Energy $30.132 3.6%
Schlumberger Limited Energy $92.426 3.3%
Flotek Industries, Inc. Materials $0.402 3.0%
Tallgrass Energy Partners, LP Energy $2.574 2.9%
Core Laboratories N.V. Energy $4.765 2.8%
Tesla Motors, Inc. Consumer Discretionary $30.343 2.8%
Energy Transfer Equity, L.P. Energy $7.449 2.8%
Marathon Petroleum Corp. Energy $19.677 2.7%
Memorial Resource Group Corp. Energy $2.090 2.7%
Valero Energy Partners LP Energy $3.094 2.4%
Dominion Midstream Partners, L.P. Energy $2.622 2.3%
Solaredge Technologies Inc Information Technology $1.011 2.3%
EOG Resources, Inc. Energy $39.911 2.1%
Targa Resources Corp. Energy $4.795 2.1%
Primoris Services Corp. Industrials $1.258 2.1%
Encana Corporation US Energy $5.182 2.1%
Aspen Technology, Inc. Information Technology $3.013 2.0%
Oil States International, Inc. Energy $1.619 1.6%
Scorpio Tankers Inc. Energy $1.022 1.5%
PBF Logistics LP Energy $0.695 1.5%
Helmerich & Payne, Inc. Energy $6.342 1.3%
MPLX LP Energy $9.046 1.1%
Golar LNG Ltd. Energy $1.676 1.0%
Western Gas Equity Partners LP Energy $7.802 0.9%
TerraForm Power, Inc. Utilities $1.214 0.8%
Westlake Chemical Partners LP Materials $0.533 0.8%
TerraForm Global, Inc. Cl - A Utilities $0.424 0.6%
Shell Midstream Partners, L.P. Energy $6.050 0.5%
Lekoil, Ltd. Energy $0.105 0.4%
Total 100.0%
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Sector Breakdown as of May 31, 2016

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
3.1%
Consumer Discretionary
  • Automobile Manufacturers 3.2%
3.2%
Energy
  • Oil & Gas Exploration & Production 40.6%
  • Oil & Gas Storage & Transportation 22.1%
  • Oil & Gas Equipment & Services 12.8%
  • Oil & Gas Refining & Marketing 4.4%
  • Oil & Gas Drilling 1.1%
81.0%
Industrials
  • Construction & Engineering 0.5%
0.5%
Information Technology
  • Semiconductor Equipment 2.4%
  • Application Software 2.0%
4.3%
Materials
  • Specialty Chemicals 5.4%
  • Commodity Chemicals 1.1%
6.5%
Utilities
  • Renewable Electricity 1.3%
1.4%
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Top Contributors & Detractors as of March 31, 2016

3 Months | 12 Months

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 32.59% 3.38%
Oil & Gas Equipment & Services 11.00% 0.85%
Construction & Engineering 1.94% 0.20%
Oil & Gas Drilling 1.21% 0.17%
Semiconductor Equipment 0.83% 0.05%
Top Detractors Average Weight Contribution
Oil & Gas Storage & Transportation 19.50% -3.51%
Oil & Gas Refining & Marketing 6.16% -1.54%
Specialty Chemicals 2.89% -1.40%
Renewable Electricity 1.94% -1.24%
Commodity Chemicals 0.88% -0.29%
By Holdings
Top Contributors Average Weight Contribution
Parsley Energy, Inc. 6.22% 1.51%
Rice Energy Inc. 1.09% 1.22%
RSP Permian, Inc. 4.96% 1.14%
Concho Resources, Inc. 6.07% 0.71%
Dominion Midstream Partners, L.P. 2.15% 0.30%
Top Detractors Average Weight Contribution
Energy Transfer Equity, L.P. 2.63% -1.66%
Flotek Industries, Inc. 2.89% -1.40%
Marathon Petroleum Corp. 2.75% -1.09%
Memorial Resource Development Corp. 2.09% -1.04%
TerraForm Global, Inc. 0.99% -0.84%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Construction & Engineering 1.51% 0.47%
Trading Companies & Distributors 0.50% 0.11%
Top Detractors Average Weight Contribution
Oil & Gas Storage & Transportation 23.94% -12.11%
Oil & Gas Exploration & Production 34.44% -6.70%
Renewable Electricity 3.98% -5.08%
Semiconductor Equipment 2.03% -3.36%
Oil & Gas Equipment & Services 11.07% -2.36%
By Holdings
Top Contributors Average Weight Contribution
Parsley Energy, Inc. 4.71% 2.22%
Rice Energy Inc. 0.27% 1.22%
RSP Permian, Inc. 3.23% 0.99%
Primoris Services Corp. 1.51% 0.47%
Core Laboratories N.V. 1.92% 0.16%
Top Detractors Average Weight Contribution
SunEdison, Inc. 1.82% -3.41%
Energy Transfer Equity, L.P. 2.23% -3.08%
TerraForm Global, Inc. 1.50% -2.77%
Targa Resources Corp. 1.93% -1.88%
Bonanza Creek Energy, Inc. 1.37% -1.83%
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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.