Baron Energy and Resources Fund (BENFX)

Portfolio Management

James H. Stone

Fund Manager since 2011

Objective & Strategy

The investment goal of Baron Energy and Resources Fund is capital appreciation.

The Fund invests mainly in U.S. energy and resource companies of any market capitalization and may invest up to 25% in non-U.S. securities. Non-diversified.

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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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Latest Fact Sheets

Standard Fact Sheet

Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares


Performance Summary as of February 28, 2015

  Annualized Returns Since Inception
YTD 1 YR 3 YR 5 YR 10 YR Annualized Cumulative
1.94% -14.25% 0.20% N/A N/A 1.68% 5.43%
Growth of $10,000 Chart

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Top Ten Holdings as of February 28, 2015

Holding Sector Percentage
Concho Resources, Inc. Energy 4.1%
Parsley Energy, Inc. Energy 3.4%
Newfield Exploration Co. Energy 3.3%
Atlas Energy, L.P. Energy 3.3%
Halliburton Co. Energy 3.2%
Bonanza Creek Energy, Inc. Energy 3.1%
SunEdison, Inc. Information Technology 3.1%
SM Energy Co. Energy 3.0%
Gulfport Energy Corp. Energy 2.9%
Flotek Industries, Inc. Materials 2.6%
Total 32.0%
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Performance Based Characteristics as of December 31, 2014

Characteristics 3 Years 5 Years 10 Years Since Inception
Standard Deviation (%) 17.11 17.11
Sharpe Ratio 0.06 0.06
Alpha (%) -0.96 -0.96
Beta 0.97 0.97
R-Squared (%) 81.71 81.71
Tracking Error (%) 7.24 7.24
Information Ratio -0.18 -0.18
Upside Capture (%) 94.00 94.00
Downside Capture (%) 99.21 99.21

Daily Price (NAV)

Prices for Mar 27 , 2015
NAV $10.42
Daily Change ($) -$0.05
Daily Change (%) -0.48%
MTD -1.04%
YTD 0.87%
52-Week High $14.41
52-Week Low $9.13

Fund Facts

Inception Date December 30, 2011
Net Assets^ $69.04 million
CUSIP 06828M868
Expense Ratio* 2.25% / 1.35%
Risk/Return Comparison

This information is not currently available.


Morningstar Ratings
Ratings based on risk-adjusted returns as of 12/31/2014
Category: US OE Equity Energy
Overall 3 Stars out of 81 funds
3 Year 3 Stars out of 81 funds

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Lipper Rankings
Rankings based on total returns as of 12/31/2014
Category: Global Natural Resources Funds
1 Year 68 out of 150 funds
3 Year 38 out of 140 funds


Baron Category: N/A
Large Value Large Core Large Growth Large
Mid Value Mid Core Mid Growth Mid
Small Value Small Core Small Growth Small
Value Core Growth  
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Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain Fund expenses and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above. For performance information current to the most recent month end, click here.

^All share classes combined. As of most recent month end.

*As of fiscal year ended 12/31/2013, the gross expense of the Fund's Retail Shares was 2.25% but the net expense ratio was 1.35% (net of the Adviser's fee waiver).

Top Ten Fund Holdings based on net assets. 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.

Definitions (provided by BAMCO, Inc.): The Standard & Poor’s (S&P) North American Natural Resources Sector Index is a modified capitalization-weighted equity index of U.S.- traded natural resources-related stocks, including mining, energy, paper and forest products, and plantation owning companies. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Baron Energy and Resources Fund are with dividends, which positively impacts the performance results. The Morningstar Equity Energy Category Average is not weighted and represents the straight average of annualized returns of each of the funds in the category. The Fund's Retail Shares have been included in the category since inception. © 2014 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.