Baron Energy and Resources Fund (BENFX)

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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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Standard Fact Sheet

Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares

 

Facts & Characteristics as of June 30, 2014

Inception Date December 30, 2011
Net Assets (All share classes combined) $65.04 million
# of Equity Securities / % of Net Assets 57 / 93.5%
Turnover (2 Year Average) 22.86%
Median Market Cap $3.40 billion
Weighted Average Market Cap $8.86 billion
CUSIP 06828M868
Gross Expense Ratio (as of FYE 12/13) 2.25%
Less: Reimbursement of Expenses by Adviser (as of FYE 12/13) (0.90)%
Net Expense Ratio (as of FYE 12/13) 1.35%
EPS Growth (3-5 year forecast) 28.3%
Price/Earnings Ratio (trailing 12-month) 27.5
Price/Book Ratio 3.1
Price/Sales Ratio 1.9

Top Ten Holdings as of August 31, 2014

Download Attribution Analysis for Institutional Share Class
Holding Sector Percentage*
Bonanza Creek Energy, Inc. (BCEI) is an oil & gas exploration & production company with assets concentrated in the Rocky Mountain and Mid-Continent regions. The company is primarily focused on developing new resources in the Niobrara shale play in northeastern Colorado.
Energy 4.1%
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 3.8%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry.
Energy 3.6%
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 3.5%
Atlas Energy, L.P. (ATLS) is the General Partner of Atlas Resource Partners (ARP), which is an exploration and production MLP, and Atlas Pipeline Partners L.P. (APL), which is a midstream MLP. Through this ownership structure, ATLS is eligible for incentive distribution rights from both MLPs.
Energy 3.4%
Rose Rock Midstream, L.P. (RRMS) is engaged in the gathering, transportation, storage, and marketing of crude oil in the U.S. Rose Rock acquires, owns, develops, and operates a diversified portfolio of midstream energy assets. It is controlled by SemGroup Corporation.
Energy 3.3%
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 3.2%
Oasis Petroleum, Inc. (OAS) is an independent oil and gas exploration and production company that is currently exclusively focused on the exploration and development of its 506,000 acre position in the Williston Basin of North Dakota and eastern Montana.
Energy 2.9%
Superior Energy Services, Inc.
Energy 2.8%
Tallgrass Energy Partners, LP
Energy 2.8%
Total 33.4%
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Portfolio Holdings as of June 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 6.5%
Bonanza Creek Energy, Inc. Energy $2.310 4.0%
Concho Resources, Inc. Energy $16.145 3.8%
Atlas Energy, L.P. Energy $2.328 3.7%
Halliburton Co. Energy $59.969 3.5%
Flotek Industries, Inc. Materials $1.730 3.5%
Oasis Petroleum, Inc. Energy $5.655 3.2%
Rose Rock Midstream, L.P. Energy $1.788 3.2%
SM Energy Co. Energy $5.640 2.8%
Gulfport Energy Corp. Energy $5.365 2.8%
Forum Energy Technologies, Inc. Energy $3.394 2.6%
Superior Energy Services, Inc. Energy $5.660 2.5%
Tallgrass Energy Partners, LP Energy $1.586 2.5%
Western Refining Logistics, LP Energy $1.492 2.5%
CARBO Ceramics, Inc. Energy $3.561 2.4%
RSP Permian, Inc. Energy $2.352 2.4%
Tesco Corporation Energy $0.856 2.1%
Athlon Energy Inc. Energy $4.633 2.0%
Chart Industries, Inc. Industrials $2.521 1.9%
Golar LNG Ltd. Energy $5.606 1.8%
Parsley Energy, Inc. Energy $2.836 1.8%
Core Laboratories N.V. Energy $7.497 1.7%
Targa Resources Corp. Energy $5.884 1.6%
SunEdison, Inc. Information Technology $6.053 1.6%
PBF Logistics LP Energy $0.874 1.6%
Helmerich & Payne, Inc. Energy $12.557 1.5%
Kodiak Oil & Gas Corp. Energy $3.878 1.5%
Scorpio Tankers Inc. Energy $1.929 1.5%
Antero Resources Corporation Energy $17.198 1.5%
Noble Energy, Inc. Energy $27.943 1.4%
Marathon Petroleum Corp. Energy $22.534 1.3%
Phillips 66 Partners LP Energy $5.589 1.3%
Civeo Corporation Industrials $2.672 1.3%
RigNet, Inc. Energy $0.946 1.2%
Oil States International, Inc. Energy $3.400 1.2%
Primoris Services Corp. Industrials $1.490 1.2%
Valero Energy Partners LP Energy $2.897 1.2%
EOG Resources, Inc. Energy $63.865 1.1%
Flowserve Corp. Industrials $10.211 1.0%
Tesoro Logistics LP Energy $3.997 1.0%
SunCoke Energy Partners, LP Materials $1.046 1.0%
SunCoke Energy, Inc. Materials $1.500 1.0%
Badger Daylighting Ltd. Industrials $1.220 1.0%
Cabot Oil & Gas Corp. Energy $14.246 0.9%
Western Gas Partners, LP Energy $9.204 0.9%
MRC Global, Inc. Industrials $2.884 0.9%
Western Gas Equity Partners LP Energy $13.725 0.9%
National Oilwell Varco, Inc. Energy $35.332 0.8%
Lekoil, Ltd. Energy $0.472 0.8%
Anadarko Petroleum Corporation Energy $55.288 0.7%
Cobalt International Energy, Inc. Energy $7.569 0.7%
Freeport-McMoRan Copper & Gold, Inc. Materials $37.913 0.6%
Seadrill Partners, LLC Energy $2.780 0.6%
Polypore International, Inc. Industrials $2.152 0.5%
Africa Oil Corp. Energy $2.124 0.4%
Susser Petroleum Partners LP Energy $1.031 0.4%
Abengoa Yield plc Utilities $3.026 0.4%
Opower, Inc. Information Technology $0.926 0.3%
Total 100.0%
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Sector Breakdown as of August 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
4.5%
Energy
  • Oil & Gas Exploration & Production 34.0%
  • Oil & Gas Storage & Transportation 23.1%
  • Oil & Gas Equipment & Services 17.8%
  • Oil & Gas Drilling 2.2%
  • Oil & Gas Refining & Marketing 1.4%
78.5%
Industrials
  • Industrial Machinery 2.4%
  • Construction & Engineering 2.3%
  • Diversified Support Services 1.2%
  • Trading Companies & Distributors 1.0%
  • Electrical Components & Equipment 0.4%
7.4%
Information Technology
  • Semiconductor Equipment 1.6%
1.6%
Materials
  • Specialty Chemicals 3.2%
  • Steel 2.0%
  • Commodity Chemicals 0.9%
  • Diversified Metals & Mining 0.6%
6.6%
Utilities
  • Renewable Electricity 1.4%
1.4%
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Top Contributors & Detractors as of June 30, 2014

3 Months | 12 Months Download Qtr-end GICS Sub-Industry Breakdown (Inst Shares)

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 31.60% 5.55%
Oil & Gas Storage & Transportation 24.26% 4.92%
Oil & Gas Equipment & Services 19.16% 2.37%
Specialty Chemicals 3.74% 0.59%
Semiconductor Equipment 1.48% 0.30%
Top Detractors Average Weight Contribution
Construction & Engineering 2.46% -0.17%
Oil & Gas Refining & Marketing 1.84% -0.15%
Internet Software & Services 0.42% -0.08%
Steel 2.21% -0.04%
Fertilizers & Agricultural Chemicals 0.02% -0.01%
By Holdings
Top Contributors Average Weight Contribution
Bonanza Creek Energy, Inc. 3.97% 1.17%
Oasis Petroleum, Inc. 2.88% 0.91%
Rose Rock Midstream, L.P. 2.25% 0.78%
Concho Resources, Inc. 3.99% 0.71%
Golar LNG Ltd. 1.70% 0.68%
Top Detractors Average Weight Contribution
Gulfport Energy Corp. 3.00% -0.35%
Core Laboratories N.V. 1.63% -0.27%
Marathon Petroleum Corp. 1.77% -0.16%
Badger Daylighting Ltd. 0.98% -0.13%
SunCoke Energy, Inc. 1.04% -0.10%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Exploration & Production 31.56% 16.14%
Oil & Gas Storage & Transportation 23.44% 12.72%
Oil & Gas Equipment & Services 21.50% 9.50%
Specialty Chemicals 2.61% 1.83%
Oil & Gas Drilling 3.43% 1.52%
Top Detractors Average Weight Contribution
Trading Companies & Distributors 0.90% -0.21%
Fertilizers & Agricultural Chemicals 0.07% -0.10%
Internet Software & Services 0.10% -0.08%
By Holdings
Top Contributors Average Weight Contribution
Concho Resources, Inc. 4.11% 2.90%
Bonanza Creek Energy, Inc. 3.84% 2.42%
CARBO Ceramics, Inc. 2.19% 2.25%
Halliburton Co. 3.01% 2.06%
Tallgrass Energy Partners, LP 2.44% 2.01%
Top Detractors Average Weight Contribution
Halcon Resources Corp. 0.69% -0.68%
Cobalt International Energy, Inc. 1.08% -0.49%
MRC Global, Inc. 0.89% -0.21%
Atlas Energy, L.P. 2.86% -0.13%
Agrinos AS 0.07% -0.10%
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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.