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.
 

    

Fund Resources

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Jamie Stone seeks long-term growth in energy and materials.

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Facts & Characteristics as of December 31, 2014

Inception Date December 30, 2011
Net Assets (All share classes combined) $69.04 million
# of Equity Securities / % of Net Assets 55/94.1%
Turnover (3 Year Average) 28.15%
Median Market Cap $2.60 billion
Weighted Average Market Cap $7.28 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) 23.3%
Price/Earnings Ratio (trailing 12-month) 13.8
Price/Book Ratio 2.0
Price/Sales Ratio 1.3

Top Ten Holdings as of December 31, 2014

Download Attribution Analysis
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 4.2%
Parsley Energy, Inc.
Energy 3.8%
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 3.5%
Tallgrass Energy Partners, LP
Energy 3.5%
Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry.
Energy 2.9%
Gulfport Energy Corp. (GPOR) is an independent exploration and production company based in the United States. The company primarily operates in Ohio, where it is active in the Utica Shale, and Louisiana, on more conventional fields. It also has a 25% stake in Grizzly Energy, a Canadian oil sands company.
Energy 2.9%
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 2.9%
Western Refining Logistics, LP
Energy 2.8%
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 2.7%
RSP Permian (RSPP) is an independent E&P company with 39,000 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 (NGP), a $10 billion energy-focused private equity firm.
Energy 2.6%
Total 31.8%
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Portfolio Holdings as of December 31, 2014

Holding Sector Market Cap ($Bn) Percentage*
PRINCIPAL CASH Cash & Cash Equivalents - 5.9%
Concho Resources, Inc. Energy $11.273 4.2%
Parsley Energy, Inc. Energy $2.012 3.8%
Atlas Energy, L.P. Energy $1.618 3.5%
Tallgrass Energy Partners, LP Energy $2.191 3.5%
Halliburton Co. Energy $33.331 2.9%
Gulfport Energy Corp. Energy $3.570 2.9%
Flotek Industries, Inc. Materials $1.010 2.9%
Western Refining Logistics, LP Energy $1.427 2.8%
SM Energy Co. Energy $2.601 2.7%
Cabot Oil & Gas Corp. Energy $12.230 2.6%
Bonanza Creek Energy, Inc. Energy $0.990 2.6%
RSP Permian, Inc. Energy $1.943 2.6%
SunEdison, Inc. Information Technology $5.287 2.5%
Superior Energy Services, Inc. Energy $3.066 2.2%
Forum Energy Technologies, Inc. Energy $1.952 2.1%
TerraForm Power, Inc. Utilities $3.120 2.0%
Shell Midstream Partners, L.P. Energy $5.530 2.0%
Targa Resources Corp. Energy $4.469 1.9%
Westlake Chemical Partners LP Materials $0.785 1.9%
Tesco Corporation Energy $0.508 1.8%
Energy Transfer Equity, L.P. Energy $30.915 1.8%
Helmerich & Payne, Inc. Energy $7.299 1.7%
Marathon Petroleum Corp. Energy $25.290 1.7%
Abengoa Yield plc Utilities $2.186 1.7%
Core Laboratories N.V. Energy $5.271 1.6%
EOG Resources, Inc. Energy $50.455 1.6%
Oasis Petroleum, Inc. Energy $1.676 1.6%
Noble Energy, Inc. Energy $17.163 1.6%
Scorpio Tankers Inc. Energy $1.497 1.6%
Dominion Midstream Partners, L.P. Energy $2.507 1.6%
SemGroup Corporation - Cl A Energy - 1.5%
Anadarko Petroleum Corporation Energy $41.782 1.4%
Antero Resources Corporation Energy $10.635 1.4%
Primoris Services Corp. Industrials $1.198 1.3%
Phillips 66 Partners LP Energy $5.098 1.3%
Canyon Services Group Inc. Energy $0.531 1.2%
RigNet, Inc. Energy $0.723 1.1%
Golar LNG Ltd. Energy $3.402 1.1%
Oil States International, Inc. Energy $2.600 1.1%
Rose Rock Midstream, L.P. Energy $1.487 1.1%
Western Gas Equity Partners LP Energy $13.185 1.1%
Flowserve Corp. Industrials $8.155 1.0%
Tesoro Logistics LP Energy $4.715 1.0%
Western Gas Partners, LP Energy $9.424 1.0%
MRC Global, Inc. Industrials $1.546 1.0%
SunCoke Energy, Inc. Materials $1.281 1.0%
Badger Daylighting Ltd. Industrials $0.843 0.9%
PBF Logistics LP Energy $0.691 0.9%
Chart Industries, Inc. Industrials $1.043 0.8%
Valero Energy Partners LP Energy $2.491 0.8%
Whiting Petroleum Corp. Energy $5.542 0.6%
Polypore International, Inc. Industrials $2.101 0.5%
Lekoil, Ltd. Energy $0.158 0.5%
Freeport-McMoRan Copper & Gold, Inc. Materials $24.271 0.4%
National Oilwell Varco, Inc. Energy $28.216 0.2%
Total 100.0%
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Sector Breakdown as of December 31, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
5.9%
Energy
  • Oil & Gas Exploration & Production 30.2%
  • Oil & Gas Storage & Transportation 28.5%
  • Oil & Gas Equipment & Services 14.1%
  • Oil & Gas Drilling 1.7%
  • Oil & Gas Refining & Marketing 1.7%
76.2%
Industrials
  • Construction & Engineering 2.2%
  • Industrial Machinery 1.8%
  • Trading Companies & Distributors 1.0%
  • Electrical Components & Equipment 0.5%
5.5%
Information Technology
  • Semiconductor Equipment 2.5%
2.5%
Materials
  • Specialty Chemicals 2.9%
  • Commodity Chemicals 1.9%
  • Steel 1.0%
  • Diversified Metals & Mining 0.4%
6.2%
Utilities
  • Renewable Electricity 3.7%
3.7%
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Top Contributors & Detractors as of December 31, 2014

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

3 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Electrical Components & Equipment 0.50% 0.07%
Oil & Gas Refining & Marketing 1.65% 0.07%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 30.95% -9.97%
Oil & Gas Equipment & Services 15.63% -5.11%
Oil & Gas Storage & Transportation 28.30% -2.10%
Specialty Chemicals 3.03% -0.85%
Industrial Machinery 2.02% -0.69%
By Holdings
Top Contributors Average Weight Contribution
Shell Midstream Partners, L.P. 1.20% 0.76%
Dominion Midstream Partners, L.P. 1.13% 0.75%
RSP Permian, Inc. 2.53% 0.10%
Scorpio Tankers Inc. 1.48% 0.09%
TerraForm Power, Inc. 1.72% 0.08%
Top Detractors Average Weight Contribution
Bonanza Creek Energy, Inc. 3.39% -2.54%
SM Energy Co. 2.75% -1.62%
Oasis Petroleum, Inc. 1.93% -1.55%
Halliburton Co. 3.52% -1.52%
Atlas Energy, L.P. 3.81% -1.08%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 25.24% 4.32%
Specialty Chemicals 3.37% 0.11%
Electrical Components & Equipment 0.50% 0.06%
Commodity Chemicals 0.50% 0.04%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 31.58% -7.08%
Oil & Gas Equipment & Services 18.10% -4.82%
Industrial Machinery 2.82% -1.43%
Trading Companies & Distributors 0.95% -0.76%
Construction & Engineering 2.24% -0.61%
By Holdings
Top Contributors Average Weight Contribution
Tallgrass Energy Partners, LP 2.83% 1.37%
Athlon Energy Inc. 1.76% 1.26%
RSP Permian, Inc. 2.41% 0.78%
Shell Midstream Partners, L.P. 0.30% 0.76%
Dominion Midstream Partners, L.P. 0.28% 0.75%
Top Detractors Average Weight Contribution
Oasis Petroleum, Inc. 2.65% -1.92%
SM Energy Co. 2.95% -1.81%
Bonanza Creek Energy, Inc. 3.76% -1.61%
Atlas Energy, L.P. 3.65% -1.21%
Chart Industries, Inc. 1.67% -1.19%
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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.