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 September 30, 2014

Inception Date December 30, 2011
Net Assets (All share classes combined) $70.02 million
# of Equity Securities / % of Net Assets 53/93.3%
Turnover (2 Year Average) 22.13%
Median Market Cap $3.35 billion
Weighted Average Market Cap $8.64 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) 28.9%
Price/Earnings Ratio (trailing 12-month) 21.3
Price/Book Ratio 2.8
Price/Sales Ratio 1.8

Top Ten Holdings as of September 30, 2014

Download Attribution Analysis
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 3.9%
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 3.8%
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 3.7%
Athlon Energy Inc.
Energy 3.5%
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 3.4%
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 3.1%
Tallgrass Energy Partners, LP
Energy 3.1%
Parsley Energy, Inc.
Energy 2.9%
Total 34.5%
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Portfolio Holdings as of September 30, 2014

Holding Sector Market Cap ($Bn) Percentage*
Cash & Cash Equivalents Cash & Cash Equivalents - 6.7%
Bonanza Creek Energy, Inc. Energy $2.348 3.9%
Concho Resources, Inc. Energy $14.163 3.8%
Atlas Energy, L.P. Energy $2.284 3.8%
Halliburton Co. Energy $54.868 3.7%
Athlon Energy Inc. Energy $5.667 3.5%
SM Energy Co. Energy $5.255 3.4%
Rose Rock Midstream, L.P. Energy $1.787 3.3%
Tallgrass Energy Partners, LP Energy $2.217 3.1%
Flotek Industries, Inc. Materials $1.406 3.1%
Parsley Energy, Inc. Energy $2.689 2.9%
Western Refining Logistics, LP Energy $1.589 2.8%
Superior Energy Services, Inc. Energy $5.084 2.7%
Oasis Petroleum, Inc. Energy $4.229 2.6%
Gulfport Energy Corp. Energy $4.566 2.6%
Forum Energy Technologies, Inc. Energy $2.873 2.4%
Tesco Corporation Energy $0.796 2.4%
RSP Permian, Inc. Energy $1.976 2.3%
Golar LNG Ltd. Energy $6.194 1.8%
Core Laboratories N.V. Energy $6.501 1.7%
Targa Resources Corp. Energy $5.741 1.7%
SunEdison, Inc. Information Technology $5.077 1.7%
PBF Logistics LP Energy $0.805 1.7%
Helmerich & Payne, Inc. Energy $10.592 1.6%
Antero Resources Corporation Energy $14.384 1.5%
Anadarko Petroleum Corporation Energy $51.325 1.4%
Chart Industries, Inc. Industrials $1.863 1.4%
Marathon Petroleum Corp. Energy $23.989 1.4%
Primoris Services Corp. Industrials $1.386 1.4%
Noble Energy, Inc. Energy $24.728 1.3%
Scorpio Tankers Inc. Energy $1.431 1.3%
EOG Resources, Inc. Energy $54.209 1.2%
Oil States International, Inc. Energy $3.348 1.2%
MRC Global, Inc. Industrials $2.379 1.2%
Kodiak Oil & Gas Corp. Energy $3.627 1.2%
Tesoro Logistics LP Energy $4.043 1.1%
Cabot Oil & Gas Corp. Energy $13.641 1.1%
Phillips 66 Partners LP Energy $4.937 1.1%
Flowserve Corp. Industrials $9.647 1.0%
SunCoke Energy, Inc. Materials $1.556 1.0%
Valero Energy Partners LP Energy $2.570 1.0%
TerraForm Power, Inc. Utilities $2.915 1.0%
Westlake Chemical Partners LP Materials $0.785 1.0%
RigNet, Inc. Energy $0.713 0.9%
Western Gas Partners, LP Energy $9.111 0.9%
Western Gas Equity Partners LP Energy $13.340 0.9%
SunCoke Energy Partners, LP Materials $1.099 0.9%
Badger Daylighting Ltd. Industrials $0.923 0.9%
Lekoil, Ltd. Energy $0.400 0.8%
National Oilwell Varco, Inc. Energy $32.741 0.7%
Freeport-McMoRan Copper & Gold, Inc. Materials $33.925 0.6%
Seadrill Partners, LLC Energy $2.864 0.5%
Abengoa Yield plc Utilities $2.979 0.5%
Polypore International, Inc. Industrials $1.747 0.4%
Total 100.0%
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Sector Breakdown as of September 30, 2014

Sector Sub-Industry Percentage*
Cash & Cash Equivalents
6.7%
Energy
  • Oil & Gas Exploration & Production 33.6%
  • Oil & Gas Storage & Transportation 24.4%
  • Oil & Gas Equipment & Services 15.7%
  • Oil & Gas Drilling 2.1%
  • Oil & Gas Refining & Marketing 1.4%
77.2%
Industrials
  • Industrial Machinery 2.4%
  • Construction & Engineering 2.2%
  • Trading Companies & Distributors 1.2%
  • Electrical Components & Equipment 0.4%
6.2%
Information Technology
  • Semiconductor Equipment 1.7%
1.7%
Materials
  • Specialty Chemicals 3.1%
  • Steel 1.9%
  • Commodity Chemicals 1.0%
  • Diversified Metals & Mining 0.6%
6.6%
Utilities
  • Renewable Electricity 1.6%
1.6%
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Top Contributors & Detractors as of September 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 Storage & Transportation 23.48% 0.41%
Oil & Gas Refining & Marketing 1.40% 0.12%
Commodity Chemicals 0.65% 0.05%
Steel 2.00% 0.03%
Top Detractors Average Weight Contribution
Oil & Gas Exploration & Production 32.81% -3.23%
Oil & Gas Equipment & Services 17.67% -3.05%
Specialty Chemicals 3.21% -0.64%
Industrial Machinery 2.61% -0.52%
Diversified Support Services 1.28% -0.50%
By Holdings
Top Contributors Average Weight Contribution
Athlon Energy Inc. 2.32% 0.64%
Tallgrass Energy Partners, LP 2.82% 0.45%
Rose Rock Midstream, L.P. 3.19% 0.28%
Western Refining Logistics, LP 2.63% 0.18%
Golar LNG Ltd. 1.72% 0.17%
Top Detractors Average Weight Contribution
CARBO Ceramics, Inc. 1.75% -1.30%
Oasis Petroleum, Inc. 3.06% -0.84%
Flotek Industries, Inc. 3.21% -0.64%
Civeo Corporation 1.28% -0.50%
Concho Resources, Inc. 3.65% -0.49%

12 Months

By Sub-Industry
Top Contributors Average Weight Contribution
Oil & Gas Storage & Transportation 23.69% 10.52%
Oil & Gas Exploration & Production 31.72% 3.78%
Oil & Gas Equipment & Services 19.74% 1.72%
Specialty Chemicals 3.24% 0.93%
Steel 2.39% 0.79%
Top Detractors Average Weight Contribution
Industrial Machinery 3.13% -1.26%
Diversified Support Services 0.43% -0.39%
Trading Companies & Distributors 0.86% -0.18%
Semiconductor Equipment 0.85% -0.14%
Internet Software & Services 0.15% -0.12%
By Holdings
Top Contributors Average Weight Contribution
Tallgrass Energy Partners, LP 2.53% 1.95%
Athlon Energy Inc. 1.96% 1.53%
Rose Rock Midstream, L.P. 2.12% 1.49%
Western Refining Logistics, LP 2.47% 1.28%
Targa Resources Corp. 1.76% 1.24%
Top Detractors Average Weight Contribution
Chart Industries, Inc. 1.99% -1.34%
Oasis Petroleum, Inc. 3.03% -0.55%
Frank's International N.V. 0.96% -0.51%
Cobalt International Energy, Inc. 0.87% -0.50%
Atlas Energy, L.P. 3.31% -0.41%
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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.