Prices & Performance

Prices

as of 07/16/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$8.86 -$0.12 -1.34% 0.68% 0.68% 6.62%

Performance

 

as of 06/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BENIX - Baron Energy and Resources Fund - I 7.84% 5.90% 12.23% -5.98% -2.56% -1.92% 1.42% 1.10%
S&P North American Natural Resources Sector Index 12.05% 5.29% 19.80% 3.29% 1.74% 1.96%
S&P 500 Index 3.43% 2.65% 14.37% 11.93% 13.42% 14.99%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

The 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 (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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.

1Not annualized.

The 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 (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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.

Expense ratios are as of the fiscal year ended 12/31/2017

as of 06/30/18

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Year Baron Energy and Resources Fund S&P North American Natural Resources Sector Index S&P 500 Index
2017 -8.68% 1.23% 21.83%
2016 28.31% 30.87% 11.96%
2015 -31.73% -24.28% 1.38%
2014 -12.59% -9.77% 13.69%
2013 25.63% 16.49% 32.39%
2012 -5.20% 2.20% 16.00%

1Not annualized.

The 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 (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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.

Expense ratios are as of the fiscal year ended 12/31/2017

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Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
09/27/2017 09/28/2017 09/29/2017 $0.009 $0.000 $0.000 $0.000 $0.009 $7.87 -8.68%
09/23/2015 09/24/2015 09/25/2015 $0.000 $0.000 $0.000 $0.007 $0.007 $7.78

Performance Characteristics

as of 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 23.28 21.77 20.27
Sharpe Ratio -0.28 -0.14 -0.11
Alpha (%) -8.59 -3.83 -3.45
Beta 1.07 1.08 1.03
R-Squared (%) 81.41 83.59 81.75
Tracking Error (%) 10.13 8.95 8.68
Information Ratio -0.91 -0.48 -0.45
Upside Capture (%) 91.52 103.52 95.60
Downside Capture (%) 128.79 120.73 111.34

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Energy and Resources Fund's(BENIX) benchmark (S&P North American Natural Resources Sector Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $8.86
Daily Change ($) -$0.12
Daily Change (%) -1.34%
MTD 0.68%
QTD 0.68%
YTD 6.62%
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BENIX - Baron Energy and Resources Fund - I S&P North American Natural Resources Sector Index S&P 500 Index
QTD1 7.84% 12.05% 3.43%
YTD1 5.90% 5.29% 2.65%
1 Year 12.23% 19.80% 14.37%
3 Years -5.98% 3.29% 11.93%
5 Years -2.56% 1.74% 13.42%
Since Inception -1.92% 1.96% 14.99%
Expense Ratio2 - Gross 1.42%
Expense Ratio2 - Net 1.10%

*As of 06/30/18

*Annualized as of 06/30/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

The 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 (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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.

as of 06/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 23.28 21.77 20.27
Sharpe Ratio -0.28 -0.14 -0.11
Alpha (%) -8.59 -3.83 -3.45
Beta 1.07 1.08 1.03
R-Squared (%) 81.41 83.59 81.75
Tracking Error (%) 10.13 8.95 8.68
Information Ratio -0.91 -0.48 -0.45
Upside Capture (%) 91.52 103.52 95.60
Downside Capture (%) 128.79 120.73 111.34

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Energy and Resources Fund's(BENIX) benchmark (S&P North American Natural Resources Sector Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

This information is not currently available.

as of 06/30/18

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Year Baron Energy and Resources Fund S&P North American Natural Resources Sector Index S&P 500 Index
2017 -8.68% 1.23% 21.83%
2016 28.31% 30.87% 11.96%
2015 -31.73% -24.28% 1.38%
2014 -12.59% -9.77% 13.69%
2013 25.63% 16.49% 32.39%
2012 -5.20% 2.20% 16.00%

1Not annualized.

The 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 (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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.

Expense ratios are as of the fiscal year ended 12/31/2017

Select Year
Record Date 09/27/2017 09/23/2015
Ex Date 09/28/2017 09/24/2015
Payable Date 09/29/2017 09/25/2015
Income $0.009 $0.000
Return of Capital $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000
Long-Term Capital Gain $0.000 $0.007
Total $0.009 $0.007
Re-Invest NAV $7.87 $7.78
Calendar-Yr Return -8.68%

Portfolio Characteristics

 

as of 06/30/18

Baron Energy and Resources Fund S&P North American Natural Resources Sector Index
Net Assets$60.33 million
# of Equity Securities / % of Net Assets33 / 100.0%
Turnover (3 Year Average)38.59%
Active Share (%)85.3
Median Market Cap$7.21 billion$5.83 billion
Weighted Average Market Cap$17.56 billion$74.43 billion
EPS Growth (3-5 year forecast)20.7%17.7%
Price/Earnings Ratio (trailing 12-month)22.017.7
Price/Book Ratio1.81.9
Price/Sales Ratio1.81.6
Current Expense Ratio Date12/31/2017

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Holdings

as of 06/30/18

Open All Close All Holding Sector % of Net Assets

Tesla, Inc.

Tesla, Inc. (TSLA) manufactures purely electric automobiles, energy storage, and solar solutions. It offers a sedan (Model S), a CUV (Model X), and battery-based energy storage. Tesla is now producing and delivering its highly anticipated lower cost vehicle, Model 3, with a base price of $35,000.

Consumer Discretionary 8.0%

RSP Permian, Inc.

RSP Permian, Inc. (RSPP) is an independent exploration and production company with 92,000 net acres in the core of the Permian Basin in West Texas. The company was formed in 2010, and its properties are largely in the Midland and Delaware sub-areas of the greater Permian.

Energy 7.4%

Parsley Energy, Inc.

Parsley Energy, Inc. (PE) is an independent oil & gas exploration & production company that owns and operates 227,000 net acres in the Permian Basin in West Texas. Parsley was founded in 2008, and its properties are largely in the Midland and Delaware sub-areas of the greater Permian.

Energy 7.1%

Encana Corp.

Encana Corp (ECA) is a leading Canadian exploration and production (E&P) company with main operations in the Montney and Duvernay basins in Western Canada as well as the Permian and Eagle Ford basins in Texas.

Energy 6.4%

Concho Resources, Inc.

Concho Resources, Inc. (CXO) is an independent oil and natural gas company engaged in the acquisition, development, exploitation, and exploration of properties focused on the Permian basin in West Texas and New Mexico.

Energy 6.4%

Aspen Technology, Inc.

Aspen Technology, Inc. (AZPN) sells a suite of optimization software for companies in the process industries. Its software improves competitiveness and profitability by increasing throughput and productivity, reducing operating costs, enhancing capital efficiency, and decreasing working capital requirements.

Information Technology 4.8%

Golar LNG Ltd.

Golar LNG Ltd. (GLNG) is engaged in transportation and regasification of Liquefied Natural Gas (LNG). Golar owns and operates a fleet of LNG vessels and floating regasification units. Golar is also developing its floating liquiefaction units (FLNG) ans is now operating its first FLNG-Hilli.

Energy 4.3%

TPI Composites, Inc.

TPI Composites, Inc. (TPIC) is the largest U.S.-based independent manufacturer of composite wind blades for the high-growth wind energy market. The company provides wind blades to the industry's leading OEMs, including GE Wind, Vestas, Gamesa, and Nordex/Acciona.

Industrials 4.0%

Halliburton Co.

Halliburton Co. (HAL) is a leading provider of oilfield services and equipment to the global energy industry.

Energy 3.6%

Andeavor

Andeavor (ANDV) is a refiner and marketer of petroleum products. It operates through three segments: Refining, Marketing, and Andeavor Logistics. Marathon Petroleum announced in April that it would acquire Andeavor, forming the largest independent U.S. refinery by capacity.

Energy 3.6%

Total

55.6%

Long Equity Exposure

100.0%

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.

as of 06/30/18

Name Sector % of Net Assets

Tesla, Inc.

Consumer Discretionary 8.0%

RSP Permian, Inc.

Energy 7.4%

Parsley Energy, Inc.

Energy 7.1%

Encana Corp.

Energy 6.4%

Concho Resources, Inc.

Energy 6.4%

Aspen Technology, Inc.

Information Technology 4.8%

Golar LNG Ltd.

Energy 4.3%

TPI Composites, Inc.

Industrials 4.0%

Andeavor

Energy 3.6%

Halliburton Co.

Energy 3.6%

Cactus, Inc.

Energy 3.4%

EOG Resources, Inc.

Energy 3.1%

WPX Energy, Inc.

Energy 3.0%

Gravity Oilfield Services Inc. Cl - A 144A

Energy 2.7%

Noble Midstream Partners LP

Energy 2.7%

Energy Transfer Equity, L.P.

Energy 2.4%

Valero Energy Corporation

Energy 2.3%

Targa Resources Corp.

Energy 2.2%

Sanchez Midstream Partners LP

Energy 2.1%

EQT Corporation

Energy 1.9%

Flotek Industries, Inc.

Materials 1.8%

Devon Energy Corporation

Energy 1.8%

SM Energy Company

Energy 1.7%

Marathon Oil Corporation

Energy 1.7%

NCS Multistage Holdings, Inc.

Energy 1.6%

TPG Pace Energy Holdings Corp.

Unclassified 1.5%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 1.5%

Siemens Gamesa Renewable Energy

Industrials 1.4%

Landis+Gyr AG

Information Technology 1.3%

U.S. Silica Holdings, Inc.

Energy 1.3%

MPLX LP

Energy 1.2%

Infraestructura Energetica Nova S.A.B. de C.V.

Utilities 1.1%

Lekoil, Ltd.

Energy 0.7%

GICS SECTOR BREAKDOWN

As of 06/30/18

As of 06/30/18

Colors of Sub-Industry bars correspond to the GICS sector chart.

Contributors/Detractors

Quarterly as of 06/30/18

Top Contributors Average Weight Contribution
Tesla, Inc. 7.06% 1.99%
Andeavor 3.83% 1.10%
Encana Corp. 6.10% 1.08%
TPI Composites, Inc. 3.38% 0.92%
Aspen Technology, Inc. 4.66% 0.75%

Quarterly as of 06/30/18

Top Detractors Average Weight Contribution
Flotek Industries, Inc. 2.32% -1.53%
Concho Resources, Inc. 6.53% -0.52%
RSP Permian, Inc. 7.53% -0.45%
Siemens Gamesa Renewable Energy, S.A. 1.55% -0.29%
YPF S.A. 0.20% -0.18%

Source: FactSet PA.

Insights & News

Documents

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

RISKS: Energy companies can be affected by fluctuations in energy prices and supply and demand of energy fuels. Resources industries can be affected by international political and economic developments, the success of exploration projects, and meteorological events.

The Fund may not achieve its objectives.

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. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

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”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.