Prices & Performance

Prices

as of 02/20/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$6.31 $0.00 0.00% -5.11% 1.28% 1.28%

Performance

 

as of 01/31/19

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BENUX - Baron Energy and Resources Fund - R6 6.74% 6.74% -21.76% 1.06% -10.31% -5.57% 1.40% 1.09%
S&P North American Natural Resources Sector Index 12.81% 12.81% -13.00% 7.38% -3.33% -0.58%
S&P 500 Index 8.01% 8.01% -2.31% 14.02% 10.96% 13.77%

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 12/31/18

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1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BENUX - Baron Energy and Resources Fund - R6 -25.03% -4.23% -12.12% -6.51% 1.40% 1.09%
S&P North American Natural Resources Sector Index -21.07% 1.50% -6.50% -2.28%
S&P 500 Index -4.38% 9.26% 8.49% 12.70%

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 01/31/19

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Year Baron Energy and Resources Fund S&P North American Natural Resources Sector Index S&P 500 Index
2018 -25.03% -21.07% -4.38%
2017 -8.58% 1.23% 21.83%
2016 28.17% 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 -8.58%
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 12/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 20.93 22.87 20.93
Sharpe Ratio -0.25 -0.56 -0.33
Alpha (%) -5.24 -4.96 -3.79
Beta 1.01 1.07 1.04
R-Squared (%) 80.54 84.38 82.64
Tracking Error (%) 9.23 9.15 8.75
Information Ratio -0.62 -0.61 -0.48
Upside Capture (%) 90.85 101.05 96.57
Downside Capture (%) 115.36 120.54 113.24

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

 
NAV $6.31
Daily Change ($) $0.00
Daily Change (%) 0.00%
MTD -5.11%
QTD 1.28%
YTD 1.28%
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BENUX - Baron Energy and Resources Fund - R6 S&P North American Natural Resources Sector Index S&P 500 Index
QTD1 6.74% 12.81% 8.01%
YTD1 6.74% 12.81% 8.01%
1 Year -21.76% -13.00% -2.31%
3 Years 1.06% 7.38% 14.02%
5 Years -10.31% -3.33% 10.96%
Since Inception -5.57% -0.58% 13.77%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 1.09%

*As of 01/31/19

*Annualized as of 01/31/19

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.

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BENUX - Baron Energy and Resources Fund - R6 S&P North American Natural Resources Sector Index S&P 500 Index
1 Year -25.03% -21.07% -4.38%
3 Years -4.23% 1.50% 9.26%
5 Years -12.12% -6.50% 8.49%
Since Inception -6.51% -2.28% 12.70%
Expense Ratio2 - Gross 1.40%
Expense Ratio2 - Net 1.09%

*As of 12/31/18

*Annualized as of 01/31/19

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 12/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 20.93 22.87 20.93
Sharpe Ratio -0.25 -0.56 -0.33
Alpha (%) -5.24 -4.96 -3.79
Beta 1.01 1.07 1.04
R-Squared (%) 80.54 84.38 82.64
Tracking Error (%) 9.23 9.15 8.75
Information Ratio -0.62 -0.61 -0.48
Upside Capture (%) 90.85 101.05 96.57
Downside Capture (%) 115.36 120.54 113.24

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Energy and Resources Fund's(BENUX) 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 01/31/19

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Year Baron Energy and Resources Fund S&P North American Natural Resources Sector Index S&P 500 Index
2018 -25.03% -21.07% -4.38%
2017 -8.58% 1.23% 21.83%
2016 28.17% 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 -8.58%

Portfolio Characteristics

 

as of 12/31/18

Baron Energy and Resources Fund S&P North American Natural Resources Sector Index
Net Assets$33.92 million
# of Equity Securities / % of Net Assets17 / 77.4%
Turnover (3 Year Average)32.03%
Active Share91.0%
Median Market Cap$8.26 billion$4.79 billion
Weighted Average Market Cap$24.73 billion$60.04 billion
EPS Growth (3-5 year forecast)23.4%12.8%
Price/Earnings Ratio (trailing 12-month)13.911.4
Price/Book Ratio1.41.4
Price/Sales Ratio1.11.0
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 01/31/19

Open All Close All Holding Sector % of Net Assets

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.
Concho Resources closed its acquisition of RSP Permian in July 2018. We think the combined entity will offer industry-leading production growth and exposure to some of the best acreage in Texas and New Mexico. Concho should benefit from scale and synergies resulting from the deal, in addition to its own ongoing improvements in operating results and the ability to generate high double-digit production growth. Its acreage is largely in the core of the basin, where multi-zone development potential is greatest and where the most productive wells are likely to be drilled.

Energy 13.5%

Tesla, Inc.

Tesla, Inc. (TSLA) manufactures purely electric automobiles including a sedan (Model S), a CUV (Model X), mass market sedan (Model 3). In addition, through acquisition and internal development, the company offers energy generation solutions (solar) and battery-based energy storage.
In our view, Tesla could continue to grow its business rapidly at least through 2020. We believe its strong engineer talent pool, first mover advantage, scale with its existing facilities, $5 billion Giga battery plant, expanding production capacity to China and Europe, solar activity, and recognized brand could potentially result in a market capitalization of >$100 billion in two to three years and more thereafter.

Consumer Discretionary 11.8%

TPI Composites, Inc.

TPI Composites, Inc. (TPIC) is the only independent global manufacturer of composite wind blades for the wind energy market. The company provides wind blades to the industry's leading original equipment manufacturers, including GE Wind, Vestas, Siemens Gamesa, the Nordex Group, Senvion, and Enercon.
The wind industry is shifting to a predominantly outsourced wind blade manufacturing model to achieve more cost-effective production. We believe TPI is well-positioned to capitalize on this trend, as well as the growth trends of the wind industry. The company has long-term supply agreements with customers that provide contracted volumes allowing for significant revenue visibility. TPI plans to double its revenues to $2 billion by 2021 by continuing to sign new agreements and diversifying its revenue into transportation industry opportunities such as electric vehicles.

Industrials 6.6%

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.
We believe Aspen is a high-quality business with a long runway for 10%+ organic growth. The company has greater than 90% recurring revenue, best-in-class retention rates, margins in the high-40%s and expanding toward 50%, and outstanding free cash flow generation that we think the company will likely use for repurchases and bolt-on M&A.

Information Technology 6.5%

Golar LNG Ltd.

Golar LNG Ltd. (GLNG) owns and operates a fleet of Liquefied Natural Gas (LNG) vessels and floating regasification units. Golar is also developing floating liquefaction units (FLNG) and is now operating the world's first FLNG conversion, the Golar FLNG-Hilli.
We expect a favorable environment in the LNG shipping market over the next five years due to strong LNG demand. With FLNG-Hilli proof of concept, we expect Golar to convert more of its old vessels into floating liquefaction units at potentially attractive returns. We believe Golar is trading below its asset value and can create significant equity value and capture a larger portion of the LNG supply chain over time with its floating LNG projects in West Africa, Gulf of Mexico, and integrated gas/power projects in Latin America.

Energy 5.3%

Cactus, Inc.

Cactus, Inc. (WHD) is an oilfield equipment supplier that sells premium equipment such as wellheads and production trees, which are integral to well completions. It also manufactures and rents a series of specialized equipment and tools used in the hydraulic fracturing and well completion process.
The company is run by an entrepreneurial management team that had run and subsequently sold companies in this segment to two of Cactus’s biggest competitors prior to founding Cactus. The company has done a remarkable job of growing its revenues, market share, and cash flows, in our view. We are attracted to Cactus for its considerable growth opportunity in both its original equipment and rentals businesses, as well as its differentiated business model that has yielded peer-leading growth, margins, returns and free cash flow.

Energy 4.7%

Marathon Petroleum Corporation

Marathon Petroleum Corp. (MPC) refines, markets, and transports petroleum products in the U.S. It operates through three business segments: Refining & Marketing (Gulf Coast and Mid-West refiners), Speedway (Retail), and Pipeline Transportation.
We believe Marathon Petroleum has several avenues to grow cash flows and returns to shareholders. As the largest Mid-Con refiner, it benefits from discounted Bakken/ WTI/ WCS crude and lower transport costs. It owns the GP and a majority of the LP units in MPLX, a fast growth midstream MLP, which allows Marathon to access lower cost of capital and benefit from LP/ GP economics. It has a strong expansion record and future opportunities in Kentucky and Ohio, driven by Utica shale development. In late 2018, Marathon merged with global logistics and refining company Andeavor.

Energy 4.6%

Petróleo Brasileiro S.A. – Petrobras

Petróleo Brasileiro S.A. – Petrobras​ (PBR) is one of the largest integrated oil & gas companies in the world focused on developing of deep-water oil fields offshore Brazil.
Petrobras has been the global leader in offshore deep-water oil exploration and production and has some of the lowest breakeven cost assets in the industry. We like the shares due to the ramp-up in production at pre-salt oil fields and expect a material deleveraging of balance sheet with non-core asset divestments over the next several years.

Energy 3.9%

Gravity Oilfield Services Inc.

Energy 3.1%

Targa Resources Corp.

Targa Resources Corp. (TRGP) is a growth oriented midstream company focused on gas and natural gas liquids gathering, processing, and fractionation.
Over the last two years, Targa has undergone a significant transition of its business model. It acquired two large businesses and restructured from a master limited partnership/general partner structure to a standalone C-Corp midstream company. We believe Targa is well positioned to work on optimization (costs) and growth (new downstream projects) opportunities to enhance value while paying dividends. In a commodity price recovery scenario, we think Targa could have significant upside due to its ability to capitalize on rising natural gas prices.

Energy 2.9%

Total

62.9%

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

as of 12/31/18

Name Sector % of Net Assets

Tesla, Inc.

Consumer Discretionary 13.8%

Concho Resources, Inc.

Energy 12.6%

Aspen Technology, Inc.

Information Technology 6.0%

TPI Composites, Inc.

Industrials 5.8%

Golar LNG Ltd.

Energy 5.6%

Gravity Oilfield Services Inc. Cl - A 144A

Energy 4.6%

Marathon Petroleum Corporation

Energy 4.5%

Cactus, Inc.

Energy 4.3%

Petroleo Brasileiro S.A. Petrobras - ADR

Energy 3.4%

Magnolia Oil & Gas Corporation

Energy 2.8%

Energy Transfer LP

Energy 2.7%

Targa Resources Corp.

Energy 2.6%

Valero Energy Corporation

Energy 2.6%

Noble Midstream Partners LP

Energy 1.9%

MPLX LP

Energy 1.9%

EOG Resources, Inc.

Energy 1.8%

Lekoil, Ltd.

Energy 0.5%

GICS SECTOR BREAKDOWN

As of 01/31/19

As of 01/31/19

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

Contributors/Detractors

Quarterly as of 12/31/18

Top Contributors Average Weight Contribution
Tesla, Inc. 10.50% 1.31%
Andeavor 0.15% 0.14%

Quarterly as of 12/31/18

Top Detractors Average Weight Contribution
Concho Resources, Inc. 12.60% -4.26%
Parsley Energy, Inc. 6.70% -3.94%
Encana Corp. 4.65% -3.61%
WPX Energy, Inc. 3.11% -1.74%
Halliburton Co. 3.24% -1.41%

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.