Skip to content

Risk Considerations

  1. The Fund is actively managed and invests mainly in a widely diversified portfolio of shares of natural resources or commodities-related companies. The companies may be anywhere in the world, including emerging markets.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, risks associated with depositary receipts, risk of investing in the natural resources sector, sector concentration risk and currency risk which may result in loss of a part or the entire amount of your investment.
  3. The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk of significant loss by the Fund.
  4. The value of the Fund can be volatile and could go down substantially.
  5. Investors should not invest in the Fund solely based on this webpage.

Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Global Natural Resources Equity Fund
An actively managed, broadly diversified portfolio of around 90-120 stocks of natural resources or commodities-related companies. The universe includes companies that own or develop natural resources and other basic commodities and companies both upstream and downstream in the supply chain.
ISIN LU0272423673
30-Nov-2023 - Shinwoo Kim, Portfolio Manager,
We have seen incremental evidence that we are in the ending stages of the productivity wave in oil and natural gas and approaching a more structurally positive environment for commodities. Although the geopolitical climate and macroeconomic backdrop exacerbate near-term uncertainty, we remain focused on where we believe we have an investment edge: understanding long-term commodity cycles.

Fund Summary
Our approach involves assessing resource/commodity cycles, industry valuations, and company fundamentals. The focus is on identifying well-managed companies with attractive long-term supply and demand fundamentals. We broadly diversify holdings for more consistent returns potential and lower volatility than highly concentrated energy or gold strategies. The manager is not constrained by the fund's benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Nov-2023 - Shinwoo Kim, Portfolio Manager,
Energy-related companies advanced in November, even as oil prices fell amidst easing supply concerns as the conflict in the Middle East seemed less likely to spread. Uncertainty surrounding OPEC+ also drove prices down as some members resisted Saudi Arabia’s push for deeper production cuts. Within the portfolio, an underweight allocation to specialty chemicals detracted. The industry rose on stronger demand, higher prices and cost-cutting, particularly amongst specialty coatings names. We narrowed our underweight during the period. An overweight position in US mixed exploration and production industry, which is heavily levered to natural gas, detracted as ample storage levels and expectations of mild weather lowered natural gas prices. An underweight to oil and gas transportation and storage pulled down returns. We narrowed our underweight in November. Conversely, stock selection added value in coal and consumable fuels. Uranium producers led returns in the space, with tight supply and elevated demand pushing uranium prices to a 15-year high. An underweight position in OUS oil and gas exploration and production boosted relative returns further amidst falling oil prices. Our focus in the industry remains in ‘quality beta’—low-cost operators with quality balance sheets.
30-Nov-2023 - Shinwoo Kim, Portfolio Manager,
After spending a decade underweight energy, the portfolio now has a modestly overweight allocation versus the peer benchmark. We added to high-quality and high-conviction names in energy and metals while trimming more defensive exposures like specialty chemicals, utilities and paper and forest products. This product is designed to provide support in periods of high and rising inflation, especially from commodities, and we remain committed to our process and focused on our investment edge as we transition towards a new commodity cycle.
31-Jul-2015 - Shawn T. Driscoll, Portfolio Manager,
From a country perspective, our allocation to Norway saw the largest percentage increase during the month of July. There were no notable reductions for the period.