Risk Considerations

  1. The Fund invests mainly in a widely diversified portfolio of stocks 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, 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 value of the Fund can be volatile and could go down substantially.
  4. You should not invest in the Fund unless the intermediary which sells you the Fund has advised you that the Fund is suitable for you.
  5. Investors should not invest in the Fund solely based on this webpage.
SICAV
Global Natural Resources Equity Fund
Seeking to identify well-managed companies with attractive long-term supply demand fundamentals in the arena of natural resources extraction and production.
ISIN LU0272423673
FACTSHEET
KFS
YTD
Return
4.94%
1YR Return
(Annualised)
-14.66%
3YR Return
(Annualised)
-1.13%
NAV (USD)
at 16-Sep-2019
$7.64
NAV Change
(Daily)
1.87%
Fund Size
(USD)
$196.2m
Shawn T. Driscoll,
Portfolio Manager
Shawn Driscoll is a portfolio manager in the U.S. Equity Division. He is a lead manager for the Global Natural Resources Equity Strategy.

Overview
Strategy
Fund Summary
Seeks capital appreciation over the longer term by investing in a highly diversified portfolio of natural resource and commodity-related companies.
SMALL-CAP
MID-CAP
LARGE-CAP

127
Holdings

Style
Agnostic
Risk & Reward Data
Information Ratio
-0.20
Sharpe Ratio
-0.40
Historical Tracking Error
4.33%
Performance - Net of Fees
Current Year Performance
1 Month
-5.62%
Indicative Benchmark
-6.00%
Excess Return

0.38%
3 Months
0.70%
Indicative Benchmark
-0.98%
Excess Return

1.68%
6 Months
-5.99%
Indicative Benchmark
-7.50%
Excess Return

1.51%
YTD
4.94%
Indicative Benchmark
4.41%
Excess Return

0.53%
Annualised Performance
1 YR
-14.66%
Indicative Benchmark
-15.80%
Excess Return

1.14%
3 YR
-1.13%
Indicative Benchmark
1.31%
Excess Return

-2.44%
5 YR
-5.56%
Indicative Benchmark
-4.69%
Excess Return

-0.87%
Inception
-2.72%
Indicative Benchmark
-0.68%
Excess Return

-2.04%
Data as of 31-Aug-2019
Indicative Benchmark : MSCI World Select Natural Resources Index Net
Share Class Inception Date: 05-Nov-2007
Holdings
Total
Holdings
127
Largest
Total
5.00%
Was ( 31-Mar-2019 )

4.78%
Top 10
26.98%
Largest Contributor
Total
By 1.99%
% of fund
4.98%
Largest Detractor
Concho Resources
By -0.35%
% of fund
2.63%
Largest Purchase
Linde
2.99%
Was ( 31-Mar-2019 )
1.49%
Largest Sale
ExxonMobil
0.99%
Was ( 31-Mar-2019 )
1.77%
Data as of 30-Jun-2019
Sectors
Total
Sectors
9
Largest
Chemicals
18.11%
Was ( 31-Jul-2019 )
17.88%
Overweight
Chemicals
By 13.83%
Fund
18.11%
Indicative Benchmark
4.28%
Underweight
Metals & Mining
By -10.16%
Fund
10.73%
Indicative Benchmark
20.90%
Data as of 31-Aug-2019
Data as of 31-Aug-2019
Indicative Benchmark: Lipper Global Natural Resources Funds Index
Regions
Data as of
Countries
Total
Countries
20
Largest
United States
58.45%
Was ( 31-Jul-2019 )
59.44%
Overweight
United States
By 7.65%
Fund
58.45%
Indicative Benchmark
50.80%
Underweight
Japan
By -5.44%
Fund
0.46%
Indicative Benchmark
5.90%
Data as of 31-Aug-2019
Data as of 31-Aug-2019
Indicative Benchmark: MSCI World Select Natural Resources Index
Currency
Total
Currencies
9
Largest
U.S. dollar
64.78%
Was ( 31-Jul-2019 )
65.58%

Overweight
U.S. dollar
By 13.65%
Fund
64.78%
Indicative Benchmark
51.13%
Underweight
Canadian dollar
By -7.47%
Fund
4.70%
Indicative Benchmark
12.17%
Data as of 31-Aug-2019
Indicative Benchmark: MSCI World Select Natural Resources Index

Team
Shawn T. Driscoll,
Portfolio Manager
Shawn Driscoll is a portfolio manager in the U.S. Equity Division. He is a lead manager for the Global Natural Resources Equity Strategy.
Portfolio Manager since
2013
Years at
T. Rowe Price
11
Years investment experience
14
Brian Dausch,
Portfolio Specialist
Brian Dausch is a portfolio specialist in the U.S. Equity Division working closely with institutional clients, consultants, and prospects.
Years at
T. Rowe Price
19
Years investment experience
20
How to Invest
Fees Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Sales Charge (up to) Investment Management Fee (up to)

Indicative Benchmark Data Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Unless otherwise specified, all fund ratings, awards and data are as of 31-Aug-2019 and sourced from T. Rowe Price. 

SICAV refers to the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”).

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested in the share class currency, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. Unless otherwise stated, effective July 1, 2018, the “net” version of the indicative benchmark replaced the “gross” version of the indicative benchmark. The “net” version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.   

Please refer to the factsheet for the Minimum Performance Information and other details.

Investment involves risks. Past performance is not a reliable indicator of future performance. The investment returns for some funds are denominated in foreign currency other than US/HK dollar. US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar against other foreign currency's exchange rate. Investors should refer to the prospectus for full details of the objectives, investment policies and risks.

Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.  

The calendar year performance of a share class in its year of inception is calculated from its inception date to the last day of that year, which is not a full year return.

Issued in Hong Kong by T. Rowe Price Hong Kong Limited, 6/F, Chater House, 8 Connaught Road Central, Hong Kong. T. Rowe Price Hong Kong Limited is licensed and regulated by the Securities & Futures Commission (“SFC”). This has not been reviewed by the SFC.

All Risk & Reward Data shown is specific to the particular share class shown, and is not necessarily representative of the fund as a whole. The data is calculated based upon the return and standard deviation of the selected share class over 3 years (if the share class has a track record of between 3 and 5 years) or 5 years, once the share class has sufficient performance history. Risk & Reward Data is not available for share classes with under 3 years’ performance history. 

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

Where Top 10 Contributor and Detractor figures are shown (within the Holdings sections), these represent the Top 10 contributing/detracting securities by percentage of positive or negative contribution to performance as of 31-Aug-2019.

Where individual top contributor/detractor figures are shown, these are the largest contributors/detractors by percentage of fund size, out of the Top 10 contributors/detractors to fund performance as of 31-Aug-2019.

Calculation methodology of the contributors/detractors is available upon request. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for clients in the fund. A complete list of contributors/detractors for the period covered is available upon request.

Certain numbers in this website may not equal the stated totals due to rounding.

The Morningstar rating is sourced from Morningstar.

©2019 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.