風險考慮因素:

  1. 本基金以主動方式管理及主要投資於天然資源或商品相關公司的股票的多元化投資組合。該等公司可能遍佈世界各地,包括新興市場。
  2. 投資於本基金涉及風險,包括一般投資風險、股票市場風險、與預託證券相關的風險、投資於天然資源行業的風險、界別集中風險和貨幣風險,並可能導致您損失部分或全部投資金額。
  3. 本基金可運用衍生工具作對沖及有效投資組合管理,因而涉及與衍生工具相關的風險。投資於衍生工具可能導致基金蒙受重大損失的風險。
  4. 本基金價值可以波動不定,並有可能大幅下跌。
  5. 投資者不應僅根據本[文件/網站]而投資於本基金 。

投資涉及風險。過往業績並非當前或將來的表現的可靠指標,亦不應作為選擇個別產品或策略的唯一考慮因素。

普徠仕(盧森堡)系列
環球天然資源股票基金
致力於天然資源開採及生產領域物色管理完善,且具備良好長期供需基本因素的公司。
ISIN LU0272423673
基金單張
產品資料概要
2017年01月01日 - Shawn T. Driscoll, 基金經理,
Market expectations that the recent OPEC agreement to cut output will help balance out the supply/demand fundamentals have helped push up crude oil prices. Still, we maintain that this recovery in the commodity will be brief, and that oil prices will settle into a long-term average of USD $40 to $50 per barrel.

概覽
策略
基金概要
投資於天然資源及商品相關公司,投資組合高度多元化,藉此達致長線資本增值。
表現(已扣除費用)

過往表現並非未來表現的可靠指標。

2017年01月01日 - Shawn T. Driscoll, 基金經理,
Natural resources equities underperformed the broader market in December. Precious metals prices declined due to continued U.S. dollar strength and expectations that a Trump-led government will spur economic activity in the U.S. Some industrial metals, however, continued to display strength during the month, led by steel, which was one of the largest price gainers. Rising steel prices were driven by encouraging Chinese economic data, which raised expectations for heightened demand.
2016年12月31日 - Shawn T. Driscoll, 基金經理,

In the fourth quarter, OPEC's agreement to cut production and Donald Trump's victory in the U.S. presidential election introduced a heightened level of volatility into the market. Investors fled more defensive names in favor of those poised to immediately benefit from these events. As a result, some of the companies that we believe are positioned to achieve meaningful growth in the long term were pressured during the period. While we expect this volatility to continue, we also believe that in 2017 the market will again begin to favor higher-quality companies with solid fundamentals and effective management teams. We continue to closely monitor the evolving political and macroeconomic landscape. At the same time, however, our approach during these times of heighted volatility remains rooted in our bottom-up approach to stock selection, which we expect to lead to outperformance over the long term.

Oil and Gas Exploration and Production

We continue to emphasize companies in this space that benefit from favorable cost structures and those accelerating growth through the development of their assets. We maintain that the Permian region continues to offer some of the most promising opportunities in oil and gas exploration and production. Companies holding strategic geographic assets, particularly those in this region, as well as leveraging new drilling techniques are well positioned to add value for shareholders in this time of heightened volatility.

  • We believe Cimarex Energy remains a top pick in U.S. oil and gas exploration and production for several reasons. It benefits from improving capital productivity, its ability to shift its production profile to take advantage of the highest-value commodity price, and its strong financial strength. Cimarex Energy's assets within the Permian region as well as the STACK play in Oklahoma are also appealing.
  • Pioneer Natural Resources continues to stand as a top holding in the portfolio, thanks in large part to its strong asset base within the Permian region. We consider the company one of the better U.S. low-cost oil suppliers over the long term. In our opinion, its asset base still holds a lot of potential for the company to unlock.
  • We believe EOG Resources stands as a leader in onshore discovery and execution. The company's large shale assets across North America position it well to benefit from improvements of well completion and enhanced resource recovery. We increased our position during the quarter.
  • We trimmed our position in Tourmaline Oil, as we expect the recent rig count increase in North America to begin pushing natural gas prices lower.

Allocation to Major Oil Companies and Integrateds

We value investments in major integrated oil companies, specifically when heightened volatility exists in the market. We seek companies in this segment that are characterized by clean balance sheets and that have several financial and operating levers to pull. While both provide a level of protection, the latter also serves as a means to achieve growth in the face of a challenging environment.

  • We remain encouraged by Total's strong fundamentals coupled with its upstream, downstream, and chemicals operations. The company's third-quarter earnings report reaffirmed these thoughts. We also point to CEO Patrick Pouyanne as an additional positive. His efforts to reset the business for lower oil prices by focusing on prudent management of its operational expenses and capital expenditures are encouraging.
  • Shares of Exxon Mobil Corporation received a boost during the period after its Chief Executive Officer Rex Tillerson emerged as President-elect Trump's pick for Secretary of State. Looking forward, we value Exxon Mobil Corporation's long-term potential. The company's relentless focus on costs and superior project execution result in an enterprise that holds the potential to meaningfully generate cash. While the volatility within the current macro environment can be challenging for companies in this space, Exxon Mobil Corporation benefits from its diversified businesses, the sum total of which offers relative stability.
  • Royal Dutch Shell's leadership in oil and gas exploration and production coupled with its disciplined management team make it an appealing investment. Also, the fact that it generates approximately equal cash flow from its upstream, downstream, and integrated gas operations is a source of valuable diversification.

Oil and Gas Equipment and Services

We find many companies in this segment to have solid businesses with an ability to generate free cash flows in what can often be an uncertain energy environment.

  • Schlumberger, the world's largest oil field services company, is one of our largest positions in this industry. The company benefits from a strong balance sheet, ability to generate cash flow, and solid management team.
  • US Silica Holdings is one of the largest providers of industrial sand in the U.S. Its shares are driven by oil and gas companies, as it derives a significant amount of revenue from its sand proppant business, which is utilized during well completions. We initiated a new position during the period.

Specialty Chemicals Stands as Largest Nonenergy Position

Within this industry, we seek companies that we believe are positioned to benefit from declining input costs and growing demand from strong end markets. This area of the market continues to offer value opportunities for investors.

  • RPM, a provider of specialty products to consumer and industrial markets, benefits from strong new product development and its reputation as the preferred company for entrepreneurs in the building products space. With over 50 businesses, RPM holds a diversified positioning that we also value.
  • We initiated a position in Linde, one of the major players in the chemical industry. We are encouraged by its growth potential and returns backed by long-term contracts. Its recent proposed merger with Praxair has the potential to create meaningful shareholder value.

Diversified Metals and Mining

A global oversupply of many metals and mining commodities is expected to be a headwind for this segment throughout much of this secular commodity bear market. We remain defensively positioned with the names we do own, focusing on companies with solid balance sheets.

  • We initiated a position in Boliden. We believe the company will benefit from constrained zinc supply globally.
  • Similarly, we initiated a position in Independence, a mining company that holds gold, nickel, and zinc operations based in Australia. We believe that nickel prices are likely to increase due to constrained supply fundamentals.

Utilities

Although we hold an overweight in utilities overall, we remain very selective in this area. For example, our underweight to water utilities benefited relative performance during the quarter. Water utilities are often expensive based on valuation, and we tend to avoid this segment.

  • We trimmed our position in NiSource due to its fuller valuation and concerns surrounding a negative impact from tax reform. The company services both natural gas and electric customers spanning several states.
2017年01月01日 - Shawn T. Driscoll, 基金經理,
Despite the recent strength in the diversified metals and mining industry, we remain underweight the segment. We are defensively positioned in the names we do own, as we expect this area of the natural resources space to face challenging conditions throughout a longer-term commodity bear market.
2015年07月31日 - Shawn T. Driscoll, 基金經理,
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.

基準數據來源:MSCI。MSCI及其聯屬公司以及第三方來源和供應商(統稱「MSCI」)並無就本文所載任何MSCI數據作出任何明示或暗示的保證或陳述,且不會就此承擔任何責任。MSCI數據不可進一步重新分發或用作其他指數或任何證券或金融產品的基礎。本報告未經MSCI批准、審閱或編製。MSCI的過往數據及分析不應被視作對任何未來表現的分析、預測或預計的指示或保證。MSCI數據概不擬構成作出(或避免作出)任何投資決定的投資意見或推薦,亦不得依賴作此用途。   

除另有說明外,所有基金評級、獎項和數據均截至 2024年09月30日,且相關數據來自普徠仕。 

SICAV是指普徠仕(盧森堡)系列。普徠仕(盧森堡)系列是一家盧森堡投資公司,具有可變資本,在盧森堡金融業監管委員會註冊(Commission de Surveillance du Secteur Financier),並獲認可為可轉讓證券集體投資計劃(「UCITS」)。

表現資料來源:普徠仕。基金表現使用資產淨值以股份類別貨幣計算,並將股息再作投資 (如有)。投資價值和任何所得收益可升可跌,投資者可能取回低於投資之金額。。此值會因基金的基本貨幣與認購基金之間的匯率變動 (如有不同) 而受到影響。銷售費用(A類最高可達5%)、稅款及其他當地適用的成本 (如適用) 皆尚未扣除,這些款項會降低表現數據。

請參閱基金單張查看最基本的業績表現資料及其他詳情。  

投資涉及風險。過往業績表現並非未來業績表現的可靠指標。某些基金的投資回報以美元/港元以外的外幣計值。以美元/港元為基礎的投資者因而承受美元/港元兌其他外幣的貨幣風險。投資者應參閱公開說明書,以了解目標、投資政策及風險的全面詳情。公開說明書可向當地代表索取。   

成立少於一年的股份類別(和相關基準)的業績回報為累積計算,而非年度化。

年度表現僅代表有關股份類別的成立日至該年度最後一日之表現,並不代表整年回報。

香港 - 由普徠仕香港有限公司在香港發行,公司地址:香港中環干諾道中8號遮打大廈6樓。普徠仕香港有限公司由證券及期貨事務監察委員會 (Securities & Futures Commission) (「證監會」) 負責發牌及監管。本網站未經證監會審閱。

所示的所有風險及回報資料乃屬所顯示之股份類別,並不一定反映本基金整體的情況。倘股份類別有足夠的歷史業績表現,則根據所選股份類別超過3年(倘股份類別的往績紀錄期介乎3至5年)或5年的回報及標準差計算該等風險及回報資料。股份類別的歷史業績表現少於3年者,則未能提供風險及回報資料。

本網站中提及與描述的特定證券不代表附屬基金購買、出售或推薦的所有證券,亦不應假設所提及和討論的證券為盈利證券或將會盈利。

本網站持倉部分所示的十大貢獻因素及拖累因素數據,乃指截至 2024年09月30日 ,按正面或負面貢獻百分比計算的十大貢獻/拖累證券。

所示的個別主要貢獻因素及拖累因素數據,乃指截至 2024年09月30日 ,於十大基金表現貢獻因素及拖累因素當中,按基金規模百分比計算的最大貢獻/拖累因素。

貢獻/拖累因素的計算方法乃應要求提供。所提及與描述的特定證券並不代表基金購買、出售或推薦予客戶的所有證券。涵蓋期間的貢獻/拖累因素完整列表乃應要求提供。

由於四捨五入,本網站的部分數字未必等於所列總和。 

晨星(Morningstar)星號評級資料來自晨星公司(Morningstar, Inc.) 。

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