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Capital at 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.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
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 LU1382644919
View more information on risks
FACTSHEET
KID
31-Aug-2024 - Shinwoo Kim, Co-Portfolio Manager,
There is growing evidence that the current commodity productivity wave is likely in the process of ending and a more structurally favourable commodity outlook beginning. We believe this scenario will create a more supportive backdrop for investing in commodity equities in the coming years.

Overview
Strategy
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.

31-Aug-2024 - Shinwoo Kim, Co-Portfolio Manager,
Natural resources equities fell in August. Oil prices fell on continued concerns of slowing Chinese economic growth, given recent weak data, and its potential impacts on demand. With in the portfolio, an overweight allocation to oil and gas equipment and services detracted. In diversified metals and mining, our stock choices hurt. Copper prices fell slightly while iron ore prices fell to their lowest level in two years as China’s struggling property sector continued to restrict demand for steel. Stock selection in specialty chemicals also detracted as select paints and coatings names saw an uptick in demand in the residential and industrial segments. In contrast, stock selection in integrated oil and gas added value as our holdings were resilient and outperformed the overall industry. In precious metals and minerals, favourable stock choices also boosted relative returns. Gold prices rose to another all-time high on prospects of lower US interest rates as investors widely expect that the Federal Reserve will cut rates next month. Security selection in electrical components and equipment contributed further. Our holdings advanced during the month given the significant demand potential from artificial intelligence, which requires a substantial amount of electricity for computing power.
31-Jan-2024 - Shinwoo Kim, Portfolio Manager,
After spending a decade underweight energy, the portfolio is now overweight versus the benchmark. In 2023, we saw incremental evidence that we are in the ending stages of the productivity wave in oil and natural gas and are approaching a more structurally positive environment for commodities. We have found that the market transition as productivity rolls over is often bumpy, so we are modestly overweight energy and metals, with a focus on companies that are high quality, high conviction and/or with idiosyncratic drivers.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of 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”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.