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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 LU0272423913
View more information on risks
FACTSHEET
KID
30-Apr-2024 - Shinwoo Kim, 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 equites 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.

30-Apr-2024 - Shinwoo Kim, Portfolio Manager,
Natural resources equities fell in April. Concerns about the conflict in the Middle East spreading across the region and elevating risk to supply over the near-term dissipated. Global supply remained ample, further limiting the conflict’s impact on oil prices. Within the portfolio, stock selection in integrated oil and gas added value. Shares of one of our core Brazilian holdings moved higher during the month after it announced a successful oil field discovery in Namibia. Stock choices in US oil exploration and production also benefitted returns. In US, mixed exploration and production is heavily exposed to natural gas, which rose as production is expected to slow as we enter a hotter-than-usual summer. This in turn will increase demand for air conditioning purposes. Conversely, stock selection in paper and forest products detracted. The industry fell on diminishing lumber demand and strong supply, as the continued rise in mortgage rates has increased the cost of borrowing and slowed the housing market. An overweight allocation to oil and gas equipment and services also hurt as falling oil prices pulled down the entire industry. We remain constructive on offshore capacity growth amid a larger spending cycle.
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.

Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. 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.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, 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.

Daily performance data is based on the latest available NAV.  

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.

Please note that the Fund typically has a risk of high volatility.

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.

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.  

 

©2023 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. Past performance is no guarantee of future results.

Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit www.aboutcitywire.com.