SICAV
Global Natural Resources Equity Fund
A 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
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COMMENTARY

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Risk & Reward ?
(SRRI)
1 2 3 4 5 6 7 Data as of: 31-Aug-2020
NAV
(GBP)
£11.33
Data as of: 18-Sep-2020

1YR Return
-14.44%
IA Sector ranking: N/A
Data as of: 31-Aug-2020
Fund Size
(USD)
$87.8m
Data as of: 31-Aug-2020
Perf Change
(Daily)
0.53%
Data as of: 18-Sep-2020
3YR Return
(Cumulative)
-11.2%
IA Sector ranking: N/A
Data as of: 31-Aug-2020

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.
Investment Association Sector:
Specialist
SMALL-CAP
MID-CAP
LARGE-CAP

117
Holdings

Style
Agnostic
Risk & Reward Data

N/A
Performance
YTD 1 year 3 year

Cumulative

5 year

Cumulative

Since Inception

Cumulative

Fund -15.68% -14.44% -11.20% N/A 10.20%
IA Sector Ranking N/A N/A N/A N/A N/A
IA Sector N/A N/A N/A N/A N/A
Excess Return N/A N/A N/A N/A N/A
Indicative Benchmark -23.08% -20.93% -18.90% N/A 6.73%
Excess Return 7.40% 6.49% 7.70% N/A 3.47%

Data as of 31-Aug-2020

Holdings
Total
Holdings
117
Largest
Total
4.48%
Was ( 31-Mar-2020 )

6.31%
Top 10
26.36%
Contributor
Air Products & Chemicals
By 0.17%
% of fund
3.21%
Detractor
NextEra Energy
By -1.03%
% of fund
2.74%
Purchase
Enbridge
1.32%
Was ( 31-Mar-2020 )
0.65%
Sale
Total
4.44%
Was ( 31-Mar-2020 )
6.31%
Data as of 30-Jun-2020
Sectors
Total
Sectors
9
Largest
Chemicals
20.23%
Was ( 31-Jul-2020 )
20.13%
Over
Chemicals
By 13.80%
Fund
20.23%
Benchmark*
6.44%
Under
Metals & Mining
By -13.44%
Fund
11.50%
Benchmark*
24.94%
Data as of 31-Aug-2020
Data as of 31-Aug-2020
Indicative Benchmark: Lipper Global Natural Resources Funds Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Data as of
Countries
Total
Countries
17
Largest
United States
56.18%
Was ( 31-Jul-2020 )
56.41%
Over
United States
By 6.51%
Fund
56.18%
Benchmark*
49.67%
Under
Canada
By -6.45%
Fund
7.86%
Benchmark*
14.31%
Data as of 31-Aug-2020
Data as of 31-Aug-2020
Indicative Benchmark: Lipper Global Natural Resources Funds Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Currency
Total
Currencies
10
Largest
U.S. dollar
60.95%
Was ( 31-Jul-2020 )
62.03%

Over
U.S. dollar
By 12.47%
Fund
60.95%
Benchmark*
48.48%
Under
Canadian dollar
By -9.81%
Fund
4.67%
Benchmark*
14.49%
Data as of 31-Aug-2020
Indicative Benchmark: MSCI World Select Natural Resources Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


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
13
Years investment experience
16
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
21
Years investment experience
22
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1
? UK Tax Reporting Status

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.

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. Past performance is not a reliable indicator of future performance.

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 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 and via www.troweprice.com.

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.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

The Morningstar rating is sourced from Morningstar.

©2020 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.

Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.