New Era Fund

Invests a minimum of two-thirds of its assets in the common stocks of natural resource companies whose earnings and tangible assets may benefit from rising inflation. Favors companies whose products can be produced and marketed profitably when both labor costs and prices are rising.

The fund is less diversified than most stock funds and could experience sharp price declines when conditions are unfavorable in the sector. Investments in foreign securities may lose value due to declining currencies or adverse political or economic events overseas. Investors should be able to accept the risk of a fund that may underperform when economic growth is slowing and the level of inflation is low.

Morningstar (Category)

Morningstar
(Overall Rating)1

Natural Resources
  (108 funds)

Data as of 10/31/2021

Data as of 10/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

<1yr
$3.1b

Data as of 10/31/2021

Data as of 10/31/2021

Price
(USD)

Daily Price Change

$39.23
$-1.13

Data as of 11/26/2021

Data as of 11/26/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Shinwoo Kim
Shinwoo Kim, Portfolio Manager

Shinwoo Kim is the portfolio manager for the Global Natural Resources Equity Strategy, including the New Era Fund. He is the president and chairman of the fund’s Investment Advisory Committee. In addition, Shinwoo is a member of the Investment Advisory Committees of the US Large-Cap Value Equity and US Large-Cap Equity Income Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

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Strategy

Investment Objective

The fund seeks to provide long-term capital growth primarily through the common stocks of companies that own or develop natural resources and other basic commodities, and also through the stocks of selected non resource growth companies.

Average Annual Total Returns (Investor Class)

1 YR
38.94%
Benchmark
52.74%
Value
-13.80% -16.81%

Data as of 09/30/2021

3 YR
2.05%
Benchmark
0.38%
Value
1.67% 1.78%

Data as of 09/30/2021

5 YR
4.57%
Benchmark
4.27%
Value
0.30% 0.71%

Data as of 09/30/2021

10 YR
4.32%
Benchmark
3.62%
Value
0.70% 0.67%

Data as of 09/30/2021

Benchmark: MSCI World Select Natural Resources Index Net

Fund Inception: 01/20/1969

Expense Ratio

Gross
0.72%
Net
0.72%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Sectors

Total
Sectors
9

Data as of 10/31/2021

Benchmark: MSCI World Select Natural Resources Index

Largest Sector Chemicals 16.28% Was (09/30/2021) 16.57%
Other View complete

Over

Commodity Industrials
By 7.74%
Fund 14.79%
Benchmark 7.05%

Under

Energy Services & Processors
By -15.08%
Fund 7.62%
Benchmark 22.69%

Data as of 10/31/2021

Team (As of )

Shinwoo Kim

Shinwoo Kim
Portfolio Manager

Shinwoo Kim is the portfolio manager for the Global Natural Resources Equity Strategy, including the New Era Fund. He is the president and chairman of the fund’s Investment Advisory Committee. In addition, Shinwoo is a member of the Investment Advisory Committees of the US Large-Cap Value Equity and US Large-Cap Equity Income Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2021
  • Years at
    T. Rowe Price 12
  • Years investment
    experience 12
Brian Dausch, CFA

Brian Dausch, CFA
Portfolio Specialist

Brian Dausch is a portfolio specialist in the U.S. Equity Division. He is a member of the Global Natural Resources Equity, US Mid-Cap Growth Equity, US Small-Cap Growth Equity, QM US Small-Cap Growth Equity, and Health Sciences Equity Strategy teams, working closely with institutional clients, consultants, and prospects. He is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 22
  • Years investment
    experience 23

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

View platform information
1

© 2021 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.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

Source: MSCI.  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.

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