Seeking to identify long-term global winners in the arena of natural resources extraction and production.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of natural resources or commodities-related companies. The companies may be anywhere in the world, including emerging markets.
- Focus on well-managed companies that own or develop natural resources and other basic commodities with attractive long-term supply-demand fundamentals.
- Invest in companies that operate “downstream” from these resources, e.g., refining, paper manufacturing, steel fabrication, and petrochemicals.
- The portfolio invests in resource companies on a global basis including — international energy, forest products, mining, and commodities.
- Assessment of resource/commodity cycle, industry valuation, and company fundamentals is key.
- Broadly diversify holdings to manage portfolio risk profile relative to highly concentrated energy or gold strategies.
- Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.
- Typically 90-120 securities
- Positions typically range to 5%
- Reserves typically range from 0% to 5%
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||40.24%||0.22%||4.17%||3.26%||3.20%|
|Excess Return %||-2.14%||1.17%||-0.54%||0.38%||0.30%|
|1 YR||3 YR
|Indicative Benchmark %||40.24%||0.22%||4.17%||3.26%|
|Excess Return %||-2.14%||1.17%||-0.54%||0.38%|
|Month to DateData as of 03-Aug-2021||Quarter to DateData as of 03-Aug-2021||Year to DateData as of 03-Aug-2021||1 MonthData as of 30-Jun-2021||3 MonthsData as of 30-Jun-2021|
|Indicative Benchmark %||0.83%||-2.56%||25.90%||3.65%||6.96%|
|Excess Return %||-1.87%||1.52%||-7.18%||-2.75%||-3.68%|
Past performance is not a reliable indicator of future performance. Source for fund 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.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Largest Top Contributor^
Largest Top Detractor^
Verallia SASU (N)0.95%
Lundin Mining (E)0.00%
Metals & Mining
Shawn Driscoll is a co-portfolio manager of the Global Natural Resources Equity Strategy, including the New Era Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Global Natural Resources Equity Strategy and a vice president and an Investment Advisory Committee member of the US Large-Cap Core Equity, US Growth Stock, US Multi-Cap Growth Equity, Global Focused Growth Equity, and US Dividend Growth Equity Strategies. In addition, he is an Investment Advisory Committee member of the US Large-Cap Value Equity and Global Growth Equity Strategies. Shawn is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.
Shawn’s investment experience began in 2003, and he has been with T. Rowe Price since 2006, beginning in the U.S. Equity Division. Prior to this, Shawn was employed by MTB Investment Advisors as an equity research analyst. Shawn also was employed by MPower Communications as an information technology project manager.
Shawn earned a B.A. in economics and mathematics from the University of Rochester and an M.B.A. in finance and global business from New York University, Stern School of Business.
- Fund manager2013
- Years at15
T. Rowe Price
- Years investment18
Shinwoo Kim is an investment analyst covering energy in the U.S. Equity Division. He is a member of the Investment Advisory Committee of the Global Natural Resources Equity, US Large-Cap Value Equity, and US Equity Income Strategies. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Shinwoo has been with T. Rowe Price since 2009, beginning in the U.S. Equity Division. Prior to this, Shinwoo served as a summer equity research analyst for MFS Investment Management, focusing on the railroad industry. He also was employed by AT&T, Inc., as a senior consultant/engineer and by Sprint Corporation as a managed network operation engineer.
Shinwoo earned a dual B.S., magna cum laude, in electrical engineering and computer engineering from North Carolina State University and an M.B.A. in finance from the University of Pennsylvania, The Wharton School.
- Fund manager2021
- Years at12
T. Rowe Price
- Years investment12
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.
Brian’s investment experience began in 1997, and he has been with T. Rowe Price since 1998, beginning in the U.S. Equity Division as an associate investment analyst covering biotechnology and pharmaceutical companies. Prior to his current role, Brian managed the U.S. Equity Portfolio Analysis Group.
Brian earned a B.S. in business administration, with a concentration in finance, from the University of Delaware. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at22
T. Rowe Price
- Years investment23
|Share Class||Minimum Initial Investment and Holding Amount (USD)||Minimum Subsequent Investment (USD)||Minimum Redemption Amount (USD)||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges|
|Class A||$1,000||$100||$100||5.00%||160 basis points||1.74%|
|Class I||$2,500,000||$100,000||$0||0.00%||75 basis points||0.84%|
|Class Q||$1,000||$100||$100||0.00%||75 basis points||0.92%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.