Strategy

Global Metals & Mining Equity

The Global Metals & Mining Equity Composite seeks long-term capital appreciation through investments primarily in metals and mining companies around the world.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

2.44%
4.09%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-4.79%
-0.97

Inception Date 30-Sep-2010

Performance figures calculated in USD

Other Literature

Boyko Atanassov, Ph.D.
Boyko Atanassov, Ph.D., Portfolio Manager

Boyko  Atanassov is a sector portfolio manager and vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Focus on opportunities - broadly within the metals and mining sector - with favorable company fundamentals, earnings potential, and valuation while also incorporating macroeconomic supply/demand fundamentals of the underlying commodity.
  • Rigorous valuation analysis that incorporates the intrinsically cyclical nature of the sector and sensitivity to underlying commodity prices.
  • Global research platform uses fundamental analysis to identify high-quality, well-managed metals and mining companies across the globe that own or develop basic commodities with attractive long-term supply/demand fundamentals.
  • Strategy is able to seek out opportunities in smaller and more rarified markets (e.g., palladium, manganese, precious gems, ferrochrome, molybdenum, etc.), delivering a more meaningful impact than would appear in a broader natural resources portfolio or diversified equities portfolio.
  • Diligent assessment of risk - company-specific, macroeconomic, political, and corporate governance.
  • Owning a relatively concentrated metals and mining stock portfolio has the capacity for strong alphageneration with the capability to hedge against the potential impact of currency debasement and subsequent monetary inflation.

Portfolio Construction

  • Universe: Global metals and mining companies with a market cap that is typically >$200 million
  • Stock positions: Typical position size range +/- 5% relative to the benchmark
  • Number of holdings: 50 - 75
  • Country weights: Generally limited to +/- 10% relative to the benchmark
  • Currency exposure: Neutral currency exposure
  • Cash target range: Typically <10%

Holdings

Total
Holdings
306
Largest Holding Bhp 4.38% Was (31-Mar-2020) 3.90%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 21.95% View Top 10 Holdings Monthly data as of 30-Jun-2020

Top Purchase

Reliance Steel & Aluminum (N)
0.47%
Was (31-Mar-2020) 0.00%

Top Sale

Bhp (E)
0.00%
Was (31-Mar-2020) 0.53%

Quarterly Data as of 30-Jun-2020

Sectors

Total
Sectors
9
Largest Sector Materials 40.12% Was (31-Mar-2020) 39.83%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Benchmark: MSCI All Country World Metals and Mining Index

Largest Overweight

Real Estate
By38.21%
Portfolio 38.21%
Benchmark 0.00%

Largest Underweight

Materials
By-59.88%
Portfolio 40.12%
Benchmark 100.00%

Monthly Data as of 30-Jun-2020

Regions

Total
Regions
6
Largest Region North America 60.35% Was (31-Mar-2020) 59.63%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2020

Benchmark: MSCI All Country World Metals and Mining Index

Largest Overweight

North America
By29.66%
Portfolio 60.35%
Benchmark 30.69%

Largest Underweight

Pacific Ex Japan
By-14.18%
Portfolio 11.44%
Benchmark 25.62%

Monthly Data as of 30-Jun-2020

Team (As of 01-Oct-2020)

Boyko Atanassov, Ph.D.

Boyko  Atanassov is a sector portfolio manager and vice president of T. Rowe Price Group, Inc.

Mr. Atanassov has 10 years of investment experience, six of which have been with T. Rowe Price. Prior to joining the firm in 2010, he was a quantitative analyst in the Global Analytics Group at AllianceBernstein.

Mr. Atanassov earned a B.A. in finance from the University of National and World Economy in Sofia, Bulgaria; a Ph.D. in economics from the University of Delaware; and an M.B.A. from Columbia Business School. He also has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2017
  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    13
Shawn T.  Driscoll

Shawn Driscoll is the 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 Capital Appreciation, US Large-Cap Core Equity, US Growth Stock, US Large-Cap Core Equity, US Mid-Cap Growth Equity, US Multi-Cap Growth Equity, and Real Assets Equity Strategies. Shawn also is a vice president of T. Rowe Price Group, Inc. 

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, Leonard N. Stern School of Business.

  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    17
Brian Dausch, CFA

Brian Dausch is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. 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 Strategy teams, working closely with institutional clients, consultants, and prospects. Mr. Dausch is a vice president of T. Rowe Price Group, Inc.

Mr. Dausch has 22 years of investment experience, 21 of which have been at T. Rowe Price. He joined the firm in 1998; prior to his current position, he managed the U.S. Equity Portfolio Analysis Group. Mr. Dausch also served as an associate research analyst in the U.S. Equity Division in health care, specializing in biotechnology and pharmaceutical company research.

Mr. Dausch 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.

  • Years at
    T. Rowe Price
    21
  • Years investment
    experience
    22

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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