The Global Metals & Mining Equity Composite seeks long-term capital appreciation through investments primarily in metals and mining companies around the world.
- 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.
- 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%
|1 YR||3 YR
|Composite Gross %||-4.11%||3.16%||2.48%||N/A|
|Composite Net %||-4.79%||2.44%||1.77%||N/A|
|Excess Return (Gross) %||-0.63%||-4.53%||-3.98%||N/A|
|3 MonthsData as of 30-Jun-2020||Year to DateData as of 30-Jun-2020|
|Composite Gross %||33.51%||-6.57%|
|Composite Net %||33.30%||-6.90%|
|Excess Return (Gross) %||0.05%||0.02%|
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Index returns shown with gross dividends reinvested.
Reliance Steel & Aluminum (N)0.47%
Pacific Ex Japan
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 manager2017
- Years at9
T. Rowe Price
- Years investment13
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 at14
T. Rowe Price
- Years investment17
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 at21
T. Rowe Price
- Years investment22