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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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T. Rowe Price

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Past performance is not a reliable indicator of future performance.

Strategy

Global Natural Resources Equity

The Global Natural Resources Equity Composite seeks long-term capital appreciation primarily through investment in natural resource companies with potential for earnings growth greater than the rate of inflation.

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

Tracking Error
(5 Years)

2.97%
4.90%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

45.23%
0.13

Inception Date 30-Jun-1981

Performance figures calculated in USD

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.

 

Strategy

Investment Approach

  • 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.

Portfolio Construction

  • Typically 90-120 securities
  • Positions typically less than 5%
  • Fully invested; reserves typically less than 5%

Holdings

Total
Holdings
115
Largest Holding TotalEnergies 3.56% Was (31-Mar-2021) 3.77%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 24.64% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Antofagasta (N)
0.43%
Was (31-Mar-2021) 0%

Top Sale

Lundin Mining (E)
0.00%
Was (31-Mar-2021) 0.95%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
9
Largest Sector Chemicals 20.62% Was (31-Mar-2021) 19.13%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

Commodity Industrials
By9.52%
Portfolio 17.06%
Benchmark 7.54%

Largest Underweight

Energy Services & Processors
By-15.87%
Portfolio 7.51%
Benchmark 23.38%

Monthly Data as of 30-Jun-2021

Currency

Total
Currencies
9
Largest Currency 60.17% Was (31-Mar-2021) 58.96%
Other View completeCurrency Diversification

Monthly Data as of  30-Jun-2021

Benchmark : MSCI World Select Natural Resources Index

Largest Overweight

U.S. dollar
By 7.01%
Portfolio 60.17%
Benchmark 53.15%

Largest Underweight

Canadian dollar
By -10.30%
Portfolio 3.02%
Benchmark 13.32%

Monthly Data as of  30-Jun-2021

Team (As of 10-Sep-2021)

Shinwoo Kim

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.

Shinwoo has been with T. Rowe Price since 2009, beginning in the U.S. Equity Division as an investment analyst covering energy. Prior to joining the firm, he served as a summer equity research analyst for MFS Investment Management, focusing on the railroad industry. He also was a senior consultant/engineer for AT&T, Inc., and a managed network operation engineer for Sprint Corp.

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.

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

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 at
    T. Rowe Price
    22
  • Years investment
    experience
    23