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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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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)

2.19%
5.41%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

39.26%
0.16

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%

Sectors

Total
Sectors
9
Largest Sector Chemicals 16.57% Was (30-Jun-2021) 20.62%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

Other
By7.86%
Portfolio 10.51%
Benchmark 2.66%

Largest Underweight

Energy Services & Processors
By-15.41%
Portfolio 7.43%
Benchmark 22.84%

Monthly Data as of 30-Sep-2021