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)

-4.67%
4.99%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-19.89%
0.28

Inception Date 30-Jun-1981

Performance figures calculated in USD

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Shawn T.  Driscoll
Shawn T. Driscoll, Portfolio Manager

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.

 

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
120
Largest Holding Total 4.39% Was (31-Mar-2020) 6.05%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 26.09% View Top 10 Holdings Monthly data as of 30-Jun-2020

Top Purchase

Enbridge
1.31%
Was (31-Mar-2020) 0.66%

Top Sale

Total
4.36%
Was (31-Mar-2020) 6.05%

Quarterly Data as of 30-Jun-2020

Sectors

Total
Sectors
9
Largest Sector Chemicals 19.03% Was (31-Mar-2020) 18.68%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

Other
By6.04%
Portfolio 8.77%
Benchmark 2.73%

Largest Underweight

Energy Services & Processors
By-14.68%
Portfolio 9.96%
Benchmark 24.63%

Monthly Data as of 30-Jun-2020

Currency

Total
Currencies
9
Largest Currency U.S. dollar 64.24% Was (31-Mar-2020) 62.93%
Other View complete Currency Diversification

Monthly Data as of 30-Jun-2020

Benchmark : MSCI World Select Natural Resources Index

Largest Overweight

U.S. dollar
By 13.88%
Portfolio 64.24%
Benchmark 50.36%

Largest Underweight

Canadian dollar
By -9.82%
Portfolio 3.81%
Benchmark 13.63%

Monthly Data as of 30-Jun-2020

Team (As of 05-Aug-2020)

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.

  • Portfolio manager
    since
    2013
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    17
Brian Dausch

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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