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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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OEIC

Global Natural Resources Equity Fund

Seeking to identify long-term global winners in the arena of natural resources extraction and production.

ISIN GB00BD446J95 Bloomberg TRGNRCA:LN

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

-6.67%
£1.6m

1YR Return
(View Total Returns)

Manager Tenure

-15.53%
3yrs

Inception Date 27-Mar-2017

Performance figures calculated in GBP

Other Literature

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 Objective

To increase the value of its shares through growth in the value of its investments.

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 range to 5%
  • Reserves typically range from 0% to 5%

Performance (Class C)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % -15.53% -6.67% N/A -4.73%
Indicative Benchmark % -25.59% -10.44% N/A -8.16%
Excess Return % 10.06% 3.77% N/A 3.43%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of  31-Oct-2020

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % -17.06% -4.81% N/A -4.04%
Indicative Benchmark % -26.73% -8.90% N/A -7.54%
Excess Return % 9.67% 4.09% N/A 3.50%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of  30-Sep-2020

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 25-Nov-2020 Quarter to DateData as of 25-Nov-2020 Year to DateData as of 25-Nov-2020 1 MonthData as of 31-Oct-2020 3 MonthsData as of 31-Oct-2020
Fund % 18.69% 15.24% -4.39% -2.91% -2.93%
Indicative Benchmark % 20.37% 16.68% -14.56% -3.07% -6.61%
Excess Return % -1.68% -1.44% 10.17% 0.16% 3.68%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Performance figures calculated in GBP

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Effective 1 June 2019, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

Holdings

Total
Holdings
116
Largest Holding Total 3.86% Was (30-Jun-2020) 4.51%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 24.72% View Top 10 Holdings Monthly data as of 31-Oct-2020

Largest Top Contributor^

Air Products & Chemicals
By 0.67%
% of fund 3.65%

Largest Top Detractor^

Total
By -1.81%
% of fund 3.82%

^Absolute

Quarterly Data as of 30-Sep-2020

Top Purchase

Air Liquide (N)
1.36%
Was (30-Jun-2020) 0%

Top Sale

Linde
2.45%
Was (30-Jun-2020) 3.08%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
9
Largest Sector Chemicals 21.60% Was (30-Sep-2020) 21.29%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

Other
By7.93%
Fund 11.21%
Indicative Benchmark 3.28%

Largest Underweight

Energy Services & Processors
By-14.43%
Fund 8.88%
Indicative Benchmark 23.31%

Monthly Data as of 31-Oct-2020

Countries

Total
Countries
18
Largest Country United States 59.17% Was (30-Sep-2020) 57.89%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

United States
By10.85%
Fund 59.17%
Indicative Benchmark 48.32%

Largest Underweight

Canada
By-6.98%
Fund 7.10%
Indicative Benchmark 14.08%

Monthly Data as of 31-Oct-2020

Currency

Total
Currencies
9
Largest Currency 62.82% Was (30-Sep-2020) 62.52%
Other View completeCurrency Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark :

Largest Overweight

U.S. dollar
By 14.21%
Fund 62.82%
Indicative Benchmark 48.61%

Largest Underweight

Canadian dollar
By -9.47%
Fund 4.62%
Indicative Benchmark 14.08%

Monthly Data as of 31-Oct-2020

Team (As of 01-Oct-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.

  • Fund manager
    since
    2017
  • 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. 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
    21
  • Years investment
    experience
    22

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Management Charge Ongoing Charge
Class C £10,000 £500 £500 N/A Up to75 basis points 0.92%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.