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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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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)

1.08%
£3.4m

1YR Return
(View Total Returns)

Manager Tenure

34.71%
<1yr

Inception Date 27-Mar-2017

Performance figures calculated in GBP

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 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.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

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
Since Manager Inception
Fund % 34.71% 1.08% N/A 3.45% 1.89%
Indicative Benchmark % 46.45% -0.73% N/A 2.38% 5.33%
Excess Return % -11.74% 1.81% N/A 1.07% -3.44%

Inception Date 27-Mar-2017

Manager Inception Date 31-Aug-2021

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of 30-Sep-2021

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 34.71% 1.08% N/A 3.45%
Indicative Benchmark % 46.45% -0.73% N/A 2.38%
Excess Return % -11.74% 1.81% N/A 1.07%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of 30-Sep-2021

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 22-Oct-2021 Quarter to DateData as of 22-Oct-2021 Year to DateData as of 22-Oct-2021 1 MonthData as of 30-Sep-2021 3 MonthsData as of 30-Sep-2021
Fund % 4.23% 4.23% 22.36% 1.89% 3.75%
Indicative Benchmark % 5.71% 5.71% 33.33% 5.33% 1.77%
Excess Return % -1.48% -1.48% -10.97% -3.44% 1.98%

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
103
Largest Holding ConocoPhillips 4.86% Was (30-Jun-2021) 3.31%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 30.54% View Top 10 Holdings Monthly data as of  30-Sep-2021

Largest Top Contributor^

TotalEnergies
% of fund 4.81%

Largest Top Detractor^

Boliden
% of fund 2.02%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Sep-2021

Top Purchase

TotalEnergies
4.80%
Was (30-Jun-2021) 3.63%

Top Sale

Westlake Chemical (E)
0.00%
Was (30-Jun-2021) 0.88%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
9
Largest Sector Chemicals 17.39% Was (31-Aug-2021) 18.57%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Indicative Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

Other
By8.39%
Fund 11.04%
Indicative Benchmark 2.66%

Largest Underweight

Energy Services & Processors
By-16.01%
Fund 6.84%
Indicative Benchmark 22.84%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
19
Largest Country United States 56.89% Was (31-Aug-2021) 56.33%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Indicative Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

Sweden
By5.33%
Fund 6.46%
Indicative Benchmark 1.13%

Largest Underweight

Canada
By-8.20%
Fund 5.05%
Indicative Benchmark 13.25%

Monthly Data as of 30-Sep-2021

Currency

Total
Currencies
8
Largest Currency 61.16% Was (31-Aug-2021) 60.82%
Other View completeCurrency Diversification

Monthly Data as of  30-Sep-2021

Indicative Benchmark : MSCI World Select Natural Resources Index

Largest Overweight

U.S. dollar
By 8.26%
Fund 61.16%
Indicative Benchmark 52.90%

Largest Underweight

Canadian dollar
By -10.06%
Fund 3.19%
Indicative Benchmark 13.25%

Monthly Data as of  30-Sep-2021

Team (As of 01-Oct-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.

  • Fund 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

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.