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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

Since Inception Annualised
(View Total Returns)

Total Assets
(GBP)

0.40%
£4.1m

1YR Return
(View Total Returns)

Manager Tenure

-0.28%
2yrs

Information Ratio

Tracking Error

N/A
N/A

Inception Date 27-Mar-2017

Performance figures calculated in GBP

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Shawn T.  Driscoll
Shawn T. Driscoll, Portfolio Manager

Shawn Driscoll is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Natural Resources Strategy and is president and chairman of its Investment Advisory Committee. 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.

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 % -0.28% N/A N/A 0.40%
Indicative Benchmark % -0.74% N/A N/A 0.07%
Excess Return % 0.46% N/A N/A 0.33%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of  30-Nov-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % -7.56% N/A N/A 1.68%
Indicative Benchmark % -8.84% N/A N/A 1.43%
Excess Return % 1.28% N/A N/A 0.25%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of  30-Sep-2019

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 13-Dec-2019 Quarter to DateData as of 13-Dec-2019 Year to DateData as of 13-Dec-2019 1 MonthData as of 30-Nov-2019 3 MonthsData as of 30-Nov-2019
Fund % -0.43% -3.49% 8.33% 1.67% -1.68%
Indicative Benchmark % -0.53% -3.85% 7.85% 1.28% -0.70%
Excess Return % 0.10% 0.36% 0.48% 0.39% -0.98%

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
124
Largest Holding Total 5.21% Was (30-Jun-2019) 5.06%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 27.35% View Top 10 Holdings Monthly data as of 30-Nov-2019

Largest Top Contributor^

NextEra Energy
By 0.09%
% of fund 2.45%

Largest Top Detractor^

Total
By -2.96%
% of fund 5.22%

^Absolute

Quarterly Data as of 30-Sep-2019

Top Purchase

ConocoPhillips
2.07%
Was (30-Jun-2019) 0.78%

Top Sale

Occidental Petroleum
1.22%
Was (30-Jun-2019) 2.27%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
9
Largest Sector Chemicals 18.36% Was (31-Oct-2019) 18.48%
Other View complete Sector Diversification

Monthly Data as of 30-Nov-2019

Indicative Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

Chemicals
By4.25%
Fund 18.36%
Indicative Benchmark 14.11%

Largest Underweight

Energy Services & Processors
By-13.02%
Fund 11.86%
Indicative Benchmark 24.89%

Monthly Data as of 30-Nov-2019

Countries

Total
Countries
20
Largest Country United States 57.34% Was (31-Oct-2019) 58.17%
Other View complete Country Diversification

Monthly Data as of 30-Nov-2019

Indicative Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

United States
By6.08%
Fund 57.34%
Indicative Benchmark 51.26%

Largest Underweight

Japan
By-4.97%
Fund 0.85%
Indicative Benchmark 5.82%

Monthly Data as of 30-Nov-2019

Currency

Total
Currencies
9
Largest Currency U.S. dollar 62.82% Was (31-Oct-2019) 63.96%
Other View complete Currency Diversification

Monthly Data as of 30-Nov-2019

Indicative Benchmark : MSCI World Select Natural Resources Index

Largest Overweight

U.S. dollar
By 11.20%
Fund 62.82%
Indicative Benchmark 51.62%

Largest Underweight

Canadian dollar
By -7.40%
Fund 5.13%
Indicative Benchmark 12.53%

Monthly Data as of 30-Nov-2019

Team (As of 31-Aug-2019)

Shawn T.  Driscoll

Shawn Driscoll is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Natural Resources Strategy and is president and chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Driscoll has 16 years of investment experience, 13 of which have been with T. Rowe Price. Prior to joining the firm in 2006, he was employed by MTB Investment Advisors as an equity research analyst. He also worked for MPower Communications as an information technology project manager.

Mr. Driscoll 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
    13
  • Years investment
    experience
    16
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
    20
  • Years investment
    experience
    21

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 to 75 basis points 0.92%

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

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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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