Seeking to identify long-term global winners in the arena of natural resources extraction and production.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of natural resources or commodities-related companies. The companies may be anywhere in the world, including emerging markets.
- 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.
- Typically 90-120 securities
- Positions typically range to 5%
- Reserves typically range from 0% to 5%
|1 YR||3 YR
|Indicative Benchmark %||-4.77%||0.48%||N/A||8.04%|
|Excess Return %||-0.41%||-1.06%||N/A||-1.83%|
|1 YR||3 YR
|Indicative Benchmark %||-8.84%||3.43%||N/A||9.68%|
|Excess Return %||0.89%||-1.19%||N/A||-1.77%|
|Month to DateData as of 04-Dec-2019||Quarter to DateData as of 04-Dec-2019||Year to DateData as of 04-Dec-2019||1 MonthData as of 31-Oct-2019||3 MonthsData as of 31-Oct-2019|
|Indicative Benchmark %||-1.57%||-4.85%||6.73%||-4.55%||-7.33%|
|Excess Return %||-0.25%||-0.27%||-0.03%||-0.42%||-1.33%|
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 (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, 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.
Largest Top Contributor^
NextEra EnergyBy 0.08%
Largest Top Detractor^
Metals & Mining
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 manager2016
- Years at13
T. Rowe Price
- Years investment16
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 at20
T. Rowe Price
- Years investment21
|Share Class||Minimum Initial Investment and Holding Amount||Minimum Subsequent Investment||Minimum Redemption Amount||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges||UK Tax Reporting Status|
|Class A||$15,000||$100||$100||5.00%||160 basis points||1.77%||No|
|Class I||$2,500,000||$100,000||$0||0.00%||75 basis points||0.83%||Yes|
|Class Q||$15,000||$100||$100||0.00%||75 basis points||0.92%||Yes|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
T. Rowe Price Funds SICAV and its sub-funds are domiciled in Luxembourg and therefore considered offshore funds for UK tax purposes. Selected share classes of T. Rowe Price Funds SICAV have been designated “Reporting Funds” by HM Revenue & Customs (HMRC) under the guidelines of the UK Offshore Funds Regulation. These share classes report all relevant tax information to HMRC on an annual basis. Details on the information reported are outlined in the SICAV Shareholder Tax Reporting document that is available in the Fund Range Docs drop-down. Investors in “Reporting Fund” share classes who are considered United Kingdom residents for tax purposes will have any accrued gains treated as a capital gain rather than income upon sale or other disposal of their shares.