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)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 30-Jun-1981
Performance figures calculated in USD
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%
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | -11.85% | 1.65% | -1.83% | 2.79% |
| Composite Net % | -12.34% | 1.10% | -2.37% | 2.23% |
| Benchmark % | -13.23% | 1.24% | -2.66% | 0.70% |
| Excess Return (Gross) % | 1.38% | 0.41% | 0.83% | 2.09% |
Recent Performance
| 3 MonthsData as of 30-Sep-2019 | Year to DateData as of 30-Sep-2019 | |
|---|---|---|
| Composite Gross % | -4.63% | 8.75% |
| Composite Net % | -4.76% | 8.31% |
| Benchmark % | -4.56% | 9.16% |
| Excess Return (Gross) % | -0.07% | -0.41% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Effective April 1, 2017, the benchmark for the composite was changed to the MSCI World Select Natural Resources Index. Prior to April 1, 2017, the benchmark was the Lipper Global Natural Resources Funds Index. Prior to June 1, 2008, the benchmark was the Lipper Natural Resources Funds Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Holdings
Total
Holdings
119
Top Purchase
ConocoPhillips
2.04%Top Sale
Occidental Petroleum
1.22%Sectors
Total
Sectors
9
Largest Overweight
Utilities
Largest Underweight
Energy Services & Processors
Currency
Total
Currencies
8
Largest Overweight
U.S. dollar
Largest Underweight
Canadian dollar
Team (As of 31-Aug-2019)
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.
- Portfolio manager2013
since - Years at13
T. Rowe Price - Years investment16
experience
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
experience
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.