A fund seeking well-managed natural resources or commodities-related companies with attractive long-term supply and demand fundamentals

At a glance:

Fund launch date:
ISIN:

OEIC:

27 March 2017

OEIC:

GB00BD446J95

SICAV:

18 March 2016

SICAV:

LU1382644919

OCF:
Sedol:

OEIC:

0.92%

OEIC:

BD446J9

SICAV:

0.92%

SICAV:

BD2X4F0

Shawn Driscoll

Portfolio Manager

Why T. Rowe Price Global Natural Resources Equity Fund?

The T. Rowe Price Global Natural Resources Equity fund is one of the oldest strategies at the firm (it was the third fund launched by Thomas Rowe Price himself in 1969) and one of the oldest commodity equity strategies available to investors today.

Before becoming lead portfolio manager of the fund in 2013, Shawn Driscoll had been a member of the global natural resources team for seven years as a research analyst, during which time he covered most of the industries across the natural resources space.

Rather than investing directly in commodities, we use an equity-based approach that allows us to benefit from a broader array of commodities, including those that have favourable supply/demand fundamentals but do not trade on an exchange. We use our insights to invest across the commodity supply chain, including downstream-focused companies that help transform the commodity into a finished product—such as refiners or petrochemicals companies.

Ratings

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We believe that strong returns can be achieved by investing in natural resource companies trading at attractive relative valuations whose assets or earnings are expected to grow faster than the rate of inflation and the market.

Shawn Driscoll,
Portfolio Manager

3 reasons to consider this fund

Our Global Natural Resources Equity fund seeks to identify well-managed natural resources or commodities-related companies with attractive long-term supply and demand fundamentals.

1

Experience

Investing in natural resources has been a core competency of our firm. We have been managing natural resources portfolios for over half a century, with one of the longest track records of any sector-oriented strategy.

2

Diversification

Many natural resources managers concentrate their portfolios on one specific segment, such as energy, precious metals, or alternative energy. Instead, we employ a more broadly diversified approach to investing in natural resources, which we believe can benefit clients with a portfolio that exhibits a more consistent risk/return profile.

3

Focus on quality and value

The strategy is designed to capture the long-term performance of natural resource equities while minimising risk. We invest in companies with solid fundamentals and the ability to generate free cash flow in any environment, but which must also be attractive on a valuation basis.

Key Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Currency risk – changes in currency exchange rates could reduce investment gains or increase investment losses.

Sector concentration risk – the performance of a fund that invests a large portion of its assets in a particular economic sector (or, for bond funds, a particular market segment), will be more strongly affected by events affecting that sector or segment of the fixed income market.

Small and mid-cap risk – stocks of small and mid-size companies can be more volatile than stocks of larger companies.

Volatility risk – the performance of the fund has a risk of high volatility.

General fund risks – to be read in conjunction with the fund specific risks above.

Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the currency in which you subscribed, if different.

Equity risk – in general, equities involve higher risks than bonds or money market instruments.

Geographic concentration risk – to the extent that a fund invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area.

Hedging risk – a Fund’s attempts to reduce or eliminate certain risks through hedging may not work as intended. Investment fund risk – investing in funds involves certain risks an investor would not face if investing in markets directly.

Management risk – the investment manager or its designees may at times find their obligations to a fund to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably).

Operational risk – operational failures could lead to disruptions of fund operations or financial losses.

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*T. Rowe Price Funds SICAV– Global Natural Resources Equity Fund and T. Rowe Price Funds OEIC – Global Natural Resources Equity Fund.

The SICAV Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”).

The OEIC Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as a UCITS. Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com. Please note that the Funds typically have a risk of high volatility.

Ratings data as at 31 December 2020 unless otherwise stated.

2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For further information on ratings methodology please visit www.morningstar.com

© 2020 FE. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. FE shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE does not guarantee that a fund will perform in line with its FE Crown Fund Rating as it is a reflection of past performance and Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. www.trustnet.com

Past performance is not a reliable indicator of future performance.

Shawn Driscoll

Portfolio Manager

Shawn Driscoll is the portfolio manager of the Global Natural Resources Equity Strategy. Shawn’s investment experience began in 2003, and he has been with T. Rowe Price since 2006, beginning in the US 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.

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