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Financial Intermediary / All Funds / Global Natural Resources Equity Fund
Fund Range Documents

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Global Natural Resources Equity Fund
An actively managed, broadly diversified portfolio of around 90-120 stocks of natural resources or commodities-related companies. The universe includes companies that own or develop natural resources and other basic commodities and companies both upstream and downstream in the supply chain.
ISIN LU0272423913
Valoren A0MKKE
View more information on risks
FACTSHEET
KID
28-Feb-2025 - Shinwoo Kim, Co-Portfolio Manager,
There is growing evidence that the current commodity productivity wave is likely in the process of ending and a more structurally favourable commodity outlook beginning. We believe this scenario will create a more supportive backdrop for investing in commodity equities in the coming years.

Strategy
Fund Summary
Our approach involves assessing resource/commodity cycles, industry valuations, and company fundamentals. The focus is on identifying well-managed companies with attractive long-term supply and demand fundamentals. We broadly diversify holdings for more consistent returns potential and lower volatility than highly concentrated energy or gold strategies. The manager is not constrained by the fund's benchmark, which is used for performance comparison purposes only.
Performance (Class I)

Past performance is not a reliable indicator of future performance.

28-Feb-2025 - Shinwoo Kim, Co-Portfolio Manager,
Natural resources advanced in February. Oil prices fell on increasing US crude inventories and uncertainty regarding an additional 10% US tariff on Chinese imports, given trade tensions could continue to escalate and negatively impact global economic outlook and reduce oil demand. Within the portfolio, our stock choices in paper and forest products weighed on relative performance. Our housing-levered names fell during the month on a combination of earnings weakness and the potential impact of tariffs on the segment. Stock selection in specialty chemicals also detracted as our holdings fared worse than the benchmark’s in a largely positive month for the industry, given falling oil prices lead to lower input costs. In oil and gas equipment and services, our stock choices pulled down relative returns further. Conversely, our stock choices in oil and gas storage and transportation benefitted relative returns given its defensive nature in a period of falling oil prices. Our midstream holdings advanced given the segment’s exposure to natural gas, which saw surging prices as demand increased in the month. Favourable stock choices added value in the oil and gas refining and marketing segment, with our holdings that have meaningful midstream exposure adding value during the month.
31-Jan-2024 - Shinwoo Kim, Portfolio Manager,
After spending a decade underweight energy, the portfolio is now overweight versus the benchmark. In 2023, we saw incremental evidence that we are in the ending stages of the productivity wave in oil and natural gas and are approaching a more structurally positive environment for commodities. We have found that the market transition as productivity rolls over is often bumpy, so we are modestly overweight energy and metals, with a focus on companies that are high quality, high conviction and/or with idiosyncratic drivers.

Risks

The following risks are materially relevant to the fund. Please click here to view the definitions of the risks listed below.

  • Currency
  • Equities
  • ESG
  • Geographic concentration
  • Investment fund
  • Management
  • Market
  • Operational
  • Sector concentration
  • Small/mid cap

 

Typical Investor

Investors who plan to invest for the medium to long term, and who:

• are interested in investment growth
• are looking to diversify their equity investments, especially in periods of accelerating inflation
• understand and can accept the risks of the fund, including the risks of investing in equities and in commodities

Past performance is not a reliable indicator of future performance.

The 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”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) 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. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.