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.
• Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.