Investment objective & strategy
As of Feb. 25, 2026 · prospectusObjective. The fund seeks to provide long-term capital growth primarily through the common stocks of companies that own or develop natural resources and other basic commodities, and also through the stocks of selected nonresource growth companies.
Strategy. The fund normally invests at least two-thirds of its net assets in the common stocks of natural resource companies. The earnings and tangible assets of natural resources companies may benefit from periods of accelerating inflation. The fund also invests in other growth companies that the adviser believes have strong potential for earnings growth but do not own or develop natural resources. The relative percentages invested in natural resource and non-natural resource companies can vary depending on economic and monetary conditions and the advisers outlook for inflation. The natural resource companies held by the fund typically own, develop, refine, service, or transport resources, including energy, metals, forest products, industrials, utilities, chemicals, real estate, and other basic commodities. In selecting natural resource … The fund normally invests at least two-thirds of its net assets in the common stocks of natural resource companies. The earnings and tangible assets of natural resources companies may benefit from periods of accelerating inflation. The fund also invests in other growth companies that the adviser believes have strong potential for earnings growth but do not own or develop natural resources. The relative percentages invested in natural resource and non-natural resource companies can vary depending on economic and monetary conditions and the advisers outlook for inflation. The natural resource companies held by the fund typically own, develop, refine, service, or transport resources, including energy, metals, forest products, industrials, utilities, chemicals, real estate, and other basic commodities. In selecting natural resource stocks, the adviser looks for companies whose products can be produced and marketed profitably when both labor costs and prices are rising. In the mining area, for example, the adviser might look for a company that it believes possesses the ability to expand production and maintain superior exploration programs and production facilities. At least 50% of the funds total assets is invested in stocks of U.S. issuers, but up to 50% of its total assets may be invested in foreign stocks (including in stocks issued by companies in emerging market countries).
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| EXXON MOBIL CORP | — | $162.96M | 5.10% |
| CHEVRON CORP | — | $146.75M | 4.59% |
| CONOCOPHILLIPS | — | $122.24M | 3.82% |
| SHELL PLC | — | $120.20M | 3.76% |
| Canadian Natural Resources Ltd | — | $83.50M | 2.61% |
| WILLIAMS COS INC | — | $77.97M | 2.44% |
| LINDE PLC | — | $76.17M | 2.38% |
| VALERO ENERGY CORP | — | $72.86M | 2.28% |
| ENBRIDGE INC | — | $65.06M | 2.03% |
| SLB LTD | — | $62.38M | 1.95% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Energy Fund | 41% | 1.73% |
| Energy Fund · RYEIX, RYEAX, RYENX, RYECX | 41% | 1.41% |
| iShares North American Natural Resources ETF · IGE | 39% | 0.39% |
Advisers
| Firm | Role |
|---|---|
| T. Rowe Price Associates, Inc. | Adviser |
Footnotes
- Expense ratio as of February 25, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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