Investment objective & strategy
As of Feb. 25, 2026 · prospectusObjective. The fund seeks long-term capital appreciation.
Strategy. The fund invests in upstream natural resource companies, which are companies that engage in upstream activities, such as exploration, extraction, and development of resources. Specifically, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of natural resource companies. The fund defines natural resource companies as companies engaged in the upstream extraction of energy, minerals, and agriculture products. The fund references the MSCI GICS (Global Industry Classification Standard) Materials sector, Energy sector, or Consumer Staples Food Products sector to identify such companies. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested … The fund invests in upstream natural resource companies, which are companies that engage in upstream activities, such as exploration, extraction, and development of resources. Specifically, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of natural resource companies. The fund defines natural resource companies as companies engaged in the upstream extraction of energy, minerals, and agriculture products. The fund references the MSCI GICS (Global Industry Classification Standard) Materials sector, Energy sector, or Consumer Staples Food Products sector to identify such companies. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. The fund uses fundamental, bottom-up analysis and may invest in companies of any market capitalization. The adviser may use both growth and value approaches in selecting investments for the fund. The fund normally invests in stocks of U.S. and foreign companies in keeping with its objective. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| CORTEVA INC | — | $6.31M | 5.63% |
| EXXON MOBIL CORP | — | $5.95M | 5.31% |
| SHELL PLC COMMON STOCK EUR.07 | — | $5.02M | 4.48% |
| NUTRIEN LTD COMMON STOCK | — | $4.73M | 4.23% |
| CHEVRON CORP | — | $4.56M | 4.07% |
| AGNICO EAGLE MINES LTD COMMON STOCK | — | $3.51M | 3.13% |
| ARCHER DANIELS MIDLAND CO | — | $3.35M | 3.00% |
| BHP GROUP LTD COMMON STOCK | — | $3.02M | 2.70% |
| CANADIAN NATURAL RESOURCES COMMON STOCK | — | $2.92M | 2.60% |
| TYSON FOODS INC CL A | — | $2.79M | 2.49% |
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. |
|---|---|---|
| FlexShares Morningstar Global Upstream Natural Resources Index Fund · GUNR | 24% | 0.46% |
| SPDR S&P North American Natural Resources ETF · NANR | 23% | 0.35% |
| VanEck Natural Resources ETF · HAP | 21% | 0.42% |
Advisers
| Firm | Role |
|---|---|
| T. Rowe Price Associates, Inc. | Adviser |
| T. Rowe Price International Ltd | Sub-adviser |
| T. Rowe Price Australia Limited | Sub-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.
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