Fund Description

The fund invests at least 80% of net assets in equity and debt securities of natural resources companies, predominantly equities. The sector includes companies that own, produce, refine, process, transport and market natural resources or provide related services, spanning industries such as integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, base metal production, forest products, farming products, chemicals, building materials, coal, alternative energy, energy transition, and environmental services. Up to 20% may be invested in any issuer. It may invest significantly in smaller-cap companies, emphasize U.S. securities over any other single country, buy ADRs, and use put and call options to hedge or generate income. The investment manager is a research driven, fundamental investor pursuing a growth strategy, and as a bottom-up investor focusing primarily on individual securities, seeks companies with identifiable drivers of future earnings growth and an attractive trade-off among potential earnings growth, risk, and valuation.