Fund Description

The fund uses a matrix of top-down macro and bottom-up stock selection models to set country, sector, and security weightings, emphasizing government fiscal and monetary policies, historical and socioeconomic cycles, and statistical and fundamental models including GARP, complemented by insights from domestic and global travel. Under normal conditions it invests at least 80% of net assets in equity and equity-related securities of natural resources industries and at least 40% in companies economically tied to at least three non-U.S. countries, including emerging markets. Holdings may include stocks, convertibles, rights/warrants, options, ETFs, depository receipts, private placements, IPOs, and LEAPS; it may short overvalued positions, use options strategies, hold higher cash at times, and invest up to 15% in illiquid securities.