Fund Description

The fund uses a matrix of top-down macro and bottom-up stock selection models to set weights by country, sector and security, monitoring fiscal and monetary policies and focusing on historical and socioeconomic cycles. It applies statistical and fundamental models, including GARP, and overlays first-hand observations 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 companies. It invests globally, including emerging markets, and normally keeps at least 40% in companies tied to at least three non-U.S. countries. Holdings may include stocks, convertibles, rights and warrants, options, ETFs, depository receipts, private placements, IPOs and LEAPS; it may short overvalued positions, use options strategies, hold up to 15% illiquid securities, and may at times maintain higher than normal cash levels.