
2026
- The fund is a high-conviction fund. The fund manager believes companies with superior return on capital will outperform through commodity cycles, and that the best investment performance in this sector comes from directionally accurate medium-term commodity price views combined with in-depth fundamental stock analysis rather than short-term price forecasting.
- The fund has no overarching style bias given its bottom-up construction, but prefers high-quality, large-cap companies generating high and sustainable cash flows. It does not invest in pure exploration small-cap companies.
- The fund is benchmark-agnostic via the MSCI AC World Select Natural Resources Capped Net Return Index for performance comparison. It typically holds up to 100 holdings and had 51 holdings as of 31 March 2026.
- As of 31 March 2026, the fund's largest sector allocations were Integrated Oil & Gas and Fertilisers & Agricultural Chemicals.
- Looking ahead, the fund manager remains constructive on natural resource equities, citing structural growth themes such as electrification and AI infrastructure demand, their historical resilience during inflationary periods, and a continued valuation discount versus the broader equity market despite improving business quality.
Fund Investment Style


Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
|
Recommended fund |
3-year annualised return |
3-year maximum drawdown |
3-year downside deviation |
3-year Sortino ratio |
|
Ninety One Global Strategy Fund- Global Natural Resources A Acc USD |
19.1% |
-18.4% |
9.0% |
1.83 |
|
Peer Average |
16.2% |
-22.8% |
10.5% |
1.36 |
Source: Bloomberg Finance L.P., iFAST
Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
About the Fund Managers
The Fund is managed by George Cheveley and Dawid Heyl, who have worked on the Strategy since its inception in January 2008, alongside Paul Gooden, who joined in 2024. Together, they form a core team of three natural resources specialists based in London.
The investment philosophy is built around three core beliefs: first, that companies generating superior returns on capital are better positioned to outperform across commodity cycles; second, that the strongest performance comes from directionally accurate medium-term commodity price forecasts combined with in-depth fundamental stock analysis, rather than short-term price predictions; and third, that Environmental, Social and Governance (ESG) factors can materially influence both corporate and stock price performance and should therefore be integrated throughout the investment process.

