JPMorgan Global Natural Resources Fund
Equity · Global · Sector
Figures refer to the share class ISIN LU0208853860, currency EUR.
Recent performance
The EUR class returned +39.25% over one year to 2026-09-30. The WSP comparator (Global natural resources (tracker proxy) EUR) returned +14.85%, a difference of +24.40 percentage points. Over the final three months, the fund returned +14.57%.
Key facts
- Associated firm
- JPMorgan Asset Management (Europe) S.à r.l.
- Asset class
- Equity
- Geography
- Global
- Strategy
- Sector
- Share class currency
- EUR
- Share class inception
- 14.03.2005
- Fund size
- 1251 million (as at 15.09.2026)
- Management fee
- 0.80%
- Performance fee
- No
- UCITS
- Yes
- Registered in Switzerland
- Yes
Performance in context
Growth from the same starting value
Fund · WSP comparator: Global natural resources (tracker proxy) EUR
Exact chart values
| Month | Fund | WSP comparator: Global natural resources (tracker proxy) EUR |
|---|---|---|
| 2023-10 | 100.00 | 100.00 |
| 2023-11 | 101.14 | 106.09 |
| 2023-12 | 102.89 | 112.73 |
| 2024-01 | 101.10 | 112.63 |
| 2024-02 | 97.96 | 110.92 |
| 2024-03 | 107.42 | 114.39 |
| 2024-04 | 112.59 | 113.64 |
| 2024-05 | 111.30 | 115.69 |
| 2024-06 | 109.01 | 116.14 |
| 2024-07 | 108.21 | 123.47 |
| 2024-08 | 105.77 | 126.40 |
| 2024-09 | 107.22 | 128.69 |
| 2024-10 | 107.42 | 129.87 |
| 2024-11 | 111.10 | 137.14 |
| 2024-12 | 103.04 | 129.30 |
| 2025-01 | 108.86 | 131.51 |
| 2025-02 | 106.82 | 132.95 |
| 2025-03 | 108.96 | 130.14 |
| 2025-04 | 99.85 | 123.43 |
| 2025-05 | 104.08 | 126.97 |
| 2025-06 | 105.13 | 125.77 |
| 2025-07 | 109.16 | 129.66 |
| 2025-08 | 115.58 | 131.83 |
| 2025-09 | 125.68 | 130.78 |
| 2025-10 | 126.93 | 131.81 |
| 2025-11 | 133.05 | 135.98 |
| 2025-12 | 136.59 | 135.81 |
| 2026-01 | 154.16 | 140.75 |
| 2026-02 | 171.28 | 146.42 |
| 2026-03 | 169.69 | 140.71 |
| 2026-04 | 164.71 | 145.23 |
| 2026-05 | 164.01 | 145.56 |
| 2026-06 | 152.76 | 149.72 |
| 2026-07 | 161.42 | 154.93 |
| 2026-08 | 179.74 | 154.88 |
| 2026-09 | 175.01 | 150.21 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund valuations: 2023-10-31 to 2026-09-30. Comparison valuations: 2023-10-31 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN LU0208853860, currency EUR | -2.63 | 14.57 | 3.14 | 28.13 | 32.56 | 0.15 | -1.71 | 39.25 | 18.65 | 18.21 | 17.72 | 0.90 | -11.32 |
| BenchmarkGlobal natural resources (tracker proxy) EUR | -3.01 | 0.33 | 6.75 | 10.60 | 5.03 | 14.70 | 3.49 | 14.85 | 12.89 | 7.54 | 10.72 | 0.93 | -10.00 |
| Differencefund minus benchmark, in percentage points | 0.38 | 14.24 | -3.61 | 17.53 | 27.53 | -14.55 | -5.20 | 24.40 | 5.76 | 10.67 | – | – | – |
Reporting dates by figure
- LU0208853860 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
Has the advantage depended on the entry date?
The fund finished ahead in 14 of 24 overlapping one-year windows ending 2024-10 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Rolling one-year relative wealth
Exact chart values
| Month | Rolling one-year relative wealth |
|---|---|
| 2024-10 | -17.29 |
| 2024-11 | -15.02 |
| 2024-12 | -12.69 |
| 2025-01 | -7.78 |
| 2025-02 | -9.03 |
| 2025-03 | -10.84 |
| 2025-04 | -18.35 |
| 2025-05 | -14.80 |
| 2025-06 | -10.94 |
| 2025-07 | -3.94 |
| 2025-08 | 4.77 |
| 2025-09 | 15.35 |
| 2025-10 | 16.43 |
| 2025-11 | 20.77 |
| 2025-12 | 26.21 |
| 2026-01 | 32.31 |
| 2026-02 | 45.60 |
| 2026-03 | 44.04 |
| 2026-04 | 40.20 |
| 2026-05 | 37.45 |
| 2026-06 | 22.07 |
| 2026-07 | 23.76 |
| 2026-08 | 32.37 |
| 2026-09 | 21.24 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 78.4% across 23 rising benchmark months; down-market capture was -19.3% across 12 falling months. Window: 2023-10-31 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · WSP comparator: Global natural resources (tracker proxy) EUR
Exact chart values
| Month | Fund | WSP comparator: Global natural resources (tracker proxy) EUR |
|---|---|---|
| 2023-10 | 0.00 | 0.00 |
| 2023-11 | 0.00 | 0.00 |
| 2023-12 | 0.00 | 0.00 |
| 2024-01 | -1.74 | -0.09 |
| 2024-02 | -4.79 | -1.61 |
| 2024-03 | 0.00 | 0.00 |
| 2024-04 | 0.00 | -0.66 |
| 2024-05 | -1.15 | 0.00 |
| 2024-06 | -3.18 | 0.00 |
| 2024-07 | -3.89 | 0.00 |
| 2024-08 | -6.06 | 0.00 |
| 2024-09 | -4.77 | 0.00 |
| 2024-10 | -4.60 | 0.00 |
| 2024-11 | -1.33 | 0.00 |
| 2024-12 | -8.49 | -5.71 |
| 2025-01 | -3.32 | -4.11 |
| 2025-02 | -5.13 | -3.05 |
| 2025-03 | -3.23 | -5.10 |
| 2025-04 | -11.32 | -10.00 |
| 2025-05 | -7.56 | -7.41 |
| 2025-06 | -6.63 | -8.29 |
| 2025-07 | -3.05 | -5.45 |
| 2025-08 | 0.00 | -3.87 |
| 2025-09 | 0.00 | -4.63 |
| 2025-10 | 0.00 | -3.89 |
| 2025-11 | 0.00 | -0.84 |
| 2025-12 | 0.00 | -0.97 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | 0.00 |
| 2026-03 | -0.93 | -3.90 |
| 2026-04 | -3.84 | -0.82 |
| 2026-05 | -4.24 | -0.59 |
| 2026-06 | -10.81 | 0.00 |
| 2026-07 | -5.75 | 0.00 |
| 2026-08 | 0.00 | -0.04 |
| 2026-09 | -2.63 | -3.05 |
Deepest month-end decline for this class: -11.32%.
2023-10-31 to 2026-09-30 · EUR total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | +1.14 | +1.72 |
| 2024 | -1.74 | -3.10 | +9.65 | +4.82 | -1.15 | -2.06 | -0.73 | -2.25 | +1.36 | +0.19 | +3.43 | -7.26 |
| 2025 | +5.65 | -1.87 | +2.00 | -8.36 | +4.24 | +1.00 | +3.84 | +5.88 | +8.74 | +0.99 | +4.82 | +2.66 |
| 2026 | +12.86 | +11.11 | -0.93 | -2.93 | -0.42 | -6.86 | +5.67 | +11.35 | -2.63 | — | — | — |
Benchmark return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | +6.09 | +6.25 |
| 2024 | -0.09 | -1.52 | +3.13 | -0.66 | +1.80 | +0.40 | +6.31 | +2.37 | +1.81 | +0.92 | +5.59 | -5.71 |
| 2025 | +1.71 | +1.10 | -2.11 | -5.16 | +2.87 | -0.94 | +3.09 | +1.67 | -0.79 | +0.78 | +3.17 | -0.13 |
| 2026 | +3.63 | +4.03 | -3.90 | +3.21 | +0.23 | +2.86 | +3.48 | -0.04 | -3.01 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | -4.95 | -4.53 |
| 2024 | -1.65 | -1.58 | +6.53 | +5.47 | -2.95 | -2.45 | -7.04 | -4.62 | -0.45 | -0.74 | -2.16 | -1.54 |
| 2025 | +3.95 | -2.97 | +4.11 | -3.20 | +1.37 | +1.95 | +0.74 | +4.21 | +9.54 | +0.21 | +1.66 | +2.78 |
| 2026 | +9.23 | +7.08 | +2.97 | -6.14 | -0.65 | -9.72 | +2.19 | +11.38 | +0.38 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-10-31 to 2026-09-30. Comparison valuations: 2023-10-31 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Real Assets
Compared with the equity funds on OpenList — Real Assets (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 39.25 | 27.71 | 3 of 10 |
| Return 3Y p.a. | 18.65 | 18.56 | 5 of 10 |
| 3Y p.a. over its own benchmark | 5.76 | 5.32 | 4 of 10 |
| Volatility 3Y | 17.72 | 16.91 | 6 of 10 |
| Sharpe ratio 3Y | 0.90 | 0.95 | 6 of 10 |
| Max drawdown 3Y | -11.32 | -10.99 | 6 of 10 |
| Management fee | 0.80% | 1.05% | 4 of 10 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund rebased to 100 at 30.10.2023; benchmark rebased to 100 at 31.10.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 31.10.2025 | 142.2 | 31.10.2025 | 118.5 |
| Since 2023 | 30.10.2023 | 179.7 | 31.10.2023 | 156.3 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Comparison: Global natural resources (tracker proxy) EUR.
Fund history to 28.10.2026.
Benchmark history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KID (PDF, 27.04.2026)Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Real Assets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
How this fund works
Investment rationale
The fund is designed to provide long-term capital growth through global equity investment in natural resources companies. It is intended for investors who plan to stay invested for at least 5 years, understand the risk of capital loss, seek a higher-risk specialist sector investment, and want to use it as part of a portfolio rather than as a complete investment plan. With a summary risk indicator of 5 out of 7 and concentrated exposure to commodity-related equity sectors, it fits as a specialist satellite allocation rather than a broad core holding. Its distinct role comes from focused exposure to companies involved in exploration, development, refinement, production and marketing of natural resources and related secondary products, including emerging markets and smaller companies.
2026-08-31
How the strategy works
The objective is to provide long-term capital growth by investing primarily in natural resources companies globally. At least 67% of assets are invested in equities of natural resources companies anywhere in the world, including emerging markets; the fund may also invest in small capitalisation companies, unquoted securities, UCITS and UCIs, and may hold deposits, money market instruments and money market funds for cash management. The share class benchmark is the S&P Global Mining & Energy Index (Total Return Net), used for performance comparison; the fund is actively managed and can deviate materially from the benchmark’s securities, weightings and risk characteristics. Derivatives are used for efficient portfolio management and hedging, securities lending is expected at 0% to 20% with a 20% maximum, the hedging approach is typically unhedged, the share class is accumulating with no dividend distribution, and the recommended holding period is 5 years.
2026-08-31
Investment philosophy
• The fund invests primarily in a global universe of natural resources companies, defined as companies engaged in the exploration, development, refinement, production and marketing of natural resources and their secondary products, with exposure including emerging markets and small capitalisation companies.
• Portfolio construction uses a fundamental, bottom-up stock selection process built on stock-level analysis by a global research team.
• The fund is actively managed against the S&P Global Mining & Energy Index (Total Return Net); while many holdings may overlap with the benchmark, the manager has broad discretion to differ in security selection, weightings and risk characteristics.
• At 31 August 2026, positioning was concentrated in large-cap companies, with 47.85% in companies above USD 100 billion market capitalisation and 45.45% in the USD 10 billion to 100 billion range; top holdings include Newmont, ExxonMobil Holdings, BHP, Shell, Freeport-McMoRan and Rio Tinto.
• At the same date, sector and regional allocations were focused in Integrated Oil & Gas, Diversified Metals & Mining, Gold and Copper, with North America the largest regional exposure at 62.9%; derivatives may be used for efficient portfolio management and hedging, and securities lending is limited to 20% maximum.
2026-08-31
Management team
The portfolio managers named for the fund are Christopher Korpan and Veronika Lysogorskaya. The investment approach is supported by a global research team.
2026-08-31
Distinctive features
The fund offers specialist global natural resources exposure through a dedicated equity portfolio spanning mining, energy and metals-related industries. Its investment universe includes emerging markets and small-cap companies, while holdings at 31 August 2026 were predominantly larger-cap names. The fund is actively managed with broad discretion versus its benchmark and is supported by a global research team using bottom-up stock analysis. For this share class, entry and exit charges are listed at 0.00%, and the share class retains income in the NAV rather than distributing dividends.
2026-08-31
Risks
The fund has a summary risk indicator of 5 out of 7, described as a medium-high risk class, with the indicator based on a 5-year holding period. Investment risks include concentration, hedging, commodities, emerging markets, equities, smaller companies and investments in UCITS, UCIs and ETFs, with other associated risks including currency, liquidity and market risk. Risk is driven by the fund’s specialist concentration in natural resources equities, its exposure to commodity-linked sectors such as oil, gas, gold, copper and diversified mining, and its ability to invest in emerging markets and smaller companies. The fund is typically unhedged at currency level, uses derivatives for efficient portfolio management and hedging, and shareholders could lose some or all of their money while the share price may fluctuate and the fund may fail to meet its objective.
2026-08-31
Asset manager
The management company is JPMorgan Asset Management (Europe) S.à r.l., a member of JPMorgan Chase & Co. The fund is part of JPMorgan Funds and is domiciled in Luxembourg. The management company address shown is 6, route de Trèves, L-2633 Senningerberg, Luxembourg.
2026-08-31