JPMorgan Global Natural Resources Fund
Equity · Global · Sector
Figures refer to the share class ISIN LU0208853860, currency EUR, retail share class.
Key facts
- Management company
- 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
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- Yes
Price history
Fund and benchmark rebased to 100 at 30.09.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 03.10.2025 | 138.2 | 114.4 |
| 3Y | 29.09.2023 | 166.7 | 144.7 |
| 5Y | 30.09.2021 | 230.5 | 144.7 |
| Since 2005 | 30.09.2016 | 324.1 | 181.3 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 28.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN LU0208853860, currency EUR, retail share class | 11.35 | 9.59 | 4.94 | 31.60 | 32.56 | 0.15 | -1.71 | 55.51 | 21.20 | 19.42 | 17.84 | 1.01 | -11.32 |
| BenchmarkGlobal natural resources (tracker proxy) EUR | -0.04 | 6.40 | 5.78 | 14.04 | 5.03 | 14.70 | 3.49 | 17.48 | 13.36 | 8.24 | 10.59 | 0.98 | -10.00 |
| Differencefund minus benchmark, in percentage points | 11.38 | 3.19 | -0.84 | 17.56 | 27.53 | -14.56 | -5.20 | 38.03 | 7.85 | 11.18 | – | – | – |
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.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 55.51 | 38.42 | 3 of 10 |
| Return 3Y p.a. | 21.20 | 21.13 | 5 of 10 |
| 3Y p.a. over its own benchmark | 7.85 | 5.19 | 3 of 10 |
| Volatility 3Y | 17.84 | 16.79 | 6 of 10 |
| Sharpe ratio 3Y | 1.01 | 0.98 | 4 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.
Return against risk, 3 years
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. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
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
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
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.
Investment strategy
The stated 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.
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.
• Current positioning is 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.
• Sector and regional allocations are 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.
Management team
The portfolio managers named for the fund are Christopher Korpan and Veronika Lysogorskaya. The documents identify them as the managers of JPMorgan Funds - Global Natural Resources Fund, Class C (acc) EUR. The investment approach is described as being supported by a global research team.
The 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 documents state that fund information, performance calculations and other data are provided by J.P. Morgan Asset Management, the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide. The management company address shown is 6, route de Trèves, L-2633 Senningerberg, Luxembourg.
Strengths
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 current holdings remain predominantly in larger-cap names, giving targeted sector exposure through liquid listed equities. 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.
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. The documents identify investment risks from 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.