Min. Investment
$2500
Mutual Fund
The Fund seeks long term capital gains by investing in equity securities of companies whose predominant economic activity is in the natural resources sector which includes, but is not limited to, mining, agriculture, energy, precious metals, real estate, and other basic commodities.
Why EPNARF?
1. Fund managed by our professional portfolio managers
2. Low cost, efficient access to the natural resources sector
3. Diversify your portfolio
Historical NAVs
Investment Objective
The Fund seeks to generate long term capital growth by investing in companies that supply or produce natural resources, which include precious metals, ferrous and nonferrous metals, strategic metals, hydrocarbons, chemicals, paper and forest products, real estate, food, textile and tobacco products, and other basic commodities.
The Management Team
Euro Pacific Advisors Ltd. manages all Mutual Funds through a sub-advisory management agreement with a 150-year-old, European financial services company that provides investment and advisory services to institutional and corporate clients internationally.
The company advising Euro Pacific Advisors directly manages £2.5bn+ in client assets, led by three investment managers with over 60 years’ combined industry experience and specialisms in risk-management, technical analysis, and global funds.
Day-to-day investment decisions are delegated to Euro Pacific Advisors, thus relieving you of the burden of reacting to fast moving-markets, changing economic circumstances, and time-consuming administration. Simply track all of your trades online and watch your portfolio grow in real-time.
Investment Process
Euro Pacific Advisors uses top-down analysis to select the best regions and countries and bottom-up analysis to select the best equity and equity related securities of companies principally involved in owning or developing natural resources, or supplying goods and services to such companies.
Core vs. Tactical Component
Euro Pacific Advisors employs an innovative investment approach whereby typically 80% of your portfolio – the Core component – will be invested primarily in exchange-traded funds (ETFs) to provide you with exposure to a number of different asset classes including equities, fixed income, commodities, and cash globally.
The Tactical component composed of the remaining 20% will be invested to enhance returns by exploiting shorter-term opportunities and special situations, including Initial Public Offerings and takeover scenarios. This element of the portfolio may also be used to hedge equity exposure through equity indices or sectors.
Investment decisions are made by the professional managers and guided by a variety of internal and external information sources. Investments are governed by parameters to reduce risk and monitored accordingly.
Maximum Diversification
The majority of the investment is allocated into a range of exchange-traded funds (ETFs) to provide exposure to a wide variety of asset classes including equities, fixed income, commodities, commercial property and cash. As a result, our strategies can maintain thousands of underlying securities spanning different countries and sectors. This provides much greater diversification than would be practical with solely direct investment, but with lower brokerage costs than most forms of collective investment and lower volatility.
Security Information
| Symbol | EPNARF |
| Launch Date | July 14, 2011 |
| Custodian | Euro Pacific Securities, Inc. |
Portfolio Characteristics
| Currency Denomination | USD |
| Benchmark | MSCI ACWI/Natural Resources NR USD |
| No. of Underlying Holdings | 447 |
Data as of 01/31/2021.
Sales Load
0%1
Annual Expense Ratio
2.00%2
Fees as stated in the prospectus.
1A sales load is a sales charge or commission charged to an investor when buying or redeeming shares in a mutual fund. We do not charge a sales load for buying and selling mutual funds.
2Also known as a “management fee”.
Historical Statistics
| Cumulative Return | -34.40% |
| Annualized Return | -3.91% |
| 12 Month Yield | 0.87% |
| Volatility | 5.32% |
| Weighted TER of Components | 0.46% |
Monthly Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual Return | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2.34% | 2.74% | 8.16% | -2.61% | 3.66% | -13.45% | |||||||
| 2021 | 1.81% | 6.38% | -0.67% | 4.19% | 3.70% | -3.26% | 0.16% | 0.64% | 0.96% | 4.26% | -4.39% | 1.42% | -0.19% |
| 2020 | -5.22% | -9.30% | -16.95% | 4.53% | 3.86% | 2.32% | 3.63% | 6.13% | -4.33% | -1.29% | 14.41% | 5.73% | -0.36% |
| 2019 | 7.65% | 0.00% | -0.89% | -0.54% | -5.95% | 5.75% | -2.17% | -5.37% | 3.13% | 0.38% | -0.76% | 5.90% | 6.31% |
| 2018 | -0.64% | -4.84% | -2.20% | 4.16% | -0.50% | -2.34% | 1.88% | -2.86% | 1.73% | -4.08% | -0.53% | -6.77% | -16.19% |
| 2017 | 5.86% | 12.69% | -2.69% | 1.38% | -1.19% | -0.52% | 5.72% | 0.98% | 3.08% | -0.31% | -3.32% | 1.96% | 10.83% |
| 2016 | -3.92% | 7.03% | 4.24% | 5.08% | 3.04% | 3.73% | 2.84% | 0.92% | 1.09% | -2.53% | 2.96% | 1.26% | 22.66% |
| 2015 | -1.20% | 1.91% | -5.44% | 3.78% | -13.21% | -6.37% | -6.62% | -5.06% | -5.76% | 8.37% | -2.09% | -2.13% | -21.40% |
| 2014 | -3.74% | 5.47% | -5.18% | 1.73% | -0.99% | 6.43% | -3.49% | 0.42% | -9.83% | -6.61% | -0.99% | -2.99% | -19.11% |
| 2013 | -0.87% | -4.07% | -0.23% | -9.08% | -1.26% | -9.48% | 4.95% | 3.37% | -0.91% | -0.92% | -2.79% | -1.37% | -21.26% |
| 2012 | 8.84% | 2.74% | -5.03% | -1.84% | -8.92% | 2.90% | 2.35% | 5.97% | 6.18% | -2.55% | -2.93% | -1.08% | 5.28% |
For Investors who are:
- Speculative and long term
- Growth-oriented
Variability of Returns
The annual returns on your portfolio will vary. The purpose of this section is to provide a forecast of the extent of this variation. The average risk (defined by annual volatility) of world equity markets since October 2003 has been 16%*. The portfolio has a target risk level relative to world equity markets of 125%. If it continues averaging this level, the target volatility for your portfolio will approximate 20%, meaning annual returns may be more volatile than those from some global portfolios consisting solely of equities. Typically, an investor exposing a portfolio to this level of volatility might target an average annual return of 8%. For this profile of expected return and risk, the potential distribution of annual returns over a 40 year period is shown diagrammatically to the right. Returns would be expected to fall in the range of -12% to +28% in around 26 years out of 40. An annual decline in portfolio value greater than 32% would be expected once in forty years.
This table details the expected distribution of annual returns produced by a portfolio generating a long term annualized return of 8% with annualized volatility of 20%. The y axis is the number of years during a 40 year period which the return would be expected to fall within the specified ranges. There is no guarantee that the long term average return of your portfolio will be as high as 8% or that volatility will not exceed 20%. Actual monthly performance figures give a further indication of the type of short term variability you might expect.
*Source: Bloomberg
Special Risk Factors
Sector Concentration Risk
The Fund concentrates its investments in the global supply chain of the natural resources sector. The Fund may be subject to greater risks and market fluctuations than a portfolio representing a broader range of sectors and industries. The Fund invests in securities that typically respond to changes in the price of commodities, which can be influenced by a variety of global economic, financial, and political factors; increased environmental and labor costs; and changes in regulation relating to production; and the price may fluctuate substantially over short periods of time. Therefore, the Fund may be more volatile than other types of investments.
Non-Diversification Risk
The Fund is non-diversified and may invest a significant portion of its total assets in a small number of companies. This may cause the performance of the Fund to be dependent upon the performance of one or more selected companies, which may increase the volatility of the Fund.
Foreign Securities
The Fund invests primarily in foreign securities, which are generally riskier than U.S. securities. As a result, the Fund is subject to foreign risk, meaning that political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters occurring in a country where the Fund invests could cause the Fund’s investments in that country to experience gains or losses.
Currency Risk
Because the Fund generally invests in securities denominated in foreign currencies, the Fund is subject to currency risk, meaning that the Fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S.
Top 15 Largest Holdings
| Name | Ticker | Exchange | Weight |
|---|---|---|---|
| MARKET ACCESS RGR INTL CMDTY | MRICz | EBS | 7% |
| AMUNDI INDEX SOLUTIONS - MSC | CWE | SBF | 7% |
| WT PHYSICAL PRECIOUS METALS | PHPM | LSE | 7% |
| VANECK AGRIBUSINESS | MOO | ARCA | 7% |
| X STOXX600 BASICRESOURC SWAP | DXSCd | IBIS | 6% |
| LYXOR STX600 BASIC RSRCES | BRE | SBF | 5% |
| CQS NTL RES GWTH AND INC | CYN | LSE | 5% |
| ISHARES OIL & GAS EXPL&PROD | IOGP | LSE | 5% |
| WT SOFTS | AIGS | ARCA | 5% |
| ISHARES GLOBAL WATER | DH2O | LSE | 5% |
| INVESCO MORNINGSTAR MLP DIST | MLPD | BVME.ETF | 5% |
| L&G BATTERY VALUE-CHAIN | BATT | LSEETF | 5% |
| IMPAX ENVIRONMENTAL MARKETS | IEM | LSE | 4% |
| BLUEFIELD SOLAR INCOME FUND | BSIF | LSE | 4% |
| LYXOR EURSTX600 OIL&GAS | OIL | SBF | 4% |
| 68.80% of total net assets as of 03/31/2021. Portfolio holdings exclude any temporary cash holdings. | |||
Asset Classes
Equity Regional Exposure
Equity Country Exposure
Equity Sectors
Equity Capitalization
Fixed Income Credit Quality
Data as of 01/31/2021.
Important Disclosure: Past performance is not indicative of future results. Portfolio historical statistics for this model portfolio have been generated using a number of data sources including Morningstar Direct, Bloomberg and alpha. Data are rebased in USD and are stated net of annual management charges and taxes. This composite performance record is hypothetical and calculated from a multitude of portfolios and mutual funds. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any multi-fund managed account or pool will or is likely to achieve a composite performance record similar to that shown. In fact, there are frequently sharp differences between a hypothetical composite performance record and the actual record subsequently achieved. One of the limitations of a hypothetical composite performance record is that decisions relating to the selection of trading securities and the allocation of assets among those trading securities were made with the benefit of hindsight based upon the historical rates of return of the selected funds and securities. Another inherent limitation on these results is that the allocation decisions reflected in the performance record were not made under actual market conditions and, therefore, cannot completely account for the impact of financial risk in actual trading. Furthermore, the composite performance record may be distorted because the allocation of assets changes from time to time and these adjustments are not reflected in the composite. This performance is not AIMR compliant.