The Fund seeks to maximise total return by investing primarily in equity securities of mining and metals companies globally whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal, and mi...
Provides diversified exposure to the global mining sector via investments in the equities of mining companies. The investment universe ranges from large, diversified mining companies such as Glencore, to mining companies specifically focusing on a single metal. Provides investors with a certain degree of diversification benefits due to its moderate correlation with the MSCI ACWI and Bloomberg Global Aggregate indices.
Co-managed by Evy Hambro and Olivia Markham. Having spent his entire career at BlackRock, Evy is the Managing Director and Global Head of Thematic and Sector-based investing and has been running the Fund since its inception in 1997. Olivia joined Blackrock in 2011 and took on management duties in 2015. Prior to joining BlackRock, she was the Head of the European Mining team at UBS with lead coverage of the UK diversified miners. Evy and Olivia are also supported by the broader Thematics, Sectors and Impact team that has 28 people with over 100 years of combined investment experience. Six of the team’s fifteen portfolio managers/analysts also specifically cover the energy and sustainable energy sectors.
The Fund’s performance has largely mirrored that of the mining sector and is inherently volatile.
The team invests through the natural resources investment cycle, combining bottom-up fundamental analysis of companies with a top-down macro and industry overlay. Specifically, the team focuses on identifying trends that will impact the supply/demand balance of the underlying commodities by monitoring the regulatory environment and analysing market sentiment. Different sources of returns are generated via investments in companies with strong growth potential and long-term sustainable business models, relative valuation and re-rating potential plays, turnaround stories and commodity/macroeconomic tilts.
Investors looking to diversify their portfolio by having a tactical allocation to global mining equities can consider the Fund as a satellite exposure. Due to the nature of the mining sector, investors should be aware that the Fund will experience periods of significant volatility with lumpy annual returns and substantial drawdowns. Investors should always be mindful of the risk profile and ensure that their portfolio is well diversified.
Daily data. Returns as of 07 Nov 2026.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
| 2026 | - | 16.4% | 9.2% | -14.7% | 3.8% | 5.8% | -11.7% | 1.1% | 17.5% | -8.9% | -8.8% | - | - |
| 2025 | 71.7% | 4.1% | -1.8% | 3.4% | 0.8% | 4.0% | 3.7% | 1.5% | 11.0% | 13.7% | 0.6% | 7.2% | 8.2% |
| 2024 | -10.2% | -5.8% | -6.2% | 8.8% | 5.9% | 3.2% | -6.2% | 0.7% | 0.7% | 8.4% | -6.0% | -2.1% | -10.0% |
| 2023 | 0.3% | 10.7% | -8.7% | 1.8% | -2.0% | -8.6% | 6.4% | 6.4% | -7.5% | -2.2% | -7.0% | 6.7% | 7.3% |
| 2022 | 1.8% | -1.3% | 13.3% | 9.6% | -8.6% | -1.0% | -20.7% | -1.5% | 0.5% | -5.0% | 5.1% | 18.7% | -1.3% |
| Load more | 5 of 21 | ||||||||||||
| Glencore PLC | 7.36% |
| Rio Tinto PLC Ordinary Shares | 6.39% |
| Agnico Eagle Mines Ltd | 5.61% |
| Anglo American PLC | 5.53% |
| Newmont Corp | 5.26% |
| Barrick Mining Corp | 4.95% |
| BHP Group Ltd | 4.89% |
| Freeport-McMoRan Inc | 4.78% |
| Wheaton Precious Metals Corp | 4.43% |
| Nucor Corp | 4.05% |
Disclaimer: ©2025 Morningstar. All Rights Reserved. The information contained here relating to a particular collective investment scheme: (1) is proprietary to Morningstar Research Pte. Limited and/or its content providers (“Information Provider(s)“) unless otherwise specified; and (2) may not be copied or distributed. Neither the Information Provider nor Endowus guarantee or endorse the accuracy, reliability, completeness or timeliness of the information, or are responsible for any damages or losses arising from any use of this information. Further, for technical reasons, certain information provided by Information Provider may be different from that supplied by the respective fund houses.
This website is for information purposes only and is not and should not be construed as an offer or the solicitation of an offer or a recommendation for the purchase or sale of any investment or subscribe for, or to participate in, any services. Any opinion or estimate above is made on a general basis and none of Endowus, nor any of its affiliates, representatives, or agents have given any consideration to nor have made any investigation of the objective, financial situation, or particular need of any user, reader, any specific person or group of persons. Opinions expressed herein are subject to change without notice. You should carefully consider whether any investment views and investment products/services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances or seek financial advice via Endowus' platform.
Investment involves risk. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Past performance is not an indicator nor a guarantee of future performance. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.
You are responsible for downloads from this website. Endowus does not warrant that any downloads from this website will meet your needs or expectations, or be uninterrupted, secure, or error free or that any files available for downloading through this website are free of computer viruses or other harmful components. You alone are responsible for ensuring adequate protection and backup of data, software, computer, and other equipment is made and appropriate safeguard is in place to detect, prevent and eliminate computer viruses and other harmful effects. Neither Endowus nor the Information Provider will be responsible for any costs or expenses which may be incurred if your use of this website or if any downloads results in any servicing or replacement of property, material, equipment, or data.
This advertisement has not been reviewed by the Monetary Authority of Singapore.