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Daily Price as of 12/10/19

$26.52 $-0.04 / -0.2%

Class A Details: GHAAX

11/02/94 1.59%/1.38%

Latest Commentary

Latest Commentary

By: Shawn Reynolds, Portfolio Manager

Natural Resources Turn Choppy as Trade Winds Persist

  • After an encouraging first quarter to the year, commodities and natural resource equities turned choppy and skittish. A clear, finite resolution to the problems surrounding tariffs and trade remained elusive. As concerns around slowing growth and undershot inflation targets increased, central banks around the world re-engaged, reversed their policies and started easing. In June, this led to a surge in the price of gold and renewed hope that previous fears around threats to global growth would prove unfounded.

  • We believe resolution on trade and further accommodative central bank policy would be positive for the space. In the meantime, these macroeconomic headwinds may dampen the impact of potential tightening supply and demand fundamentals or significant corporate actions.

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Worldwide Due Diligence

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Videos on Hard Assets

Conventional versus Unconventional Energy

Shawn Reynolds
Portfolio Manager, Natural Resources Equity

“We’re still working on the assessment and appraisal of where all these resources are. As the years go on, we've got hundreds and thousands of wells to drill into these shales and unconventional resources that will be more manufacturing-oriented.”

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Hard Assets Defined: Foundation of Industrial Economies

Hard Assets Defined: Foundation of Industrial Economies

“Hard assets” refers to the natural resources or commodities that are mined, exploited, harvested or otherwise procured globally.

Hard assets have traditionally been grouped into five broad categories:

1) Energy  
Oil, natural gas, electricity, coal, and new/renewable alternative energy sources

2) Precious Metals  
Gold, silver, palladium and platinum

3) Base/Industrial Metals  
Copper, aluminum, steel, iron and nickel

4) Agriculture  
Corn, wheat, sugar and water

5) Forest Products  
Timber, pulp and paper

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Important Disclosure

Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics.

NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase. No sales charge is imposed where Class A or Class C shares are issued to you pursuant to the automatic investment of income dividends or capital gains distributions. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class C, Class I and Class Y do not have an initial sales charge; however, Class C does charge a contingent deferred redemption charge. See the prospectus for more information.

1Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.38% for Class A, 2.20% for Class C, 0.95% for Class I, and 1.13% for Class Y of the Fund’s average daily net assets per year until May 1, 2021. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

2The S&P North American Natural Resources Sector (SPGINRTR) Index (the "Index") provides investors with a benchmark that represents U.S. traded securities that are classified under the GICS® energy and materials sector excluding the chemicals industry; and steel sub-industry. The MSCI ACWI Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

The views and opinions expressed are those of VanEck. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.

You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to risks associated with concentrating its investments in Canadian issuers, commodities and commodity-linked derivatives, commodities and commodity-linked derivatives tax, derivatives, direct investments, emerging market securities, foreign currency transactions, foreign securities, other investment companies, management, market, operational, small- and medium-capitalization companies and hard assets sectors risks, including, precious metals and natural resources, that can be significantly affected by events relating to these industries, including international political and economic developments, inflation, and other factors. The Fund’s portfolio securities may experience substantial price fluctuations as a result of these factors, and may move independently of the trends of industrialized companies. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation or imposition of prohibitive taxation.

Investing involves risk, including possible loss of principal. Please call 800.826.2333 or visit for a free prospectus and summary prospectus. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information. Please read the prospectus and summary prospectus carefully before investing.