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Daily Price as of 08/23/19

NAV DAILY CHANGE
$26.05 $-0.55 / -2.1%

Class Y Details: GHAYX

INCEPTION DATE GROSS/NET EXPENSES1
04/30/10 1.20%/1.13%

Latest Commentary

Latest Commentary

By: Shawn Reynolds, Portfolio Manager

Market Rebound, Shareholder Focus

  • During the first quarter of 2019, commodities and natural resource equities rebounded from their deep declines of the fourth quarter of 2018. Crude oil and energy stocks had a strong start, attributed in part to mean reversion but also as a result of a confluence of “OPEC+” quota cuts and compounding geopolitical concerns in Venezuela and Iran. In the U.S., shale producers also continued to demonstrate capital discipline in answering the demands of shareholders.

  • Amid increasing concerns of slowing global growth and undershot inflation targets, central banks around the world have adopted a more dovish stance. Interest rates and the quantity of negative-yielding fixed income are back to 2016/2017 levels, resulting in generally positive, though volatile, gold prices through the quarter. Gold company M&A activity (discussed further herein) added to share price volatility too though investors, on the whole, seem optimistic about several of the landmark deals that swept the sector.

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Videos on Hard Assets

Transformation and Innovation in Natural Resources

Shawn Reynolds
Portfolio Manager

Portfolio manager Shaw Reynolds talks about transformation in the corporate world of hard assets, natural resource, and commodity companies. Business model innovation and the return of capital to shareholders increase the relevance of companies in the broader market.

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Market Dynamics and Capital Allocation Drive Metals Outlook

Charl Malan
Senior Analyst

Senior Analyst Charl Malan discusses key drivers behind global demand for certain industrial metals as well as challenges in sustaining supply and the impact these dynamics have on the outlook for this space over the next few years.

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Natural Resource Companies Focus on Returns in 2018

Jan van Eck and Shawn Reynolds
CEO and Portfolio Manager

Jan van Eck, CEO, and Shawn Reynolds, Portfolio Manager, discuss their outlook for commodities and natural resource equities in 2018. Macro tailwinds help the outlook for commodities and companies have restructured to focus on returns.

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Global Conditions Align to Support Commodities in 2018

Roland Morris
Portfolio Manager

Portfolio Manager Roland Morris explores the impact of inflation, global growth, and the rebalancing of supplies on the commodities market in his outlook for 2018.

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Oil Supplies Will Tighten

Shawn Reynolds
Portfolio Manager

Shawn Reynolds, Portfolio Manager, provides an update on the oil market, and posits that media headlines claiming abundant supply just don’t reflect the underlying fundamentals: “For oil, the current headlines talk about some demand softness and an abundance of supply, but let’s look more closely at the fundamentals....We have had three years of record low oil discoveries, and this will impact supply, maybe not this year or next, but soon.”

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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

Additional Resources

 

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, 2020. 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. 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 them carefully before investing.