T. Rowe Price New Era Fund
Actively managed global stock fund
As of its 2026 Q2 report, T. Rowe Price New Era Fund held 133 positions with $2.85B in net assets. Its ten largest holdings made up 27.6% of the fund. The PRNEX share class costs 0.77% a year. Over the 12 months to May 2026, PRNEX returned 41.1%, with dividends reinvested. In 2026 Q2 it added 24 new positions and exited 18.
The fund seeks to provide long-term capital growth primarily through the common stocks of companies that own or develop natural resources and other basic commodities, and also through the stocks of selected nonresource growth companies.
The fund invests at least two-thirds of its assets in common stocks of natural resource companies—those that own, develop, refine, service, or transport energy, metals, forest products, chemicals, utilities, and other basic commodities—selecting those whose products can be produced profitably during periods of rising labor costs and prices. The remainder may be allocated to non-resource growth companies. At least half of total assets are invested in U.S. stocks, with up to half in foreign stocks including emerging markets. The adviser adjusts the mix between natural resource and non-resource holdings based on economic conditions and inflation outlook.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
3.50% | $99.85M | 730.3K | $136.72 | |
SHELL PLC | 3.33% | $94.99M | 2.4M | $38.85 |
3.32% | $94.87M | 912.6K | $103.96 | |
CVXCHEVRON CORP | 3.00% | $85.64M | 516.7K | $165.76 |
LINDE PLC | 2.79% | $79.73M | 153.6K | $518.94 |
2.63% | $75.13M | 1.0M | $74.34 | |
2.53% | $72.11M | 276.9K | $260.44 | |
CANADIAN NATURAL RESOURCES | 2.32% | $66.33M | 1.7M | $39.57 |
ENBENBRIDGE INC | 2.23% | $63.64M | 1.2M | $54.21 |
SLBSLB LTD | 1.93% | $55.02M | 1.2M | $46.49 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 133 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.62% |
| Cash & short-term | 0.39% |
| Bonds | 0.06% |
By sector
- International
- 39.8%
- Energy
- 34.1%
- Materials
- 11.0%
- Industrials
- 7.3%
- 5 other sectors
- 7.8%
- International
- 39.8%
- Energy
- 34.1%
- Materials
- 11.0%
- Industrials
- 7.3%
- Other
- 2.8%
- Utilities
- 2.6%
- Information Technology
- 1.6%
- Cash
- 0.4%
- Financials
- 0.4%
How it has done
PRNEX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.61%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.77% | +41.10% | +63.79% | +72.02% | -10.44% | |
| 0.57% | +41.36% | +64.72% | +73.66% | -10.34% |
These classes hold the same portfolio, so the 1.64pp spread over 5 years is the cost difference between them — roughly 0.33pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price New Era Fund is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.57% – 0.77%· PRNEX 0.77%
- Portfolio turnover
- 38.60% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
24 new· the largest 8
18 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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