T. Rowe Price New Era Fund
T. ROWE PRICE NEW ERA FUND, INC. · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Expense ratio | As of |
|---|---|---|
| PRNEX | 0.77% | 2025 Q1 |
| TRNEX | 0.57% | 2025 Q1 |
Portfolio turnover 38.60% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 99.62% |
| Cash & short-term | 0.39% |
| Bonds | 0.06% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 39.8% |
| Energy | 34.1% |
| Materials | 11.0% |
| Industrials | 7.3% |
| 5 smaller | 7.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: KEYERA CORP, FIX, SWK, HEADWATER EXPLORATION INC, BAYTEX ENERGY CORP, ARRY, AMERICAS GOLD AND SILVER COR, EQUINOX GOLD CORP
Largest exited: OKE, LNG, ARC RESOURCES LTD, EOG, HEADWATER EXPLORATION INC, KEYERA CORP, RPM, AMERICAS GOLD AND SILVER LOCKUP 4/26
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +51.05% | +55.76% | +83.46% | 11.86% | -10.44% | |
| +51.31% | +56.62% | +85.24% | 11.86% | -10.34% |
These classes hold the same portfolio, so the 1.78pp spread over 5 years is the cost difference between them — roughly 0.36pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| XOM | EXXON MOBIL CORPXOM | 3.50% | $136.72 | $99.85M | 730.3K |
| — | SHELL PLC | 3.33% | $38.85 | $94.99M | 2.4M |
| COP | CONOCOPHILLIPSCOP | 3.32% | $103.96 | $94.87M | 912.6K |
| CVX | CHEVRON CORPCVX | 3.00% | $165.76 | $85.64M | 516.7K |
| — | LINDE PLC | 2.79% | $518.94 | $79.73M | 153.6K |
| WMB | WILLIAMS COS INCWMB | 2.63% | $74.34 | $75.13M | 1.0M |
| VLO | VALERO ENERGY CORPVLO | 2.53% | $260.44 | $72.11M | 276.9K |
| — | CANADIAN NATURAL RESOURCES | 2.32% | $39.57 | $66.33M | 1.7M |
| ENB | ENBRIDGE INCENB | 2.23% | $54.21 | $63.64M | 1.2M |
| SLB | SLB LTDSLB | 1.93% | $46.49 | $55.02M | 1.2M |
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.
Top 10 positions are 27.58% of net assets, top 25 49.03%, across 133 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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