Fund Evaluator:
T. Rowe Price New Era (PRNEX)
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Best Performing in Natural Resources Over the Last Year
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Fund Details
T. Rowe Price New Era Overview
T. Rowe Price New Era (PRNEX) is an actively managed Sector Equity Natural Resources fund. T. Rowe Price launched the fund in 1969.
The investment seeks to provide long-term capital growth. The fund will normally invest a minimum of two-thirds of its assets in the common stocks of natural resource companies. The earnings and tangible assets of natural resources companies may benefit from periods of accelerating inflation. It also invests in other growth companies that the adviser believes have strong potential for earnings growth but do not own or develop natural resources.
About T. Rowe Price New Era (PRNEX)
There are 2 members of the management team with an average tenure of 3.75 years: Richard de los Reyes (2024), Shinwoo Kim (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and MSCI World Slct Natural Resources NR USD index with a weighting of 100%. T. Rowe Price New Era has 113 securities in its portfolio. The top 10 holdings constitute 31.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price New Era is part of the Equity global asset class and is within the Sector Equity fund group. T. Rowe Price New Era has 37.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 58.5%. There is 37.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price New Era has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $246 million average for the Natural Resources category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PRNEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price New Era expense ratio is above average compared to funds in the Natural Resources category. T. Rowe Price New Era has an expense ratio of 0.79%, which is 31% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price New Era has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 61% for the Natural Resources category.
Recently, in the month of August 2026, T. Rowe Price New Era returned 6.2%, which earned it a grade of D, as the Natural Resources category had an average return of 7.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price New Era has a trailing yield of 2.06%, which is above the 2.01% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price New Era Grades
Year to date, the fund has returned 23.2%, 0.7 percentage points better than the category, which translates into a grade of D. The fund has returned 30.5% over the past year (grade of D), 14.2% over the past three years (grade of D) and 12.2% per year over the past five years (grade of C) and 8.6% per year over the past 10 years (grade of D).
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PRNEX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRNEX Return (NAV) | 6.2% | 2.3% | 30.5% | 14.2% | 12.2% | 8.6% |
| PRNEX Grade | D | D | D | D | C | D |
| +/- Category | -1.6% | -1.3% | -5.0% | -1.4% | -1.0% | -1.7% |
| Natural Resources Avg | 7.7% | 3.6% | 35.5% | 15.6% | 13.3% | 10.3% |
| PRNEX Tax Cost Ratio | na | na | 2.4% | 2.3% | 1.9% | 1.3% |
PRNEX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRNEX Return (NAV) | 23.2% | 18.9% | 4.5% | 1.1% | 7.2% | 25.3% | -2.7% | 16.9% | -16.2% | 10.6% | 25.0% |
| PRNEX Grade | D | D | A | C | C | D | F | C | B | C | D |
| +/- Category | 0.7% | -9.7% | 5.0% | -2.3% | -0.8% | -5.5% | -12.2% | 2.0% | 4.3% | -2.5% | -3.6% |
| Natural Resources Avg | 22.5% | 28.6% | -0.5% | 3.4% | 8.0% | 30.8% | 9.6% | 14.8% | -20.5% | 13.1% | 28.6% |
| Risk Measures | |
| Standard Deviation: | 14.5% |
| Total Risk Index: | 1.20 - Above Average |
| Category Risk Index: | 0.81 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.47 |
| R-Squared: | 16% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2805 Mil |
| Fund Total Assets: | $1,116 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Kim Shinwoo (2021), de los Reyes Richard (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 113 |
| % in Top 10 Holdings: | 31.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 37.6% |
Portfolio Allocation |
|
| Domestic Stock: | 58.5% |
| Foreign Stock: | 37.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 3.4% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | January 20, 1969 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | T. Rowe Price New Era |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
