# Product Snapshot - JPM Natural Resources Fund

> Audience: country=gb, language=en, role=adv.
> Generated: 2026-11-05T17:44:58.094941014Z.

## Identity

- **Fund Name**: JPM Natural Resources Fund
- **Share Class Name**: JPM Natural Resources Fund B - Net Accumulation
- **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpm-natural-resources-fund-b-net-accumulation-gb00b1yxdt10)
- **ISIN**: GB00B1YXDT10
- **Fund Type**: OEIC
- **Asset Class**: Equity

## Overview

### Investment objective

The Fund aims to provide capital growth over the long-term (5-10 years) by investing at least 80% of the Fund's assets in the shares of companies throughout the world engaged in the production and marketing of commodities.



## Fund facts

- **Bloomberg**: JPMNRBA LN
- **Reuters**: GB00B1YXDT10.LUF
- **ISIN**: GB00B1YXDT10
- **SEDOL**: B1YXDT1
- **Asset class**: Equity
- **Region**: Global
- **Fund inception date**: 01/06/1965
- **Share class inception**: 01/11/2007
- **Share class currency**: GBP
- **ESG Approach**: ESG Integrated [Disclosure 1]

## Fund stats

- **Quoted price As of 05/11/2026**: 186.70p [Disclosure 2]
- **Price change As of 05/11/2026**: -0.90p
- **% daily price change As of 05/11/2026**: -0.48%
- **12 month high**: -
- **12 month low**: -
- **Yield As of 04/11/2026**: 1.16% [Disclosure 3]
- **Latest dividend value**: 2.18p
- **Xd date**: 02/02/2026
- **Income distribution frequency**: annually
- **Income distribution date**: 30/04
- **Fund size As of 05/11/2026**: GBP 1.23 Bn

## Fees & Charges

### Fees

- **Initial charge**: 0.00%
- **Redemption charge**: 0.00%
- **Ongoing charge**: 1.15%


## Portfolio managers

### Christopher Korpan

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/christopher-korpan/)
- **In the industry**: 22 YEARS
- **With J.P. Morgan**: 16 YEARS
- **Managing this fund**: 9 YEARS

### Veronika Lysogorskaya

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/veronika-lysogorakaya/)
- **In the industry**: 21 YEARS
- **With J.P. Morgan**: 16 YEARS
- **Managing this fund**: 6 YEARS

## Ratings

### Morningstar Summary Rating

- **As of **: 30/09/2026
- **Overall**: 5 of 5 stars


## Performance

### Quarterly rolling 12 months

_As of  30/09/2026_

| Return | 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | 2025/2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JPM B - Net Acc - GBP | 30.55% | 5.89% | -0.68% | 22.16% | 35.78% |
| Benchmark | 25.10% | 10.76% | 4.28% | 19.04% | 36.31% |
| Excess return (geometric) | 4.35% | -4.39% | -4.76% | 2.62% | -0.39% |

### Calendar year

_As of  30/09/2026_

| Return | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM B - Net Acc - GBP | 81.66% | 10.18% | -9.95% | 11.86% | -0.32% | 22.51% | 32.63% | -4.16% | -4.95% | 40.37% | 25.18% |
| Benchmark | 74.21% | 9.07% | -5.68% | 16.51% | -2.09% | 24.71% | 31.58% | 0.09% | -1.68% | 38.19% | 23.78% |
| Excess return (geometric) | 4.28% | 1.02% | -4.52% | -3.99% | 1.80% | -1.77% | 0.80% | -4.24% | -3.33% | 1.58% | 1.13% |

### Cumulative

_As of  30/09/2026_

| Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM B - Net Acc - GBP | -3.99% | 13.11% | 35.78% | 64.73% | 127.72% | 217.81% |
| Benchmark | -4.16% | 12.10% | 36.31% | 69.22% | 134.48% | 253.75% |
| Excess return (geometric) | 0.17% | 0.90% | -0.39% | -2.66% | -2.88% | -10.16% |
| Sector average (Specialist) | -6.70% | 2.70% | 24.10% | 59.30% | 77.40% | 140.70% |

### Annualised

_As of  30/09/2026_

| Return | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: |
| JPM B - Net Acc - GBP | 18.10% | 17.89% | 12.26% |
| Benchmark | 19.17% | 18.58% | 13.47% |
| Excess return (geometric) | -0.89% | -0.58% | -1.07% |
| Sector average (Specialist) | 16.80% | 12.10% | 9.20% |

 [Disclosure 4]

## Portfolio

### Top holdings

_As of 30/09/2026_

| Name | Sector | Weight |
| --- | ---: | ---: |
| Newmont | Gold | 5.4% |
| ExxonMobil Holdings | Integrated Oil & Gas | 4.9% |
| Shell | Integrated Oil & Gas | 4.0% |
| BHP | Diversified Metals & Mining | 3.7% |
| Valero Energy | Oil & Gas Refining & Marketing | 3.4% |
| Marathon Petroleum | Oil & Gas Refining & Marketing | 3.4% |
| Freeport-McMoRan | Copper | 3.3% |
| Rio Tinto | Diversified Metals & Mining | 3.1% |
| Agnico-Eagle Mines | Gold | 2.7% |
| Grupo Mexico | Diversified Metals & Mining | 2.6% |


### Sector breakdown

_As of 30/09/2026_

| Sector | Fund | Benchmark | Deviation |
| --- | ---: | ---: | ---: |
| Integrated Oil & Gas | 23.9% | 25.4% | -1.5% |
| Diversified Metals & Mining | 17.5% | 17.9% | -0.4% |
| Gold | 15.8% | 19.1% | -3.3% |
| Copper | 10.5% | 6.2% | 4.3% |
| Oil & Gas Exploration & Production | 9.2% | 10.1% | -0.9% |
| Oil & Gas Refining & Marketing | 9.0% | 7.3% | 1.7% |
| Oil & Gas Storage & Transportation | 6.6% | 7.2% | -0.6% |
| Steel | 1.6% | 1.8% | -0.2% |
| Marine | 1.4% | 0.2% | 1.2% |
| Aluminium | 0.8% | 1.2% | -0.4% |
| Precious Metals & Minerals | 0.8% | 1.1% | -0.3% |
| Coal & Consumable Fuels | 0.7% | 1.5% | -0.8% |
| Silver | 0.7% | 1.0% | -0.3% |
| Cash | 1.5% | 0.0% | 1.5% |
| Total | 100.0% | 100.0% | 0.0% |


### Regional breakdown

_As of 30/09/2026_

| Region | Fund | Benchmark | Deviation |
| --- | ---: | ---: | ---: |
| North America | 63.5% | 57.3% | 6.2% |
| Emerging Markets | 11.3% | 13.2% | -1.9% |
| United Kingdom | 9.7% | 11.2% | -1.5% |
| Europe & Middle East ex UK | 7.0% | 5.4% | 1.6% |
| Pacific ex-Japan | 4.9% | 11.1% | -6.2% |
| Japan | 2.1% | 1.8% | 0.3% |
| Cash | 1.5% | 0.0% | 1.5% |
| Total | 100.0% | 100.0% | 0.0% |


## Documents

- [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=7188&country=GB&lang=EN&paramMIFID=YES)
- [JPM Natural Resources Fund - Commentary (C Acc share class)](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/literature/commentary/cm-natural-resources-fund.pdf)
- [Assessment of Value Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/Assessment-of-Value-Annual-Report.pdf)
- [JPM Natural Resources Fund B - Net Accumulation - KIID](https://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx?id=19c2f429-7758-4f21-ab41-bd2e631e3ca0&user=jpmam&type=fund_unit_kiid)
- [JPMorgan Fund ICVC - Prospectus](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/prospectus/jpmorgan-fund-icvc-prospectus.pdf)
- [JPMorgan Fund ICVC - Annual Report & Accounts](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/jpmorgan-fund-icvc-annual-report-accounts.pdf)
- [JPMorgan Fund ICVC - Interim Report & Accounts](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpmorgan-fund-icvc-interim-report-accounts.pdf)
- [UK TCFD Product Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpm-natural-resources-fund-tcfd-report.pdf)
- [ESG Fund Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpm-natural-resources-fund-esg-fund-report.pdf)

## Disclosures

1. ESG Integration is the systematic inclusion of financially material ESG factors, alongside other relevant factors, in investment analysis and investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not by itself change this product's investment objective, exclude specific types of companies or constrain its investable universe. This product is not designed for investors who are looking for a product that meets specific ESG goals or wish to screen out particular types of companies or investments, other than those required by any applicable law such as companies involved in the manufacture, production or supply of cluster munitions. ESG integration does not imply that the Fund is marketed or authorised as an ESG product in any jurisdiction where such authorisation is required.

2. The single price at which all client orders are executed.

3. The Yield reflects net distributions declared over the past 12 months as a percentage of the quoted price at the date shown. It does not include the Entry charge and investors may be subject to tax on their distributions. Where a portion of the fund’s expenses are charged to capital this has the effect of increasing the distribution for the year and constraining the fund's capital performance to an equivalent extent.

4. Past performance is not a guide to current and future performance. The value of your investments and any income from them may fall as well as rise and you may not get back the full amount you invested. Source: J.P.Morgan Asset Management. Share class performance shown is based on the quoted price of the share class, assumes any net income was reinvested, and includes ongoing charges but not any entry or exit fees. Benchmark source: Markit Group. The Benchmark is a performance comparator and the Fund may bear little resemblance to its Benchmark. The Benchmark has been chosen as it reflects the main investment universe and strategy for the Fund. Indices do not include fees or operating expenses and you cannot invest in them.