# Product Snapshot - JPM Natural Resources Fund

> Audience: country=gb, language=en, role=adv.
> Generated: 2026-11-12T19:51:26.302141336Z.

## Identity

- **Fund Name**: JPM Natural Resources Fund
- **Share Class Name**: JPM Natural Resources Fund C - Net Accumulation
- **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpm-natural-resources-fund-c-net-accumulation-gb00b88mp089)
- **ISIN**: GB00B88MP089
- **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**: JPMNRCA LN
- **Reuters**: GB00B88MP089.LUF
- **ISIN**: GB00B88MP089
- **SEDOL**: B88MP08
- **Asset class**: Equity
- **Region**: Global
- **Fund inception date**: 01/06/1965
- **Share class inception**: 22/10/2012
- **Share class currency**: GBP
- **ESG Approach**: ESG Integrated [Disclosure 1]

## Fund stats

- **Quoted price As of 11/11/2026**: 1694.00p [Disclosure 2]
- **Price change As of 11/11/2026**: -3.00p
- **% daily price change As of 11/11/2026**: -0.18%
- **12 month high As of 09/09/2026**: 1839.00p
- **12 month low As of 21/11/2025**: 1304.00p
- **Yield As of 11/11/2026**: 1.40% [Disclosure 3]
- **Latest dividend value**: 23.74p
- **Xd date**: 02/02/2026
- **Income distribution frequency**: annually
- **Income distribution date**: 30/04
- **Fund size As of 11/11/2026**: GBP 1.23 Bn

## Fees

### Fees

- **Initial charge**: 0.00%
- **Redemption charge**: 0.00%
- **Ongoing charge**: 0.81%


## 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 **: 31/10/2026
- **Overall**: 5 of 5 stars


### Morningstar Medalist Rating™

- **Morningstar Medalist Rating™**: Bronze
- **As of **: 31/10/2026
- **Analyst-Driven %: **: 100
- **Data Coverage %: **: 100


## Performance

### Quarterly rolling 12 months

_As of  30/09/2026_

| Return | 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | 2025/2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | 30.97% | 6.31% | -0.38% | 22.52% | 36.22% |
| Benchmark | 25.10% | 10.76% | 4.28% | 19.04% | 36.31% |
| Excess return (geometric) | 4.69% | -4.02% | -4.47% | 2.92% | -0.07% |

### Calendar year

_As of  31/10/2026_

| Return | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | 82.08% | 10.47% | -9.66% | 12.24% | 0.02% | 22.88% | 33.03% | -3.80% | -4.60% | 40.77% | 26.61% |
| Benchmark | 74.21% | 9.07% | -5.68% | 16.51% | -2.09% | 24.71% | 31.58% | 0.09% | -1.68% | 38.19% | 23.32% |
| Excess return (geometric) | 4.51% | 1.28% | -4.22% | -3.66% | 2.15% | -1.47% | 1.10% | -3.89% | -2.97% | 1.87% | 2.67% |

### Cumulative

_As of  31/10/2026_

| Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | 0.91% | 8.02% | 35.25% | 73.72% | 122.32% | 214.95% |
| Benchmark | -0.37% | 6.69% | 32.83% | 74.26% | 124.87% | 233.70% |
| Excess return (geometric) | 1.29% | 1.24% | 1.82% | -0.31% | -1.13% | -5.62% |
| Quartile ranking | 3 | 1 | 1 | 2 | 1 | 1 |

### Annualised

_As of  31/10/2026_

| Return | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | 20.21% | 17.33% | 12.16% |
| Benchmark | 20.34% | 17.59% | 12.81% |
| Excess return (geometric) | -0.10% | -0.23% | -0.58% |
| Quartile ranking | 2 | 1 | 1 |

 [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 31/10/2026_

| Sector | Fund | Benchmark | Deviation |
| --- | ---: | ---: | ---: |
| Integrated Oil & Gas | 27.6% | 28.5% | -0.9% |
| Diversified Metals & Mining | 15.2% | 16.0% | -0.8% |
| Gold | 13.6% | 16.9% | -3.3% |
| Oil & Gas Exploration & Production | 12.1% | 11.7% | 0.4% |
| Copper | 9.3% | 5.4% | 3.9% |
| Oil & Gas Storage & Transportation | 8.6% | 8.0% | 0.6% |
| Oil & Gas Refining & Marketing | 6.7% | 7.5% | -0.8% |
| Steel | 1.7% | 1.6% | 0.1% |
| Marine | 1.6% | 0.2% | 1.4% |
| Precious Metals & Minerals | 0.7% | 0.9% | -0.2% |
| Coal & Consumable Fuels | 0.6% | 1.4% | -0.8% |
| Silver | 0.5% | 0.8% | -0.3% |
| Aluminium | 0.3% | 1.1% | -0.8% |
| Cash | 1.5% | 0.0% | 1.5% |
| Total | 100.0% | 100.0% | 0.0% |


### Regional breakdown

_As of 31/10/2026_

| Region | Fund | Benchmark | Deviation |
| --- | ---: | ---: | ---: |
| North America | 65.6% | 59.3% | 6.3% |
| Emerging Markets | 10.4% | 12.0% | -1.6% |
| United Kingdom | 9.3% | 11.1% | -1.8% |
| Europe & Middle East ex UK | 7.0% | 5.7% | 1.3% |
| Pacific ex-Japan | 4.2% | 10.3% | -6.1% |
| Japan | 2.0% | 1.6% | 0.4% |
| Cash | 1.5% | 0.0% | 1.5% |
| Total | 100.0% | 100.0% | 0.0% |


## COMMENTARY

**As of **: 30/09/2026

### Month in review

Marathon Petroleum, the American petroleum refining, marketing and transportation company, contributed to performance over the period. The stock rose due to strong second quarter earnings and surging global refining margins, due to geopolitical conflicts causing refining outages globally.

Valero Energy, the international manufacturer and marketer of transportation fuels and petrochemical products, contributed to relative returns. Geopolitical disruptions – notably Ukrainian strikes on Russian refineries, which caused refining outages – coupled with a massive Q2 earnings beat significantly fuelled investor optimism.

Kinross Gold, the Canadian gold and silver mining company, detracted from relative returns. The stock declined following management revising its outlook for 2026 and 2027 production targets downwards. This was driven by extreme weather disruptions at La Coipa and lower ore grades at Round Mountain, alongside increased projected mining costs.

Imperial Oil, a leading Canadian integrated energy company, detracted from relative performance during the period. The shares underperformed following a reduction in the company's 2026 refinery output guidance, continued revenue shortfalls relative to market expectations and growing concerns around valuation.

### Looking ahead

The world is undergoing a profound economic and geopolitical transition, with significant implications for real assets. We are moving beyond the last decade’s era of abundant supply and low inflation. Today, increased government spending, reconfigured supply chains and renewed focus on industrial policy are fundamentally altering the supply-demand balance for strategic commodities. These shifts are making supply less elastic and increasing price volatility.

A decade of underinvestment, the global pandemic and growing regulatory hurdles have made it harder and more expensive to bring new projects online. This is not the boom-and-bust cycle of the past; the sector is now defined by discipline, durability and a focus on sustainable returns. Resource scarcity and capital discipline, rather than volume growth, are now the primary drivers of returns.

The energy transition, infrastructure renewal, increased defence spending and electrification are creating new, less cyclical sources of demand. For metals like copper, silver and aluminium, this means tighter markets. The energy transition in particular has elevated the strategic importance of these metals, making them central to national security – hence the term “critical minerals.” Substitution is limited, and demand destruction is less likely, supporting a more stable outlook.

It’s important to recognise how much the sector has changed. Balance sheets are stronger, leverage is lower and capital return frameworks are clearer. Management teams are more closely aligned with shareholders, supporting sustainable free cash flow and resilience during downturns. Yet, despite these improvements, valuations remain conservative. Many companies still trade below replacement cost and at attractive free cash flow yields, reflecting outdated assumptions about cyclical normalisation and capital abundance.

## Documents

- [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=10656&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 C - Net Accumulation - KIID](https://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx?id=6e07e86d-db90-4c32-80ff-927705924437&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)
- [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)
- [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)

## 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. The performance shown prior the launch date of this share class relates to the A share class. The A share class performance has not been amended or simulated to adjust for the lower ongoing fees of the C share class. 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.