Key features
Co-portfolio managers Geoff King and Samuel Halpert have spent their entire careers in commodity markets. Their deep expertise in the industry helps to understand the business, its competing advantage, and the associated risk reward dynamics.
The Fund focuses on long-term fundamentals and investment in secular change. It seeks to take advantage of global opportunities and manage risk through diversification.
The Fund looks across energy sectors to find those best positioned in each market environment including the current framework of ESG and the energy transition.
Daily pricing
as of
05/26/2023
NAV 1-day net change
-0.01
Total net assets
as of
04/30/2023
All share classes
$110.7 million
Overview
Series identifiers |
CUSIP |
46600H638 |
Benchmark
Portfolio
Market cap (median) Source: FactSet
$7.5 billion
Market cap (weighted average) Source: FactSet
$49.8 billion
Portfolio turnover (last fiscal year)
85%
International equities & depositary receipts
24.6%
Cash, cash equivalents and other assets
1.1%
Top 10 holdings
as of 04/30/2023
Holdings are as of the date indicated and subject to change.
List may exclude cash and cash equivalents. Please see the Series' complete list of holdings for more information.
Holdings based by issuer.
OCCIDENTAL PETROLEUM CORPORATION
6.85
DENBURY RESOURCES INC
6.12
CHESAPEAKE ENERGY CORPORATION
5.42
TOURMALINE OIL CORP (PRE-MERGER)
4.29
Total % Portfolio in Top 10 holdings - 59.57%
Sector allocation
as of 04/30/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Series’ complete list of holdings for more information.
Oil & Gas Exploration & Production
48.4%
Integrated Oil & Gas
22.7%
Oil & Gas Refining & Marketing
7.9%
Oil & Gas Equipment & Services
4.8%
Electrical Components & Equipment
2.4%
Coal & Consumable Fuels
2.2%
Agricultural Products
2.1%
Oil & Gas Storage & Transportation
1.2%
Environmental & Facilities Services
1.1%
Heavy Electrical Equipment
1.0%
Diversified Capital Markets
0.5%
Auto Parts & Equipment
0.5%
Management
Sam Halpert
-
Managing Director, Chief Investment Officer — Global Natural Resources Equity
-
Start date on the Fund:
November 2021
-
Years of industry experience:
23
-
Read bio
Sam Halpert
Managing Director, Chief Investment Officer — Global Natural Resources Equity
Sam Halpert leads the firm’s Global Natural Resources Equity team. Prior to joining Macquarie Investment Management (MIM) in July 2018, he worked at Van Eck, where he was a co-portfolio manager and senior analyst on its global hard assets long-only and long-short team from April 2000 to June 2018. He specialized in agriculture, coal, paper and forest products, refining, shipping, and steel investments. He also managed a global real estate fund at Van Eck earlier in his career. Prior to that, he worked at Goldman Sachs, which ultimately became Citi Group, and he worked at Refco. He earned a bachelor’s degree in English and American literature from Harvard College.
Geoffrey King, CFA
-
Senior Vice President, Portfolio Manager — Global Natural Resources Equity
-
Start date on the Fund:
November 2021
-
Years of industry experience:
19
-
Read bio
Geoffrey King
Senior Vice President, Portfolio Manager — Global Natural Resources Equity
Geoffrey King is a Portfolio Manager on the firm’s Global Natural Resources Equity team. Prior to joining Macquarie Investment Management (MIM) in July 2018, he worked at Abraxas Petroleum where he was vice president and chief financial officer for approximately six years, responsible for strategy, business development, financial planning, analysis, and hedging. For the five years before that, King was a senior energy analyst at Van Eck, where he was focused on natural resource commodities and equities. He holds bachelor’s degrees in both economics and history from Davidson College.
Fees
The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table does not reflect any fees or sales charges imposed by variable insurance contracts. If it did, the expenses would be higher.
Annual series operating expenses |
Management fees |
0.85% |
Distribution and service (12b-1) fees |
none |
Other expenses |
0.13% |
Total annual Series operating expenses |
0.98% |
Fee waivers and expense reimbursements1 |
none |
Total annual series operating expenses after fee waivers and expense reimbursements |
0.98% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from May 1, 2023 through April 30, 2024. Please see the fee table in the Series' prospectus for more information.