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Daily Price as of 09/17/19

$27.79 $-0.14 / -0.5%

Class A Details: GHAAX

11/02/94 1.59%/1.38%

Fund Summary and Key Points

The Global Hard Assets Fund (the "Fund") seeks long-term capital appreciation by investing primarily in hard asset securities. Income is a secondary consideration.

  • Actively managed commodity-equities portfolio investing in companies involved in the exploration, production and distribution of hard assets
  • Offers exposure to energy, precious and base metals, agriculture, alternative energy and other hard assets
  • Expertly managed by an extensive investment team that is among the industry’s largest, and includes trained geologists and engineers as well as senior analysts with deep sector experience
  • Investment approach focuses on company research and skillful stock selection, as well as disciplined risk management

Making the Investment Case for Hard Assets

Fund Details
as of 08/31/19

  • Net Assets (All Classes)
  • Number of Holdings
  • Avg. Wtd. Market Cap
  • Turnover Rate (2018)
  • P/E (LTM) / P/E (Forward)*
    13.4 / 15.6
  • P/B (LTM)*
  • Benchmark Index
    S&P North American Natural Resources Sector (SPGINRTR) Index
*Price-to-Earnings (P/E) ratio is the price of a stock divided by its earnings per share. Price-to-Book (P/B) ratio is the ratio of a stock's price to its book value.

Natural Resources Investment Team

Portfolio Managers: Charles Cameron and Shawn Reynolds

Investment Style Box


This investment style box is based on the Fund's overall targeted capitalization range and relative valuation as determined by VanEck.

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
VanEck Global Hard Assets Fund: Class A
At Net Asset Value -4.42 0.92 2.88 -19.51 -8.24 -13.35 -2.52 6.02
At Maximum 5.75% Sales Charge -9.93 -4.90 -3.05 -24.14 -10.04 -14.37 -3.10 5.77
SPGINRTR Index2 -5.11 0.66 6.25 -18.00 -2.56 -7.95 1.83 --
MSCI ACWI Commodity Producers Index2 -7.16 -2.94 2.25 -11.08 4.65 -3.94 1.02 --
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
VanEck Global Hard Assets Fund: Class A
At Net Asset Value 10.40 -0.72 12.55 -19.62 -4.46 -11.89 -0.99 6.45
At Maximum 5.75% Sales Charge 4.03 -6.42 6.06 -24.24 -6.33 -12.92 -1.58 6.20
SPGINRTR Index2 8.55 -1.40 14.58 -14.10 0.07 -6.80 3.42 --
MSCI ACWI Commodity Producers Index2 8.09 0.39 13.87 -3.98 8.53 -2.08 2.92 --

Top 10 Holdings (%)

Holdings Sector % of Net Assets
Barrick Gold Corporation Metals & Mining 6.4
Diamondback Energy, Inc. Oil, Gas & Consumable Fuels 4.5
Agnico Eagle Mines Limited Metals & Mining 4.5
CF Industries Holdings, Inc. Chemicals 4.2
Newmont Goldcorp Corporation Metals & Mining 4.1
Nutrien Ltd. Chemicals 3.9
Parsley Energy, Inc. Class A Oil, Gas & Consumable Fuels 3.8
Pioneer Natural Resources Company Oil, Gas & Consumable Fuels 3.5
Rio Tinto plc Metals & Mining 3.3
Chevron Corporation Oil, Gas & Consumable Fuels 3.1
Top 10 Total 41.3
Holdings Sector % of Net Assets
Barrick Gold Corporation Metals & Mining 4.8
Diamondback Energy, Inc. Oil, Gas & Consumable Fuels 4.6
Pioneer Natural Resources Company Oil, Gas & Consumable Fuels 4.0
Concho Resources Inc. Oil, Gas & Consumable Fuels 3.8
Rio Tinto plc Metals & Mining 3.8
CF Industries Holdings, Inc. Chemicals 3.7
Nutrien Ltd. Chemicals 3.7
Parsley Energy, Inc. Class A Oil, Gas & Consumable Fuels 3.7
Newmont Goldcorp Corporation Metals & Mining 3.6
First Quantum Minerals Ltd. Metals & Mining 3.6
Top 10 Total 39.3
These are not recommendations to buy or sell any security. Holdings may vary.

Sector Weightings (%)
as of 08/31/19

Sector % of Net Assets
Oil Gas & Consumable Fuels 34.3
Metals & Mining 31.9
Chemicals 9.0
Food Products 3.7
Semiconductors & Semiconductor Equipment 2.3
Equity Real Estate Investment Trusts (REITs) 2.0
Energy Equipment & Services 1.9
Electrical Equipment 1.7
Independent Power and Renewable Electricity Producers 1.1
Paper & Forest Products 1.1
Machinery 1.1
Other 2.5
Cash 7.4

Country Weightings (%) as of 08/31/19

Country % of Net Assets
United States
South Africa

Important Disclosure

Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics.

NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase. No sales charge is imposed where Class A or Class C shares are issued to you pursuant to the automatic investment of income dividends or capital gains distributions. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class C, Class I and Class Y do not have an initial sales charge; however, Class C does charge a contingent deferred redemption charge. See the prospectus for more information.

1Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.38% for Class A, 2.20% for Class C, 0.95% for Class I, and 1.13% for Class Y of the Fund’s average daily net assets per year until May 1, 2021. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

2The S&P North American Natural Resources Sector (SPGINRTR) Index (the "Index") provides investors with a benchmark that represents U.S. traded securities that are classified under the GICS® energy and materials sector excluding the chemicals industry; and steel sub-industry. The MSCI ACWI Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

The views and opinions expressed are those of VanEck. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.

You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to risks associated with concentrating its investments in Canadian issuers, commodities and commodity-linked derivatives, commodities and commodity-linked derivatives tax, derivatives, direct investments, emerging market securities, foreign currency transactions, foreign securities, other investment companies, management, market, operational, small- and medium-capitalization companies and hard assets sectors risks, including, precious metals and natural resources, that can be significantly affected by events relating to these industries, including international political and economic developments, inflation, and other factors. The Fund’s portfolio securities may experience substantial price fluctuations as a result of these factors, and may move independently of the trends of industrialized companies. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation or imposition of prohibitive taxation.

Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information. Please read them carefully before investing.