10/24/12: The Wall Street Journal takes a look at mining companies that are cutting back on expansion efforts. “I’m looking for a company that’s going to put [cash] back into my pocket rather than spending it on something else,” says Charl Malan. View article >>
6/04/12: CNBC interviews Shawn Reynolds on the energy E&P (exploration & production) sector. Reynolds likes the "international exploration story," especially Africa and Brazil.Watch video >>
4/18/12: On Fast at 5, Shawn Reynolds shared two of his favorite investment themes: overseas energy exploration and unconventional oil plays.View article >>
4/18/12: CNBC interviews Shawn Reynolds about the Van Eck Global Hard Assets Fund and the research capabilities of the hard assets investment team. Watch Video >>
3/30/12: Carolyn Cui from The WSJ quotes Shawn Reynolds, "Even a 1% change is significant, estimating that weaker heating demand had reduced natural-gas use by about 2% to 3%.”View article >>
Register now
Forgot Password?
Learn more on how to purchase shares of Van Eck Mutual Funds
The Van Eck Global Hard Assets 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 assetsOffers exposure to energy, precious and base metals, agriculture, alternative energy and other hard assetsExpertly managed by a 12-person investment team that is among the industry’s largest, and includes trained geologists and senior analysts with deep sector experienceInvestment approach focuses on company research and skillful stock selection, as well as disciplined risk management
The Van Eck Global Hard Assets Fund seeks long-term capital appreciation by investing primarily in hard asset securities. Income is a secondary consideration.
*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.
This investment style box is based on the Fund's overall targeted capitalization range and relative valuation as determined by Van Eck Global.
*Returns less than one year are not annualized.
The tables present past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees1, investment returns would have been reduced. Expenses: Class C: Gross 2.21% and Net 2.20%. Expenses are capped contractually through 05/01/14 at 2.20% for Class C. Investment returns and Fund share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.
This graph illustrates a hypothetical $10,000 investment in Class A shares of the Fund invested at NAV. Returns reflect capital appreciation and the reinvestment of dividends and capital gains, if any, as well as all fees and expenses, but do not reflect any sales load. 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. Results reflect past performance and do not guarantee future results.
Co-Portfolio Managers: Charles Cameron and Shawn Reynolds
Sam Halpert, Imaru Casanova, Chris Mailloux, Ed Mitby, Luke Desmond, Shawn Reynolds, Charlie Cameron, Joe Foster, Roland Morris Jr., Charl Malan, Mark Miller, Greg Krenzer
These are not recommendations to buy or sell any security. Sectors and holdings may vary.
The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees, investment returns would have been reduced. Investment returns and Fund share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.
For illustrative purposes only. Historical information is not indicative of future results; current data may differ from data quoted. Each index listed is unmanaged and the returns 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 any fund. An index's performance is not illustrative of any fund's performance. You cannot invest in an index.
More distribution info »
All registered investment companies, including Van Eck Associates, are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading Van Eck Funds will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant Van Eck Funds on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.
View All Holdings
Market capitalization (cap) is the value of a corporation as determined by the market price of its issued and outstanding common stock.
Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta.
Source: Van Eck, Morningstar Direct as of 12/31/11.
2 Risk or volatility is the annualized standard deviation of monthly index returns; standard deviation is a measure of the dispersion of a set of data from its mean.
3 Morningstar's "U.S. Open-Ended Speciality - Natural Resources" category consists of mutual funds with a natural resources investment mandate.
All indices listed are unmanaged and are not securities in which investments can be made.
Van Eck is a recognized global hard assets specialist. We employ a fundamental, value-oriented approach within a strong risk-management culture. Hard assets investing is our core competency, and it is supported by a dedicated team of 12 investment professionals that includes three formally trained geologists (Reynolds, Foster and Miller).
1Q'13 Recap:
The Fund underperformed its commodity equities-based benchmark index, the Standard & Poor’s® (S&P) North American Natural Resources Sector Index (SPGINRTR), which returned 7.18% during the quarter. The underperformance for the quarter was driven by three main factors: (1) an overweight in metals and mining, which includes both precious and base metals; (2) an underweight in energy; and (3) an increase in our cash position. Stock selection was mixed, with positive performance in energy and negative performance in metals.
There was wide divergence during the first quarter between the performance of commodity equities and underlying commodity prices overall. There was also wide divergence during the first quarter among the various sub-sectors’ performance. Gasoline, natural gas and heating oil each experienced double-digit gains. Crude oil also advanced, albeit more modestly. Palladium, platinum and cotton were the only other commodities to see price increases. All other commodities experienced price declines during the quarter, with wheat declining most.
Outlook
Going forward, we believe that if the European economy stabilizes, the outlook for global economic growth should improve, as monetary policy remains very expansionary in developed economies.
The historic quantitative easing policies currently in place should, in our view, ultimately lead to stronger emerging market economic growth, driving improved demand for commodities and higher economic growth in the developed world with the potential for higher inflation rates.
In our view, there is some uncertainty regarding crude oil prices and related equities due primarily to supply/demand outlook factors. Domestically, we expect increased U.S. energy production, especially from the Bakken and Eagleford basins. Internationally, Chinese demand, Middle East production and non-OPEC production will likely be key influences on the global balance. Natural gas prices will, in our view, continue to be dependent on weather conditions and rig counts. Overall, we believe the energy sector will likely focus on capital spending discipline and strategic allocations in the months ahead. This should allow attractive shale positions to be exposed and may well be a key to performance differentiation going forward.
Within industrial metals, we intend to focus on companies that we believe have favorable capital returns due to an emphasis on cost management. Gold equities have been underperforming gold for some time to the dismay of many investors, ourselves included. We have observed that gold stocks go through cycles of out/under performance in both bull markets and bear markets. We believe this suggests that the current bout of underperformance will eventually give way to another period of outperformance.
Read full 1Q Commentary >>
Please click on the map for more detail.
Roland Morris Commodity Strategist, Van Eck Global Hard Assets Investment Team
"Most people may not realize this, but most countries in Europe have banking systems that are larger than their economies. I believe there is a chance that this spreads to banking concerns within Italy."
View now »
Charl Malan Metals & Mining Analyst, Van Eck Global Hard Assets Investment Team
"Why do I like copper so much? Copper is a very unique commodity relative to other base and industrial metals."
Imaru Casanova Metals & Mining Analyst, Van Eck International Investors Gold Investment Team
"Gold stocks, in our opinion, are under-held and under-valued, and we think this presents an opportunity going into 2013."
"Someone said that you want to own what the central banks can't print. And in my mind, that's gold and hard assets in general.
“We believe crude ought to trade between $90 and $105 based on West Texas intermediate. We think that’s the most likely scenario.”
“Hard assets” refers to the natural resources or commodities that are mined, exploited, harvested or otherwise procured globally.
Hard assets have traditionally been grouped into five broad categories:
Energy
Oil, natural gas, electricity, coal, and new/renewable alternative energy sources
Precious Metals
Gold, silver, palladium and platinum
Base/Industrial Metals
Copper, aluminum, steel, iron and nickel
Agriculture
Corn, wheat, sugar and water
Forest Products
Timber, pulp and paper
More details on sales charges »
1A contingent deferred sales charge for Class A shares of 1.00% for one year applies to redemptions of qualified commissionable shares purchased after April 30, 2012 at or above the $1 million breakpoint level.
More info on account minimums »
More info on annual fund operating expenses »
You may purchase shares of Van Eck Mutual Funds indirectly through a broker/agent or directly through the Funds’ transfer agent, DST. The prospectus includes more detailed information regarding how to buy, sell, exchange or transfer shares, including how to reduce sales charges and how to choose a class of shares, plus various services for your convenience. Please read the appropriate prospectus carefully before investing.
More info/forms for purchasing shares »
© 2013 Van Eck Securities Corporation. All rights reserved.
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.
1Expenses are calculated for the 12-month period ending 05/01/14: Class A: Gross 1.45% and Net 1.38%; Class C: Gross 2.21% and Net 2.20%; Class I: Gross 1.02% and Net 1.00%; and Class Y: Gross 1.16% and Net 1.13%. Expenses are capped contractually through 05/01/14 at 1.38% for Class A; 2.20% for Class C; 1.00% for Class I; and 1.13% for Class Y. Caps exclude certain expenses, such as interest.
2The S&P® North American Natural Resources Sector Index (SPGINRTR) includes mining, energy, paper and forest products, and plantation-owning companies. The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors. The S&P® Goldman Sachs Commodity Total Return Index (SPGSCITR) is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures. 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 Van Eck Global. 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 hard assets and the hard assets sector, including real estate, precious metals and natural resources, and 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. The Fund is subject to risks associated with investments in debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities and CMOs. The Fund is also subject to inflation risk, short-sales risk, market risk, non-diversification risk, leverage risk, credit risk and counterparty risk. Please see the prospectus for information on these and other risk considerations.
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.
Not FDIC Insured — No Bank Guarantee — May Lose Value
Van Eck Securities Corporation, Distributor335 Madison Avenue, 19th FloorNew York, NY 10017800.826.2333
© 2012 Van Eck Securities Corporation. All rights reserved.