Investment Objective The Global Resources Portfolio seeks long term growth of capital and protection against inflation and monetary instability by investing in high quality natural resource companies worldwide.

Portfolio Universe
To fully capture the demand cycle for natural resources, the Portfolio invests in equity securities of companies involved in the extraction, processing, transportation and distribution of natural resources of any kind. It is a globally diversified Portfolio that includes exposure to oil and natural gas, base and precious metals, minerals, chemicals, paper and forestry, and agricultural goods. The Portfolio also invests in companies that provide services and make equipment necessary for resource extraction, refining and transportation.

Investment Approach
The investment process is top-down, combining a global economic assessment with valuation analysis to identify undervalued natural resources and commodity related sectors. Newgate uses both quantitative and fundamental analyses for security selection. The focus is on large and medium capitalization companies with dominant market share, a high degree of financial transparency and good corporate governance.

Inception
2004

Quarterly updates
Factsheet data: Portfolio Allocation, Performance, Equity Holdings
Market Review: Portfolio Commentary
Performance data: Quarterly performance since inception