RS Global Natural Resources Portfolio

Strategy Attributes

Global all-cap equity portfolio diversified across commodities, concentrated around positions in companies that own geologically advantaged assets.
Long-term investment horizon, low portfolio turn-over.
Dedicated Global Natural Resources Team averages 21 years investment experience.

Process and Philosophy

Value-oriented investment philosophy emphasizing capital preservation and through-cycle returns vs. short-term commodity price speculation.
Emphasis on identification of superior, low-cost companies that own advantaged assets and create value irrespective of commodity prices.
Private equity approach with hundreds of hours of analysis supporting investment decisions, with a focus on management acumen and returns on capital.

Investment Objective

Long-term capital appreciation.

Communications

RS Global Natural Resources Portfolio		Q1 2011	Q2 2011	Q3 2011	Q4 2011
					Most Recent

Statistical Summary
Portfolio Holdings



GIPS-compliant presentation

Portfolio Facts

Inception	11/15/95
AUM (as of 12/31/11)	$3,671,877,051

Performance

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