Natural Resources
Data updated: 2026-08-24
C000017174 — Natural Resources. Global (incl. US) Mid Cap Blend / Core Equity · $97.14M AUM. Holdings, fees, performance and SEC filings.
C000017174 Fund Overview
Natural Resources is a US mutual fund managed by Ivy Variable Insurance Portfolios, categorised as Global (incl. US) Mid Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ivy Variable Insurance Portfolios
- Category: Global (incl. US) Mid Cap Blend / Core Equity
- Assets under management: $97.14M
- 1-year return: 35.8%
- SEC CIK: 0000810016
- SEC series ID: S000006240
- Share class ID: C000017174
C000017174 Investment Objective and Strategy
Natural Resources describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Variable Insurance Portfolios.
Investment objective
Nomura VIP Natural Resources Series seeks to provide capital growth and appreciation.
Principal investment strategy
Nomura VIP Natural Resources Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies. For these purposes, natural resources generally includes, but is not limited to: energy (such as electricity and gas utilities, producers/developers, equipment/services, storage/transportation, gas/oil refining and marketing, service/drilling, pipelines and master limited partnerships (MLPs)), alternative energy (such as uranium, coal, nuclear, hydrogen, wind, solar, and fuel cells), industrial products (such as building materials, cement, packaging, chemicals, materials infrastructure, supporting transport and machinery), forest products (such as lumber, plywood, pulp, paper, newsprint, and tissue), base metals (such as aluminum, copper, nickel, zinc, iron ore, and steel), precious metals and minerals (such as gold, silver, platinum, and diamonds), and agricultural products (such as grains and other foods, seeds, fertilizers, and water).
The Series also may invest in companies that are not within the energy sector but that are engaged in the development of products and services to enhance energy efficiency in the manufacturing, development, and/or providing of products and services. After conducting a top-down (assessing the market environment) market analysis of the natural resources industry and identifying trends and sectors, Van Eck Associates Corporation (the Sub-advisor) uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Series, focusing on company fundamentals and growth prospects. The Series invests in a blend of value and growth companies across the capitalization spectrum, and emphasizes companies that the Sub-advisor believes are strongly managed and can generate above-average capital growth and appreciation.
The Sub-advisor focuses on companies that it believes are high quality, have the potential for sustainable long-term growth and that are low-cost leaders that possess historically strong-producing assets. The Series typically holds a limited number of stocks (generally 30 to 60). Under normal circumstances, the Sub-advisor anticipates that a significant portion of the Series holdings will consist of issuers in the energy and materials sectors. The Series seeks to be diversified internationally, and therefore, the Sub-advisor invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions. While the Sub-advisor typically seeks to invest a majority of the Series assets in the U.S., the Series may invest up to 100% of its total assets in foreign securities.
Exposure to companies in any one particular foreign country will generally be less than 15% of the Series total assets or two times the weight of the S&P Global Natural Resources Index, whichever is greater. The Series also may have exposure to companies located in, and/or doing business in, emerging markets. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Series may invest have diverse operations, with products or services in foreign markets. Therefore, the Series may have indirect exposure to various foreign markets through investments in these companies, even if the Series is not invested directly in such markets. The Series may use forward currency contracts in an effort to manage foreign currency exposure.
Generally, in determining whether to sell a security, the Sub-advisor uses the same type of analysis that it uses in buying securities to determine whether the security has ceased to offer significant growth potential, has sufficiently exceeded its target price, has become overvalued and/or whether the prospects of the issuer have deteriorated. The Sub-advisor also will consider the effect of commodity price trends on certain holdings, poor capital management or whether a company has experienced a change or deterioration in its fundamentals, its valuation or its competitive advantage. The Sub-advisor also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Series holding in that security or to raise cash.
C000017174 Holdings
Top 10 holdings of Natural Resources by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Diamondback Energy, Inc. | 4.17% |
| Canadian Natural Resources Ltd. | 4.11% |
| Nutrien Ltd. | 4.02% |
| Ovintiv, Inc. | 3.99% |
| Crh PLC | 3.68% |
| Bp PLC | 3.26% |
| Glencore PLC | 3.18% |
| Core Natural Resources, Inc. | 3.03% |
| Hudbay Minerals, Inc. | 2.97% |
| Steel Dynamics, Inc. | 2.95% |
C000017174 Portfolio Allocation
Asset-class allocation of Natural Resources by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 97.0% |
| Cash & Equivalents | 3.0% |
C000017174 Performance
Total returns for C000017174 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 7.9% |
| 1 year | 35.8% |
| 3 years (annualised) | 15.3% |
| 5 years (annualised) | 12.1% |
C000017174 Risk Information
Risk metrics for C000017174, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 18.4%
C000017174 Costs and Fees
C000017174 costs about $112 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.12%
- Gross expense ratio: 1.29%
- Portfolio turnover: 47%
- Brokerage commissions: 8.60 bps of average net assets (SEC N-CEN)
C000017174 Cashflows
Over the 12 months to 2026-06, Natural Resources had net outflows of $3.67M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$1.16M |
| 2026-05 | $601.22K |
| 2026-04 | −$3.78M |
| 2026-03 | $1.08M |
| 2026-02 | −$1.30M |
| 2026-01 | $7.05M |
C000017174 Debt Constituents
No individual debt constituents are reported in Natural Resources's latest SEC N-PORT filing.
C000017174 Prospectus and SEC Filings
Official Natural Resources filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2026-08-24
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-14
Related Funds
Other Global (incl. US) Mid Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.