Key Characteristics as of 3/31/12
| Top Ten Holdings1 | |
|---|---|
| Southwestern Energy Co. | 5.35% |
| Compass Minerals International, Inc. | 4.54% |
| Tullow Oil PLC | 4.24% |
| Oil Search Ltd. | 4.18% |
| Peyto Exploration & Development Corp. | 3.91% |
| Talisman Energy, Inc. | 3.83% |
| Denbury Resources, Inc. | 3.83% |
| Peabody Energy Corp. | 3.78% |
| Calpine Corp. | 3.77% |
| Martin Marietta Materials, Inc. | 3.68% |
| Total | 41.12% |
| View Full Quarterly Holdings |  |
| Characteristics | |
|---|---|
| Weighted Average Market Capitalization | $16,748(mil) |
| Alpha2* | 2.97 |
| Beta2* | 0.92 |
| R-Squared2* | 0.96 |
| Information Ratio2* | 0.38 |
| Sharpe Ratio2* | 0.96 |
| Portfolio Turnover Ratio - Most Recent Annual | 25 |
| Number of Positions | 31 |
| Sector Allocations3 | |
|---|---|
| Energy | 49.5% |
| Materials and Processing | 34.3% |
| Utilities | 3.8% |
| Financial Services | 1.1% |
| Consumer Discretionary | 0.0% |
| Consumer Staples | 0.0% |
| Health Care | 0.0% |
| Producer Durables | 0.0% |
| Technology | 0.0% |
| Other Securities | 0.0% |
| Cash | 11.3% |
1 Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.
2 Risk characteristics are relative to the S&P North American Natural Resources Sector Index™ as of 3/31/12, and for the three-year period. (Other than Sharpe Ratio which is calculated relative to the risk-free rate.)
3 The Fund's holdings are allocated to each sector based on their Russell classification. If a holding is not classified by Russell, it is assigned a Russell designation by RS Investments. Cash includes short-term investments and net other assets and liabilities.
* Alpha (annualized) is a statistical measurement used to quantify the value added or subtracted by a portfolio manager. Specifically, alpha measures the portfolio's actual return against the portfolio's expected return given the risk of the portfolio as defined by its beta.
* Beta is a statistical measurement of a portfolio's relative sensativity to the benchmark, which acts as a proxy for market risk. The beta between a portfolio and its benchmark is the amount of the units the portfolio will move when the benchmark moves one unit.
* R2 is a statistical measurement that shows the percentage of a portfolio's movements that can be explained by the movement in the benchmark. The numerical value of a portfolio's R2 is always between 0 and 1. An R2 of 1 (or 100%) means that there is perfect correlation in the movement between the portfolio and the benchmark.
* Information Ratio is a measure of the value added per unit of active risk by a manager over the benchmark. The Information Ratio is calculated by dividing the annualized excess return over a benchmark by the annualized standard deviation of excess return.
* Sharpe Ratio is a statistical measurement of the risk-adjusted performance of the portfolio. The ratio is calculated by dividing a portfolio's excess return over the risk-free rate (generally a 3-month T-bill) by the standard deviation of its excess returns. This approximates a portfolio's reward per unit of risk.
