The world is transitioning from an era of commodity abundance to one of scarcity. We believe this shift may result in significant returns for commodities and resource producers

Energy
Integrated oil & gas
Oil & gas exploration & prod.
Oil & gas refining & marketing
Oil & gas equipment & services

Metals & mining
Diversified metals & mining
Gold
Steel
Aluminum

Agribusiness
Fertilizers & agricultural chemicals
Construction & farm machinery
Packaged foods & meats
Agricultural products

Valuations pose significant upside potential
Natural resource equities are trading near their cheapest levels in history versus global equities…
Price-to-cash flow valuation spread: Global natural resource equities vs. global equities

…which historically has led to outsized relative returns going forward.
5-year cumulative excess return (natural resources equities less global equities) vs. valuation spread

At December 31, 2024. Source LSEG Datastream, Cohen & Steers.
Past performance is no guarantee of future performance. Price-to-cash flow ratio is a valuation metric that compares a company’s market value to its operating cash flow. Valuation spread measured by taking the relative Z-score of price-to-cash flow of global equities versus global natural resources.
Allocations can benefit portfolios
Natural resource equities have historically offered equity-like returns and performed well during periods of rising and unexpected inflation (when stocks and bonds have typically struggled).
Long-term total returns and average real returns during rising inflation (annualized)

Adding natural resource equities can help improve portfolio outcomes while providing greater
Impact of adding a 20% natural resource equity allocation to global equities

At December 31, 2024. Source: Barclays, Bloomberg, Dow Jones, FTSE, S&P, LSEG Datastream, Cohen & Steers.
Past performance is no guarantee of future results. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. Rising inflation measured as a positive year-over-year increase in the 12-month inflation rate. Real return is the profit or loss on an investment after adjusting for inflation. Inflation beta calculates the linear regression beta of 1-year real returns to the difference between the year-over-year realized inflation rate and lagged 1-year-ahead expected inflation. Annualized return shows what the return would be if compounded annually. Sharpe ratio is a measure of risk-adjusted return, calculated by subtracting the risk- free rate from a return and dividing that result by the standard deviation; the greater the number, the higher the risk-adjusted return. Data measured since 1973 for return and risk metrics; 1978 for inflation beta due to data availability. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above.
Specialists can create significant excess returns through sector and stock selection
Large stock and sector dispersion creates ample opportunities for active security selection.
Dispersion between top and bottom performing stocks (%) Large stock and sector

At December 31, 2024. Source Morningstar, Cohen & Steers.
Past performance is no guarantee of future results. The information above does not reflect information about any fund or account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. Data represents the stocks held within the S&P Global Natural Resources Index.
FURTHER READING

A next-generation approach to natural resource equity investing
A proven framework provides a superior starting point for reducing volatility without sacrificing returns.

Why active management matters for listed real estate
Active managers of listed real estate funds have historically outperformed passive. We believe this is due to the inefficiency, diversity and complexity of listed real estate markets.

3 Reasons to own global listed infrastructure today
Attractive valuations, an advantageous macro environment and high private investor interest set the stage for potentially strong total returns from listed infrastructure.
Index definitions
An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment.
Natural resource equities: The S&P Global Natural Resources Index includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified, liquid and investable equity exposure across three primary commodity-related sectors: agribusiness, energy and metals & mining. Global equities: The MSCI World Index is a market-capitalization-weighted index consisting of a wide selection of stocks traded in 24 developed markets. U.S. bonds: The Bloomberg U.S. Aggregate Bond Index is a broad-market measure of the U.S. dollar-denominated investment-grade, fixed-rate taxable bond market.
Important disclosures
Data quoted represents past performance, which is no guarantee of future results. The views and opinions in the preceding document are as of the date of publication and are subject to change without notice. This material represents an assessment of the market environment at a specific point in time and should not be relied upon as investment advice, does not constitute a recommendation to buy or sell a security or other investment and is not intended to predict or depict performance of any investment. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any market forecast made in this document will be realized. This material is not being provided in a fiduciary capacity and is not intended to recommend any investment policy or investment strategy or take into account the specific objectives or circumstances of any investor. We consider the information in this presentation to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of appropriateness for investment. No representation or warranty is made as to the efficacy of any particular strategy or fund or the actual returns that may be achieved. Cohen & Steers does not provide investment, tax or legal advice. Please consult with your investment, tax or legal professional regarding your individual circumstances prior to investing.
Risk of investing in natural resource equities. The market value of securities of natural resource companies may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics. Because the strategy invests significantly in natural resource companies, there is the risk that the strategy will perform poorly during a downturn in the natural resource sector.
Cohen & Steers Capital Management, Inc. (Cohen & Steers) is a registered investment advisory firm that provides investment management services to corporate retirement, public and union retirement plans, endowments, foundations and mutual funds. Cohen & Steers Asia Limited is authorized and regulated by the Securities and Futures Commission of Hong Kong (ALZ367). Cohen & Steers Japan Limited is a registered financial instruments operator (investment advisory and agency business and discretionary investment management business with the Financial Services Agency of Japan and the Kanto Local Finance Bureau No. 3157) and is a member of the Japan Investment Advisers Association.
Cohen & Steers UK Limited is authorized and regulated by the Financial Conduct Authority (FRN458459). Cohen & Steers Ireland Limited is regulated by the Central Bank of Ireland (No.C188319).
For recipients in the Middle East: This document is for informational purposes only. It does not constitute or form part of any marketing initiative, any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any products, strategies or other services, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract resulting therefrom. In the event that the recipient of this document wishes to receive further information with regard to any products, strategies or other services, it shall specifically request the same in writing from us.
All investing involves risk. Loss of principal is possible.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866) 737-6370. Read the prospectus or summary prospectus carefully before investing.
Foreside Fund Services, LLC, distributor.