Warner, who is due to retire from fund management in August, has overseen the First State Investments global resources team behind the fund and has spent 20 years as a portfolio manager.
Over the past 10 years, Warner manager has delivered a 26.88 per cent return compared with a 41.79 per cent gain for the peer group composite, according to data from FE Analytics.
Performance of manager vs peer group since start of data
Source: FE Analytics
However, the team approach – which has been led by Warner – to management of the fund is highly regarded by analysts and advisers.
Indeed, Chris Turpin, managing director of EMEA at First State, said the succession had been carefully managed to ensure that the transition went smoothly.
He explained: “This is the culmination of a long-standing succession plan, carefully mapped out by Joanne and the team, to ensure the team is best placed to successfully manage their portfolios and continue to generate attractive returns for clients post the leadership succession.”
As part of the transition process, Warner will be replaced as head of global resources by Todd Warren, while Tal Lomnitzer, current co-manager of the fund, will take over sole management.
Lomnitzer becomes deputy head of global resources following the departure of Warner and will have lead portfolio management responsibilities for its UK and European client global resources portfolios.
The fund, which invests in shares of international companies involved in natural resources and the energy industries, is highly regarded by many in the industry.
“In our opinion, the experience and the quality of the team is a key attribute of this fund,” noted Square Mile Research in its most recent update.
“The team has established a robust and proven investment process, and the team works collectively in researching companies in detail. Indeed, we believe that the investment process is clearly defined and has been rigorously adhered to over the fund's lifespan.
“Underpinning this is the team focus on quality companies combined with longterm investment time horizons.”
Located in the IA Global sector, alongside generalist global equity funds, the fund was the top performer during 2016, thanks to a commodities-fuelled surge in natural resources stocks later in the year. The fund returned 70.85 per cent compared with a 23.38 per cent gain for its average IA Global peer.
Performance of fund vs sector in 2016
Source: FE Analytics
According to the fund’s most recent factsheet, top 10 holdings include FTSE 100 stalwarts BHP Billiton, Rio Tinto and Glencore. It also holds US blue chip companies Exxon Mobil and Chevron.
Other top picks include Brazilian miner Vale, Canadian natural gas company Enbridge, Vancouver-headquartered gold producer Goldcorp and Teck Resources, the diversified Canadian miner.
Its largest sector weighting is to the diversified metals & mining sector, representing 30 per cent of the portfolio. The next largest sector in the fund is its allocation to gold stocks, which make up 16.2 per cent.
Over longer time frames, however, the fund has fared less well against the sector average and is bottom quartile over three and five years.
Over three years the fund has a recorded a loss of 1.08 per cent and is down by 6.12 per cent over five years.
Yet, it has performed strongly against peers, many of whom are located in the IA Specialist sector rather than the IA Global sector.
Darius McDermott, managing director of Chelsea Financial Services, said that the fund should be considered alongside peers JP Morgan Natural Resources and BlackRock Natural Resources Growth & Income.
Performance of funds over 3yrs
Source: FE Analytics
He said: “I’ve met Joanne a number of times over the years. It hasn’t done so well but it had a great 2016 but that is because of what they are invested in.
“First State has one of the few resources teams [in the industry] and always had a fairly solid track record.
McDermott added: “I don’t think it’s anything for investors to be particularly concerned about: it’s a solid fund and a solid team.”
“We have been meeting with Warner and other members of the global resources team for several years as part of our coverage of the fund,” noted Peter Toogood, chief investment officer at The Adviser Centre. “The investment approach is well-honed and strongly collegiate in nature and hence, we feel comfortable retaining the fund on our recommended list.”
The fund has an ongoing charge fee (OCF) of 0.84 per cent.