The Fund Grade · free · no account needed

What grade does DNLAX get?

Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.

Fundprints Fund Grade · as of 2026-10-01

BNY Mellon Natural Resources Fund

#102 of 500 graded active funds · blend · mid segment peer group

The point · specialist footprint

DNLAX puts less of its book behind proven specialists than 68% of graded funds.

Bottom 20%

● Bottom 40%

Middle

Top 40%

Top 20%

beat the S&P in 22% of quarters+3.8 pts/qtr better · 43% beat rate

That has mattered: over the past 2.7 years, funds with this little specialist backing trailed top-rung funds by about 3.8 points per quarter and beat the S&P in only 22% of fund-quarters. If it also charges an active fee, the higher-graded alternatives deserve a look.

2,825 disclosing funds tracked · the graded specialists among them drive every read · evidence, not advice

The grade scores this fund's specialist share — the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.

DNLAX vs the Honor Roll — share card ↗

Conviction exposure

13.4%

of the book in specialist-converged names

Late-stage weight

23.2%

of the book in Crowded or Fading names

Active share

98.7%

how far it strays from the index

The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.

Inside the book — top names by stage · as of 2026-10-01

Early Conviction

FCX 4.5%ADM 2.5%

Consensus

XOM 4.2%NEM 4.1%SLB 4%+7 locked

Emerging

IP 4.3%NUE 1.9%

Crowded

FANG 4%MT 2.7%EQT 1.4%

Fading

CTVA 3.4%NRG 2.3%WFRD 1.9%+2 locked

see the names driving this grade, and how early each one is →

Watch this fund — free →X-ray what's inside →

We email you the day it crosses 50% crowded, and where you stand every month.

Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.

The read · what to do with it

Support leaving these positions

FANG 4% of the fund · Crowded

CTVA 3.4% of the fund · Fading

MT 2.7% of the fund · Crowded

NRG 2.3% of the fund · Fading

WFRD 1.9% of the fund · Fading

Where it's genuinely early

FCX 4.5% of the fund · Early Conviction

IP 4.3% of the fund · Emerging

ADM 2.5% of the fund · Early Conviction

Read from today's disclosed book. Evidence, not advice.

The evidence base updates this week.

The specialists — not the whales — are already positioned for what comes next. Stop finding out last.

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