In an effort to provide our clients with detailed insight into the markets, RS Investments publishes Research Papers and White Papers on current and topical subjects. These papers offer thoroughly researched analysis and are intended to serve as an educational tool for you.

Financial Advisors / Independent Broker Dealers / RIA: 877-500-2388

Institutional Clients: 800-766-3863, Option 2 or institutional@rsinvestments.com

"Commodities Investing: Challenging Conventional Assumptions about Correlation and Diversification"

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RS Global Natural Resources portfolio managers offer a differentiated perspective on the role of commodities in a diversified portfolio.

"ROIC: The Essential Measure of Value"

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Authored by the RS Value Team, this White Paper discusses the key tenet of the Team's investment philosophy - the significant correlation between a company's improving returns on invested capital and its stock performance over longer periods of time. The paper covers the following topics:

The correlation between improving ROIC and company performance
Calculating ROIC and understanding its value
Management mind-set and capital allocation decisions
Finding companies with improving ROIC
Putting theory into practice: RS Investments' Value Process
ROIC in action: how a change in leadership can signal ROIC improvements

"Extracting Value from Natural Resources"

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Authored by MacKenzie Davis and Ken Settles, co-portfolio managers of RS Global Natural Resources Fund, RS Global Natural Resources Long/Short Equity Strategy, and related institutional composites, this White Paper discusses the value in resource-related stocks and their role over the next decade. The paper will attempt to answer the following questions:

Where are we in commodity price cycles?
What is the outlook for natural resources?
Why invest in natural resources?
What are the potential benefits of investing in actively managed, value-oriented fundamental equity strategy versus other natural resource investment vehicles?

Fund Fact Cards

You should read the current RS Funds' Prospectus before investing. The RS Funds' Statement of Additional Information (SAI) provides information about the Funds that may not be contained in the Prospectus.

RS Funds are sold by Prospectus only. You should carefully consider the investment objectives, risks, charges, and expenses of the RS Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. To obtain a printed copy, please call 800-766-3863.

If you are an existing shareholder and would like a copy of the prospectus or need to contact RS Investments, call 800-766-3863. If you are interested in learning more about and how to invest with RS, please contact your financial professional.

The information on this web site is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

RS Funds are distributed by: Guardian Investor Services LLC, 7 Hanover Square, New York, NY 10004.

RS is an independent subsidiary of Guardian Investor Services LLC. Guardian Investor Services LLC (GIS), is a registered broker-dealer, registered investment advisor, and a wholly owned subsidiary of The Guardian Life Insurance Company of America.

Not A Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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