Mackenzie Resource Team

Disciplined investing in resource companies that follow prudent capital allocation.

Benoit Gervais, MSc, CFA

Senior Vice President, Portfolio Manager, Head of Team

Philosophy and process

The Mackenzie Resource team aims to provide above-average capital appreciation from equity investments in natural resource companies. We believe that a company’s ability to generate Sustainable Free Cash Flow over a full pricing cycle combined with management’s acumen in allocating capital wisely are key drivers of long-term value creation within natural resource sectors. We apply a Sustainable Free Cash Flow focused approach to investing with a disciplined quantitative risk management overlay. Our Portfolio Managers bring comprehensive insight from their time in the resource industry, as well as over 15 years in investment management. 

Portfolio Managers

Benoit Gervais, MSc, CFA

Senior Vice President, Portfolio Manager, Head of Team
Mackenzie Resource Team

Investment experience since 2001

Benoit Gervais, Senior Vice President, Investment Management, is Portfolio Manager and Head of the Mackenzie Resource Team. Benoit has expertise in the diversified resource sector.

Benoit’s career in the investment industry began in 2001, when he joined Mackenzie Investments as an Investment Analyst. Prior to joining Mackenzie Investments, Benoit gained valuable experience working for various organizations in the mining sector.

Benoit has a BEng from the École Polytechnique and McGill University, as well as an MSc (Mineral Economics) from the Colorado School of Mines. He is also a CFA charterholder.

Onno Rutten, MSc, MBA

Vice President
Mackenzie Resource Team

Investment experience since 2003

Onno Rutten, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Resource Team.

Onno’s career in the investment industry began in 2003. He joined Mackenzie Investments in 2011. Prior to joining Mackenzie Investments, Onno was a precious and base metals Equity Research Analyst and Executive Director at a large global financial services firm in Toronto. During those years, Onno developed a reputation for his detailed modeling and market judgment in commodities and equities. From 1996 to 2001, he was a Senior Process Engineer in hydrometallurgy and minerals processing for a leading global engineering consulting firm, and designed and audited mines in Africa, Australia and Canada.

Onno holds an MSc (Mining and Petroleum Engineering) from Delft University (the Netherlands), as well as an MBA from INSEAD (France).

Scott Prieur, MBA, CFA

Associate Portfolio Manager
Mackenzie Resource Team

Investment experience since 2003

Scott Prieur, Associate Portfolio Manager, is responsible for research and investments in oil, gas and related companies.  

Scott’s career in the investment industry began in 2003. He joined Mackenzie in 2013. Prior to joining Mackenzie, Scott worked for wealth management firms in the United States and a global investment bank in Toronto.

Scott holds an Honours Bachelor of Arts in Geological Studies and Economics from Queens University, an MBA from Northwestern University, and is a CFA charterholder.

Awards and rankings

Mackenzie Precious Metals Class (Series A)
Winner of the 2019 Fundata FundGrade A+ Awards for consistent and outstanding risk-adjusted performance in their respective categories     

The highest ratings given by the independent investment research firm Morningstar



Quarterly Commentaries – Mackenzie Resource Team

Read the latest Mackenzie Resource Team commentaries to learn about their analysis of key market risks and opportunities. For select funds, quarterly reviews of performance and market conditions are also available.

Whitepaper: More money is coming your way

Canadian savers generally have had it good. A whole generation has grown up in a period of economic stability and prosperity



The Age of Resource Efficiency

Opportunities for the Environment and Investments. In our pursuit of ever better living standards, more goods are moving faster and farther than ever before in human history, putting intense pressure on the environment.


White paper: From Oil to Lithium

Mackenzie Resource Team sees investor opportunities in the shift from inefficient, polluting resources to sustainables. Climate change is forcing leading economies to make big decisions that could have a historic impact on resource sectors.


Sustainable Free Cash Flow Analysis: A Better Measure for Resource Equities

In today’s challenging environment for global commodity prices, conventional valuation measures may not be the most effective in selecting resource stocks. In this paper, we examine the application of sustainable Free Cash Flow analysis for companies with high capital intensity.

The Sustainable Movement: Resource opportunities in the shift from Oil to Lithium

Mackenzie Resource Team says the shift to renewable energy should generate opportunities for resource investors.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Morningstar Star Ratings reflect performance of Series F units as of September 30, 2020 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund's historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund's 3, 5, and 10-year returns, as available, measured against the 91-day Treasury bill and peer group returns. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. If a fund scores in the top 10% of its fund category, it gets 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns a fund 3 stars; those in the next 22.5% receive 2 stars; and the lowest 10% receive 1 star. For more details on the calculation of Morningstar Star Ratings, see

The CIFSC categories, Star Ratings and number of funds in each category for the standard periods are: Mackenzie Global Resource Class F, Natural Resources Equity Category: 3 years - 3 stars (120 funds), 5 years - 3 stars (88 funds), 10 years - 4 stars (51 funds). Mackenzie Precious Metals Class F, Precious Metals Equity Category: 3 years - 5 stars (47 funds), 5 years - 5 stars (44 funds), 10 years - 5 stars (29 funds).

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

  • Mackenzie Income Fund Series A was recognized for outstanding fund performance at the 2019 Fundata FundGrade A+ Awards in the Canadian Fixed Income Balanced category out of a total of 355 funds.  Performance for the fund for the period ended December 31, 2019 is as follows: 10.4% (1 year), 4.0% (3 years), 4.0% (5 years), 4.9% (10 years) and 7.9% (since inception- September, 1974).