Mackenzie Resource Team

Disciplined investing in resource companies that follow prudent capital allocation

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, Portfolio Manager
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).

Awards and rankings

Winner of the 2022 Lipper Fund Award from Refinitiv for best 10-year performance in the Natural Resources Equity and Precious Metals Equity classifications.

Winner of the 2022 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


Inflation infographic

An investor-friendly visual exploring current inflation, its impact on portfolios and the most inflation-resilient asset classes.

An honest plan to reduce emissions

Tackling climate change will require a major mobilization of capital, innovation and resources.

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.

Our approach towards responsible investing

The Mackenzie Resource Team believes that future returns are driven by the sustainable free cash flows a company can generate. Responsible management of environmental, social and governance (ESG) factors is key to the sustainability of future cash flow, and ESG analysis is therefore an integral part of the team’s work.

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. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The content of this web page (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it.

Morningstar Star Ratings reflect performance of Series F as of Feburary 28, 2023 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

Mackenzie Precious Metals Fund F, Precious Metals Equity Category: 3 years - 4 stars (60 funds), 5 years - 5 stars (50 funds), 10 years - 4 stars (36 funds). 

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

Mackenzie Global Resources Fund II (Series F U$) was awarded the Refinitiv Lipper Fund Awards Canada 2022 Winner for Best Natural Resources Equity Fund Over Ten Years, out of 20 funds. Performance for the fund for the period ended September 30, 2022, is as follows: 15.9% (1 year), 19.2% (3 years), 11.4% (5 years), 6.6% (10 years) and 6.5% (since inception on May 24, 2002).

Mackenzie Precious Metals Fund F, Precious Metals Equity Category: 3 years - 5 stars (60 funds), 5 years - 5 stars (49 funds), 10 years - 5 stars (35 funds). 

Refinitiv Lipper Fund Awards, ©2022 Refinitiv. All rights reserved. Used under license.

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 Global Resource Fund II Series A was recognized for outstanding fund performance at the 2022 Fundata FundGrade A+ Awards in the Natural Resources Equity category out of a total of 71 funds. Performance for the fund for the period ended December 31, 2022 is as follows: 16.5% (1 year), 20.0 (3 years), 10.8 (5 years), 6.8% (10 years) and 5.8% (since inception- May 2002).