Mutual funds that invest in natural resources have more than $29 billion in assets, up from $7.2 billion five years ago. Here are three standouts:

ICON Energy Fund (

Assets: $631 million
Annual expenses: $116 per $10,000
5-year average annual return: 14.6%

Computer programs help run the show at this quantitative fund, which rotates in and out of stocks based on measures of value and profitability. It s a highly structured environment, says manager Derek Rollingson, who favors drillers and large oil and gas producers.

Vanguard Energy (

Assets: $11.2 billion
Annual expenses: $28 per $10,000
5-year average annual return: 13.3%

This buy-and-hold fund focuses on large oil and gas firms and avoids riskier stocks. Manager Karl Bandtel holds stocks for five years, on average, and rock-bottom fees make it cheaper than even exchange traded funds tracking an energy index.

Guinness Atkinson Global Energy (

Assets: $83 million
Annual Expenses: $131 per $10,000
Five Year Return: 17.3%

Based in London, this small go-anywhere fund has beaten 99% of peers over the last five years. Co-managers Tim Guinness and Jim Atkinson have free reign to span the globe, including emerging markets, and favor the multinational oil producers these days for their improving margins, says Guinness.