The fund invests primarily in equities of international companies that are directly or indirectly involved in the agriculture or food value chain. The operations are independently of a benchmark and can reduce the investment level to as low as 51% in difficult periods. With the global population rising rapidly and the demand for food increasing as a result, the shares of agricultural and food companies are expected to perform well in the longer term, in spite of the sometimes significant price fluctuations of agricultural commodities. For ethical reasons does neither buy any physical commodities nor any derivatives who gain of its price increase.
Responsible manager since inception
|Category:||Global Themed Funds - General|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (22/07/2021):||40,77 Mio EUR|
|TER p.a. (30/12/2020):||2,16%|
|Management Fee p.a.:||1,65%|
|Custodian Fee p.a.:||0,10%|
Performance Fee p.a.:
10% of the [Hurdle: exceeding 6% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus.
Ratings & Awards (22/07/2021)
€uro Fund Award 2018
1st place over 3 years in the category "Equities Agricultural"
Performance in Percent
|Standard Deviation (2 years):||17,86%|
|Tracking Error (1 years):||-|
|Value at Risk (99% / 20 days):||-11,55%|
|Maximum Drawdown (1 year):||-5,81%|
|Sharpe Ratio (2 years):||-0,01|
|Correlation (1 years):||-|
|Beta (1 years):||-|
|Treynor Ratio (1 years):||-|
Top Country Allocation (30/06/2021)
Asset Allocation (30/06/2021)
In addition to steady population growth, the increasing demand for protein-rich foods resulting from rising living standards in developing countries is among the main drivers of agricultural prices. Moreover increasing urbanisation is likely to cause a shortage of farmland and thus make it difficult to close the supply gap in the agricultural sector (see chart below). According to the Food and Agriculture Organization of the United Nations (FAO), droughts and floods could reduce worldwide crop yields by another 20 to 40% in future. In order to at least alleviate this looming food shortage, the demand for modern farm machinery and irrigation equipment, efficient seeds, pesticides and fertilizers, aquaculture and suitable animal feed is likely to increase significantly. In this environment, DJE - Agrar & Ernährung invests in shares of selected companies that benefit from the above mentioned trends. But also in the case of falling commodity prices the fund is able to take advantage by specific investments in the food industry. In order to reduce risk the fund seeks to diversify the portfolio both thematically and regionally.
- Active portfolio management constantly monitors the industry
- Risk spreading via the professional selection of securities
- Attractive growth prospects in the agriculture and food sector
- Issuer country and credit risks
- Increased risk of price fluctuations resulting from focus on specific sectors
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Price risks for bonds, particularly when interest rates on the capital markets rise
Due to temporary rainfall in the southern corn belt of the USA, grain prices initially trended weaker in June. At the end of the month, however, the crop report of the US Department of Agriculture led to a significant recovery. Lower acreages than assumed and unchanged low stock levels again gave rise to concerns about future grain supplies. From now on investors' attention is therefore likely to turn increasingly to estimates of yields per hectare in the current growing season, which appear quite high in view of still low soil moisture in the North and Northwest of America. If estimates are revised downward in the coming months, further price advances can be expected on the agricultural commodity markets. Accordingly, shares in the fertilizer and agricultural machinery sector are likely to remain in demand. Supported by the high propensity of farmers to invest, most agricultural machinery producers are also currently in a position to implement substantial price increases to compensate for rising costs in component procurement. "Precision farming" applications further facilitate this. Leading manufacturers are consequently striving to steadily expand their offerings in the so-called "precision farming" segment. The fund recently benefited from the acquisition of a leading agricultural robotics supplier.
Legal Information / Disclaimer:
The collective investment scheme ("the Fund"), is a fund on a contractual basis under the law of Luxembourg. Regarding the publication of performance data of the Fund it should be noted that the historic performance does not represent an indicator for the current or future performance and the performance data do not take account of the commissions and costs incurred on the issue and redemption of units. First Independent Fund Services Ltd., Klausstrasse 33, CH-8008 Zurich acts as the Swiss Representative (the "Swiss Representative") and NPB Neue Privat Bank Ltd., Limmatquai 1, P.O. Box, CH-8022 Zurich acts as the Paying Agent in Switzerland ( the "Swiss Paying Agent") for the Fund. Copies of the prospectus (incl. management regulations), the Key Investor Information Document, as well as annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative in Zurich.
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