Key information
The fund invests primarily in equities that are directly or indirectly involved in agriculture or the food value chain. The asset allocation is managed independently of any benchmark constraints and the investment level can be reduced to 51% in difficult periods. Agricultural and food companies are expected to benefit from the structurally rising world population and drive long-term value appreciation. However, in the short term significant price fluctuations in agricultural commodities are possible. The fund refrains from investing in physical commodities or any derivatives, which benefit from rising food prices.
Responsible manager since inception
Key information
| ISIN: | LU0350836184 |
| WKN: | A0NGGD |
| Category: | Fund Sector Equity Agriculture |
| Minimum Equity: | 51% |
| Partial Exemption of Income ¹: | 30% |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 4 |
| This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
| Type of Share: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 02/06/2008 |
| Fund currency: | EUR |
| Fund Size (12/09/2024): | 29,24 Mio EUR |
| TER p.a. (29/12/2023): | 2,43% |
| Reference Index: | - |
Fees
| Management Fee p.a.: | 1,350% |
| Custodian Fee p.a.: | 0,060% |
Ratings & Awards (12/09/2024)
| Morningstar*: |
|
|
Awards: €uro Eco Rating A Finanzen Verlag, Mountain View Q3 2023 |
All ESG information presented here relates to the fund portfolio shown and is sourced from MSCI ESG Research, a leading provider of environmental, social and governance analysis and ratings.
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 8,006 |
| Environment Rating (0-10): | 5,369 |
| Social Rating (0-10): | 5,427 |
| Governance-Rating(0-10): | 6,987 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 89,580% |
| Peergroup: |
Equity Theme - Agribusiness
(48 Fonds) |
| Coverage rate ESG rating: | 99,775% |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 175,804 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/08/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (12/09/2024) |
|
|---|---|
| Standard Deviation (2 years): | 8,38% |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -5,58% |
| Maximum Drawdown (1 year): | -6,36% |
| Sharpe Ratio (2 years): | -0,90 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/08/2024
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
|---|---|
| United States | 19,88% |
| United Kingdom | 16,12% |
| Switzerland | 10,07% |
| Japan | 5,77% |
| Denmark | 4,74% |
Asset allocation in % of the fund volume (30/08/2024) |
|
|---|---|
| Stocks | 85,21% |
| Cash | 14,79% |
Investment strategy
Aside from world population growth, the increasing demand for protein-rich foods resulting from rising living standards in developing countries is the main driver of agricultural prices. Moreover, increasing urbanisation is contributing to a shortfall of farmland, which is slowing the closing of the supply gap. 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. To alleviate this looming food shortfall, the demand for modern farm machinery and irrigation equipment, efficient seeds, pesticides and fertilizers, aquaculture and suitable animal feed is likely to increase significantly. The investment concept of DJE - Agrar & Ernährung is to select companies that benefit from these trends. In the case of falling commodity prices the fund, can benefit from investments within the food sector. To reduce risk the fund seeks to diversify the portfolio both thematically and regionally.
Chances
- Risk spreading via the professional selection of securities
- Attractive growth prospects in the agriculture and food sector
- Active portfolio management constantly monitors the industry
Risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Issuer country and credit risks
- Price risks for bonds, particularly when interest rates on the capital markets rise
- Increased risk of price fluctuations resulting from focus on specific sectors
Target group
Der Fonds eignet sich für Anleger
- who wish to take advantage of global investment opportunities in this sector
- with a medium- to long-term investment horizon
- who seek a promising but more speculative mix of investments
Der Fonds eignet sich nicht für Anleger
- with a short-term investment horizon
- who seek safe returns
- who are not prepared to accept increased volatility
Monthly Commentary
North African countries such as Morocco, Algeria and Egypt are considered, alongside China, to be the main buyers of French wheat. Due to unfavorable weather conditions, however, the harvest there this year is not only extremely low, but, as in Germany, there is also a lack of the necessary quality grades for bread wheat. It is therefore not surprising that Egypt requested very high wheat import volumes of up to 3.8 million tons on the world market in early August as part of an international tender. However, despite good US harvests, the latter could not be fully met by far. As a result, alternative supplier countries such as Australia are likely to come into focus again in the coming months in view of the ongoing Middle East conflict. In view of the falling stocks worldwide, a first turnaround in wheat price trends could now be emerging. The prices of the two top 10 portfolio companies Novonesis and Ingredion were again able to reach new annual highs in August thanks to good financial prospects. Both the innovative fermentation and enzyme solutions as well as the alternative sweeteners of these companies are currently in high demand in the food and beverage industry.