DJE - Agrar & Ernährung (P)
As at: 16/05/2012
| ISIN: | LU0350835707 |
| WKN: | A0NGGC |
| Bloomberg: | DJAGERP LX |
| Reuters: | LU0350835707.LUF |
| Asset Class: | Global Themed Funds - General |
| Investment Company: | DJE Investment S.A. |
| Advisor: | DJE Kapital AG |
| Risk Category: | 4 |
| Type of Share: | Accumulation |
| Financial Year: | 01/07 - 30/06 |
| Launch Date: | 02/06/2008 |
| Fund Size (30/04/2012): | 54.01m EUR |
| TER p.a. (30/06/2011): | 2.63% |
| Reference Index: | 50% DAXGlobal Agribusiness Perf. Ind., 50% MSCI World Food, Beverage and Tobacco (Perf. Ind.) |
Fund manager
Jörg Dehning
| Initial Charge: | 5.00% |
| Management Fee p.a.: | 1.30% |
| Custodian Fee p.a.: | 0.10% |
| Advisory Fee p.a.: | 0.30% |
| Performance Fee p.a.: | Performance fee of 10% p.a. of fund's outperformance over the reference index. |
Investment Strategy
The fund invests primarily in equities of international companies that are directly or indirectly involved in the agriculture or food value chain. The fund managers operate 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 the fund management does neither buy any physical commodities nor any derivatives who gain of its price increase.
| Morningstar RatingTMOverall *: |  |
| Alternative Investments Award 2012: | 1st Place, Commodities/equity fund, agriculture sector, 1 year |
Monthly Fund Manager's Commentary
This years good US weather conditions supported an early sowing. For this reason much more arable land was already planted compared to the long-term average as usual, what affected, of course, the pricing. Except for soy beans, whose supply is still limited because of the poor Brazilian harvest, most agricultural commodities tended to weaken under the fluctuated environment. For this reason the fund management of the DJE Agrar & Ernährung was reluctant with new investments. Most capital gains were achieved with the agricultural machinery dealer Titan machinery. In addition the remaining agricultural fertilizer positions were sold.
Legal Information / Disclaimer:
Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de.
All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change.
The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance.
The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information.
In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses.
The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA.
This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.
*) © 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.